Dr. Diane Nicolson reports

AMARC SECURES ADDITIONAL INVESTMENT FROM FREEPORT-MCMORAN, PROVIDES UPDATE ON ITS JOY COPPER-GOLD DISTRICT, GOLDEN HORSESHOE TREND, BC

Freeport-McMoRan Mineral Properties Canada Inc. has, for the second time this year, accelerated its investment into Amarc Resources Ltd.'s Joy copper-gold district, located in the Toodoggone region of the Golden Horseshoe trend in north-central British Columbia (see Amarc's release dated Aug. 4, 2021). Freeport has increased its year 1 contribution to the 2021 Joy exploration program by approximately 50 per cent -- from $4-million to $5.94-million.

"The Amarc technical team recently completed a successful 2021 exploration program at our Joy district," said Amarc president and chief executive officer Dr. Diane Nicolson. "This comprehensive program included both core drilling and insightful modelling of the Pine copper-gold deposit, along with geological, geochemical and geophysical surveys in the area of the Pine deposit and over other key copper-gold deposit targets throughout the district. Our team is currently working to integrate the results, as they are received, into our existing data sets in order to define next year's deposit delineation and district exploration programs."

Dr. Nicolson said Amarc was pleased to welcome several members of Freeport's senior exploration management team from Canada and the United States to site this summer, which further strengthened the alliance between the partners and capitalized on the depth of porphyry copper-gold deposit discovery knowledge each possesses. She commended the field crew working at Joy this season for completing an ambitious and challenging program safely, on time and without incident.

Highlights of the Joy 2021 exploration program:

• Nine core holes were completed over 4,300 metres of drilling.
• Drilling included three high-priority long core holes (up to 701 metres) at the Pine deposit that began to test the depths and lateral extent of the porphyry copper-gold mineralization. These are the first holes drilled at the Pine deposit by Amarc.
• A single long drill hole (707 metres) was drilled at the Mex deposit area to test the potential depth extension of this mineralized porphyry copper-gold system, below historical drilling.
• In addition, five initial core holes (271 metres to 404 metres in length) were drilled to test four prioritized porphyry copper-gold targets, delineated by geochemical, induced polarization (IP), airborne magnetic and geological surveys, which include the Twins and Canyon targets (both greater than five square kilometres in area).
• At the Pine deposit, more than 60 historical core holes were relogged and surface geological mapping completed in order to target drilling of internal, lateral and depth extensions to the deposit for next season. A number of additional historical drill holes from the Mex deposit target and other porphyry copper-gold exploration targets were also relogged to inform continuing exploration efforts throughout the District.
• Forty-two line kilometres of IP survey were completed adjacent and to the north of the Pine deposit and over the Canyon, Twins, SW Takla and Central Takla exploration targets. Data from this survey are being merged with information from the 112-line-kilometre IP survey previously completed by Amarc and historical coverage by Gold Fields. IP chargeability surveys measure the relative quantity of sulphide mineralization and are particularly effective in detecting porphyry copper deposits covered by overburden.

Notably, IP chargeability survey results over the partially overburden covered Twins exploration target have outlined a sulphide system extending over approximately five square kilometres that remains open to the south and east. Within this area, a new greater-than-2.5-square-kilometre, high-contrast IP chargeability response has been partly delineated. This area is characterized by a number of discrete magnetic-high features, is transected by a series of interpreted structures and is centred on a known occurrence of moderate to strongly altered monzonite intrusive that is locally host to porphyry-style chalcopyrite-bearing veinlets. This new area of high contrast IP chargeability remains to be drill tested.

Joy district IP chargeability clusters outline an extensive mineralized system at the Twins and at seven other target areas:

• Six hundred eighty-four soils samples were collected primarily over the SW Takla, Twins, Canyon South and Mex South targets, extending previously completed soils grids. Data from this survey are being merged with information from the 10,333 soil samples previously collected over the Joy project area.
• One hundred seventy-nine rock samples were collected during geological traverses over the SW Takla, Twins, Canyon South, Mex, North Finlay and Jock targets.
• All drill core, rock and rock samples have been shipped to Actlabs in Kamloops, B.C., for preparation and analyses. Laboratory timelines in British Columbia and across Canada have increased significantly this season; assay results will be reported as they become available.

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 copper-gold mines in British Columbia. 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-per-cent-owned Ike, Duke and Joy porphyry copper-plus-or-minus-gold districts located in different prolific porphyry districts in Southern, central and Northern British Columbia, respectively. Each district represents significant potential for the development of multiple and important-scale, porphyry copper-plus-or-minus-gold deposits. Importantly, each of the three districts is located in proximity to industrial infrastructure -- including power, highways and rail.

Amarc is associated with HDI, a diversified, global mining company with a 30-year history of porphyry discovery and development success. Previous and current HDI projects include some of British Columbia'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, Ike and Pine. 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 other stakeholders in order to advance its mineral projects responsibly and in a manner that contributes to sustainable community and economic development. The company pursues early and meaningful engagement to ensure its mineral exploration and development activities are well co-ordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, Amarc seeks to establish mutually beneficial partnerships with indigenous groups within whose traditional territories the company's projects are located, through the provision of jobs, training programs, contract opportunities, capacity financing agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.

Qualified person as defined under National Instrument 43-101

Mark Rebagliati, PEng, a qualified person as defined under NI 43-101, has reviewed and approved the technical content in this release.

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