Dr. Diane Nicolson reports

AMARC AND BOLIDEN COMMENCE DRILLING THE DUKE COPPER-GOLD DISTRICT, BC

Amarc Resources Ltd. has initiated drilling at its 100-per-cent-owned Duke porphyry copper-gold district in central British Columbia. This is the first phase of planned programs to be financed under the recently announced mineral property earn-in agreement with Boliden Mineral Canada Ltd., a wholly owned subsidiary of the Boliden Group. Under the terms of that agreement, Boliden may earn up to a 70-per-cent ownership interest by investing in stages up to $90-million in the exploration and development of Amarc's Duke district (see Nov. 22, 2022, news release).

Core drilling, targeting the Duke deposit, will continue until the Christmas break in 2022 and resume early in the 2023. In addition, surface programs testing some 12 prioritized deposit targets across the Duke district are also planned for 2023. Amarc is operator of the comprehensive drilling at the Duke deposit and surface programs.

"We are excited that the fully funded systematic exploration of the Duke deposit and Duke district with Boliden has begun," said Dr. Diane Nicolson, Amarc president and chief executive officer. "Our shareholders can expect a steady flow of results throughout 2023 from Duke and also our Joy project being funded by Freeport-McMoRan Mineral Properties Canada Inc."

About the Duke district

Amarc's Duke district is located 80 kilometres northeast of Smithers within the Babine region, one of B.C.'s most prolific porphyry Cu-Au belts. It hosts the former Bell and Granisle Cu-Au mines operated by Noranda Mines, and the advanced-stage Morrison Cu-Au deposit. Significant infrastructure exists in the region servicing the former mines and the very active forestry and exploration industries.

Boliden has a two-staged option to earn up to a 70-per-cent interest in the Duke district. To earn an initial 60-per-cent interest Boliden must finance $30-million of exploration and development expenditures within four years, of which $5-million is a committed amount to be spent in 2022 and early 2023 combined with an expected further spend during 2023 of over $5-million. Amarc is operating the earn-in stage.

Central to Amarc's extensive mineral tenure is the Duke deposit discovery, located 30 km north of the former Bell mine. Although explored historically, the extensive porphyry Cu system at the Duke discovery has not been delineated or drilled off. Many of the 21 historical shallow and closely spaced core holes intersected and ended in significant copper-molybdenum-silver mineralization. These holes were restricted to a small portion of a robust, three km north-south by one km east-west induced polarization chargeability anomaly indicating a major, significant sulphide mineralized system. Amarc completed initial drilling at the Duke deposit in 2017 and 2018. Seven of the eight core holes drilled over an area measuring approximately 400 metres north-south by 600 metres east-west completed (see Dec. 19, 2017, and June 12, 2018, news releases) successfully intersected porphyry copper-style mineralization to a vertical depth of 360 m. This mineralization remains open to expansion.

Amarc has also completed a comprehensive compilation of government and historical data over the entire Duke district which provided a new interpretation of the geological, geochemical and geophysical characteristics of the Babine belt, identifying 12 previously unrecognized porphyry Cu deposit targets with exciting potential (see May 6, 2020, news release).

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 B.C. 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 Cu plus or minus Au 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 Cu plus or minus Au deposits. Importantly each of the three districts is located in proximity to industrial infrastructure -- including power, highways and rail.

The Joy district is being advanced with financing from Freeport-McMoRan Mineral Properties Canada, a subsidiary of Freeport-McMoRan Inc., and the Duke district is being advanced with financing from Boliden.

Amarc is associated with HDI, a diversified, global mining company with a 30-year history of porphyry Cu deposit 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. It pursues early and meaningful engagement to ensure its mineral exploration and development activities are well co-ordinated and broadly supported, addresses local priorities and concerns, and optimizes opportunities for collaboration. In particular, Amarc seeks to establish mutually beneficial partnerships with indigenous groups within whose traditional territories its 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

Dr. Roy Greig, PGeo, a qualified person as defined by National Instrument 43-101, has read and approved all technical and scientific information related to the Duke project contained in this news release. Dr. Greig is Amarc's vice-president, exploration.

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