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Irving Resources Inc
Symbol IRV
Shares Issued 61,874,516
Close 2022-11-22 C$ 0.96
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Irving Resources drills 1.23 m of 6.45 g/t Au at Omu

2022-11-22 09:51 ET - News Release

Ms. Akiko Levinson reports

IRVING RESOURCES INTERSECTS MULTIPLE HIGH-GRADE AU-AG VEINS AT HOKURYU HISTORIC MINE SITE, OMU PROJECT, HOKKAIDO, JAPAN

Extended diamond drill hole 21HKR-001 completed at Hokuryu, part of Irving Resources Inc.'s 100-per-cent-controlled Omu gold-silver vein project, Hokkaido, Japan, has encountered multiple high-grade Au-Ag veins.

Summary of diamond drill results from Hokuryu historic mine site:

  • Highlighted vein intercepts from extended hole HKR-001 completed at Hokuryu include:
    • 3.12 grams per tonne Au and 469 g/t Ag (8.98 g/t gold equivalent) over 0.41 metre;
    • 4.27 g/t Au and 7.55 g/t Ag (4.36 g/t AuEq) over 1.67 m;
    • 6.45 g/t Au and 13.22 g/t Ag (6.62 g/t AuEq) over 1.23 m;
    • 4.07 g/t Au and 21.62 g/t Ag (4.34 g/t AuEq) over 0.91 m.
  • Hole 21HKR-001 was partially completed in late 2021, but was shut down before completion due to early winter conditions. The hole was re-entered and extended to a depth of 600 m in July and August, 2022.
  • Veins encountered in hole 21HKR-001 are thought to be extensions of the Hokuryu vein assemblage mined during a brief period from around 1928 until it was shut in 1943 due to the Gold Mine Closure Act near the end of the Second World War. Hokuryu mine, owned by Nihon Mining Company Ltd., produced approximately 2.8 tonnes Au and 11.5 tonnes Ag during its short life.
  • Importantly, the lowest vein intercepts encountered in 21HKR-001 lie nearly 200 m beneath historic mined areas, indicating considerable upside is present at depth.
  • Given the angles at which veins were intercepted in both holes, the company believes true vein widths are approximately 50 to 70 per cent of drill intercept widths.
  • Additional drilling has recently been completed at Hokuryu. Drilling has currently shifted to the Omui mine site at lower elevation where the company plans to drill the remainder of 2022 and again starting in late January, 2023.

Omu Au-Ag project 2023 drill program

Irving has recently purchased Rodren Drilling Ltd.'s EF-75 diamond drill and, together with the recently acquired Zinex A-5 drill, now has two drills capable of drilling at its Omu Au-Ag project, Hokkaido. Development of an in-house team of drillers has been hampered by delays in visa applications, but the company is in the process of contracting the services of three internationally based drillers that are able to start work in January following receipt of visas.

In 2023, Irving plans to drill at each of the three principal targets at Omu, Omui mine site, Hokuryu and Omu Sinter, as well as one new target, Maruyama, located a couple kilometres north of Hokuryu. The company believes drill rates in 2023 will exceed each of the past three years during the COVID pandemic. Targets to be drill tested in 2023 include:

  • Newly defined vein extensions at Omui mine site. Irving believes significant potential lies to the east of the Nanko vein assemblage (please see the company's new releases dated Feb. 9, 2021);
  • Offset drilling around recent high-grade vein intercepts at Omui mine site, particularly near the Honpi area (please see the company's news releases dated March 2, 2022, and July 7, 2022);
  • Additional drilling at Hokuryu oriented from south to north to more optimally intersect vein projections;
  • Follow-up drilling of veins and mineralized sinter at Omu Sinter (please see the company's news releases dated Nov. 5, 2019, April 21, 2020, and Aug. 3, 2021);
  • Inaugural drilling at Maruyama where an interpreted deep-rooted diatreme has recently been identified.

"The known Hokuryu vein assemblage appears to be underlain by significant vein extensions, a good sign this area has a lot more potential for expansion," commented Dr. Quinton Hennigh, technical adviser and a director of Irving. "We are pleased to see Hokuryu, our third target at the Omu project, deliver strong results similar to those at the other two, Omui mine site and Omu Sinter. We have three strong targets to follow up at Omu, and an exciting new one, Maruyama, to test with a maiden program and we are hopeful that drill production will accelerate significantly in 2023."

All samples discussed in this news release are one-half split sawn diamond core samples. Irving submitted samples to ALS Global, Vancouver, Canada, for analysis. Au and Ag were analyzed by fire assay with atomic absorption finish. Overlimit samples were assayed by fire assay with gravimetric finish. Multielements were analyzed by mass spectrometry following four-acid digestion. Irving routinely inserts standard and blank samples in assay batches submitted to the laboratory. Company staff are responsible for geologic logging and sampling of core. Au equivalent is calculated by adding Au (g/t) to Ag (g/t) divided by 80. Results referred to in this news release are not necessarily representative of mineralization throughout Hokuryu.

Dr. Hennigh (PhD, PGeo) is the qualified person pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical adviser and a director of Irving Resources and has verified the data disclosed, including sampling, through review of photographs of core prior to and after sawing and sampling, and analytical, through review of standard and blank analyses.

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, precious and rare metals.

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