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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) in pleased to advise that ground electromagnetic (EM) surveys have identified additional conductors at the Company’s large 100%-owned Mount Vernon Project in the Gascoyne region of Western Australia.
- Ground EM survey identifies more strong conductors at Mount Vernon
- Bangemall Projects share regional, project and target-scale similarities to Norilsk
Miramar is exploring for intrusion-hosted nickel, copper and platinum group element (Ni-Cu-PGE) mineralisation related to 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province and the same age as the large Nebo-Babel Ni-Cu deposits in the West Musgraves.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company was excited about the potential district- scale opportunity at Bangemall and looked forward to progressing towards a maiden drilling campaign.
“At Mount Vernon and Trouble Bore, we are seeing all the ingredients needed for the formation of a large- scale mafic intrusion hosted Ni-Cu-PGE deposit such as Nova or Nebo-Babel,” he said.
“These types of deposits can be large and very valuable due to the mix of metals present which makes them mostly immune to short-term fluctuations in the nickel price,” he added.
Figure 1. Mount Vernon and Trouble Bore Projects showing airborne and ground EM anomalies.
Mount Vernon – Target C
Geophysical surveying contractor, Wireline Services Group, has now completed the Fixed Loop EM (FLTEM) survey over Target C, within the Mount Vernon Project, which shows a strong late-time EM anomaly where two dolerite sills are crosscut by several northeast trending faults (Figure 2).
Modelling of the data (Figure 3) indicates:
- a large, strongly conductive (~1600S), shallow (<100m) plate dipping towards the SSE; and
- a poorly-defined secondary anomaly located north of the main response
The Target C anomaly is covered by recent sediments and is the strongest EM conductor seen at Mount Vernon to date.
There is no previous drilling or geochemical sampling in the vicinity of this target.
The geophysical crew have now moved to Target D, the final airborne EM anomaly to be tested as part of this initial programme.
Following completion of the EM survey, Miramar plans to conduct systematic rock chip sampling and mapping at Mount Vernon, including field checking of the various airborne and ground EM anomalies.
Following this, the Company will plan for the maiden drill programme at Mount Vernon and Trouble Bore.
Click here for the full ASX Release
This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
M2R:AU
Amarc Resources Soars After Major Copper-Gold-Silver Discovery in BC
JP24057, the first hole drilled at the site, intersected this new copper-gold-silver system, and the company then worked with Freeport-McMoRan Mineral Properties Canada, a subsidiary of Freeport-McMoRan (NYSE:FCX), to complete step-out drilling with three core rigs. Friday's release looks at JP24057 and results from six other holes.
Freeport is fully funding work programs at JOY in order to earn an interest in the project.
The seven holes were drilled at intervals of about 100 meters, and together have established a 600 meter wide zone of porphyry mineralization. Amarc states that it is near surface and has "excellent" lateral and vertical continuity.
Amarc Resources' January 17 drill results.
Table via Amarc Resources.
Amarc views the AuRORA deposit as a major highlight within the JOY district, which spans 495 square kilometers in the Toodoggone-Kemess region, an area known for significant porphyry deposits.
"This impressive new, high grade porphyry copper-gold-silver discovery is a pivotal moment for Amarc and its shareholders,” said Amarc President and CEO Dr. Diane Nicolson, adding that it comes after years of groundwork.
“It represents a significant inflection point in the exploration of the JOY District with Freeport."
The company followed Friday's release up with additional drill results from AuRORA on Monday (January 20). The data spans six holes located 100 meters north of the first seven holes announced on Friday. They were also drilled at intervals of approximately 100 meters, and trace mineralization across a width of 600 meters.
"These results are again confirming the continuity of the Au-rich AuRORA porphyry Cu-Au-Ag mineralized system from east to west and vertically, and now also to the north, and from near the surface," the company notes.
The release prompted another share price boost for Amarc, which rose as high as C$0.88 on Monday.
In Friday's press release, Nicolson said that eight large-scale sulfide mineralized systems along several mineralized trends were drilled at JOY last year. A total of 33 scout holes were completed.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Osisko Metals
Investor Insight
Osisko Metals’ high-quality polymetallic assets present a compelling investment opportunity amid a rapidly expanding critical and base metals market, as North America continues to strengthen its domestic supply.
Overview
Osisko Metals (TSXV:OM) is an exploration and development company focusing on two base metal assets in Canada – Gaspé Copper and Pine Point – targeting copper and zinc, both critical minerals necessary for the global transition to clean energy. These assets are past-producing, brownfield projects of significant potential for future production.
The Gaspé Copper project in Québec has a rapid development plan to begin mining the indicated resource of 824 million tons (Mt) of ore grading 0.34 percent copper equivalent. As the gap between available copper supply and growing demand widens, Osisko Metals is well-positioned to help create and strengthen a domestic supply chain for the North American market.
The company’s Pine Point zinc-lead project in the Northwest Territories contains an indicated mineral resource estimate of 49.5 million tons at 4.2 percent zinc and 1.5 percent lead, in addition to significant inferred resources. Zinc is a necessary mineral for the clean energy transition and has important applications throughout the manufacturing industry. This widespread use of this mineral has analysts cautioning about a looming supply shortage.
A preliminary economic assessment (PEA) completed in 2022 indicates the Pine Point project has the potential to become a world-class, high-grade zinc asset, with an after-tax net present value (NPV) of C$602 million and internal rate of return (IRR) of 25 percent. A feasibility study is now fully underway, with an expected completion date in Q2 2025.
In February 2023, Osisko Metals announced a C$100-million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project. The agreement includes C$75.3 million of funding for the project and up to C$24.7 million in cash payments to Osisko Metals. Pine Point Mining Limited (PPML) and the Town of Hay River have also signed a memorandum of understanding (MOU) to seize opportunities for long-term sustainable growth for Hay River through the development and operations of the Pine Point mining project.
