Dr. Diane Nicolson reports

AMARC PROVIDES UPDATE ON JOY COPPER-GOLD DISTRICT, BC: INITIAL 2021 DRILLING EXPANDS PINE DEPOSIT, INTERSECTING 101.9 M OF 0.56% CUEQ1, ADDITIONAL LARGE-SCALE PORPHYRY COPPER-GOLD DEPOSIT TARGETS CONFIRMED

Amarc Resources Ltd. has released assay results from an initial nine-hole drill program (4,300 metres) completed in 2021 with Freeport-McMoRan Mineral Properties Canada Inc. Freeport is earning into the company's 482-square-kilometre Joy copper-gold district located in the active Toodoggone portion of the Golden Horseshoe trend, north-central British Columbia.

"One of the key factors that drove our acquisition and consolidation of the Joy district was a recognition of the important-scale potential of the Pine copper-gold deposit," said Amarc president and chief executive officer Diane Nicolson. "A significant number of historical core holes were available for reassessment, providing the scope for both reinterpretation and rediscovery. Building on these legacy assets, the three long core holes we completed at the Pine deposit in 2021 intercepted some of the highest grades over the longest intervals encountered to date and indicate the extension of copper-gold mineralization to significant depth. Also, valuable information derived from historical core holes combined with new surface mapping and geophysical surveys have confirmed additional potential for higher-grade zones within the known deposit, major lateral extensions and the discovery of proximal deposits."

Ms. Nicolson said initial scout exploration drilling completed on other large-scale porphyry Cu-Au deposit targets within the Joy district, along with extensive induced polarization geophysical surveys, have confirmed significant discovery potential. Amarc and Freeport have initiated detailed planning for a drill program at the Pine deposit and aggressive drill testing of district targets in 2022.

Highlights from 2021 Pine deposit core drilling include:

• 101.90 metres of 0.56 per cent copper equivalent (CuEq) (0.23 per cent copper, 0.57 gram per tonne gold and 2.4 g/t silver);
• 29 m of 0.46 per cent CuEq (0.20 per cent Cu, 0.44 g/t Au and 2.1 g/t Ag);
• 66.60 m of 0.40 per cent CuEq (0.21 per cent Cu, 0.32 g/t Au and 1.5 g/t Ag);
• 244.10 m of 0.35 per cent CuEq (0.11 per cent Cu, 0.41 g/t Au and 1.2 g/t Ag);
• 135 m of 0.44 per cent CuEq (0.14 per cent Cu, 0.53 g/t Au and 1.2 g/t Ag).

Expanding the Pine porphyry Cu-Au deposit

First ever drilling at the Pine deposit by Amarc comprised three long core holes (up to 701 m in length) that successfully began to test the depth and lateral extent of known porphyry Cu-Au mineralization, with both dimensions remaining open to expansion. These holes intercepted significant mineralization over a strike length of 1,100 m and to a vertical depth of at least 550 m, within an expansive six-square-kilometre hydrothermal mineralizing system as outlined by IP geophysical surveys. Notably, the Pine system has the potential to remain open to expansion for at least one kilometre to the southwest, with most of this prospective area concealed under a cover of broadly distributed glacial deposits.

A majority of the 60-plus mainly short and, frequently, widely spaced historical core holes at the Pine deposit (80 per cent of which extend to less than 200 metres vertical depth) are collared within a restricted 900-by-600-metre area. Reinterpretation of historical drill holes and the new holes drilled by Amarc show good potential to expand the Pine deposit internally (between the widely spaced drill holes), laterally (beyond the footprint of current drilling) and to depth.

Further to the open-ended nature of the Pine deposit, there is also significant potential for the discovery of other centres of porphyry Cu-Au mineralization within the area of the overall Pine mineralized system. Amarc's hole JP21009, located 500 metres northeast of the Pine deposit, returned 244 m of 0.35 per cent CuEq (0.11 per cent Cu, 0.41 g/t Au and 1.2 g/t Ag), including 135 m of 0.44 per cent CuEq (0.14 per cent Cu, 0.53 g/t Au and 1.2 g/t Ag), indicating high potential to the northeast. Historical drilling also indicates significant potential to the southwest of the Pine deposit. For example, the historical hole located furthest away to the southwest but within the current known limits of the Pine system (PIN09-04) returned 105 m at 0.17 per cent CuEq (0.08 per cent Cu, 0.15 g/t Au and 1.1 g/t Ag).

Developing the Joy district porphyry Cu-Au deposit targets

In addition to the Pine deposit and its internal, lateral and depth potential for expansion, the Joy district hosts five drill-ready, deposit-scale porphyry Cu-Au targets (including Canyon, Twins and MEX). Together, these assets indicate the potential to form a major cluster of Cu-Au mineralized porphyry systems. Furthermore, other Cu-Au target areas in the Joy district (including GAP, CT, Finlay) will be advanced to drill readiness during the 2022 field season.

Amarc drilled five initial scout exploration core holes (271 m to 404 m in length) in 2021 to test four porphyry Cu-Au deposit targets confirmed by IP, airborne magnetics, geochemical and geological surveys. Three of these Joy district targets had not previously been drill tested.

Like the Pine deposit, the approximately five-square-kilometre Canyon porphyry Cu-Au deposit target is largely covered by a veneer of glacial deposits. The Canyon target is defined by a high-contrast IP chargeability anomaly, outlining a sizable sulphide system centred on and flanked by magnetic highs. On the eastern and western margins of this target, historical drilling returned porphyry-style Cu-Au and high-grade Au intersections, respectively. Further details are available in the Joy project 2020 technical report.

