Company: AXREF
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001654954-25-008549
Chunk: 24

Company: AMARC RESOURCES LTD
Filing Date: 2025-07-28
Form: 20-F
Item: Item 4
Chunk 24
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 subject to customary equity dilution.

Trail Peak Option

In September 2023, Amarc announced it had entered into an option agreement (the “ Agreement”) with Richard J (Dick) Billingsley (“ Optionor”) on a group of mineral claims, covering some 2.34 km2, located internal to and near to the northern extent of the DUKE property. Under the terms of the Agreement, Amarc can acquire 100% of these claims, subject to a 2% Net Smelter Returns royalty retained by the Optionor that is capped at $10 million, by issuing 200,000 Amarc shares and making annual cash payments of $5,000 to the Optionor plus funding an annual scholarship for Indigenous students in the amount of $20,000 per year for a period of 10 years (total of 200,000 shares and $250,000 cash).

Project Highlights

The DUKE District includes both the DUKE porphyry Cu deposit discovery and a series of high potential porphyry Cu-Au deposit targets generated from the Company’s district-scale targeting program.

Although explored historically, the extensive porphyry Cu system at the DUKE discovery was not fully delineated. Many of the 21 historical shallow and closely spaced core holes intersected and ended in significant Cu-Mo-Au-Ag mineralization within a small portion of a 4.7 km2IP chargeability anomaly. In 2017 and 2018, Amarc completed seven core holes over an area measuring approximately 400 m north-south by 600 m east-west (Amarc December 19, 2017 and June 12, 2018 releases) at the DUKE Deposit, successfully intersecting porphyry copper-style mineralization to a vertical depth of 360 m. This mineralization remained open to expansion. The eighth hole, drilled one kilometre to the north within the 4.7 km2sulphide mineral system, intersected similar porphyry Cu-Mo-Ag-Au mineralization.

In addition, Amarc has completed a comprehensive compilation of government and historical data over the entire DUKE District claim holdings. This detailed scientific work has provided a new interpretation of the geological, geochemical and geophysical characteristics of the Babine belt, and identified 16 previously unrecognized porphyry Cu deposit-scale targets with exciting potential (Amarc May 6, 2020 release). The databases compiled and leveraged for this work were extensive: they include data from the