Led by a management team with a wide range of expertise throughout the natural resources industry and experience in geology, exploration, corporate finance and corporate administration, Osisko Metals is well-poised to become a world-class supplier of base metals.
Company Highlights
- Osisko Metals (OM) is focused on becoming a significant base metals producer by bringing two past-producing Canadian brownfield assets back into production: the Gaspé Copper project and the Pine Point zinc and lead project.
- OM’s 100-percent-owned Gaspé Copper project in Québec has a rapid development plan to capitalize on its NI 43-101 indicated resource of 824 million tons of grading 0.34 percent copper equivalent to meet the needs of a growing supply gap.
- Copper Mountain hosts the largest undeveloped copper asset in Eastern North America with an in-pit indicated resource of 4.91 billion pounds (2.23 million tonnes) of contained copper, not including significant molybdenum (274 million pounds) and silver (46 million ounces) resources.
- The Pine Point project in the Northwest Territories has the potential to become a top-ten zinc producer with high-grade zinc concentrates.
- C$100 million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project – including C$75.3 million funding for the project – under which Appian can earn up to 65 percent ownership in Pine Point.
- A completed preliminary economic assessment for the Pine Point asset indicates an after-tax IRR of 25 percent and an NPV (8 percent) of C$602 million.
- The 2024 mineral resource estimate update for the Pine Point project includes indicated mineral resources of 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead and inferred mineral resources of 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead.
- C$100 million bought deal financing with Canaccord Genuity towards advancing its Gaspé copper project to a construction decision and for general corporate purposes.
- A management team with expertise throughout the mining industry leads the company toward achieving its goal of becoming the leading base metal developer in North America by supplying the base metals necessary for the clean energy transition.
Key Projects
Gaspé Copper Project
The Gaspé Copper project in Québec is among the most significant copper development projects in eastern North America. Osisko Metals completed the 100-percent acquisition of Gaspé Copper in July 2023 and has since commenced drilling at the property. Québec has a well-known reputation as one of the most mining-friendly jurisdictions in North America, with a long history of copper production.
Project Highlights:
- Significant Mineral Resource Estimate: The current NI 43-101 resource estimate for the asset demonstrates 4.91 billion pounds of contained copper at a 0.12 percent sulfide copper cut-off. The resource also includes significant molybdenum at 274 million pounds and silver at 46 million ounces. Osisko Metals believes there is room to expand known deposits with its upcoming drill campaign.
- Promising Metallurgy: Preliminary testwork delivered average copper recoveries of 92 percent and average molybdenum recoveries of 65 percent, indicating that Gaspé Copper should produce copper and molybdenum concentrates with excellent metal grades and a payable silver credit added to the copper concentrate.
- Prolific Past Production: The former Gaspé mines were in production from 1955 to 1999 and produced more than 100 million tonnes from a combination of open-pit and high-grade underground mines. The growing demand for copper makes reviving the project economically compelling.
- Robust Infrastructure: The project has infrastructure to quicken development, including paved road access, hydroelectric power on-site, and port access via the Saint Lawrence River and the town of Gaspé.
- 2023 Drill Program: Osisko Metals’ 2023 drill program at Gaspé Copper spanned 8,000 to 10,000 meters focused on continued infill drilling of the inferred mineral resource of the Mount Copper open pit deposit.
- Copper Mountain Updated MRE: The updated mineral resource estimate (MRE) includes pit-constrained resources comprising 824 million tonnes grading 0.34 percent CuEq of the indicated category and 670 million tonnes grading 0.38 percent CuEq of the inferred category. This MRE represents a 53 percent increase in copper-equivalent metal content over the previously reported indicated resource and a 100-fold increase in copper-equivalent metal content in inferred resources.
- 2025-2028 work program: A 90,000-metre drill program is planned for 2025, as well as ongoing environmental and socio-economic impact studies. A preliminary economic assessment is planned for 2026, with a feasibility study expected in 2027.
- Acquisition of new claims: A group of 199 claimsadjacent to its Gaspé copper project was acquired by the company in December 2024.
Pine Point Zinc-Lead Project
The Pine Point asset in the Northwest Territories has the infrastructure in place to help the company move the project toward development. The project has an existing hydroelectric power substation on site, rail access within 60 kilometers, and paved access roads to the site.
Project Highlights:
- Joint Venture: Pine Point Mining Limited, which holds a 100 percent interest in the Pine Point project, is operated under a joint venture between Osisko Metals and Appian Natural Resources Fund III. This C$100-million investment agreement was finalized in April 2023 and yielded C$75.3 million of funding for the project; in February 2024, Osisko Metals sold an additional 5 percent ownership interest in Pine Point Mining to a subsidiary of Appian Natural Resources Fund III LP for an expected payment of approximately C$8.33 million. In total, Appian has the right to earn up to 65 percent of Pine Point, with OM retaining 35 percent.
- High-grade Clean Concentrates: Pine Point has demonstrated the potential to produce one of the world’s cleanest concentrates for zinc and lead. A recent metallurgical assessment indicates high recoveries of 87 percent for zinc, and 93 percent for lead using XRT sorting and conventional grinding and flotation processes. Additionally, studies indicate low levels of deleterious elements in the concentrates, making them appealing to smelters around the world that seek to increase the overall purity levels of their concentrate inputs.
- Promising Preliminary Economic Assessment: The 2022 PEA indicates an average annual life-of-mine production of 329 million pounds of zinc and 141 million pounds of lead. Additionally, the 2022 PEA indicates reduced estimated dewatering volume by 30 percent compared to the 2020 PEA.
