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Wednesday, 11/15/2017 1:41:32 PM

Wednesday, November 15, 2017 1:41:32 PM

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Canarc Reports Additional High Grade Gold Samples at Fondaway Canyon Project in Nevada, Provides Update on Phase 1 Drill Program

Vancouver, Canada–November 15, 2017 – Canarc Resource Corp. (the "Company") (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) reports that rock-chip sampling at its Fondaway Canyon property, Nevada, has returned additional high-grade gold values exceeding 5 grams per tonne (gpt) in multiple zones.

The Company also reports that it has completed six of the planned seven drill holes in the Phase 1 drill program and expects drilling to wrap up before month end. Assay results for the first three drill holes are also anticipated this month and complete assays for all seven holes are expected in December 2017.

Of the 56 surface rock-chip samples collected since the Company's last report on surface sampling (see news release July 31, 2017), 28 samples exceed 0.5 gpt gold and 8 exceed 6 gpt, ranging from 6 to 42 gpt Au (Table 1). Figure 1 shows the locations of the principal mineralized areas on the project. . The seven-hole, 2700 meter, core drilling program currently underway is targeting Pack Rat (1 hole), Colorado (2 holes), Stibnite (1 holes), South Pit (1 hole) and South Mouth (2 holes) zones.

Table 1 Rock-Chip Samples Exceeding 0.5 gpt Au
Sample Type Area Au (gpt) Width (m)
JM-FC65 Stockpile Reed Pit 42.100 Stockpile Select
JM-FC100 Outcrop Hamburger Hill 11.15 3.0
JM-FC55 Outcrop Colorado 10.750 4.0
JM-FC64 Outcrop North Stibnite 9.986 3.0
JM-FC51 Outcrop Colorado 8.000 2.0
JM-FC84 Outcrop South Mouth 7.931 2.0
JM-FC74 Outcrop Stibnite Boulders 6.028 0.5
JM-FC99 Outcrop Hamburger Hill 6.016 1.0
JM-FC77 Outcrop Stibnite Boulders 3.888 1.0
JM-FC86 Outcrop South Mouth 3.694 2.0
JM-FC60 Outcrop Colorado 3.617 2.0
JM-FC49 Outcrop South Pit 3.330 0.5
JM-FC59 Outcrop Colorado 2.207 0.5
JM-FC70 Outcrop Silica Ridge 2.155 1.0
JM-FC89 Outcrop Mid Realm 2.001 1.0
JM-FC45 Float Stibnite Boulders 1.980 0.3
JM-FC79 Outcrop Silica Ridge 1.719 4.0
JM-FC48 Outcrop South Pit 1.710 1.5
JM-FC90 outcrop Mid Realm 1.388 2.0
JM-FC80 Outcrop Silica Ridge 1.367 2.0
JM-FC88 Outcrop Mid Realm 1.083 ~1.0
JM-FC83 Outcrop South Mouth 0.827 2.0
JM-FC98 Outcrop Silica Ridge 0.679 4.0
JM-FC50 Outcrop Reed Pit 0.658 1.0
JM-FC85 Outcrop South Mouth 0.636 1.0
JM-FC53 Outcrop Colorado 0.559 6.0
JM-FC75 Outcrop Stibnite Boulders 0.553 1.0
JM-FC91 Outcrop South Mouth 0.508 2.0

Figure 1: Principal Mineralized Areas at Fondaway Canyon

Fondaway Canyon District Structural Model

In the Colorado zone where northeast-striking and east-west striking mineralized zones intersect, sample JM-FC55 returned 10.7 gpt Au over 4 meters in bleached, iron-oxide stained shale lacking quartz veins. Another zone of altered shale lacking quartz veins about 150 m from JM-FC55 assayed 3.6 gpt Au over 2 m (JM-FC60). A 2-meter chip sample across a quartz-vein stockwork yielded 8.0gpt Au (JM-FC51); this sample is part of a broader 75-m wide zone of veining. Strongly-altered, iron-stained shale gouge adjacent to quartz veining about 55 m from JM-FC51 assayed 2.2 gpt Au over 0.3 m. On the north side of the Stibnite area, a 3-m chip across a zone of strongly-altered, bleached and iron-stained shale lacking quartz veins returned 9.9 gpt Au (JM-FC64). These sampling results continue to demonstrate that significant gold mineralization can occur in alteration zones lacking quartz veins.

