Exhibit
99.1
 |
CANARC RESOURCE CORP.
#810 – 625 Howe Street
Vancouver, BC V6C 2T6
|
T: 604.685.9700
F: 604.685-9744
|
www.canarc.net
CCM: TSX
CRCUF: OTCQX
|
News Release
Canarc Enters Option Agreement on its Silver King Property in
Nevada
Vancouver, Canada – October 25, 2018
– Canarc Resource Corp. (TSX: CCM, OTCQX: CRCUF, Frankfurt:
CAN) (“Canarc” or the
“Company”) is
pleased to announce that it has entered into an option agreement
with Brownstone Ventures (US) Inc., a subsidiary of Casino Gold
Corp., on its wholly owned Silver King Patented Claim Group located
in Humboldt County, Nevada.
Under the terms of
the ten-year agreement Canarc will receive annual payments of
US$12,000 plus an option exercise payment of US$120,000. Upon
exercise of the Option, Canarc will retain a 2% NSR royalty on the
Property of which Brownstone Ventures will have the right to buy
back one-half (1%) of the royalty for US$1,000,000.
The Silver King
property is a non-core asset in Canarc’s Nevada property
portfolio consisting of four patented mining claims totaling 83
acres (Silver King, Silver King #1, Silver Queen and Silver Coin
Annex Ext) located in, Humboldt County, Nevada, 35 kms East of
Winnemucca.
The property lies
within the Iron Point Mining District which contains silver-gold
mineralization in lower Paleozoic units that are the same host
sequence as the Pinson, Getchell and Twin Creeks areas. Historic
exploration on the property has identified occurrences of low grade
gold in areas of silicification and quartz vein stockworks within
limestone and siltstone.
Scott Eldridge, CEO
of Canarc, stated: "Canarc is
pleased to enter this option agreement which provides immediate
income from this non-core property and has the opportunity of
future income from production royalty
payments.”
Qualified Person:
Dr.
Jacob Margolis is a qualified person, as defined by National
Instrument 43-101, and has approved the technical information in
this news release. Dr. Margolis is engaged as a consultant to
Canarc Resource Corp as Vice President of Exploration.
"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 OTCQX: CRCUF.
For More Information - Please contact:
Scott Eldridge,
CEO
Toll Free:
1-877-684-9700
Tel: (604)
685-9700
Cell: (604)
722-5381
Email:
scott@canarc.net
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 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
variations 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 factors 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; currency 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
results 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
obligation to update or alter any forward-looking statements except
as required under applicable securities laws.