- 2024 Updated Mineral Resource Estimate: Updated MRE for the Pine Point project highlights the following:
- Indicated mineral resources of 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead (5.52 percent zinc equivalent) containing approximately 4.6 billion pounds of zinc and 1.6 billion pounds of lead in situ (undiluted).
- Inferred mineral resources of 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead (5.64 percent zinc equivalent containing approximately 0.7 billion pounds of zinc and 0.3 billion pounds of lead in situ (undiluted).
- Used variable cut-off grades between 1.41 percent and 1.51 percent zinc equivalent for open pit resources and between 4.10 percent and 4.40 percent zinc equivalent for underground resources.
- The project's East Mill, Central and North Zones now contain approximately 36.2 Mt of indicated resources grading 5.22 percent zinc equivalent, or 3.2 billion pounds of zinc and 1.1 billion pounds of lead in situ.
- Community Support: Osisko Metals has worked hard to earn community support in the nearby towns of Hay River, Fort Smith and Fort Resolution, and has also concluded two separate collaboration agreements with local Indigenous communities: Deninu K’ue First Nation and Northwest Territory Metis Nation. These agreements include education, training, employment, and business opportunities. Additionally, a 2017 exploration agreement was signed with K’atl’odeeche First Nation. A memorandum of understanding was signed in November 2024 with the Town of Hay River.
Management Team
Robert Wares - CEO
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which Osisko Mining subsequently developed into one of Canada’s largest gold producers. Among other awards, Wares was a co-winner of the Prospectors and Developers Association of Canada’s “Prospector of the Year Award” for 2007 and was named, together with John Burzynski and Sean Roosen, as “Mining Men of the Year” for 2009 by the Northern Miner. Wares sits on the board of directors of Brunswick Exploration. Wares has a Bachelor of Science and an honorary doctorate in earth sciences from McGill University.
John Burzynski - Executive Chairman
John Burzynski most recently served as the chairman, chief executive officer and director of Osisko Mining where he led his team in the discovery, development and sale of the Windfall Gold project to Gold Fields Ltd. for C$2.2 billion. Burzynski has over 35 years' experience as a professional geologist on international mining and development projects. He was one of the three original founders of Osisko Mining which developed and sold the Canadian Malartic mine in 2014 to an Agnico Eagle Mines Limited and Yamana Gold Inc. partnership for C$3.9 billion and created Osisko Gold Royalties (today a C$5 billion company). Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada (PDAC)'s "Prospector of the Year Award" for 2007 and the Northern Miner's "Mining Man of the Year" for 2009; and the "Prospector of the Year Award" for 2024, among numerous other awards. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University and a Master of Science in exploration and mineral economics (MINEX) degree from Queen's University. He is a registered P.Geo. in Québec, a Fellow of the Royal Canadian Geographical Society and an honorary colonel with the Royal Canadian Air Force. He currently serves as chairman and a director of O3 Mining.
Don Njegovan - President
Don Njegovan most recently served as chief operating officer at Osisko Mining prior to its sale to Gold Fields. He was previously a director of St. Andrew Goldfields until it was acquired by Kirkland Lake Gold in 2016 and is currently on the board of directors of Cornish Metals. He was formerly managing director of Global Mining at Scotiabank from August 2010 to June 2014. Njegovan was a Toll Cross Securities Inc. investment banker from June 2005 to July 2010. Njegovan has over 30 years of experience in the mining industry, starting in 1989 for Hudson Bay Mining & Smelting Co. He holds a Bachelor of Science in mining engineering from Michigan Technological University and a Bachelor of Arts from the University of Manitoba.
Blair Zaritsky - Chief Financial Officer
Blair Zaritsky most recently served as the chief financial officer of Osisko Mining. He is a chartered professional accountant and has over 20 years of Canadian public practice experience, with exposure to various types of engagements and clients, gained through managing audit engagements of publicly listed companies traded on the Toronto Stock Exchange, TSX Venture Exchange, and Canadian Securities Exchange. Zaritsky obtained his chartered professional accountant designation in 2003 and holds dual Bachelor of Arts degrees in accounting and economics from Brock University and Western University, respectively. Zaritsky currently serves as a director of STLLR Gold.
Amanda Johnston - Vice President Finance
Amanda Johnston most recently served as the vice-president of finance of Osisko Mining. She is a chartered professional accountant and has over 20 years of experience in the mining industry and audit and assurance groups. Johnston obtained her chartered professional accountant designation in 2013 and holds a Bachelor of Accounting (Honours) Co-Op degree from Brock University. Johnston currently serves as a director of Metalla Royalty & Streaming.
Alexandria Marcotte - Vice President Exploration
Alexandria Marcotte most recently served as vice-president of project coordination of Osisko Mining. She is a professional geologist registered in Ontario with over 15 years of progressive senior level experience working internationally for senior and junior companies. Marcotte holds an Honours Bachelor of Science degree from the University of Toronto and an MBA from the Schulich School of Business. She currently serves as a director of Angel Wing Metals.
Lili Mance - Vice President, Corporate Secretary
Lili Mance has served as the corporate secretary of Osisko Metals since 2018. She also served as vice-president and corporate Secretary of Osisko Mining. She has 30 years of experience in the financial, wealth management and resource industries serving in a legal, compliance and corporate secretarial capacity. Mance spent 18 years with the Dundee group of companies in various increasingly senior level legal and compliance roles and its various public and private subsidiaries. Mance is a member of the Institute of Corporate Directors and has been a member of the Governance Professionals of Canada since 2004.
