Dr. Diane Nicolson reports

AMARC'S INITIAL DRILL RESULTS EXTEND DUKE DEPOSIT TO DEPTH: DRILLS 542 M OF 0.33% CUEQ FROM SURFACE AT DUKE DEPOSIT, INCLUDING 126 M OF 0.52% CUEQ

Amarc Resources Ltd. has received assay results from the first drill hole of the continuing 2022/2023 drilling program at the Duke deposit, within its 100-per-cent-owned Duke porphyry Cu-Au district in central British Columbia. The current drilling is part of the first phase program being financed under the mineral property earn-in agreement with Boliden Mineral Canada Ltd., a wholly owned subsidiary of the Boliden Group. Boliden can earn up to a 70-per-cent interest in the district by financing $90-million of staged earn-in expenditures (see Nov. 22, 2022, news release). Amarc is project operator during the earn-in phase.

Hole DK22009 is the first of two holes completed in December, 2022, in the central area of the Duke deposit, to test the geometry and depth potential of the mineralization. The hole was drilled in the vicinity of previous Amarc drill holes (including DK17001 and DK17002 -- see also Dec. 19, 2017, and June 12, 2018, news releases). The hole intercepted significant Cu-Mo-Au-Ag (copper-molybdenum-gold-silver) mineralization from the bedrock surface to the bottom of hole, including several subintervals of higher grade. The results are of good tenor and continuity, and indicate that the Duke deposit extends to significantly greater depth than previously known.

Highlights include:

• 542 metres of 0.33 per cent copper equivalent (CuEq) (0.24 per cent Cu, 0.016 per cent Mo, 0.04 gram per tonne (g/t) Au and 1.2 g/t Ag) from 9.4 m;
• Including 183 m of 0.43 per cent CuEq (0.31 per cent Cu, 0.019 per cent Mo, 0.07 g/t Au and 1.5 g/t Ag) from 65 m;
• Including 126 m of 0.52 per cent CuEq (0.38 per cent Cu, 0.024 per cent Mo, 0.08 g/t Au and 1.8 g/t Ag) from 122 m.

"With the release of these initial encouraging results, we are pleased with the excellent progress has already been made in our first work program with partner Boliden," said Diane Nicolson, Amarc president and chief executive officer. "Our teams are excited about Duke's tremendous potential, and are looking forward to further expanding and delineating the mineralization at Duke while also testing the multiple other targets within the Duke district."

Amarc's 2023 drill program continues, with two core rigs operating on site. One rig is focused on further delineating the Duke deposit, where mineralization remains open laterally in all directions, while the other will drill test the largely overburden covered, three-square-kilometre induced polarization (IP) chargeability anomaly, which hosts the Duke deposit. Drilling and additional surface programs testing some 12 compelling deposit targets are planned across the Duke district for later in the year.

About the Duke district

Amarc's Duke district is located 80 km 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 that were 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.

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 Cu-Mo-Au-Ag mineralization. These holes were restricted to a small portion of a robust, three km north-south by one km east-west IP chargeability anomaly, indicating a large 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 m north-south by 600 m east-west (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 wide open to expansion. The eighth hole was drilled off a road one km to the north and within the three square km sulphide mineral system -- it intersected similar Cu-Mo-Ag-Au porphyry mineralization.

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

In November, 2022, Amarc entered into a mineral property earn-in agreement (EIA) with Boliden Mineral Canada, an entity within the Boliden Group of companies (see Amarc release from Nov. 22, 2022). Under the terms of the agreement, Boliden has a two-staged option to earn up to a 70-per-cent interest in the Duke district by financing $90-million exploration and development expenditures. Boliden has committed to invest $5-million, with an expected investment of a further $5-million (total $10-million) during 2023.

Further information on the historical and Amarc's modern exploration activities in the Duke district are described in the company's Duke project 2020 technical report available on its website.

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.

Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry copper 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, Pine 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. 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 Amarc's 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

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 of exploration.

Quality assurance/quality control program

Amarc drilled NQ size core in 2022. All drill core was logged, photographed and cut in half with a diamond saw. Half-core samples from Duke were sent to ALS Canada Ltd., North Vancouver, Canada, an ISO/IEC 17025:2017 accredited facility, for preparation and analysis. At the laboratory, samples were dried, crushed to 70 per cent passing minus-two millimetres and a 250-gram split pulverized to better than 85 per cent passing 75 microns. Samples were analyzed for Au by fire assay fusion of a 30 g subsample with an ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish, and for 60 elements including Cu, Mo and Ag by a four-acid digestion, multielement ICP-MS (inductively coupled plasma mass spectrometry) package. As part of a comprehensive quality assurance/quality control program, Amarc control samples were inserted in each analytical batch at the following rates: standards at one in 20 regular samples; in-line replicates at one in 20 regular samples; and one coarse blank per hole. The control sample results were then checked to ensure proper QA/QC.

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