By Jamie Hyland
On Friday, January 17, 2025, Amarc Resources Ltd. (TSX-V: AHR) experienced a remarkable surge in its stock price, climbing 171% from CAD $0.27 to $0.72. This significant increase was fueled by the announcement of a high-grade, gold-rich porphyry copper-gold-silver deposit, named the AuRORA deposit, at its 100%-owned JOY Copper-Gold District in north-central British Columbia.
The discovery was made in collaboration with Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”), which is fully funding the exploration to earn an interest in the project, with Amarc serving as the operator. The AuRORA deposit is situated within the expansive Northwest Gossan (NWG) Target area, a previously undrilled region of the 495 km² JOY District.
Initial Drill Results
The inaugural drill hole, JP24057, intersected a new porphyry system exhibiting continuous high-grade gold mineralization. Following this promising result, Amarc and Freeport conducted systematic step-out drilling with three core rigs to delineate the deposit’s extent and confirm its high-grade potential. The drilling on east-west section 7800N established a 600-meter-wide zone of porphyry mineralization from near surface, characterized by excellent lateral and vertical continuity.
Table 1: Significant Mineralized Intervals from Drill Hole JP24057
| From (m) | To (m) | Interval (m) | Gold (g/t) | Copper (%) | Silver (g/t) |
|---|---|---|---|---|---|
| 18 | 180 | 162 | 1.24 | 0.38 | 2.5 |
| Including | 58 | 180 | 122 | 1.97 | 0.49 |
Note: Intervals are core lengths; true widths are unknown.
Strategic Implications
“The AuRORA Deposit Discovery has been made through the Amarc team’s depth of knowledge and porphyry copper-gold discovery track record in BC and the Toodoggone region, combined with the support and insight from Freeport, based on its global capabilities as a top-tier copper and gold producer and discoverer. Together, our goal in 2024 was to focus on discovery and we are clearly on the right track with AuRORA. Notably, the AuRORA Deposit Discovery area is only one of eight large scale sulphide mineralized systems clustered along several mineralized trends drilled in 2024 at JOY. These important-scale sulphide systems have been established by district-wide geological, geochemical and geophysical ground IP surveys. Additional results from the 2024 drill program will be forthcoming. We are extremely optimistic about further important progress at JOY,” concluded Nicolson.
The AuRORA discovery underscores the potential of the JOY District to host multiple high-grade porphyry deposits. The NWG Target area, where AuRORA is located, is outlined by a 3.7 km² Induced Polarization (IP) anomaly with coincident copper, gold, molybdenum, and silver anomalies in soils and rocks. This suggests the presence of a substantial mineralized system with significant exploration upside.
Market Reaction
The market responded enthusiastically to the news, with Amarc’s stock price surging 171% on the day of the announcement. This surge reflects investor confidence in the company’s exploration strategy and the potential economic impact of the AuRORA discovery.
Future Outlook
Amarc and Freeport plan to continue their aggressive exploration program at the JOY District, with additional drill results anticipated in the near future. The companies aim to further delineate the AuRORA deposit and assess other high-priority targets within the district. Dr. Nicolson added, “This discovery comes during a period of positive market sentiment for gold, copper, and silver, which we believe further increases the attractiveness of Amarc as an exciting investment opportunity.”
The AuRORA discovery not only enhances the value proposition of the JOY District but also positions Amarc as a significant player in the exploration and development of high-grade porphyry systems in British Columbia. As global demand for copper, gold, and silver continues to rise, such discoveries are crucial for meeting future supply needs and offer substantial economic benefits to stakeholders.
