Amarc Joy District Drilling Significantly Expands Pine Cu-Au Deposit and Makes Important New Discovery at Canyon

VANCOUVER, BC / ACCESSWIRE / March 2, 2023 / Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV:AHR)(OTCQB:AXREF) is pleased to announce the results of 2022 drilling at the PINE Deposit, and from scout drilling at prioritized porphyry copper-gold ("Cu-Au") deposit targets clustered across its 482 km², 100%-owned JOY District (or "JOY"), in north-central British Columbia ("BC"). During the 2022 season Amarc completed 37 core holes (15,427 m) that considerably expanded the PINE Deposit to over a 1,700 m strike length, discovered new porphyry Cu-Au mineralization at the 5 km² Canyon deposit target, and further defined additional deposit-scale porphyry systems requiring exploration drilling.

Over the past two years, Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), which is earning-in at JOY, has invested approximately $20 million advancing exploration programs (see Amarc release October 11, 2022). Amarc is operator of the project.

Highlights from 2022 PINE Deposit Drilling Include:

• 204 m of 0.42% CuEQ* (0.18% Cu, 0.41 g/t Au and 2.3 g/t Ag)
• 105 m of 0.40% CuEQ (0.13% Cu, 0.47 g/t Au and 2.3 g/t Ag)
• 107 m of 0.31% CuEQ (0.09% Cu, 0.37 g/t Au and 1.2 g/t Ag)
• 179 m of 0.32% CuEQ (0.11% Cu, 0.36 g/t Au and 1.2 g/t Ag)

Highlights from New Porphyry Cu-Au Discovery at Canyon Deposit Target Include:

• 96 m of 0.51% CuEQ (0.39% Cu, 0.18 g/t Au and 2.6 g/t Ag), within
• 296 m of 0.39% CuEQ (0.30% Cu, 0.14 g/t Au and 1.7 g/t Ag)

*Copper equivalent (CuEQ) calculations use metal prices of: Cu US$4.00/lb, Au US$1,800.00/oz, Ag US$24.00/oz and conceptual recoveries of: Cu 85%, Au 72% and 67% Ag.

"The strong results delivered by our 2022 drilling continue to reveal the exceptional potential of the JOY District,"said Dr. Diane Nicolson, Amarc President and CEO. "Delineation drilling at the PINE Deposit substantially expanded mineralization and it is still wide open. In addition, scout drilling of expansive deposit scale targets is confirming the potential for clustered porphyry mineralized deposits around the PINE: the discovery of new copper-gold mineralization at the largely covered Canyon target is especially exciting. Also, as previously reported surface surveys are preparing new and compelling porphyry copper-gold deposit targets across JOY for drilling."

Nicolson said that having recently received and verified all drill results, Amarc is currently in the process of fully integrating all drill core assay details with extensive surface surveys, to complete 2023 program planning with Freeport.

Expansion of the PINE Porphyry Cu-Au Deposit Over 1,700 m of Strike Length

Prior to 2022, drilling the PINE Deposit was, from Amarc's and historical drilling, known to extend over approximately 600 m by 900 m; importantly, it was also recognized to be open to expansion internally and laterally as well as to depth (see Amarc release March 7, 2022). In 2022, the 11 core holes (up to 781 m in length) completed at PINE successfully intercepted significant mineralization that extended the footprint of the deposit over a strike length of 1,700 m (Tables 1 and 2, Figures 1 and 2). Furthermore, outboard, wider spaced and mainly historical drilling indicates the potential to expand this footprint to over 2,600 m. Additionally, drilling is highlighting the favorable geometry of the PINE Deposit, with the majority of known mineralization occurring from surface to 300 m depth, and locally extending to 550 m depth. The PINE Deposit and its expansion potential are hosted within a larger 6 km² mineralized system, which also remains to be fully explored.

Notably, additional centers of higher Cu-Au grade are beginning to emerge along the 1,700 m PINE Deposit trend. For example, Amarc drilling in the northeastern area of this trend has intersected significant porphyry mineralization over 600 m of strike length, including:

• 63 m of 0.44% CuEQ, within 179 m of 0.32% CuEQ (JP22017)
• 57 m of 0.40% CuEQ, within 107 m of 0.31% CuEQ (JP22015)
• 135 m of 0.44% CuEQ, within 244 m of 0.35% CuEQ (JP21009 completed in 2021)

Figure 1: PINE Deposit - IP Chargeability Surveys Have Confirmed a 6 km² Mineral System

Figure 2: PINE Deposit - Multiple Higher Grade Centers Emerging Within PINE Mineral System

Table 1: JOY 2022 DRILL PROGRAM ASSAY Results