Jeff Hussey - Director and CEO of Pine Point Mining Limited
Jeff Hussey has 32 years of professional experience in the mining industry. He has worked in both open-pit and underground mine operations at various stages of mine life, from start-up to mine closure, and more recently, working in mineral exploration and development projects. He spent 19 years with Noranda/Falconbridge. His mine operation experience includes work at the Brunswick No. 12 mine, Gaspé Copper mines, the Antamina mine start-up in Peru, as well as the Raglan mine in Northern Québec. As a senior scientist with the Mining Technology Group at the Noranda Technology Centre in 2002, he enhanced his network in the metallurgical research and mining innovation fields. As a consultant since 2007, Jeff Hussey and Associates has helped junior mine development companies by offering exploration, mining, and geo-metallurgical support services. These include Champion Iron Mines, Focus Graphite, Puma Exploration and Starcore International in Mexico. While at Champion Iron Mines, he participated in building significant high-quality iron ore resources, completing feasibility studies and participating in raising more than $70 million for corporate development. While working with Focus Graphite, development responsibilities included a feasibility study and associated work with community stakeholders and governments. Hussey has a Bachelor of Science in geology from the University of New Brunswick.
Ann Lamontagne - Vice-president, Environment and Sustainable Development
Ann Lamontagne is a civil engineer who obtained her doctoral degree in mining environment from Laval University in 2001. She has worked in the mining industry for over 25 years as a consultant for geotechnical, water management, hydrogeology, and environmental projects. She has been involved in the development of several mining projects where her expertise has been invaluable in minimizing environmental risks throughout the mine planning process, from initial design through to closure and reclamation. Lamontagne has also been involved in many R&D projects with mining companies, including Nouveau Monde Graphite, Troilus Gold, and Mason Graphite.
Killian Charles - Strategic Advisor
Killian Charles has been president and CEO of Brunswick Exploration since 2020. Prior to this, he was vice-president, corporate development for Osisko Metals, where he now remains as a special advisor. Charles was a mining analyst at Laurentian Bank Securities and at Industrial Alliance Securities (Broker) for six years. He also worked as a manager of corporate development at Integra Gold, until its acquisition by Eldorado Gold in 2017. Charles received an undergraduate degree in Earth and Planetary Sciences from McGill University.
Luc Lessard – Technical Advisor
Luc Lessard holds a bachelor’s degree in mining engineering from Laval University, is a member of the Ordre des ingénieurs du Québec and has over 30 years of experience in the design, construction and operation of mines. He is the president, chief executive officer and director of Falco Resources and chief operating officer of Osisko Development. He currently sits on the board of directors of Osisko Metals.
Prior to joining Falco and Osisko, he was senior vice-president, technical services of Osisko Gold Royalties, COO of Canadian Malartic GP (jointly owned by Agnico Eagle Mines and Yamana Gold) and before, COO and senior vice-president, engineering and construction of Osisko Mining Corporation, where he was responsible for the design, construction and commissioning of the Canadian Malartic gold mine. He also was vice-president of engineering and construction for Iamgold and General Manager for Cambior. During his career, Lessard worked on several surface and underground mining projects.
Amarc Announces New High Grade "AuRORA" Copper-Gold-Silver Deposit Discovery in Collaboration With Freeport at the Joy District, British Columbia
Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV:AHR)(OTCQB:AXREF) is pleased to announce discovery of the new, high grade, gold-rich porphyry copper-gold-silver ("Cu-Au-Ag") AuRORA deposit at its 100% owned JOY Copper-Gold District ("JOY"), in the prolific Toodoggone-Kemess porphyry Cu-Au region of north-central British Columbia ("BC"). The AuRORA Deposit Discovery is located within an area of the 495 km 2 JOY District that had not previously been drill tested (see Figures 1, 2 and 3). Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") is fully funding work programs at JOY to earn an interest in the project, and Amarc is the operator of all programs.
Highlights from Initial AuRORA DEPOSIT Discovery Drill Holes Include:
Drill Hole | Int.1,2,3 (m) | From (m) | Incl. | Au (g/t) | Cu (%) | Ag (g/t) | CuEQ4 (%) |
JP24057 | 82 | 18 | 1.24 | 0.38 | 2.47 | 1.08 | |
42 | 58 | Incl. | 1.97 | 0.49 | 3.58 | 1.61 | |
JP24059 | 271 | 24 | 0.98 | 0.25 | 1.93 | 0.81 | |
171 | 24 | Incl. | 1.32 | 0.34 | 2.62 | 1.09 | |
89 | 106 | and | 2.29 | 0.46 | 3.65 | 1.76 | |
JP24071 | 212 | 21 | 1.36 | 0.40 | 3.35 | 1.18 | |
108 | 104 | Incl. | 2.38 | 0.60 | 5.17 | 1.96 | |
JP24074 | 162 | 69 | 2.19 | 0.63 | 6.95 | 1.90 | |
147 | 84 | Incl. | 2.40 | 0.69 | 7.60 | 2.08 | |
108 | 111 | and | 3.09 | 0.82 | 8.99 | 2.59 | |
81 | 135 | and | 3.69 | 0.92 | 9.72 | 3.04 |
Notes: See Table 1.
Hole JP24057, the first hole ever drilled at AuRORA, intersected a new porphyry Cu-Au-Ag system hosting high and continuous Au grades (see Tables 1, 2 and 3). Following completion of this discovery hole, Amarc, with Freeport, systematically stepped out, aggressively drilling with three core rigs, with a view to begin outlining an outstanding Cu-Au-Ag deposit and to confirm its high grade potential. This release details the results of discovery hole JP24057 and six other holes drilled at approximately 100 m intervals on east-west section 7800N (see Figures 2 and 3). Drilling on this section established a 600 m wide zone of porphyry mineralization encountered from near surface that is open to lateral expansion, and which is characterized by excellent lateral and vertical continuity. Final compilations and confirmatory analyses from six additional holes drilled at AuRORA along east-west section 7900N, a 100 m step out to the north of section 7800N, are near completion and will be released in the very near future. These additional results show similar very encouraging grades and characteristics to those reported in this release.
