Ms. Akiko Levinson reports

IRVING RESOURCES SAMPLES HIGH-GRADES AT ITS OMUI GOLD-SILVER PROJECT, HOKKAIDO, JAPAN

Irving Resources Inc. has received high-grade assays from surface samples recently collected at its newly acquired, 100-per-cent-controlled Omui gold-silver project, Hokkaido, Japan. As detailed in a news release dated Oct. 17, 2016, reconnaissance sampling focused on areas around the historic Omui and Hokuryu mines where high-grade epithermal Au-Ag veins were exploited prior to World War II. Irving staff with assistance from personnel from Mitsui Mineral Development Engineering Co. Ltd. (Mindeco) collected 130 rock chip samples.

At the Honpi (Main vein in English) occurrence, rock chip samples collected from float boulders of vein material returned exceptional assays including 480 grams per tonne gold (Au) and 9,660 g/t silver (Ag), 143.5 g/t Au and 2,090 g/t Ag, 67.6 g/t Au and 1,060 g/t Ag, 55.6 g/t Au and 290 g/t Ag, and 48.2 g/t Au and 1,030 g/t Ag. A further 14 samples assayed greater than 10 g/t Au and 13 samples assayed greater than 200 g/t Ag.

Many high-grade samples originate from areas north of the Main vein. The Main vein is an east-west-trending epithermal quartz vein that was exploited during the 1920s by a 70-metre-deep shaft and four working levels including several stopes, now collapsed to surface. Approximately 0.4 tonne of Au and nine tonnes of Ag were mined at Omui during that time. Irving believes the boulders it sampled originate from subcropping veins that were neither recognized nor exploited during that early period of mining. Further work including drilling is needed to evaluate this possibility.

At Nanko, approximately one km south of Honpi, Irving collected float and subcrop samples of siliceous material thought to be sinter, a hard material deposited from hydrothermal fluids in shallow hot spring pools. Sinter typically contains low-level gold whereas fractures, or feeders, below hot springs can host high-grade gold, deposited there by boiling fluids. Most samples of sinter from Nanko are anomalous in Au up to one g/t. Two samples of breccia contain notable high grades, 29.6 g/t Au and 73.8 g/t Ag, and 21.2 g/t Au and 154 g/t Ag, respectively. These high-grade samples appear to originate from subcropping feeder structures that may indicate the presence of high grades at depth. Further work including drilling is needed to test this potential.

Four select samples of vein material collected from a mine dump adjacent to the uppermost workings of the Hokuryu mine returned 58.9 g/t Au and 495 g/t Ag, 51.4 g/t Au and 637 g/t Ag, 37.0 g/t Au and 378 g/t Ag, and 22.8 g/t Au and 321 g/t Ag. Another two select samples of vein material from the main Hokuryu mine dump assayed 31.4 g/t Au and 201 g/t Ag, and 11.4 g/t Au and 38.2 g/t Ag. One sample of silicified and pyritized rhyolite wallrock taken from the main dump assayed 2.2 g/t Au and 245 g/t Ag.

The Hokuryu mine produced approximately 2.8 tonnes Au and 11.5 tonnes Ag prior to 1943 when it was abruptly closed due to the Gold Mine Closure Act near the end of World War II. Irving thinks exploration potential around Hokuryu is very good, particularly along a major northeast-trending graben-bounding fault that extends about 12 km to the coast. Irving has recently discovered new, extensive sinter deposits along this structure. Such sinter indicates this fault was a focus for hydrothermal activity.

High-grade samples from Omui and Hokuryu predominantly comprise silica with less than 100 parts per million arsenic (As) and antimony (Sb) and less than 0.02 per cent sulphur (S). Because of the clean, high-silica nature of this material, it could potentially be used as smelter flux in many of the base metal smelters throughout Japan. In smelters, recovery of precious metals occurs during the smelting and refining process. As an example, Sumitomo Metal Mining Co. Ltd. treats ores from its high-grade Hishikari epithermal vein deposit by utilizing them as smelter flux in its copper smelter. Irving is focused on identifying similar high-silica, high-grade epithermal vein deposits in Japan.

All samples discussed in this news release are spot samples taken from boulders of float, subcropping rock, or historic mining dumps. They are not necessarily representative. Irving submitted rock samples to ALS Laboratory, Vancouver, B.C., for analysis. Au and Ag were analyzed by fire assay with gravimetric finish. Multielements were analyzed by mass spectrometry following three-acid digestion.

Quinton Hennigh (PhD, PGeo) is the qualified person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical adviser and director of Irving Resources Inc.

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