Dr. Diane Nicolson reports

AMARC'S ONGOING DRILLING CONTINUES TO EXPAND DUKE DEPOSIT

Amarc Resources Ltd.'s continuing drilling program continues to expand the Duke deposit, located within its 100-per-cent-owned Duke porphyry copper-gold district in central British Columbia. Boliden Mineral Canada Ltd. is earning up to a 70-per-cent interest in the Duke district by financing $90-million of staged earn-in expenditures (see Nov. 22, 2022, news release). Amarc is the operator of the project.

"The consistently positive results we've received from our initial drill program underscore the tremendous potential of the mineralized system at the Duke deposit," said Amarc president and chief executive officer Dr. Diane Nicolson. "We have just returned from site where it was agreed with partner Boliden to expand the drill program to include a third rig: two rigs are focused on delineating the Duke deposit laterally and at depth, and the third will step out to continue to drill test the surrounding 4.7-square-kilometre Duke target. We strongly believe the untapped potential of the sizable mineralized system at the Duke target will continue to emerge, as will its development opportunities."

Hole DK22010 is the second of two holes completed in December, 2022, in the Duke deposit area as part of a first-phase drill program to test the geometry and depth potential of the mineralization, which from previous drilling is known to extend over at least 400 metres by 600 metres at surface and notably remains open for expansion laterally and to depth.

Highlights from DK22010 include:

• 309 m of 0.42 per cent copper equivalent (0.31 per cent Cu, 0.017 per cent molybdenum, 0.08 gram per tonne Au and 1.8 g/t silver) from 8.6 m;
• Including 57 m of 0.68 per cent CuEq (0.50 per cent Cu, 0.027 per cent Mo, 0.13 g/t Au and two g/t Ag) from 243 m.

Within 557 m of 0.36 per cent CuEq (0.25 per cent Cu, 0.018 per cent Mo, 0.06 g/t Au and 1.4 g/t Ag) from 8.6 m.

Hole DK22010 was collared 200 m east of DK22009, which intercepted 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) within 542 m of 0.33 per cent CuEq (0.24 per cent Cu, 0.016 per cent Mo, 0.04 g/t Au and 1.2 g/t Ag) (see Jan. 26, 2023, news release). It also encountered significant Cu-Mo-Au-Ag mineralization from the bedrock surface to the bottom of hole, including several subintervals of higher grade. Importantly, DK22010 continues to extend the deposit to the east and to depth.

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. The Babine region 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, 4.7 square km induced polarization 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 kilometre to the north and within the sulphide mineral system; it intersected similar copper-molybdenum-silver-gold 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). Drilling and additional surface programs testing these compelling deposit targets across the Duke district are planned for later in 2023.

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 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 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, 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. It 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 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.

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-gram subsample with an inductively coupled plasma atomic emission spectroscopy finish, and for 60 elements, including Cu, Mo and Ag, by a four-acid digestion, multielement 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 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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