"This impressive new, high grade porphyry copper-gold-silver discovery is a pivotal moment for Amarc and its shareholders," said Dr. Diane Nicolson, Amarc President and CEO. "It represents a significant inflection point in the exploration of the JOY District with Freeport. Our discovery is the culmination of years of relentless groundwork by the Amarc team, coupled with the firm, unwavering belief, shared by Freeport, that the JOY District holds significant potential for high grade porphyry gold-copper deposits. This discovery comes during a period of positive market sentiment for gold, copper and silver, which we believe further increases the attractiveness of Amarc as an exciting investment opportunity."
The AuRORA Deposit Discovery is located within the expansive Northwest Gossan ("NWG") Target area located at the northwest end of a possible 15 km mineralized trend that extends southeast toward the GAP and SWT Targets (see Figure 1). The NWG Target is outlined by a 3.7 km 2 Induced Polarization ("IP") anomaly (>14mV/V) (see Figure 3) with coincident Cu, Au, Mo and Ag anomalies outlined in soils and rocks (see Amarc releases May 2 and July 11, 2024). The 2024 initial drill testing of the NWG Target area focused primarily on an internal zone of higher (>20 mV/V) IP chargeability some 1,500 m long and 500 m wide. Much of the NWG Target area remains unexplored.
"The AuRORA Deposit Discovery has been made through the Amarc team's depth of knowledge and porphyry copper-gold discovery track record in BC and the Toodoggone region, combined with the support and insight from Freeport, based on its global capabilities as a top-tier copper and gold producer and discoverer. Together, our goal in 2024 was to focus on discovery and we are clearly on the right track with AuRORA. Notably, the AuRORA Deposit Discovery area is only one of eight large scale sulphide mineralized systems clustered along several mineralized trends drilled in 2024 at JOY. These important-scale sulphide systems have been established by district-wide geological, geochemical and geophysical ground IP surveys. Additional results from the 2024 drill program will be forthcoming. We are extremely optimistic about further important progress at JOY," concluded Nicolson.
In addition to today's announced drill holes, an additional 33 scout holes were also completed on eight porphyry Cu-Au targets, including at the AuRORA Deposit Discovery, PINE Deposit, Canyon Discovery and at the Twins Deposit Target within the JOY District (see Figure 1). These targets were established through 290 line-km of property wide IP surveying, the collection and analyses of 8,400 soil and 1,500 rock samples, and geological mapping and prospecting.
Figure 2: AuRORA Deposit Discovery: Located in the New Underexplored NWG Target
Figure 4: AuRORA Deposit Discovery Never Previously Drilled and Open to Expansion
Figure 5: AuRORA Deposit Discovery: Drilling Outlines Open-Ended, Near Surface, Continuous, High Grade Cu-Au-Ag Mineralization (Section 7800N)
Table 1: JOY AuRORA Porphyry Cu-Au-Ag Deposit Discovery Section 7800N Mineralized Intervals of Significance
Drill Hole | Incl. | From (m) | To | Int.1,2,3 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEQ4 (%) |
JP24057 | 18.00 | 100.00 | 82.00 | 1.24 | 0.38 | 2.5 | 1.08 | |
Incl. | 58.00 | 100.00 | 42.00 | 1.97 | 0.49 | 3.6 | 1.61 | |
120.29 | 190.00 | 69.71 5 | 2.56 | 0.42 | 5.0 | 1.88 | ||
Incl. | 120.29 | 166.00 | 45.71 | 3.30 | 0.56 | 6.2 | 2.44 | |
And | 120.29 | 136.00 | 15.71 | 4.54 | 0.84 | 8.6 | 3.42 | |
JP24059 | 24.00 | 295.25 | 271.25 | 0.98 | 0.25 | 1.9 | 0.81 | |
Incl. | 24.00 | 194.50 | 170.50 | 1.32 | 0.34 | 2.6 | 1.09 | |
And | 106.00 | 194.50 | 88.50 | 2.29 | 0.46 | 3.7 | 1.76 | |
Incl. | 211.00 | 239.10 | 28.10 | 0.99 | 0.18 | 1.1 | 0.73 | |
JP24071 | 21.10 | 233.00 | 211.906 | 1.36 | 0.40 | 3.4 | 1.18 | |
Incl. | 104.00 | 212.00 | 108.00 | 2.38 | 0.60 | 5.2 | 1.96 | |
JP24074 | 69.00 | 231.00 | 162.00 | 2.19 | 0.63 | 7.0 | 1.90 | |
Incl. | 84.00 | 231.00 | 147.00 | 2.40 | 0.69 | 7.6 | 2.08 | |
And | 111.00 | 219.00 | 108.00 | 3.09 | 0.82 | 9.0 | 2.59 | |
And | 135.00 | 216.00 | 81.00 | 3.69 | 0.92 | 9.7 | 3.04 | |
JP24076 | 57.00 | 198.00 | 141.007 | 0.73 | 0.18 | 1.3 | 0.60 | |
Incl. | 102.00 | 198.00 | 96.00 | 1.00 | 0.24 | 1.8 | 0.81 | |
And | 129.00 | 180.00 | 51.00 | 1.44 | 0.31 | 2.2 | 1.13 | |
JP24079 | 179.00 | 189.50 | 10.50 | 0.06 | 0.24 | 2.7 | 0.29 | |
341.00 | 400.70 | 59.70 | 0.29 | 0.08 | 1.7 | 0.26 | ||
JP24082 | 131.00 | 277.95 | 146.95 | 0.34 | 0.22 | 3.2 | 0.43 | |
Incl. | 161.00 | 277.95 | 116.95 | 0.39 | 0.25 | 3.8 | 0.50 | |
And | 212.00 | 242.00 | 30.00 | 0.84 | 0.54 | 7.2 | 1.06 |
Notes to Table 1:
- Widths reported are drill widths, such that true thicknesses are unknown.
