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Amarc Resources Signs Agreement to Acquire Six Mineral Claims at Hubble Property

Published on December 26, 2011 at 1:13 AM

By Joel Scanlon

Amarc Resources has signed an agreement in order to purchase six mineral claims, which has included around 70 sq. km. nearby the Hubble property, south-central British Columbia. According to the agreement, the company can purchase a 100% interest in the property, by paying $50,000 as cash and issuing 80,000 common shares.

The company possesses a 100% interest in the Hubble property, which is situated in the Blackwater district that is around 35 km towards the northeast part of the Blackwater deposit of New Gold, for which an inferred resource of 43 Mt at 4.7 g/t silver and 0.88 g/t gold and an indicated resource of 184 Mt at 4.9 g/t silver and 0.94 g/t gold have been reported. The Blackwater deposit was purchased by New Gold from Richfield Ventures during June 2011, by means of the transaction valued at around $550 million.

A regional field campaign was commenced by Amarc at the Hubble property in 2011, by conducting an helicopter-borne electromagnetic and magnetic surveys for around 370 line-km, from which several epithermal gold-copper and gold-silver porphyry-type targets were discovered for follow-up. The company has completed the induced polarization ground geophysical surveys over these target regions and has evaluated the results of the campaign.


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