Company: AXREF
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001654954-25-008549
Chunk: 7

Company: AMARC RESOURCES LTD
Filing Date: 2025-07-28
Form: 20-F
Item: Item 4
Chunk 7
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 multiple porphyry Cu-Au deposit targets clustered along the mineralized trends that extend over the property, in preparation for an extensive intended drilling program in 2024. The program will also include rehabilitation of road and bridge access to the PINE Cu-Au Deposit in the centre of the JOY tenure and other deposit targets to facilitate the ongoing detailed work and future drilling.

Amarc completed a drilling-focused program in 2024. Some 16,883 m of core was drilled in 40 drill holes at seven targets; this work led to the AuRORA Deposit discovery and a second discovery at Twins, as well as expansion of the PINE Deposit and the Canyon Discovery.

In May 2025, Freeport, which has been fully funding work programs at JOY since 2021, provided notice under the Mineral Property Earn-In Agreement (the “ JOY Agreement”, see further details under JOY District - Agreement with Freeport) that it had invested $35 million, under an accelerated time frame, and earned an initial 60% interest in the JOY District (Amarc May 29, 2025 release). Amarc also announced that planning in collaboration with Freeport, ahead of a significant 2025 drill program, was well advanced with drilling to be focused on the AuRORA Deposit, the PINE Deposit and the Twins and Canyon Discoveries as well as several high potential and drill-ready Cu-Au Deposit Targets across the JOY District. In July 2025, the Company reported that significant drilling under an approved $10 million program had commenced (Amarc July 16, 2025 release). The Company has the required drill and IP permits in hand for the work programs.

TheDUKE Districtis located 80 km northeast of Smithers within the broader Babine District, a 40 by 100 km north-northwesterly striking mineralized belt that hosts Noranda Mines’ past producing Bell and Granisle Cu-Au mines. The DUKE District includes both the DUKE porphyry Cu-Mo-Au-Ag deposit target (the “ DUKE Deposit”) and a series of high potential porphyry Cu-Au± Mo± Ag deposit targets generated from the Company’s comprehensive district-scale targeting programs.

Amarc has entered into a funding agreement on the DUKE District with Boliden Mineral Canada Ltd. (“ Boliden”), a wholly owned subsidiary of the Boliden Group in 2022 (Amarc November 22, 2022