Amarc Resources Ltd. (“Amarc” or the “Company”) (TSX-V: AHR; OTCBB: AXREF) is pleased to announce it has entered into another Mineral Property Farm-In Agreement (the “JOY Agreement”) with Hudbay Minerals Inc. (“Hudbay”) (TSX:HBM; NYSE: HBM). The new Agreement with Hudbay, has a similar structure to the recently announced IKE Project Farm-In Agreement (see Amarc News Release dated July 6, 2017), and has been established to advance the Company’s 72 km2, 100% owned, JOY porphyry copper-gold mineral property (the “JOY Project”) which is located 25 km north of AuRico Metals Inc.’s Kemess South Mine and Kemess Underground Project site in north-central British Columbia (“BC”). Under the terms of the JOY Agreement, Hudbay may acquire through a staged investment process, up to a 60% ownership interest in the Project.
As quoted in the press release:
Robert Dickinson, Executive Chairman of Amarc: “The prospectivity of the Kemess District is well-known to Hunter Dickinson and the Amarc technical team, as we were the first to develop its porphyry potential – acquiring both the early-stage Kemess South and Kemess North prospects and advancing them into significant porphyry copper-gold deposits. We are excited to be combining our proven porphyry copper discovery track record with Hudbay’s acknowledged capabilities as a first-class mine builder and operator. We believe it will be a potent partnership that allows us to advance the JOY Project in an expeditious way, and in a manner that balances technical, economic, environmental and social considerations.”