- All assay intervals represent length-weighted averages.
- Some figures may not sum exactly due to rounding.
- Copper equivalent (CuEQ) calculations use metal process prices of: Cu US$4.00/lb, Au US$1800/oz., and Ag US$24/oz. and conceptual recoveries of: Cu 85%, Au 72% and 67% Ag. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The general formula for this is: CuEQ% = Cu% + ((Au g/t * (Au recovery / Cu recovery) * (Au $ per oz./31.1034768 / Cu $ per lb. * 22.04623)) + ((Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz./ 31.1034768 / Cu $ per lb. * 22.04623)).
- Drill hole JP24057 interval 166-169 m comprised broken ground, no core was recovered, and it was therefore averaged at zero grade.
- Drill hole JP24071 interval 179-182 m comprised broken ground, no core was recovered, and it was therefore averaged at zero grade.
- Drill hole JP24076 intervals 72-75 m, 78-81 m and 96-102 m comprised broken ground, no core was recovered, and each was therefore averaged at zero grade.
AuRORA Deposit Geological Information - Section 7800N
The geological and hydrothermal characteristics of AuRORA discovery hole JP24057, and other holes along the section, are broadly consistent with generalized models for porphyry Cu-Au deposits in the Kemess Mining District and in the wider Toodoggone Region. East-west cross section 7800N across the AuRORA Deposit Discovery highlights the excellent continuity of the near surface, high grade, Cu-Au-Ag mineralization discovered in hole JP24057, as well as consistent vertical and lateral patterns in the grade, hydrothermal and geological characteristics in the holes along the section (see Figures 4 and 5 and Table 2).
In the upper part of AuRORA, mineralization is hosted by andesitic tuff and in its lower part by quartz-monzonite intrusive rocks. The contact between the volcanic and intrusive rocks is typically masked by intense alteration that coincides with the highest-grade mineralization. High grade mineralization is associated with pervasive quartz-sericite/chlorite-pyrite alteration, which overprints potassic K-feldspar and magnetite alteration. Copper mineralization is mainly chalcopyrite and trace to minor bornite (see Figure 6).
About Amarc Resources Ltd
Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry Cu-Au mines in BC. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration and development-stage assets.
Amarc is advancing its 100%-owned JOY, DUKE and IKE porphyry Cu±Au Districts located in different prolific porphyry regions of northern, central and southern BC, respectively. Each District represents significant potential for the development of multiple and important-scale, porphyry Cu±Au deposits. Importantly, each of the three districts are located in proximity to industrial infrastructure - including power, highways and rail.
Amarc's exploration is led by an internationally successful team of experienced geologists specializing in porphyry Cu-Au deposits. Members of this team have been involved in and have tracked porphyry Cu-Au exploration advancements in the Toodoggone region since 1990. Their experience and early recognition of the porphyry potential at the NWG Target in terms of a shallowly overburden covered and underexplored transitional epithermal-porphyry geological setting, led to the discovery of the Au-rich AuRORA porphyry Cu-Au-Ag Deposit.
Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), a wholly owned subsidiary of Freeport-McMoRan Inc. at JOY and Boliden Mineral Canada Ltd. ("Boliden"), an entity within the Boliden Group of companies at DUKE, can earn up to a 70% interest in each District through staged investments of $110 million and $90 million, respectively. Together this provides Amarc with potentially up to $200 million in non-share dilutive staged funding for these Districts. In addition, Amarc has completed self-funded drilling at its higher-grade Empress Deposit in the IKE District. Drill results from nine core holes drilled late in 2024 at Empress are being compiled and are expected to be released next month. Amarc is the operator of all programs.
Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry Cu deposit discovery, development and transaction success. Previous and current HDI projects include some of BC's and the world's most important porphyry deposits - such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess North, Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, AuRORA, PINE, IKE and DUKE. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral projects.
Amarc works closely with local governments, Indigenous groups and stakeholders in order to advance its mineral projects responsibly, and in a manner that contributes to sustainable community and economic development. We pursue early and meaningful engagement to ensure our mineral exploration and development activities are well coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous groups within whose traditional territories our projects are located, through the provision of jobs, training programs, contract opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.
Qualified Person
Mark Rebagliati, P.Eng, a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed and approved all technical and scientific information related to the JOY Project contained in this news release. Mr. Rebagliati is not independent of the Company.
Quality Assurance/Quality Control Program
Amarc drilled NQv (48.1mm) and HQ (63.5mm) size core in 2024 at the JOY project. All drill core was logged, photographed, and cut in half with a diamond saw. Half core samples from the JOY drilling were sent to ALS Canada Ltd., Kamloops or Langley, Canada, for preparation and to North Vancouver, Canada for analysis. All facilities are ISO/IEC 17025:2017 accredited. At the laboratory, samples were dried, crushed to 70% passing -2mm, and either a 250 g split or 1,000 g split was pulverized to better than 85% passing 75 microns. Samples were analyzed for Au by fire assay fusion of a 30 g sub-sample with an ICP-AES finish, and for 60 elements including Cu, Mo and Ag by a four-acid digestion, multi-element ICP-MS package. Samples with Cu results > 10,000 ppm were reanalyzed by a single element four-acid digestion ICP-AES method for Cu. As part of a comprehensive Quality Assurance/Quality Control ("QAQC") program, Amarc control samples were inserted in each analytical batch of the core samples at the following rates: standards one in 20 regular samples, in-line replicates one in 20 regular samples and one coarse blank per hole. The control sample results were then checked to ensure proper QAQC.
