Amarc Resources (TSXV: AHR) has seen its share price more than double following the announcement of a high-grade copper-gold discovery at the JOY property in north-central British Columbia. The discovery, made at the Northwest Gossan (NWG) target area, marks the initial success of drilling along a potential 15 km mineralized trend within the 495-square-kilometer JOY district, which had not been previously explored.
The drilling program, fully funded by Freeport-McMoRan, could result in the mining giant earning an interest in the JOY project, with Amarc acting as the operator of the exploration work.
Amarc announced that the new AuRORA discovery reveals a promising porphyry copper-gold-silver system, with high and consistent gold grades. The discovery hole, JP24057, returned an impressive 1.24 grams per tonne (g/t) gold and 0.38% copper from 18 meters. Notably, the assay included higher grades of 1.97 g/t gold and 0.49% copper from 58 meters.
Dr. Diane Nicolson, CEO of Amarc Resources, described the AuRORA discovery as “a pivotal moment” for the company and “a significant inflection point” in its exploration efforts at the JOY district, alongside Freeport. Nicolson emphasized that the discovery is the result of years of diligent work by the Amarc team and reflects both Amarc’s and Freeport’s shared belief in the district’s substantial potential for high-grade porphyry gold-copper deposits.
Following the announcement, Amarc’s shares rose by 21% on Monday morning, reaching C$0.87, up from C$0.72 on Friday, a sharp increase from the previous Friday’s closing price of C$0.40. The company’s market capitalization now stands at approximately C$192.1 million.
This discovery is expected to significantly advance Amarc’s exploration efforts, with further drilling and exploration planned to assess the full potential of the AuRORA zone and the broader JOY district.
Related topics:
SEC Sues Elon Musk for Failing to Disclose Twitter Stock Purchase
Why Are Some Stocks Not Available for Intraday Trading?
