Ms. Akiko Levinson reports

IRVING RESOURCES DISCOVERS NEW, BURIED HOT SPRING SYSTEM AT OMUI MINE SITE, OMU AU-AG VEIN PROJECT, HOKKAIDO, JAPAN

Irving Resources Inc. has discovered a new, buried hot spring system immediately beneath areas previously targeted with shallow drilling at the Omui mine site, part of Irving's 100-per-cent-controlled Omu gold-silver vein project in Hokkaido, Japan. Also, the company completed one diamond drill hole at Hokuryu, also part of the Omu gold-silver vein project with at least one notable vein intercept.

Summary of new discovery at Omui mine site and implications for exploration potential

Hole 21OMI-002, the second diamond drill hole of a two-hole follow-up drill program recently completed by Irving has encountered an approximately 100-metre-long intercept of beds of siliceous hot spring sinter interbedded with various clastic rocks at a depth of approximately 200 vertical metres beneath the historic Honpi mine area.

Textures of silica sinter include fossil algae, a common occurrence in terrestrial hot spring sinter deposits. Sulphide mineralization is abundant in select bands of sinter, suggesting this older system has potential to be associated with precious metal mineralization.

The presence of this new sinter horizon suggests the presence of an older, extensive hot spring system buried underneath Honpi. This raises the exciting possibility that the feeder for this sinter may lie at deeper levels below Honpi. Hole 19OMI-010, a deep hole drilled by Irving in 2019, encountered numerous deep high-grade vein intercepts that might be part of the feeder system for this lower hot spring deposit.

Further evidence for potential high-grade mineralization at depth comes from fragments of dark banded silica found in some Honpi vein samples. Such dark silica fragments sometimes bear abundant fine particles of electrum, a natural gold-silver alloy and silver sulphosalt minerals. The source of these fragments is believed to be somewhere below Honpi, but, until now, a viable source could not be rationalized. It is possible that these fragments were ripped up from the lower hot spring system by hydrothermal activity and carried upward into the Honpi vein, where they were incorporated into later quartz veining.

Other notable epithermal deposits are buried, or blind, including the Fruta del Norte (FDN) deposit in Ecuador. The sinter cap of the FDN system was discovered under approximately 200 metres of postmineral cover and the deposit occurs immediately beneath the sinter.

Because of the very important nature of this discovery, Irving is currently working on plans to conduct follow-up drilling around Honpi at Omui beginning in February, 2022.

"The discovery of a new, older hot spring system beneath Honpi raises exciting possibilities," commented Quinton Hennigh, technical adviser and director of Irving. "We appear to have an entirely new level to test. Hole 19OMI-010 encountered multiple high-grade veins at depth, ones that are somewhat distinct from those encountered at shallow levels around Honpi. Until now, we have been challenged to understand this dichotomy. We have also been challenged to point to the source of gold- and silver-rich fragments of silica found trapped in Honpi vein material. It could be the answer is right below our feet. Because this is an exceptionally important target, we are making plans for follow-up drilling at Omui beginning in February of next year. We are very excited what might be discovered."

Summary of diamond drilling at Hokuryu

One diamond drill hole, 21HKR-001, was completed to a depth of 294.7 metres at Irving's Hokuryu vein target during October. Drilling of additional holes was postponed due to inclement weather.

In a position approximately 50 metres west of historic Hokuryu mine workings, hole 21HKR-001 encountered a narrow intercept of banded epithermal vein displaying giguro bands. Veins mined at Hokuryu were reportedly narrow but very high grade. Assays from 21HKR-001 will be announced upon receipt.

Depending on results, Irving may elect to extend hole 21HKR-001. The remaining two holes of the Hokuryu phase 1 drill program will be completed in 2022.

Dr. 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.

About Irving Resources Inc.

Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, a joint exploration agreement with Japan Oil, Gas and Metals National Corp. (JOGMEC). JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base metals, precious metals and rare metals.

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