Dr. Diane Nicholson reports

AMARC'S DRILLING CONTINUES TO EXPAND THE DUKE DEPOSIT: SURVEYS UNDERWAY THROUGHOUT THE SURROUNDING DUKE COPPER-GOLD DISTRICT

Amarc Resources Ltd. has released all assay results from the phase 1 core drilling program at its 100-per-cent-owned Duke porphyry copper-gold district in central British Columbia. In total, 24 core drill holes (11,086 metres) were efficiently completed in 80 drill days between early December, 2022, and mid-March, 2023. Two drill rigs focused on further delineating the Duke copper-molybdenum-silver-gold deposit, while a third rig tested the shallow overburden covered and robust 4.7-square-kilometre induced polarization (IP) anomaly that surrounds the Duke deposit and is indicative of an expansive mineralized system.

Furthermore, with an early snow melt, crews were back on site in mid-May with a district-wide airborne magnetics survey recently being completed, and ground geological, geophysics, geochemical surveys all under way with over 35 technical and logistics crew members now on site. These surveys are evaluating 16 prioritized porphyry Cu-Au targets across the Duke district to define targets for planned 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 Nov. 22, 2022). Amarc is project operator.

Highlights from the phase 1 2022/2023 drilling at the Duke deposit include:

• 183 m of 0.43 per cent copper equivalent* (0.31 per cent Cu, 0.019 per cent Mo, 0.07 gram per tonne Au, 1.5 g/t Ag) in hole DK22009;
• 217 m of 0.45 per cent CuEq (0.33 per cent Cu, 0.018 per cent Mo, 0.08 g/t Au, 1.5 g/t Ag) in hole DK22010;
• 30 m of 0.47 per cent CuEq (0.36 per cent Cu, 0.015 per cent Mo, 0.06 g/t Au, 3.2 g/t Ag) in hole DK23012;
• 30 m of 0.43 per cent CuEq (0.31 per cent Cu, 0.014 per cent Mo, 0.09 g/t Au, 1.6 g/t Ag), and 33 m of 0.44 per cent CuEq (0.20 per cent Cu, 0.053 per cent Mo, 0.06 g/t Au, 1.3 g/t Ag) in hole DK23015;
• 82 m of 0.41 per cent CuEq (0.30 per cent Cu, 0.017 per cent Mo, 0.06 g/t Au, 1.1 g/t Ag) in hole DK23022;
• 36 m of 0.47 per cent CuEq (0.34 per cent Cu, 0.024 per cent Mo, 0.06 g/t Au, 1.5 g/t Ag) in hole DK23024;
• 33 m of 0.40 per cent CuEq (0.30 per cent Cu, 0.017 per cent Mo, 0.05 g/t Au, 1.5 g/t Ag) in hole DK23026.

*Copper equivalent (CuEq) calculations use metal prices of: $4 (U.S.)/pound Cu, $15 (U.S.)/lb Mo, $1,800 (U.S.)/ounce Au and $24 (U.S.)/oz Ag and conceptual recoveries of: 85 per cent Cu, 82 per cent Mo, 72 per cent Au and 67 per cent Ag.

**Holes DK22009 and DK22010 were previously reported in Amarc releases dated Jan. 26, 2023, and Feb. 15, 2023, respectively.

Significance of the Duke deposit drilling

Of the 24 phase 1 holes drilled, 16 widely spaced drill holes (7,552 m) were completed to further delineate the Duke deposit. These holes have increased the size of the Duke deposit porphyry Cu-Mo-Ag-Au system, and also Amarc's understanding of the controls on mineralization in the Duke district. An exploration template has been developed to effectively screen and advance the additional 16 priority exploration targets within the extensive 678 square km Duke district tenure. This rapid advance in understanding the controls on mineralization at the Duke deposit provides a higher probability of success in these regional target areas.

Drill holes at the Duke deposit were sited on a nominal 200 m grid as stepouts from previous Amarc drilling. These holes confirmed that the Duke deposit extends to depths of at least 600 m, and also expanded the deposit footprint laterally to over 650 m north-south by 800 m east-west. In addition, continuing detailed geological interpretation and modelling indicate strong potential for further expansion of the deposit laterally, and especially to the east. A notable characteristic of the porphyry Cu-Mo-Ag-Au mineralization in these widely spaced holes is the presence of zones of higher-grade mineralization within broader envelopes of comparatively moderate grade. Significant potential exists with further drilling, for the definition of internal higher-grade zones.

The Duke deposit consists of a series of Babine porphyry intrusions which were emplaced into volcanic and sedimentary rocks. The resulting contact zones are characterized by elevated Cu-Mo grades, often over several tens of metres in width, in both the intrusions and the adjacent volcanic and sedimentary rocks. The extension of significant Cu-Mo mineralization from the intrusions into the enclosing volcanic and sedimentary rocks greatly expands the Duke deposit volume potential.

Drill testing of the 4.7 square km mineralized system surrounding the Duke deposit

Amarc also completed eight phase 1 core holes (3,534 m) outside of the Duke deposit but within the surrounding mineralized system as outlined by a 4.7 square km IP chargeability anomaly. These widely spaced (300 m to 500 m apart) drill holes tested a series of geophysical and geological targets. Notably, drill hole DK23012, located 500 m northwest of the Duke deposit, returned a significant 30 m intercept of 0.47 per cent CuEq (0.36 per cent Cu, 0.015 per cent Mo, 0.06 g/t Au and 3.2 g/t Ag) from 264 m. This intercept represents an important target for follow-up drilling. Continuing data interpretation and modelling are aimed at vectoring outward from the Duke deposit toward this target, and other zones of mineralization within the overall mineralized system.

Duke district exploration program

Amarc recently completed an extensive 5,759 line km, helicopter-supported high-resolution aeromagnetic survey covering an area in excess of 500 square km over the Duke district, which builds on previous Amarc and historical aeromagnetic coverage. The very informative results of this survey are being integrated in to the comprehensive district-wide exploration program that is under way to define multiple porphyry Cu-Au deposit drill targets.

In addition, a very extensive surface exploration program has commenced with a logistics team, and three geological mapping, three geophysical and three geochemical sampling crews now on site. The goal of these surveys is to establish well-defined drill targets for winter 2023/2024 drilling. Approximately 16 initial deposit target areas have been selected based on Amarc's comprehensive compilation of government and historical data over the entire district. The compilation clearly 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. Also, as mentioned above, Amarc's 2022/2023 drilling at the Duke deposit has provided important new information about porphyry deposit exploration footprints in the region.

About the Duke district

Amarc's Duke district is located 80 km northeast of Smithers within the Babine region, one of the most mineralized porphyry belts in B.C. 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 large porphyry Cu deposits. Infrastructure servicing the former mines and the very active forestry and exploration industries is nearby. There is an extensive network of forest 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 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 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 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 porphyry Cu-Mo-Ag-Au mineralization. Extensive widely spaced drilling in 2022/2023 has expanded the deposit in all directions to a footprint of 650 m north-south by 800 m east-west, and has highlighted additional potential for expansion of the deposit, delineation of zones of higher grade within it, and for discovery of additional mineralization within the surrounding mineralized system.

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 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). Data sets include greater 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 (the 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.

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 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

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

The QP supervised the drill program, and also oversaw the location of the drill holes together with the logging and sampling of the core.

Amarc drilled NQ-size core in 2022/2023. All drill core was logged, photographed and cut in half with a diamond saw. Half core samples from the Duke drilling 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 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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