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Irving Resources Inc
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Close 2023-06-05 C$ 0.80
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Irving Resources drills 56.95 m of 0.65 g/t Au at Omu

2023-06-06 13:02 ET - News Release

Ms. Akiko Levinson reports


Irving Resources Inc. has released high-grade assays from three drilled diamond drill holes recently completed at Omui, part of its 100-per-cent-controlled Omu gold-silver vein project, Hokkaido, Japan.

New high-grade veins encountered at Nanko

Hole 22OMI-003, drilled from north to south at an inclination of minus 60 degrees to test a deep-rooted vertical resistivity anomaly, encountered two high-grade veins. The first, 13.87 grams per tonne Au and 121.74 g/t Ag (15.43 g/t gold equivalent (AuEq)) over 1.67 metres, started at a down-hole depth of 378.91 m, and the second, 8.49 g/t Au and 270 g/t Ag (11.95 g/t AuEq) over 0.57 m, started at 490.20 m. These intercepts, the two deepest yet encountered at the Nanko target, clearly demonstrate that high-grade veins extend in excess of 400 m, providing very encouraging confirmation that Omui is a deep-rooted vein system. Estimated true width of these veins is estimated at 50 to 70 per cent of down-hole width.

Both veins display banded quartz with traces of ginguro, or silver sulphosalts. In 2020, similar banded veins were encountered much closer to surface in hole 20OMI-003 positioned above hole 22OMI-003. This included a 14.24 m wide intercept grading 4.47 g/t AuEq. The two new veins in 22OMI-003 do not appear to be connected to the much shallower vein in hole 20OMI-003, but may represent hangingwall splays off of this very large vein. More drilling is needed to evaluate this possibility.

Deep test at Honpi

As a follow-up test of the deep hydrothermal system discovered by drill hole 21OMI-002 completed in late 2021 at Honpi (please refer to the company's press release dated March 2, 2022), Irving drilled 23OMI-001, a south-oriented hole inclined at minus 75 degrees, to crosscut this older hole. As described in the company's news release dated March 6, 2023, hole 23OMI-001 encountered silica sinter at about 120 m followed by an extensive interval of quartz stockwork veining. The silica sinter interval persisted for 14.40 m and grades 0.58 g/t Au and 15.85 g/t Ag (0.79 g/t AuEq), very strong values for this type of material. Underneath the sinter, nearly 57 m of stockwork quartz veining grading 0.65 g/t Au and 7.09 g/t Ag (0.74 g/t AuEq) was encountered. Based on these results, the company believes the position of 23OMI-001 is peripheral to the main feeder zone at Honpi.

West Honpi extension

In order to test the depth extension of West Honpi, Irving drilled hole 23OMI-002, a north-oriented hole inclined at minus 50 degrees. West Honpi extension was encountered at the top of hole 21OMI-002 which encountered 9.88 g/t AuEq over 9.90 m (please refer to the company's press release dated March 2, 2022). Hole 23OMI-002 encountered West Honpi extension approximately 70 m vertically beneath surface. This intercept includes 5.80 g/t Au and 13.80 g/t Ag (5.98 g/t AuEq) over two m within 1.91 g/t Au and 13.89 g/t Ag (2.08 g/t AuEq) over 10 m. Given the high quartz content of this interval, it is believed to be suitable for smelter flux material. True width is estimated at about 60 per cent of down-hole width.

Omu sinter drilling

In March and April, 2023, Irving completed a series of nine diamond drill holes at Omu sinter to evaluate the potential for a shallow, gold- and silver-bearing silica body suitable for smelter flux material. The target area is capable of hosting several million tonnes of such material. Assays from these holes are currently awaited.

Hokuryu drilling resumes

In mid-May, 2023, Irving commenced diamond drilling at the Hokuryu historic mine site. Two holes are planned for completion here over the coming few weeks. Both holes are designed to test deep-rooted vertical resistive features observed in CSAMT (controlled-source audio-magnetotelluric) data. Previous drilling of such features has yielded discovery of multiple new veins at Hokuryu (please refer to the company's press release dated March 6, 2023).

"We are happy to be back drilling steady at Omu," commented Dr. Quinton Hennigh, technical adviser and a director of Irving. "We are now on our 13th hole of 2023 and have many more planned through the end of the year. Our most recent assays from Nanko confirm the presence of deep-rooted high-grade veins here. While we have not yet hit the high-grade feeder underlying the Honpi area, we think we are vectoring in on it and have plans for further follow-up drilling for later this year."

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 78. 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, thorough review of photographs of core prior to and after sawing and sampling, and analytical, thorough review of standard and blank analyses.

About Irving Resources Inc.

Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp.

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