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Canarc Enters Option Agreement on Its Silver King Property in Nevada
VANCOUVER, CANADA / ACCESSWIRE / October 25, 2018 / Canarc Resource Corp. (TSX: CCM, OTCQX: C...
About this update from Canagold Resources Ltd
[{"type":"text","content":"\nCanarc Enters Option Agreement on Its Silver King Property in NevadaVANCOUVER, CANADA / ACCESSWIRE / 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.\"QualifiedPerson: Dr. Jacob Margolis is a qualified person, asdefined by National Instrument 43-101, and has approved the technicalinformation in this news release.Dr.Margolis is engaged as a consultant to Canarc Resource Corp as Vice Presidentof 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 acquir...