Canarc Summarizes 2018 Results and Outlines Plans for 2019
Canarc Summarizes 2018 Results and Outlines Plans for 2019
Vancouver, Canada - February 25, 2019 – Canarc Resource Corp. (TSX: CCM, OTC QB: CRCUF,
Frankfurt: CAN) highlights the results of its 2018 activities and outlines its 2019 plans for continued growth
by advancing its gold exploration projects in the USA and Canada.
2018 Highlights
• Developed a new vision, mission and strategy to create shareholder value by returning to our roots as
an exploration company focused on discovering new gold deposits. Canarc has optioned or acquired three new
gold projects with high impact district -scale gold discovery potential, with more possible acquisitions and
initial drilling planned for this year.
• Added two new directors to the board to improve board oversight, including a more complete skill set
to oversee geology/exploration/acquisitions, metallurgy/mining/mineral economics, financial management
and capital markets.
• Appointed a new CEO, Scott Eldridge, with over 10 years of experience in the mining sector, spanning
various executive roles with both private and public companies. He has a proven track record of raising capital
for mining projects from exploration stage to construction financing.
• Signed an option agreement with Silver Range Resources Ltd. to acquire a 100% interest in their 2,090
hectare Hard Cash and 375 hectare Nigel properties located in southwestern Nunavut, Canada. Completed a
970 line-kilometer magnetic and radiometric geophysical survey on the property to identify drill targets for an
initial drilling campaign during 2019.
• Signed an option agreement with Tasca Resources and Sidney Wilson to earn an 80% interest in the
Princeton Gold property in southern British Columbia. Completed a 2,350 line-kilometer magnetic survey on
the property to identify drill targets for a drill program in 2019.
• Acquired the Corral Canyon gold project in northwestern Nevada through the staking of 92 mining
claims. The property contains significant, volcanic-hosted gold mineralization evidenced by previous drilling,
along a regionally-productive gold trend. Low-sulfidation, volcanic-hosted epithermal gold mineralization has
been defined for a strike length of 2.5 km by surface sampling and drilling.
• Completed successful bench-scale testing of New Polaris gold concentrate using the BIOX treatment
process and achieved gold extractions of up to 96% following bio-oxidation. The results are being incorporated
in an updated Preliminary Economic Assessment ( “PEA”) to be completed shortly. May seek a partner for
this project in 2019 in order to advance the project to a feasibility study.
• Completed 3D modelling of the Fondaway Canyon deposit and identified drill targets for the next
stage of diamond drilling t o expand the resource. Continued surface mapping and sampling program on the
property and trenching in the Reed Pit to better define possible high -grade gold mineralization. May seek a
partner for this project in 2019 in order to expand the resource.
CANARC RESOURCE CORP .
810-625 Howe Street
Vancouver, BC V6C 2T6
T: 604.685.9700
F: 604.6685 -9744
www.canarc.net
CCM: TSX
CRCUF: OTCQX
• Completed a Phase 3 exploration program at the Windfall Hills property including stream sediment
sampling, soil sampling, machine trenching and airborne geophysics to detect new gold -silver anomalies ,
better delineate the known epithermal stock -work gold-silver mineralization and identify targets for the next
drilling campaign on the property.
• Leased the Silver King property in Nevada to Brownstone Ventures.
2019 Plans
New for 2019, Canarc will pursue three main strategies to create shareholder value:
• Engineering optimization of the existing +1 million oz gold resources at each of the New Polaris and
Fondaway Canyon advanced exploration projects, to enhance their economic potential.
• High impact exploration of the Hard Cash, Princeton Gold and Corral Canyon early stage exploration
projects, a high risk-high reward strategy focused on spending a “little” money to find a “lot” of gold.
• Opportunistic acquisition of strategic new projects where we can add significant value, including more
advanced gold projects that are accretive on a per share basis.
Canada
• New Polaris: Undertake a new Preliminary Economic Assessment of the New Polaris project during
the first quarter of 2019 incorporating the economi c benefits of making a flotation concentrate, oxidizing it
using the BIOX process and then conventional leaching to produce dore bars at site. This would remove the
historical need for either a new road or seasonal barging of concentrate and should significantly improve the
economic potential of the project. Canarc can then seek a partner to advance the New Polaris property through
feasibility, permitting and if positive, mine construction.
