Amarc Resources is a precious metals exploration and development company which is currently focused on the next major gold discovery in British Columbia, Canada. The company is associated with the highly successful, diversified global mining company Hunter Dickinson. Amarc’s current emphasis is on developing its now 100% owned Newton gold project along with the Galileo gold property which lies adjacent to New Gold’s Blackwater property.
The company announced that effective May 22, 2012, the Participating Interest of Newton Gold in the Newton joint venture converted to a 5% Net Profits Interest in accordance with the terms of the joint venture agreement between Amarc and New Gold Inc. As a result, the joint venture agreement has been terminated and Amarc now holds a 100% interest in the Newton property, subject only to the 5% net profit interest and a net smelter return royalty, which both will go to New Gold.
Delineation drilling of the Newton gold discovery started in September 2011 and has progressed rapidly with completion of 43 drill holes, covering 16,000 meters. This recent drill phase brings the grand total to 72 drill holes covering about 23,300 meters. Further drilling activity at the site is now on hold pending assay results. Over the next two months, Amarc’s geological team will integrate the assay data with information from various ongoing geological studies.
Permit applications for geophysical surveys around the Newton deposit and additional drilling have been submitted to the provincial government. In addition, a resource estimate for the Newton deposit is underway and is expected by mid-July.
For further information about Amarc Resources and its gold discoveries, please visit the company’s website at www.amarcresources.com
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