Explorer Amarc Resources (TSXV:AHR,OTCQB:AXREF) experienced a sharp increase in its share price following the announcement of a new discovery at its JOY copper-gold district in BC, Canada.
The company closed Friday (January 17) at C$0.72, up just over 165 percent from Thursday’s (January 16) close.
In a press release, Amarc states that it has named the find AuRORA, describing it as a high-grade porphyry copper-gold-silver discovery. AuRORA is located in an area of JOY that hadn’t previously been drill tested.
JP24057, the first hole drilled at the site, intersected this new copper-gold-silver system, and the company then worked with Freeport-McMoRan Mineral Properties Canada, a subsidiary of Freeport-McMoRan (NYSE:FCX), to complete step-out drilling with three core rigs. Friday’s release looks at JP24057 and results from six other holes.
Freeport is fully funding work programs at JOY in order to earn an interest in the project.
The seven holes were drilled at intervals of about 100 meters, and together have established a 600 meter wide zone of porphyry mineralization. Amarc states that it is near surface and has ‘excellent’ lateral and vertical continuity.
Amarc Resources’ January 17 drill results.
Table via Amarc Resources.
Amarc views the AuRORA deposit as a major highlight within the JOY district, which spans 495 square kilometers in the Toodoggone-Kemess region, an area known for significant porphyry deposits.
‘This impressive new, high grade porphyry copper-gold-silver discovery is a pivotal moment for Amarc and its shareholders,” said Amarc President and CEO Dr. Diane Nicolson, adding that it comes after years of groundwork.
“It represents a significant inflection point in the exploration of the JOY District with Freeport.’
The company followed Friday’s release up with additional drill results from AuRORA on Monday (January 20). The data spans six holes located 100 meters north of the first seven holes announced on Friday. They were also drilled at intervals of approximately 100 meters, and trace mineralization across a width of 600 meters.
‘These results are again confirming the continuity of the Au-rich AuRORA porphyry Cu-Au-Ag mineralized system from east to west and vertically, and now also to the north, and from near the surface,’ the company notes.
The release prompted another share price boost for Amarc, which rose as high as C$0.88 on Monday.
In Friday’s press release, Nicolson said that eight large-scale sulfide mineralized systems along several mineralized trends were drilled at JOY last year. A total of 33 scout holes were completed.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.