Exhibit 99.1
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CANARC
RESOURCE CORP.
810-625
Howe Street
Vancouver,
BC V6C 2T6
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T: 604.685.9700
F: 604.6685-9744
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www.canarc.net
CCM:
TSX
CRCUF:
OTCQB
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News Release
Canarc Amends Option Agreement
on Princeton Gold Property,
BC
Vancouver, Canada –July 9, 2019 –
Canarc Resource Corp. (TSX: CCM, OTC-QB: CRCUF, Frankfurt:
CAN) announces that it has
reached an agreement with Universal Copper Ltd. (formerly
Tasca Resources Ltd.) and Sydney Wilson to modify the terms of
its previously-announced option agreement dated December 20,
2018 to acquire an 80% interest in the 14,650 hectare
Princeton Gold property located in southern British Columbia,
Canada.
Scott
Eldridge, Canarc’s CEO, stated: "The
amendments reduce Canarc’s exploration commitment from
$900,000 to $490,000 and give Canarc more time to conduct early
stage exploration and better define targets for drilling.
We plan to commence a Phase 2
exploration program this month, including prospecting, mapping,
sampling and trenching of the existing gold vein prospects, as well
as evaluating geochemical and geophysical methods to detect buried
gold veins.”
Revised Option Agreement Terms
To earn
75% interest in the Princeton Gold property from Universal, Canarc
will spend $490,000 on exploration over a 2-year period, issue
375,000 common shares and pay $25,000 to Universal as
follows:
●
Phase
1 - CAD$100,000 on an airborne geophysical survey
(completed);
●
Phase
2 - CAD$90,000 on exploration activity in 2019;
●
Issue
375,000 common shares on or before December 1, 2019;
●
Phase
3 - CAD$300,000 on exploration activity in 2020;
●
Pay
CAD$25,000 on or before December 31, 2020;
Once
Canarc exercises its option and earns its 75% interest, Canarc and
Universal will form a 75/25 joint venture to further explore and
develop the property. Universal will retain a 1% NSR royalty on the
property and Sydney Wilson has a 2% NSR royalty on the
“Sydney Wilson claims” portion of the property which
totals 4,012 hectares. The Universal NSR and 50% of the Wilson NSR
can be acquired for $1.0 million each.
Property
Location
The
road accessible Princeton Gold property consists of 14,650 hectares
located 35 kilometers south of Princeton, British Columbia, 95
kilometers south the Shovelnose property (Westhaven Ventures Inc,
TSX-V: WHN), and 11 kilometers south of the producing Copper
Mountain Copper Mine (Copper Mountain Mining Corporation, TSX:
CMMC).
Geology
and Mineralization
The
property is underlain by both Eocene Princeton Group volcanics and
Triassic Nicola Group volcanics. Gold bearing quartz veins occur in
Nicola volcanics proximal to Princeton volcanics. Mineralization is
confined to the quartz veins or within the first meter of the
andesitic host rock. The quartz veins range from 0.3 to 1.8 meters
in width and consist of white quartz with limonite fractures,
irregular limonitic patches and a rare vuggy texture.
Next
Steps
Canarc
plans to commence a Phase 2 exploration program this month,
including prospecting, mapping, sampling and trenching of the
existing gold vein prospects, as well as evaluating geochemical and
geophysical methods to detect buried gold veins. The property is
already permitted for ten drilling sites and fifty trenching
sites.
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:
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.