Irving Resources Updates Exploration at Omu and Alliance Projects
VANCOUVER, May 17, 2021 - Irving Resources Inc. (CSE:IRV; OTCQX: IRVRF) ("Irving" or the "Company") is pleased to provide an update of exploration work at its 100% controlled Omu epithermal gold-silver vein project, Hokkaido as well as its Newmont alliance projects elsewhere in Japan.
Summary of Work at Omu Epithermal Gold-Silver Vein Project
Since initiating its 2021 diamond drilling program beginning in March, Irving has completed three diamond drill holes, 21OMS-001, 21OMS-002 and 21OMS-003, at Omu Sinter target. A fourth hole, 21OMS-004, is currently in progress and nearing its targeted depth. Holes 21OMS-001 and 21OMS-003 tested two new zones of high resistivity, the first to the west and the second to the east of the main N-S-trending mineralized/resistive trend, the subject of drilling the past two seasons. Variably hydrothermally altered rocks were encountered in each hole. Holes 21OMS-002 and 21OMS-004, currently being drilled, test southern extensions of the Omu Sinter target. Both of these holes have encountered significant lengths of strongly hydrothermally altered and variably silicified and veined volcanic rocks. Core samples for the first three holes are at the laboratory in Vancouver, and results are expected within the next few weeks. Core samples from the fourth hole will be shipped upon completion of drilling, logging and splitting.
The vast majority of holes Irving has completed along the main mineralized trend at Omu Sinter have delivered significant gold-silver vein intercepts. The current strike length of this mineralized system currently stands at approximately 1.2 km, and it remains open to the north and south.
Upon completion of hole 21OMS-004, drill crews, who have been operating for over three months without a break, will return to Canada. The drill will be mobilized to Omui Mine Site, and drilling is expected to resume mid-year once drill crews return. Once started, the Omui Mine Site drill program is expected to continue through the remainder of 2021.
Irving plans to conduct a maiden diamond drill test at the Hokuryu vein target beginning mid-year. To undertake this program, the Company is actively working toward sourcing a second "in-country" drill contractor. Drill permits are also being sought. A total of three diamond drill holes are planned on three highest priority targets at this very large epithermal vein system.
Summary of Work on Newmont Alliance Projects
To follow up robust stream sediment anomalies encountered on recently staked areas of the Noto Peninsula, Honshu (please refer to the Company's news release dated March 12, 2021 for more information), Irving has recently conducted more expansive, as well as infill, sampling. It is expected that results from this program will expand areas of mineralization and help discern highest priority exploration targets. Samples are currently being processed in preparation for shipping to North America for analysis.
Irving recently completed a detailed gravity survey across its Yamagano project, in Kyushu. (Figure 1) This work was undertaken by JX Nippon Exploration and Development Co., Ltd., a subsidiary of JX Nippon Mining & Metals Corporation. Irving values its strong relations with many Japanese mining houses and welcomes JX Metals Group as a new close associate of the Company.
Results from the gravity survey are one key data set of three required to aid determination of drill targets. A second critical geophysical data set, magnetics, will soon be collected by drone by long-term Irving contractor, Mitusi Mineral Development Engineering Co., Ltd. (MINDECO). Collection of the third important data set, controlled-source audio-magnetotellurics (CSAMT), has been delayed due to inability to obtain visas for foreign crews to enter Japan due to COVID-19. As soon as the restrictions are eased, visas will be sought so that this program can proceed.
Quinton Hennigh (Ph.D., P.Geo.) 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 advisor and director of Irving Resources Inc.
About Irving Resources Inc.:
Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, a Project Venture Agreement with Japan Oil, Gas and Metals National Corporation (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.
Additional information can be found on the Company's website: www.IRVresources.com.
Akiko Levinson,
President, CEO & Director
Forward-looking information
Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation including, without limitation, statements as to the timing of receipt of the results of drill samples and planned exploration activities. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource exploration industry, the availability to Irving of sufficient cash to fund any planned drilling and other exploration activities, as well as the performance of services by third parties.
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/04cbed04-a035-48ad-9fd3-16b5c63f993c
For further information, please contact: Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209 info@IRVresources.com