The QP visited the site to verify location of drill holes, and review the core and logging, sampling and sample shipment processes. He also reviewed and assessed the assay results.
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Dr. Diane Nicolson, President and CEO, at (604) 684-6365 or within North America at 1-800-667-2114, or Kin Communications, at (604) 684-6730, Email: AHR@kincommunications.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AMARC RESOURCES LTD.
Dr. Diane Nicolson
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking and Other Cautionary Information
This news release includes certain statements that may be deemed "forward-looking statements". All such statements, other than statements of historical facts that address exploration plans and plans for enhanced relationships are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: Amarc's projects will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of Amarc's projects will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and tenure and delays due to third party opposition, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, exploration and development of properties located within Aboriginal groups asserted territories may affect or be perceived to affect asserted aboriginal rights and title, which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Amarc Resources Ltd., investors should review Amarc's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedarplus.ca.
Table 2: AuRORA Discovery Assay Data by Sample Interval for Drill Holes JP24059 and JP 24074
Hole JP24059
Sample | From (m) | To (m) | Int.1,2,3 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEQ4 (%) |
732288 | 106.00 | 109.00 | 3.00 | 1.38 | 0.49 | 2.9 | 1.28 |
732289 | 109.00 | 112.00 | 3.00 | 1.22 | 0.36 | 2.2 | 1.06 |
732291 | 112.00 | 115.00 | 3.00 | 1.44 | 0.52 | 2.9 | 1.34 |
732292 | 115.00 | 118.00 | 3.00 | 1.37 | 0.44 | 2.6 | 1.22 |
732293 | 118.00 | 121.00 | 3.00 | 1.43 | 0.45 | 3.5 | 1.27 |
732294 | 121.00 | 124.00 | 3.00 | 2.12 | 0.59 | 4.3 | 1.80 |
732295 | 124.00 | 127.00 | 3.00 | 3.04 | 0.83 | 6.1 | 2.56 |
732296 | 127.00 | 129.00 | 2.00 | 2.02 | 0.52 | 5.4 | 1.68 |
732297 | 129.00 | 130.90 | 1.90 | 1.74 | 0.73 | 5.0 | 1.73 |
732298 | 130.90 | 133.00 | 2.10 | 2.37 | 0.58 | 4.4 | 1.92 |
732299 | 133.00 | 136.00 | 3.00 | 2.56 | 0.79 | 4.8 | 2.24 |
732300 | 136.00 | 139.00 | 3.00 | 1.92 | 0.51 | 4.1 | 1.60 |
732301 | 139.00 | 142.00 | 3.00 | 2.77 | 0.61 | 4.6 | 2.18 |
732302 | 142.00 | 145.00 | 3.00 | 3.63 | 0.61 | 4.6 | 2.66 |
732303 | 145.00 | 148.00 | 3.00 | 3.87 | 0.62 | 4.6 | 2.80 |
732304 | 148.00 | 149.50 | 1.50 | 4.65 | 0.72 | 6.0 | 3.35 |
732305 | 149.50 | 151.00 | 1.50 | 4.82 | 0.86 | 6.6 | 3.59 |
732306 | 151.00 | 154.00 | 3.00 | 2.85 | 0.72 | 4.7 | 2.34 |
732307 | 154.00 | 157.00 | 3.00 | 1.01 | 0.21 | 1.7 | 0.78 |
732308 | 157.00 | 160.00 | 3.00 | 2.70 | 0.32 | 2.7 | 1.84 |
732309 | 160.00 | 163.00 | 3.00 | 2.78 | 0.31 | 2.6 | 1.87 |
732311 | 163.00 | 166.00 | 3.00 | 2.15 | 0.38 | 3.5 | 1.60 |
732312 | 166.00 | 169.00 | 3.00 | 2.71 | 0.42 | 3.6 | 1.96 |
732313 | 169.00 | 172.00 | 3.00 | 2.06 | 0.37 | 4.0 | 1.54 |
732314 | 172.00 | 175.00 | 3.00 | 1.93 | 0.33 | 4.4 | 1.43 |
732315 | 175.00 | 178.00 | 3.00 | 1.36 | 0.16 | 2.8 | 0.94 |
732316 | 178.00 | 180.30 | 2.30 | 2.54 | 0.27 | 4.6 | 1.72 |
732317 | 180.30 | 182.25 | 1.95 | 1.54 | 0.21 | 2.9 | 1.09 |
732318 | 182.25 | 184.75 | 2.50 | 4.03 | 0.38 | 4.2 | 2.65 |
732319 | 184.75 | 187.00 | 2.25 | 0.90 | 0.19 | 1.8 | 0.70 |
732320 | 187.00 | 190.00 | 3.00 | 0.90 | 0.19 | 1.4 | 0.70 |
732321 | 190.00 | 192.25 | 2.25 | 3.05 | 0.32 | 1.9 | 2.02 |
732322 | 192.25 | 194.50 | 2.25 | 2.99 | 0.31 | 2.5 | 1.99 |
See Table 1 for Notes.
