Dr. Diane Nicolson reports

AMARC AND FREEPORT LAUNCH COMPREHENSIVE EXPLORATION PROGRAM ACROSS THE JOY COPPER-GOLD DISTRICT

Amarc Resources Ltd. has launched the 2023 field program at its 100-per-cent-owned Joy copper-gold district in north-central British Columbia. This extensive airborne and surface exploration program is focused on detailed refinement of multiple porphyry copper-gold deposit targets clustered along mineralized trends over the 482-square-kilometre Joy property, in preparation for an extensive intended drilling program in 2024. The program will also include rehabilitation of road and bridge access to the Pine Cu-Au deposit in the centre of the Joy tenure and other deposit targets to facilitate the continuing detailed work and future drilling. The program is fully financed by Freeport-McMoRan Mineral Properties Canada Inc., with Amarc continuing as operator.

This year's program will continue to build on the successes of the systematic 2022 program (15,427 metres in 37 core holes and extensive surface surveys) that expanded and further defined the potential of deposit-scale porphyry Cu-Au systems (see Amarc releases Jan. 23, 2023, and March 2, 2023), highlights of which include:

• The emergence of several mineralized trends, similar to the four-kilometre-long northeast trend of the Nugget, Kemess North, Kemess Underground, Kemess Offset and Kemess East porphyry Cu-Au deposits in the Kemess mining district held by Centerra Gold Inc., and located adjacent to the south of the Joy tenure.
• The northeast-striking 15.5 km Pine trend at Joy, which includes the sulphide systems outlined by induced polarization (IP) surveys at the Pine (six square km), Canyon (five square km), Twins (seven square km) and SWT (three square km) targets and supported by initial drilling results, indicating the potential for clustered porphyry mineralized deposits.
• The considerable strike extension of mineralization encountered from near surface to depth at the Pine deposit to over 1,700 m, with outboard, more widely spaced historical drilling indicating the potential to expand the length of the deposit footprint to over 2,600 m.
• Drill intercepts at the Pine deposit include, for example (for full 2022 drilling results, see Amarc release March 2, 2023):
  • 204 m of 0.42 per cent copper equivalent* (0.18 per cent Cu, 0.41 gram per tonne Au and 2.3 g/t Ag (silver));
  • 105 m of 0.40 per cent CuEq (0.13 per cent Cu, 0.47 g/t Au and 2.3 g/t Ag).

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

• Limited initial scout drilling discovered substantial new porphyry Cu-Au mineralization at the largely overburden covered Canyon (five square km) deposit target (also see Amarc release March 2, 2023). Drill hole intercepts include, for example:
  • 96 m of 0.51 per cent CuEq* (0.39 per cent Cu, 0.18 g/t Au and 2.6 g/t Ag), within:
  • 296 m of 0.39 per cent CuEq (0.30 per cent Cu, 0.14 g/t Au and 1.7 g/t Ag).
• Widely spaced initial scout drilling of the Twins (seven square km) sulphide system has encountered widespread porphyry Cu-Au mineralization, highlighting the significant exploration potential at Twins for the discovery of another porphyry Cu-Au deposit.
• The initial single scout hole drilled into the South Mex (greater than 1.9 square km and open) deposit target intersected anomalous concentrations of Ag-Au(-Cu) (also see Amarc release March 2, 2023) in a geological environment similar to that hosting the Kemess district porphyry Cu-Au deposits, extending the Mex trend to a strike length over six km.

2023 airborne and ground surveys

The 2023 program commenced in late May with an airborne magnetotelluric (MT) survey, encompassing 140 square km over the central mineralized trends at Joy as well as outlying emerging high-potential deposit targets. Detailed data have been received and 3-D inversions are being completed by a third party. Ground MT surveys are scheduled to commence this month over prioritized target areas. These will be the first surveys of this kind at Joy, and are designed to complement existing IP ground geophysics survey data that have revealed the presence of large-scale sulphide systems, many of which are under glacial cover. As these results are received and evaluated, they will be integrated with Amarc's other extensive data sets to refine drill targets.

An important part of the field program will be detailed geological mapping of several known and emerging deposit targets, and complemented by a review of the developing porphyry trends across the district by a recognized global expert in the assessment of porphyry Cu districts. Additional soil and rock geochemical and IP surveys will also be completed primarily over emerging deposit targets.

Rehabilitation of historical access

Amarc will also be undertaking upgrades to the historical drill road and a bridge along the access to the area of the Pine deposit, Canyon Cu-Au discovery and the Twins deposit target. This work is planned to be completed in conjunction with first nation community enterprises.

About the Joy district

Amarc's 100-per-cent-owned Joy district is located on the northern extension of the prolific Kemess porphyry Cu-Au district that includes the former Kemess South mine, the permitted and development-stage Kemess North underground deposit, and the advanced-stage Kemess East underground deposit -- all currently held by Centerra Gold. Through its association with Hunter Dickinson Inc., Amarc's technical team was first to recognize the Kemess district's true porphyry potential, acquiring Kemess North and Kemess South as early-stage prospects and advancing both to significant porphyry Cu-Au deposits. Kemess South was sold in 1996 on beneficial terms to a predecessor of Northgate Minerals, which brought that deposit into production.

The Joy district is readily accessed by resource roads servicing the southern end of the Toodoggone region, including Centerra's Kemess porphyry Cu-Au deposits and the historical Lawyers, Baker and Shasta epithermal precious metal mines now being redeveloped by Benchmark Metals Inc. and TDG Gold Corp., respectively.

In May, 2021, Amarc entered into a mineral property earn-in agreement (the EIA) with Freeport-McMoRan Mineral Properties Canada, a wholly owned subsidiary of Freeport-McMoRan Inc. (see Amarc release May 12, 2021). Freeport may acquire up to a 70-per-cent ownership interest in Joy by making staged investments totalling $110-million.

Freeport's investments into Joy to date include $5.94-million contributed in 2021 and approximately $14-million in 2022 (see Amarc releases Nov. 15 and Dec. 15, 2021).

Further in-depth information on historical and more recent exploration activities completed within the Joy district prior to 2021 can be found in the company's Joy project 2020 technical report, filed under Amarc's profile on SEDAR or located 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 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.

Qualified person as defined under National Instrument 43-101

Dr. Roy Greig, PGeo, a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release.

We seek Safe Harbor.