Amarc to drill Joy copper-gold project in BC
Amarc Resources (TSXV: AHR; US-OTC: AXREF) has identified five clusters of drill ready targets that cover areas ranging from 1.5 sq. km to more than 5 sq. km during 2018 exploration at its JOY copper-gold project in north-central B.C.’s Toodoggone region.
Hudbay Minerals (TSX: HBM; NYSE: HBM) funded the $2.5 million exploration program. It also spent $1.15 million in 2018 to help Amarc acquire underlying claims. As of a 2017 agreement, Hudbay can earn an initial 49% interest in JOY by providing $15 million in funding before the end of 2020. It can earn a 50% interest if it funds an additional $5 million also before the end of 2020. Hudbay can ultimately earn up to 60% of the project.
Amarc is the operator at JOY during exploration. Its work this year included 1,356 line km of airborne magnetics, 63 line km of ground Induced Polarization geophysics surveys, 2,676 soil geochemical samples, 98 sq. km of detailed geological mapping and two drill holes totaling 946 metres.
The company also identified three new targets that it says it can make drill ready through induced polarization and geological surveys in early 2019.
The area hosts several past producing silver-gold mines within 20 km of JOY. The Lawyers, Baker and Shasta mines produced more than 5 million oz. silver and 230,000 oz. gold between 1989 and 2000.
Amarc is also advancing its DUKE and IKE gold-copper projects in British Columbia. Hudbay is also funding exploration at IKE.