The area of the Reed pit contains magnetite-rich skarn and silicification in marble. JM-FC65, collected from a stockpile from the Reed pit, consists of marble cut by a jasperoid-like silica stockwork. The sample contains 42.1 gpt Au (1.23 ounces per ton). The Company is attempting to locate this mineralization in outcrop. Other samples from the Reed pit area have returned anomalous gold (e.g., JM-FC50 with 0.6 gpt Au in massive magnetite skarn).
Mineralization at Reed is distinct from the rest of the district, and the Company's analysis of the area is on-going.

Continued sampling at the South Mouth pit area has yielded strong gold mineralization beyond the areas mined shallowly (<30 m) by Tenneco Minerals from 1989-1990. High-grade gold occurs in "shear-zone" type veins accompanied by strong alteration in adjacent shale. JM-FC84 assayed 7.9 gpt over 2 m about 50 m on strike from previous mining, and JM-FC86 assayed 3.7 over 2 m about 150 m on strike from previous mining. The sampling continues to identify disseminated gold as well. Sample JM-FC85 returned 0.6 gpt Au over 1 m in hematite-stained shale. Disseminated gold in shale was also found at Mid Realm east of the South Mouth pits; JM-FC89 assayed 2.0 g/t Au over 1 m in bleached, weakly iron-stained shale lacking quartz veins about 100 m east of the old pits.

In the South Pit area, sample JM-FC49 assayed 3.3 gpt over 0.5 m within a broader 25 m wide, northeast-striking vein and alteration zone that also includes JM-FC48 with 1.7 gpt Au over 1.5 m. These samples are 110 m southwest of and along strike with sample JM-FC33 reported previously (15.7 gpt Au over 0.5 m).

Silica Ridge contains a series of en-echelon quartz-vein stockwork zones across 350 m. Historical shallow drilling intersected significant gold, including TF-281 with 1.6 gpt Au over 41.1 m that contains four, 1.5 m samples between 3 and 4 gpt Au. The Company's recent surface sampling yielded 1.7 gpt over 4 m in JM-FC79 and 1.4 gpt over 2 m in JM-FC80. The adjacent Hamburger Hill area contains east-striking shear-zone style quartz veins and bleached/altered zones in shale. A 3-m chip across bleached, weakly iron-stained shale with minor stibnite-bearing quartz veins assayed 11.1 g/t Au (JM-FC100). Sample JM-FC99, 130 m east of JM-FC100, assayed 6.0 g/t Au across 1 m in strongly iron-stained shale with quartz veins. The mineralized zone in this area reaches 35 m in width. Historical drilling intersected significant gold, including 10.0 g/t Au over 10.7 m (with 16.6 g/t over 6.1 m) in hole TF-141, which drilled below the area of sample JM-FC100.

Sampling at Stibnite Boulders returned strong gold values, with 6.0 over 0.5 m (JM-FC74) and 3.9 gpt over 1 m (JM-FC77). A float block of stibnite-rich quartz veining assayed 1.98 gpt Au. The Stibnite Boulder area is located at the southwest corner of the district-scale dilation zone discussed previously but has seen little exploration work. The structural intersections at the corners of the dilation zone mark areas of stronger, broader mineralization and are key exploration targets; the other corners being the Colorado, Stibnite and South Pit areas.

Canarc continues to be encouraged by the positive results from the surface sampling and mapping program which confirm the presence of numerous high-grade mineralized zones across the property. These positive results and results from the past and present drilling programs will be analyzed to define future exploration drilling targets on the property.

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