We provide a detailed study of the spectral properties of the linear operator \(H(\varepsilon )=-(\varepsilon ^{2}\chi _{\Omega _{\varepsilon }}+\chi _{\Omega ^{c}_{\varepsilon }})\Delta \) modeling, through the wave equation \((\partial _{tt}+H(\varepsilon ))u=0\) , the dynamics of acoustic waves in the presence of a small inhomogeneity of size \(\varepsilon \) having high contrast \(\varepsilon ^{-2}\) . In particular, we give precise results on the localization of the resonances of \(H(\varepsilon )\) and their first-order \(\varepsilon \) -expansions; the latter are explicitly expressed in terms of the eigenvalues and eigenvectors of the Newton potential operator of the set \(\Omega \) whose rescaling of size \(\varepsilon \) defines \(\Omega _{\varepsilon }\) .