Company: AXREF
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001654954-25-008549
Chunk: 8

Company: AMARC RESOURCES LTD
Filing Date: 2025-07-28
Form: 20-F
Item: Item 4
Chunk 8
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 release). Boliden has invested $20 million to the end of 2024 and will invest an additional $10 million in 2025 (Amarc December 17, 2024 release).

Amarc initiated delineation drilling at the DUKE Deposit in 2017-2018 and in late 2022 completing 11,086 m between early December 2022 and mid-March 2023. This drilling increased the size of the DUKE Deposit porphyry Cu - Mo-Au-Ag system, and also Amarc’s understanding of the controls on mineralization in the DUKE District. In May 2023, Amarc remobilized its exploration team to commence extensive airborne and ground exploration surveys designed to assess 16 prioritized porphyry Cu-Au targets across the DUKE District. These surveys defined the highest priority targets for 2024 drill testing, which include the Svea deposit target that shares many attributes with some of the premier deposits and occurrences within the Babine Cu-Au Region.

A two-phase drilling program was completed in 2024. The winter drilling phase focused on the DUKE Deposit and the surrounding 4.7 km2DUKE Target. In June 2024, drilling recommenced at site focused on DUKE District targets, beginning with the SVEA Cu-Au Deposit Target and the new JO porphyry Cu-Au mineral occurrence discovery. The program included drilling and ground and airborne geophysical surveys. The 2025 program has commenced and will focus on testing Cu-Au targets across the DUKE District (Amarc July 2, 2025 release). The Company has the required drill and IP permits in hand for the work program.

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TheIKE Districtis located 33 km northwest of the historical mining community of Gold Bridge near the heartland of BC’s producing porphyry Cu mines. The greater IKE District includes the IKE porphyry Cu-Mo-Ag deposit discovery (the “ IKE Deposit”); the high potential Greater Empress Cu-Au Project (the “ Greater Empress” area) that hosts the Empress Cu-Au-Ag deposit (the “ Empress Deposit”) and other significant porphyry Cu-Au-Mo-Ag and Cu-Au-Ag replacement deposit targets; and also a number of promising epithermal Au-Ag targets. The IKE District geological setting shares many characteristics with porphyry districts around the globe that host major, and commonly multiple