Dr. Diane Nicolson reports

AMARC'S COMPREHENSIVE 2023 SURVEYS AT DUKE CONFIRM PORPHYRY COPPER-GOLD DEPOSIT POTENTIAL ACROSS THE DISTRICT

Amarc Resources Ltd. has released results received from the company's comprehensive surveys across the prospective 722-square-kilometre Duke district in central British Columbia, have identified multiple porphyry copper-gold (Cu-Au) mineral systems.

Through 2023, Boliden Mineral Canada Ltd., under the Duke district mineral property earn-in agreement, financed $10-million in exploration expenditures and will continue its earn-in during 2024 with a further $10-million of budgeted expenditures (see Amarc news release dated Dec. 13, 2023). Amarc continues as project operator.

"Results from our inaugural district-wide surveys are confirming expectations that the Duke district has important potential for new copper-gold discoveries," said Dr. Diane Nicolson, Amarc president and chief executive officer. "We are working closely with our partners, combining the Amarc team's deposit discovery strengths with Boliden's expertise and knowledge, in particular of working in glaciated terrains. Below, we introduce our exciting and drill-ready Svea copper-gold target, which is one of the targets planned for the second phase of 2024 drilling this summer. We will continue to release results as planning progresses."

Sixteen prospective deposit target areas were selected for 2023 field assessment based on a comprehensive compilation of government and historical exploration data from over the entire district (see Amarc's Duke project 2020 technical report, available on the company's website). Exploration survey works included extensive airborne magnetic geophysical and lidar (light detection and ranging) surveys, together with ground induced polarization (IP) geophysical, soils geochemistry and geological mapping surveys (see Amarc's news release dated Nov. 21, 2023).

The results of this successful program have defined six deposit targets for drill testing -- in addition to the Duke deposit and Duke deposit target, where drilling is scheduled to recommence early in 2024 (Amarc's news release dated Dec. 13, 2023) -- and also a pipeline of additional porphyry copper-gold targets for further assessment prior to drill testing.

Svea deposit target

Amarc's 2023 field program significantly advanced and expanded the critical geological, geophysical and geochemical signatures of the Svea deposit target. Importantly, Svea shares many attributes with some of the premier deposits and occurrences within the Babine porphyry Cu-Au region. One of the most mineralized porphyry belts in British Columbia, the Babine hosts the former Bell and Granisle Cu-Au mines that were operated by Noranda Mines, and the advanced-stage Morrison Cu-Au deposit.

Shared attributes between Svea and the known Babine Cu-Au deposits include:

• An association with regional-scale faults and mineralized corridors;
• An association with volumetrically significant, Eocene-age biotite-feldspar porphyry (BFP) intrusions as detailed in geological survey work: the 1,500-metre strike length of the BFP intrusions at Svea is notably larger than historical interpretations, and is comparable with known BFP-related deposits in this district;
• An association with widespread hydrothermal fluid flow paths as defined by sheeted and stockwork vein sets, vein density and sulphide development;
• An association with a large seven square km IP chargeability anomaly underlying the interpreted mineralized system;
• An association with widespread and strong copper-gold-molybdenum-in-soil geochemical anomalies: extensive Cu-in-soil geochemical anomalies exceeding 100 parts per million (ppm) with internal areas of more than or equal to 250 ppm over 1,000 m by 200 m, and 500 m by 300 m;
• An association with both Cu and Au in historical drilling: Limited drilling of 12 short, median 61 m long, drill holes completed in 1969 and 1975 by Texas Gulf Sulphur Co. intersected mineralization, suggesting the BFPs at Svea can be associated with significant Cu and Au contents. Historical Cu assays are available for only nine of these drill holes, and these indicate varying degrees of Cu mineralization, which is interpreted to be due, at least in part, to the presence of inter- and postmineralization intrusions in which many holes terminated early. An example is historical drill hole DDH 69-3, which returned 0.36 per cent Cu and 0.18 gram per tonne (g/t) Au over 23.7 m within 0.27 per cent Cu over the total drilled length of 57 m, terminating in a postmineral intrusion. Nearby hole DDH 69-4 intersected 0.37 per cent Cu and 0.18 g/t Au over 30.5 m.

This combination of geological data suggests excellent potential for important Cu-Au mineralization within the Svea mineralized system. It is Amarc's intent to drill test this exciting emerging target during the summer 2024 drill season.

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 copper-gold 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.

Freeport-McMoRan Mineral Properties Canada Inc., a wholly owned subsidiary of Freeport-McMoRan Inc., at Joy and Boliden Mineral Canada Ltd., an entity within the Boliden group of companies, at Duke can earn an up-to-70-per-cent interest in each district through staged investments of $110-million and $90-million, respectively. Together, this provides Amarc with potentially up to $200-million in non-share dilutive staged financing for these districts. In addition, Amarc intends to solo-drill the higher-grade Empress deposit in the Ike district with financing from a successful 2023 financing. Amarc is the operator of all programs.

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 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, it 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 of environmental and social performance.

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.

Quality assurance/quality control program

Soil samples were sent to Activation Laboratories Ltd. (Actlabs), Kamloops, Canada, facility for preparation and analysis. At Actlabs Kamloops, samples were dried at 60 degrees and sieved to minus-177 micrometres (minus-80 mesh). The minus-80 mesh fraction for all samples was analyzed for Au at Actlabs Kamloops by fire assay fusion of a 30 gram subsample with an ICP-OES (inductively coupled plasma optical emission spectrometry) finish. All samples were also analyzed by multielement ICP methods. Samples on soil lines in new exploration areas were analyzed for copper, silver and 58 additional elements by four-acid digestion of a 0.25 g subsample, followed by an ICP-OES and ICP-MS (inductively coupled plasma mass spectrometry) finish. Approximately 7 per cent of the samples were taken on extensions of earlier grids. These samples were analyzed for copper, gold, silver and 60 additional elements by aqua regia digestion of a 0.5 g sample, followed by an ICP-MS finish to match the analytical method employed on these grids. All multielement ICP analysis was done at the Actlabs Ancaster, Ont., facility. Both Actlabs facilities are ISO/IEC 17025 accredited. As part of a comprehensive quality assurance/quality control program, Amarc control samples were inserted in each soil sample analytical batch at the following rates: standards and/or blanks: one in 80 regular samples. The control sample results were then checked to ensure proper QA/QC.

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