CANAGOLD RES LTD - CRCUF STOCK NEWS

Canagold Resources Ltd. held its Annual General Meeting on June 21, 2021, where shareholders approved all business items, including the re-election of five directors. Notable voting results include Bradford Cooke receiving 99.67% approval. The board will remain at five directors, and Smythe LLP was re-appointed as auditors. Additionally, the company granted 3,600,000 stock options to enhance value creation among management and employees, set at an exercise price of CAD$0.50 for five years.

Canagold Resources Ltd. has commenced a 24,000 meter diamond drill program at its New Polaris Gold project in British Columbia. Mobilizing two diamond drills, the program will include 47 holes to upgrade Inferred Resources to Indicated Resources, essential for future feasibility studies. The 2019 Preliminary Economic Assessment (PEA) reported Indicated Resources of 586,000 ozs gold. At a gold price of US$1500 per oz, the after-tax NPV (5%) stands at US$333 million with a 1.9 year pay-back period. The project covers 850 hectares and aims for significant resource expansion.

Canagold Resources Ltd. (OTCQB:CRCUF) has announced progress on its three optioned gold properties as of April 20, 2021. The Fondaway Canyon property in Nevada is set for a 4,000-meter drill program by Getchell Gold Corp., which has already invested US$400,000 of its commitment. In Idaho, Ophir Gold Corp. will start a 3,200-meter program, with plans for CAD$2 million in exploration. Damara Gold Corp. is moving forward on the Princeton property, issuing Canagold shares as part of its agreement. Canagold is also advancing its New Polaris gold mine project and seeking partners for additional properties.

Canagold Resources Ltd. (OTCQB:CRCUF) announced significant results from Getchell Gold Corp.'s diamond drill program at the Fondaway Canyon Gold Project in Nevada. The final three holes demonstrated broad zones of gold mineralization, extending previously defined reserves. Notable findings include 1.8 g/t Au over 90.0m and 8.6 g/t Au over 9.8m. Getchell has an option to acquire a 100% interest in Fondaway Canyon through cash payments and share issuances, while Canagold retains a 2% NSR.

Canagold Resources announced that Getchell Gold Corp. has completed first-year expenditure commitments, leading to the approval of the 1st Anniversary payment for the Fondaway Canyon Gold Project in Nevada. Canagold will receive a cash payment of US$100,000 and US$200,000 in shares of Getchell before January 7, 2021. Fondaway Canyon has a historic resource and has undergone multiple exploratory campaigns. However, assay results from a recent drilling program are pending due to laboratory backlogs stemming from COVID-19 related staffing shortages.

Canarc Resource Corp. has received approval from the Toronto Stock Exchange (TSX) for a name change to Canagold Resources Ltd. and a share consolidation, where one post-consolidation share will replace every five pre-consolidation shares. The consolidation reduces common shares from approximately 350 million to about 70 million. Trading under the new name starts on December 8, 2020, with adjustments made to outstanding convertible securities. The company aims to enhance shareholder value through its Canadian gold projects and potential monetization in Nevada.

Canarc Resource Corp. (OTCQB: CRCUF) has secured a multi-year exploration permit for its New Polaris Gold Mine project in British Columbia, enabling the company to advance towards a feasibility study. Initial site preparations have been completed for environmental studies and drilling. The project, which has over 1 million ounces of gold resources, has an after-tax NPV (5%) of US$333 million at a gold price of US$1500 per ounce. The camp can accommodate a 20-person crew and a comprehensive environmental baseline study is underway.

Canarc Resource Corp. (OTCQB: CRCUF) has announced the termination of its option agreement with Silver Range Resources after disappointing results from its reverse circulation drilling program at the Hard Cash property in Nunavut, Canada. The recently completed drilling, which involved seven holes over 1,019 meters, found only narrow, low-grade gold intervals, failing to confirm a significant orogenic gold discovery. The results suggest an alternative ore model rather than a viable gold deposit. Canarc had anticipated better outcomes to justify further exploration.

Canarc Resource Corp. has successfully closed the first tranche of its private placement, securing CAD$3.2 million through the issuance of 40 million units at CAD$0.08 per unit. Each unit comprises one common share and half a share purchase warrant, exercisable at CAD$0.13 for a period of 24 months. The funds will be utilized for exploration of Canarc's gold projects and to enhance its working capital. The securities issued are subject to a hold period ending on February 8, 2021, and the private placement awaits approval from the Toronto Stock Exchange.