• Hard Cash: Complete data compilation and assessment and analysis of the 2018 geophysics survey
to identify initial drill targets. Conduct a field program consisting of geological mapping, soil and rock chip
sampling and diamond drilling on the most prospective targets.
• Princeton Gold: Complete data compilation and assessment and analysis of the 2018 geophysics
survey to identify initial drill targets. Conduct a field exploration program consisting of geological mapping,
soil and rock chip sampling and diamond drilling on the most prospective targets.
• Windfall Hills: Complete analysis of the results from the 2018 trenching, soil and rock sampling and
geophysics survey to identify drilling targets for the next stage of drilling.
USA
• Fondaway Canyon: Continue surface sampling and geological mapping to refine targets for the next
phase of exploration drilling.
• Corral Canyon: Complete data compilations, geological mapping and soil and rock chip sampling
to identify drill targets and conduct an exploration drilling program.
• Nevada Projects: Seek partners or buyers for the rest of the Company’s projects in Nevada
Canarc has retained Nicosia Capital to assist in restarting and managing its investor relations program . The
Company has also appointed Alan Wainwright, Ph.D., P.Geo. as a technical advisor to complement Canarc’s
technical team and assist in evaluating new acquisitions, designing exploration programs and interpreting
exploration results.
Canarc has granted stock options to acquire up to 700,000 common shares. The options have an exercise price
of $0.07 per common share and expire on February 22, 2024 and are subject to certain vesting provisions.
Qualified Person
Garry Biles, P.Eng, President & COO for Canarc Resource Corp, is the Qualified Person who reviewed and
approved the contents of this news release.
"Scott Eldridge”
____________________
Scott Eldridge, Chief Executive Officer
CANARC RESOURCE CORP.
About Canarc - Canarc Resource Corp. is a growth-oriented gold exploration company focused on generating
superior shareholder returns by discovering, exploring and developing strategic gold deposits in North
America. The Company is currently advancing two core assets, each with substantial gold resources, and has
initiated a high impact exploration strategy to acquire and explore new properties that have district-scale gold
discovery potential. Canarc shares trade on the TSX: CCM and the OTCQB: CRCUF.
For More Information - Please contact:
Scott Eldridge, CEO
Toll Free: 1-877-684-9700 Tel: (604) 685-9700 Cell: (604) 722-5381
Email: [email protected] Website: www.canarc.net
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward -looking statements” within the meaning of the United States private
securities litigation reform act of 1995 and “forward -looking information” within the meaning of applicable
Canadian securities legislation. Statements contained in this news release that are not historic al facts are
forward-looking information that involves known and unknown risks and uncertainties. Forward -looking
statements in this news release include, but are not limited to, statements with respect to the future performance
of Canarc, and the Company's plans and exploration programs for its mineral properties, including the timing
of such plans and programs. In certain cases, forward-looking statements can be identified by the use of words
such as "plans", "has proven", "expects" or "does not expect", "is expected", "potential", "appears", "budget",
"scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or
"believes", or variatio ns of such words and phrases or state that certain actions, events or results "may",
"could", "would", "should", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and other fact ors which may
cause the actual results, performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the forward -looking statements. Such
risks and other factors include, among others, the Company’s ongoing due diligence review in relation to the
Acquisition, risks related to the uncertainties inherent in the estimation of mineral resources; commodity
prices; changes in general economic conditions; market sentiment; curren cy exchange rates; the Company's
ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks
inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure
of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining
industry; delays in obtaining governmental approvals; government regulation of mining operations;
environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible
outcome of litigation. Although the Company has attempted to identify important factors that could affect the
Company and may cause actual actions, events or results to differ materially from those described in forward-
looking statements, there may be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward -looking statements will prove to be accurate,
as actual r esults and future events could differ materially from those anticipated in such statements.
Accordingly, do not place undue reliance on forward -looking statements. All statements are made as of the
date of this news release and the Company is under no obli gation to update or alter any forward -looking
statements except as required under applicable securities laws.