A single scout hole (JP21006) collared within the five-square-kilometre Canyon target area intersected 27 metres of porphyry-style mineralization grading 0.18 per cent CuEq (0.06 per cent Cu, 0.21 g/t Au and 0.7 g/t Ag), indicating a peripheral location to a porphyry Cu-Au system. Hole JP21005, drilled over one km to the east, did not return significant assays. Systematic drilling of the very extensive Canyon target is planned for 2022.

At the Twins porphyry Cu-Au target, which is also mostly concealed under a thin layer of glacial cover, IP chargeability surveys have outlined a sulphide system that envelopes a number of magnetic highs, that extends over an area of six square kilometres that is open to further expansion to the south and east. The Twins target is centred on an outcrop of moderate to strongly altered monzonite intrusive that locally hosts porphyry-style chalcopyrite-bearing veinlets.

Amarc's scout exploration hole (JP21004), the first ever drilled into the sizable Twins target, successfully discovered porphyry-type Cu-Au mineralization -- intercepting 63 m of 0.18 per cent CuEq (0.09 per cent Cu, 0.15 g/t Au and 0.5 g/t Ag), including 39 m of 0.22 per cent CuEq (0.11 per cent Cu, 0.19 g/t Au and 0.6 g/t Ag). Systematic drilling of the extensive Twins target is planned for 2022.

At the MEX Cu-Au deposit target, a single hole (JP21002) drilled by Amarc in 2021 intersected anomalous Cu and Au concentrations lateral to and below historical drilling, returning 153 m of 0.17 per cent CuEq (0.09 per cent Cu, 0.13 g/t Au). At the North MEX target, a single hole (JP21003) was drilled to test a multielement geochemical anomaly. No significant Cu or Au concentrations were encountered in that hole.

About the Joy district

Amarc's 100-per-cent-owned Joy district is located on the northern extension of the prolific Kemess porphyry Cu-Au district, which includes the former Kemess South mine, the permitted and development-stage Kemess North underground deposit, and the advanced-stage Kemess East underground deposit -- all currently held by Centerra Gold Inc. Through its association with Hunter Dickinson Inc., Amarc's technical team was first to recognize the Kemess district's true porphyry potential, acquiring Kemess North and Kemess South as early-stage prospects and advancing both to significant porphyry Cu-Au deposits. Kemess South was sold in 1996 on beneficial terms to a predecessor of Northgate Minerals, which brought that deposit into production.

The Joy district is readily accessed via resource roads servicing the southern end of the Toodoggone region, including Centerra's Kemess porphyry Cu-Au deposits, and the historic Lawyers, Baker and Shasta epithermal precious metal mines now being redeveloped by Benchmark Metals Inc. and TDG Gold Corp, respectively.

In May, 2021, Amarc announced it had entered into a mineral property earn-in agreement (EIA) with Freeport-McMoRan Mineral Properties Canada Inc., a wholly owned subsidiary of Freeport-McMoRan Inc. (see Amarc release May 12, 2021, on its website and at SEDAR).

In its year 1, Freeport contributed $5.94-million to the 2021 Joy exploration program, and recently confirmed its continuation of the earn-in for year 2 (see Amarc releases Nov. 15 and Dec. 15, 2021). Amarc is the operator of the Joy district. Drill programs at the Pine deposit and at other porphyry Cu-Au deposit targets in the Joy district are now being planned for the 2022 field season.

Further in-depth information on historical and contemporary exploration activities completed within the Joy district prior to 2021 can be found in the company's Joy project 2020 technical report, filed under Amarc's profile at SEDAR or located on its website.

Other news

Amarc welcomes Tom Wilson as interim chief financial officer, taking over from Jeannine Webb. Mr. Wilson has more than 43 years of experience in areas of financial planning and management, including corporate governance, and government and securities compliance for a range of public and private companies. The company thanks Ms. Webb for her contributions.

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 regions of southern, central and Northern B.C., 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 B.C.'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 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, the company 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

Dr. Roy Greig, PGeo, a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release.

Quality control/quality assurance program

Amarc drilled 30 per cent HQ and 70 per cent NQ size core in 2021. All drill core was logged, photographed and cut in half with a diamond saw. Half core samples from Joy were sent to the Activation Laboratories Ltd. (Actlabs), Kamloops, Canada, facility for preparation and analysis. At Actlabs Kamloops, samples were dried, crushed to two millimetres and 250-gram subsample pulverized to 105 microns. The subsample was analyzed for gold by fire assay fusion of a 30-gram sample with an ICP-OES (inductively coupled plasma-optical emission spectrometry) finish, and for copper, silver and 33 additional elements by four-acid digestion of a 0.25 sample followed by an ICP-OES finish. At the Actlabs Ancaster, Ont., facility, the subsamples were analyzed for Cu, Au, Ag and 60 additional elements by aqua regia digestion of a 0.5 g sample followed by an ICP-MS (mass spectrometry) finish. Both Actlabs facilities are ISO/IEC (international organization for standardization/international electrotechnical commission) 17025 accredited. As part of a comprehensive quality assurance/quality control program, Amarc control samples were inserted in each analytical batch at the following rates: standards one in 20 regular samples, in-line replicates one in 20 regular samples and blanks one in 50 regular samples. The control sample results were then checked to ensure proper QAQC.

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