Amarc confirms Boliden’s participation in B.C. copper-gold project

Amarc Resources Ltd. [AHR-TSXV, AXREF-OTCQB] has released an update on exploration at its DUKE District copper-gold project in British Columbia, saying that Boliden Mineral Canada Ltd has elected not to exercise an option to invest a further $60 million to increase its project interest to 70% from 60%.

However, Amarc said Boliden will continue as a participant in the project having spent $30 million to the end of 2025 to earn a 60% interest, with Amarc holding the remaining 40% stake. Under the terms of an earn-in agreement dated November, 2022, Boliden can now invest 60% and Amarc 40% in future programs or dilute their interest in the DUKE Joint venture.

Amarc shares were active on the news, falling 5.2% or $0.05 to 91 cents. The shares trade in a 52-week range of $1.52 and 42 cents.

Amarc is advancing the JOY, DUKE, and IKE porphyry copper-gold districts located in different porphyry regions of northern, central and southern B.C. respectively.

The DUKE District is located 80 kilometres northwest of Smithers within the Babine Region, a well mineralized porphyry belt in B.C., hosting the former Bell and Granisle copper-gold mines that were operated by Noranda Mines, and the advanced stage copper-gold Morrison deposit, owned by a third party. Amarc said significant potential exists for discovery of new porphyry copper-gold deposits and a 2026 exploration program is currently being planned to explore and drill several copper-gold deposit targets across the 732 square kilometre District, with Amarc continuing as project operator.

In 2025, greenfield reconnaissance scale Induced Polarization ground geophysical survey work (58-line kilometres), geochemical (1,012 soil samples) and geological surveys, were combined with the drilling of 36 holes (9,208 metres) consisting of five holes at the DUKE Deposit and DUKE Offset, and 31 scout holes probing other target areas.

Drilling at the DUKE Deposit has identified a porphyry system extending over 650 metres north-south by 800 metres east-west and to a depth of over 600 metres, while underscoring the potential for further significant expansion.

Highlights from five holes completed the DUKE target area in 2025 include hole DK25086 which returned 211 metres of 0.25% CuEq (copper equivalent) (0.19% copper, 0.01% molybdenum, 0.03 g/t gold and 1.0 g/t silver) from 151 metres, including 89 metres of 0.33% CuEq from 273 metres.

Additionally in 2025, three holes were drilled along a 440-metre long east-west fence across the southern end of the DUKE Offset (120 metres to 150 metres south of previous drilling) extending the deposit area.

Previous drilling by Amarc within the DUKE Offset encountered important copper-molybdenum mineralization, outlining a newly recognized volume of mineralized rock west of the DUKE Fault. This represents a portion of the DUKI Deposit of unknown extent that was displaced some 450 to 500 metres northward. The DUKE Offset area now extends over greater than 400 metres north-south, 450 east-west and to a depth of 250 metres.