Hole JP24074
Sample | From (m) | To | Int.1,2,3 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEQ4 (%) |
|---|---|---|---|---|---|---|---|
731140 | 111.00 | 114.00 | 3.00 | 1.00 | 0.65 | 8.1 | 1.26 |
731141 | 114.00 | 117.00 | 3.00 | 1.26 | 0.55 | 8.0 | 1.30 |
731142 | 117.00 | 120.00 | 3.00 | 0.64 | 0.27 | 4.1 | 0.65 |
731143 | 120.00 | 123.00 | 3.00 | 1.48 | 0.49 | 8.1 | 1.36 |
731144 | 123.00 | 126.00 | 3.00 | 1.47 | 0.48 | 6.6 | 1.34 |
731145 | 126.00 | 129.00 | 3.00 | 1.01 | 0.40 | 4.9 | 1.00 |
731146 | 129.00 | 132.00 | 3.00 | 1.59 | 0.59 | 6.3 | 1.51 |
731147 | 132.00 | 135.00 | 3.00 | 2.02 | 0.62 | 6.6 | 1.79 |
731148 | 135.00 | 138.00 | 3.00 | 1.48 | 0.53 | 5.2 | 1.39 |
731149 | 138.00 | 141.00 | 3.00 | 4.01 | 0.84 | 10.5 | 3.14 |
731151 | 141.00 | 144.00 | 3.00 | 4.94 | 1.16 | 14.2 | 4.00 |
731152 | 144.00 | 147.00 | 3.00 | 4.32 | 0.99 | 8.8 | 3.45 |
731153 | 147.00 | 150.00 | 3.00 | 3.02 | 0.78 | 6.8 | 2.50 |
731154 | 150.00 | 153.00 | 3.00 | 3.63 | 1.31 | 11.3 | 3.40 |
731155 | 153.00 | 156.00 | 3.00 | 5.35 | 1.18 | 9.6 | 4.22 |
731156 | 156.00 | 159.00 | 3.00 | 3.33 | 0.98 | 8.0 | 2.89 |
731157 | 159.00 | 162.00 | 3.00 | 5.25 | 1.05 | 9.8 | 4.03 |
731158 | 162.00 | 165.00 | 3.00 | 3.49 | 0.90 | 10.3 | 2.91 |
731159 | 165.00 | 168.00 | 3.00 | 2.47 | 1.14 | 13.8 | 2.60 |
731160 | 168.00 | 171.00 | 3.00 | 5.86 | 1.36 | 10.3 | 4.68 |
731161 | 171.00 | 174.00 | 3.00 | 4.78 | 0.88 | 9.6 | 3.61 |
731162 | 174.00 | 177.00 | 3.00 | 7.73 | 1.28 | 11.1 | 5.65 |
731163 | 177.00 | 180.00 | 3.00 | 8.00 | 1.34 | 11.2 | 5.86 |
731164 | 180.00 | 183.00 | 3.00 | 6.33 | 0.93 | 8.6 | 4.51 |
731165 | 183.00 | 186.00 | 3.00 | 3.52 | 0.75 | 7.2 | 2.75 |
731166 | 186.00 | 189.00 | 3.00 | 3.25 | 0.66 | 7.5 | 2.52 |
731167 | 189.00 | 192.00 | 3.00 | 2.39 | 0.69 | 7.9 | 2.08 |
731168 | 192.00 | 195.00 | 3.00 | 3.84 | 0.57 | 4.6 | 2.74 |
731169 | 195.00 | 198.00 | 3.00 | 2.07 | 0.64 | 6.4 | 1.83 |
731171 | 198.00 | 201.00 | 3.00 | 1.09 | 0.97 | 11.4 | 1.65 |
731172 | 201.00 | 201.70 | 0.70 | 2.05 | 0.65 | 8.0 | 1.84 |
731173 | 201.70 | 202.90 | 1.20 | 0.06 | 0.03 | 0.6 | 0.06 |
731174 | 202.90 | 204.00 | 1.10 | 2.74 | 0.75 | 8.9 | 2.33 |
731175 | 204.00 | 207.00 | 3.00 | 1.62 | 1.14 | 12.9 | 2.12 |
731176 | 207.00 | 210.00 | 3.00 | 1.84 | 0.89 | 15.1 | 2.01 |
731177 | 210.00 | 213.00 | 3.00 | 2.41 | 0.90 | 15.4 | 2.34 |
731178 | 213.00 | 216.00 | 3.00 | 2.06 | 0.61 | 10.0 | 1.82 |
731179 | 216.00 | 219.00 | 3.00 | 1.10 | 0.51 | 8.3 | 1.17 |
731180 | 219.00 | 222.00 | 3.00 | 0.58 | 0.32 | 6.6 | 0.69 |
731181 | 222.00 | 225.00 | 3.00 | 0.78 | 0.36 | 6.0 | 0.84 |
See Table 1 for Notes.
Table 3: AuRORA Drill Hole Information Section N7800
Drill Hole | Easting | Northing | Elevation | Azim (°) | Dip (°) | EOH (m) |
JP24057 | 622779 | 6347801 | 1368 | 90 | -70 | 586 |
JP24059 | 622776 | 6347801 | 1369 | 270 | -60 | 427.4 |
JP24071 | 622770 | 6347796 | 1370 | 180 | -60 | 374 |
JP24074 | 622920 | 6347799 | 1385 | 90 | -70 | 315 |
JP24076 | 622655 | 6347819 | 1369 | 270 | -60 | 258 |
JP24079 | 623060 | 6347815 | 1422 | 88 | -60 | 503 |
JP24082 | 623059 | 6347815 | 1422 | 0 | -90 | 311 |
Note: Collar locations are in UTM NAD83, Zone 9N coordinates.
Figure 2: AuRORA Deposit Discovery: Located in the New Underexplored NWG Target
Figure 3: AuRORA Deposit Discovery: Hosted Within the Exciting New NWG Target Area
IP-Chargeability Anomaly Never Previously Drilled
Figure 4: AuRORA Deposit Discovery Never Previously Drilled and Open to Expansion
Figure 5: AuRORA Deposit Discovery: Drilling Outlines Open-Ended, Near Surface, Continuous,
High Grade Cu-Au-Ag Mineralization (Section 7800N)
