Amarc Resources Acquires 100% Interest in the Newton Project
June 1, 2012 12:43 AM EST
Amarc Resources Ltd. (“Amarc” or the “Company”) (TSX Venture: AHR; OTCBB: AXREF) announces that, effective May 22, 2012, the Participating Interest of Newton Gold Corp. (“NGC”) in the Newton Joint Venture converted to a 5% Net Profits Interest in accordance with the terms of the Joint Venture Agreement between the Company and NGC. As a result, NGC will no longer be a participant in the Joint Venture and the Newton Joint Venture Agreement has terminated. Amarc now holds a 100% interest in Newton property, subject only to the 5% Net Profit Interest to NGC and a Net Smelter Return Royalty to underlying property vendors which can be purchased for $2 million.
Delineation drilling of the Newton gold discovery commenced in late September and has progressed rapidly, with the completion of approximately 16,000 metres in 43 diamond drill holes. A Drill Hole Location Map is available at Amarc’s website: http://www.amarcresources.com/i/ahr/pdf/AHR_2012_May31_drawings.pdf. This recent drill phase brings the total drilling of the Newton deposit to approximately 23,300 metres in 72 holes. Drilling activities on the project have now been placed on standby, so that all assay results can be received and compiled. The camp, core processing facilities and one drill rig remain on site. Over the next two months Amarc’s geological team will integrate the incoming assay data with information from various on-going geological studies, including state-of-the–art drill core imaging technology which will assist in vectoring towards gold enriched areas of the Newton system. Further assay results will be compiled shortly and available for release. In addition a resource estimate for the Newton deposit is underway and is expected in mid-July. All of this work will inform management’s plans for further exploration of the Newton property.
Permit applications for extensive Induced Polarization ground geophysical surveys around the Newton discovery and additional drilling have been submitted to the provincial government.
Newton lies 175 kilometres south of New Gold’s Blackwater gold deposit and some 100 kilometres west of the City of Williams Lake, BC, in a region characterized by gently rolling hills. The district is well served by existing transportation and power infrastructure and a skilled workforce, which support a number of operating mines, as well as late-stage mineral development and exploration projects…
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