Hi Gold Advisor readers,
Two company updates today, both of which I own and one an overweight position.
Join us as we jump in…
Management announced it has completed their 2024 drill and survey programs at all three copper-gold projects—JOY, DUKE and IKE. All are in British Columbia and Amarc is the operator of all programs.
Here’s a good summary of what they did. You can see it’s quite extensive.
JOY:
- 16,883 meters of core (diamond) drilling in 40 drill holes at seven targets.
- 19 line-kilometers of Induced Polarization (IP) ground geophysical survey.
- Funded by Freeport McMoRan. By year end approximately $12 million will have been spent on JOY.
DUKE:
- 5,815 meters of core drilling in 19 holes, testing three Cu-Au targets.
- 121 line-km of ground IP and airborne geophysical surveys. This will help delineate targets for future drilling.
- Funded by Boliden Mineral Canada. By year end approximately $10 million will have been invested in Duke.
IKE:
- 25 line-km of IP, 7 km² of drone aeromagnetics, and 31 km² of LIDAR geophysical surveys.
- Re-logging and re-assaying (1,744 samples) of 23 historical core holes.
- 1,873 m of core drilling in 9 holes, to test for extensions to the Empress Cu-Au Deposit.
- IKE belongs 100% to Amarc so they self-funded this work, spending about $2.9 million this year.
In total, 29,000 meters of drilling and other surface surveys were completed at all three of Cu-Au projects.
CEO Dr. Diane Nicolson tells us what’s next. “Drill results are now flooding in and being assessed, in preparation for release over the coming months. We remain extremely enthusiastic about the prospects for these Districts, particularly during a period of positive market sentiment for commodities like gold and copper, which we believe makes Amarc an even more attractive investment opportunity.”
Marketing Tour
I spoke with Diane last week and she said she’s been on the road constantly. She’s now at NOIC, then off to a London conference. She’s also been on site with Chairman Bob Dickinson. Management is trying to get the Amarc story in front of as many eyes as possible. That’s good to hear, and it partly explains why the stock has done so well this year.
Diane notes data is flooding in right now, and results should start pouring out in December, all the way up to PDAC next March. We’ll see a lot of news flow for at least several months, any or all of which could serve as a catalyst, so stay tuned.
The Stock
It’s rising today, and is now up 122% YTD and 25% since our initial recommendation September 5 (21% in the US).
It’s not too late to buy; the company hasn’t reported any assay results from all the summer work, and the market cap is still below C$45M.
As I’ve stated I’m overweight the stock and intend to remain so for some time