Amark Resources Limited (Ahr-TSXV, xref-OTCQB) issued an update on exploration at its DUKE District copper and gold project in British Columbia, saying Boliden Mineral Canada Ltd. has elected not to exercise its option to invest another $60 million to increase interest in its project to 70% from 60%.
However, Amark said Boliden would continue as a participant in the project after spending $30 million until the end of 2025 to take a 60% interest, with Amark retaining the remaining 40% stake. Under the terms of the earn-out agreement dated November 2022, Boliden can now invest 60% and Amarc 40% in future programs or dilute their interest in the DUKE joint venture.
Amarc shares were active after the news, falling 5.2%, or $0.05, to 91 cents. Shares are trading in a 52-week range of $1.52 and 42 cents.
Amarc is developing the JOY, DUKE and IKE copper-gold zones located in various porphyry zones in northern, central and southern British Columbia, respectively.
The Duke District is located 80 kilometers northwest of Smithers within the Babine District, a well-mineralized porphyry belt in British Columbia, hosting the former Bell and Gransel copper and gold mines operated by Noranda Mines, and the advanced Morrison Copper and Gold deposit, owned by a third party. Amarc said there was significant potential to discover new porphyry copper and gold deposits, and an exploration program was currently being planned for 2026 to explore and drill several copper and gold deposit targets across a 732 square kilometer area, with Amarc continuing as project operator.
In 2025, induced polarization survey-scale ground geophysical (58 linear km), geochemical (1,012 soil samples) and geological surveys were combined, with 36 holes (9,208 metres) drilled comprising five holes in the DUKE Deposit and DUKE Offset, and 31 exploratory holes to explore other target areas.
Drilling at the DUKE deposit has identified a porphyry system extending over 650m north-south and 800m east-west at a depth of over 600m, emphasizing the potential for further significant expansion.
Highlights of the five holes completed in DUKE’s 2025 target area include hole DK25086 which returned 211 meters of 0.25% copper equivalent (0.19% copper, 0.01% molybdenum, 0.03 g/t gold and 1.0 g/t silver) from 151 metres, including 89 meters of 0.33% copper equivalent. From 273 metres.
Additionally, in 2025, three holes were drilled along the 440m east-west fence across the southern end of the DUKE Offset (120m to 150m south of the previous drilling) to expand the deposit area.
Previous Amarc drilling within the DUKE Offset encountered significant copper and molybdenum mineralization, demonstrating the newly recognized volume of mineralized rocks west of the DUKE fault. This represents part of the DUKI deposit of unknown extent that was displaced approximately 450 to 500 meters north. The DUKE Offset now extends over 400 meters north to south, 450 meters east to west, and at a depth of 250 metres.
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