Dr. Diane Nicolson reports

AMARC REMOBILIZES TO Duke DISTRICT INITIATES SYSTEMATIC ASSESSMENT OF PORPHYRY COPPER-GOLD TARGETS

Amarc Resources Ltd. has commenced a staged remobilization of its exploration team to its 100-per-cent-owned Duke porphyry Cu-Au (copper-gold) district in central British Columbia. Extensive airborne and ground exploration surveys will assess 16 prioritized porphyry Cu-Au targets across the district to define targets for winter 2023-2024 drill testing. Through 2023, $10-million in exploration expenditures at the Duke district is being fully financed under the mineral property earn-in agreement with Boliden Mineral Canada Ltd. (see Amarc news release of Nov. 22, 2022). Amarc is the project operator.

"Barely five weeks after completing demobilization from the winter Duke deposit delineation drilling program following an early snow melt, our crews are back out in the field commencing geophysical, geochemical and geological surveys to define additional high-potential targets for drill testing," said Dr. Diane Nicolson, Amarc president and chief executive officer. "Additionally, Amarc was pleased earlier this month to welcome several members of Boliden's senior management team from Sweden to the site. The in-person property review and discussions that took place further strengthened the partnership and exchange of discovery expertise."

"Boliden is pleased with the exploration progress at Duke and is looking forward to the upcoming district-scale field activities," said Stefan Romedahl, Boliden president of mines.

Assay results from the Duke deposit drilling program are being received from the laboratory, assessed and compiled, and will be released shortly.

Program overview

Exploration works, including airborne magnetics, and ground induced polarization geophysical, soils geochemistry and mapping surveys have been initiated to explore the 16 prioritized porphyry Cu-Au deposit targets. These highly prospective target areas were selected based on a comprehensive compilation of government and historical exploration data from over the entire 678-square-kilometre district. The study highlighted the surprisingly low exploration maturity of the productive Babine porphyry Cu-Au region, and provided a new interpretation of its geological, geochemical and geophysical characteristics (see company's Duke project 2020 technical report, available on its website). Importantly, Amarc's 2022/2023 drilling at the Duke deposit target has provided valuable new information about the characteristics of porphyry deposits in the greater district.

About the Duke district

Amarc's Duke district is located 80 kilometres northeast of Smithers within the Babine region, one of the most mineralized porphyry belts in British Columbia. 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 potential exists for discovery of new porphyry Cu deposits. Infrastructure servicing the former mines, and a very active forestry and exploration industry is nearby. There is an extensive network of forestry roads and much of the Duke district is road accessible.

Central to Amarc's extensive Duke district mineral tenure is the Duke Cu-Mo-Au-Ag (copper-molybdenum-gold-silver) deposit discovery, located 30 km north of the former Bell mine. Although explored historically, the extensive porphyry Cu system at the Duke discovery was not fully delineated. Many of the 21 historical shallow and closely spaced core holes intersected and ended in significant Cu-Mo-Au-Ag mineralization within a small portion of a robust, 4.7 square km IP (induced polarization) chargeability anomaly. In 2017 and 2018, Amarc completed seven core holes over an area measuring approximately 400 m north-south by 600 m east-west (see Amarc releases from Dec. 19, 2017, and June 12, 2018) at the Duke deposit, successfully intersecting porphyry copper-style mineralization to a vertical depth of 360 m. This mineralization remained open to expansion. The eighth hole, drilled one kilometre to the north within the 4.7 square km sulphide mineral system, intersected similar copper-molybdenum-silver-gold porphyry mineralization.

In addition, Amarc has completed a comprehensive compilation of government and historical data over the entire 678 square km Duke district claim holdings. This detailed scientific work has provided a new interpretation of the geological, geochemical and geophysical characteristics of the Babine belt, and identified 16 previously unrecognized porphyry Cu deposit-scale targets with exciting potential (see the May 6, 2020, news release). The databases compiled and leveraged for this work were extensive: they include data from the B.C. Geological Survey, Geoscience B.C., numerous historical industry workers and Amarc. The targeting study covered an area 140 km by 110 km (15,400 square km). Datasets include more than 2,300 regional geochemical samples, 116,344 line km of airborne magnetic and radiometrics, and 25,500 line km of aerogravity.

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 the company's website.

In November, 2022, Amarc entered into a mineral property earn-in agreement (EIA) with Boliden Mineral Canada Ltd., an entity within the Boliden Group of companies (see Amarc's news 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 of exploration and development expenditures.

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 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 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 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.

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