In late 2020 Amarc sold 100% of its interest in its Newton Au discovery, located in south-central BC, to Carlyle Commodities Corp. (“Carlyle”) (CSE:CCC, FSE:1OZ, OTC:DLRYF). Amarc retains exposure to the upside Au potential at Newton through its 12% equity position in Carlyle and a retained 2% Net Smelter Return (NSR) Royalty in the property. The divestment allows the team to maintain strategic focus on the development of its three high-value and expansive, 100%-owned Cu±Au districts - IKE, JOY and DUKE.
An initial mineral resource estimate announced in 2012 confirms Newton as a significant bulk tonnage gold discovery that remains open to further expansion.
At a 0.25 g/t Au cut-off, Inferred Mineral Resources at Newton comprise 111.5 million tonnes grading 0.44 g/t Au and 2.1 g/t Ag, containing 1.6 million ounces of Au and 7.7 million ounces of Ag1.
Further information is available in the Technical Report on the Initial Mineral Resource Estimate for the Newton Gold Project, Central British Columbia, Canada, effective date July 4, 2012 by Reno Pressarco, P.Geo., Roscoe Postle Associates Inc.
- Mineral Resources are estimated using a long-term gold price of US$1,750 per ounce, and a US$/C$ exchange rate of 1.00. Contained metal values are based on 100% recoveries.