Irving Res - IRVRF STOCK NEWS

Irving Resources (IRVRF) has provided an update on its East Yamagano JV project in Kyushu, Japan. The company completed its second diamond drill hole (24SY-001) at 702.5m depth in Q3 2024, located 950m east of historic Yamagano mine workings. While this hole encountered silicification and argilization with low-grade gold (highest 2.19 gpt Au over 0.6m), it didn't match the high-grade results of the first hole (23SY-001).

A third hole (24SY-002) is currently in progress at 300m depth, located 100m east of 23SY-001, with extensive quartz veins and vein breccias observed from 180m depth. The company plans to reach approximately 500m depth and drill at least two additional holes by mid-2025. The joint venture between Newmont (60%), Sumitomo (12.5%), and Irving (27.5%) is pursuing permits for six more potential drill holes.

Irving Resources has signed an Option Agreement with JX Advanced Metals , allowing JX Metals to earn up to a 75% interest in specific properties at Omu, Hokkaido, Japan. The agreement focuses on precious metal-bearing silica deposits at Omu Sinter Pit and Omuisenbu. To exercise the option, JX Metals must invest at least 300,000,000 yen (approximately C$2,850,000) in exploration and property-related expenditures over three years. Irving will serve as the operator under this agreement, which aligns with their vision to develop high-silica deposits suitable for use as smelter flux in Japan's base metal smelting industry.

Irving Resources Inc. has announced the formation of a joint venture with Newmont Overseas Exploration and Sumitomo for the Yamagano and Noto properties. The initial interests are Newmont 60%, Irving 27.5%, and Sumitomo 12.5%. Irving will initially manage the joint venture, with Newmont having the right to assume management at any time.

Dr. Quinton Hennigh, director and geologic advisor to Irving, highlighted the potential for discovering large epithermal gold deposits in Japan. The Yamagano mining district, consolidated by Irving with support from Newmont and Sumitomo, is close to Sumitomo Metal Mining's Hishikari gold mine, one of the largest high-grade epithermal vein deposits globally. Technical work suggests similar geological characteristics between Yamagano and Hishikari. Irving has already confirmed high-grade veins outside historic mining areas in its first drill hole and has completed a second diamond drill hole at East Yamagano, with plans for a third hole underway.

Irving Resources held its annual general meeting of shareholders on August 21, 2024, in Vancouver, British Columbia. The meeting resulted in two key outcomes:

1. Re-election of directors: All incumbent directors, including Akiko Levinson, Quinton Hennigh, Douglas Buchanan, Kevin Box, and Haruo Harada, were re-elected for the coming year.

2. Re-appointment of auditor: Davidson & Company LLP, the incumbent auditor, was re-appointed as Irving's auditor.

The company, trading under the symbols CSE:IRV and OTCQX:IRVRF, successfully completed its AGM, ensuring continuity in its leadership and financial oversight.

Irving Resources has successfully closed its oversubscribed non-brokered private placement, as previously announced on June 14, 2024. The company issued 2,740,000 units at a price of $0.40 per unit, raising gross proceeds of $1,096,000. Each unit consists of one common share and one-half of one transferable share purchase warrant. Each whole warrant allows the holder to purchase an additional share at $0.55 over the next three years. All securities from the placement are subject to a hold period expiring on October 26, 2024. Finder's fees totaling $3,600 were paid for some of the subscriptions. Irving filed the material change report less than 21 days before closing as it was deemed prudent to complete the placement promptly.

Irving Resources announced a non-brokered private placement to raise up to $1 million, issuing units at $0.40 each. Each unit includes one common share and one-half of a transferable share purchase warrant. Each whole warrant allows the purchase of an additional share at $0.55, valid for three years. Proceeds will fund resource exploration and general working capital. Cash finder's fees may be incurred. This move aims to bolster financial resources for ongoing exploration activities.

Irving Resources has finalized a non-binding term sheet for a joint venture with Newmont and Sumitomo over the Yamagano and Noto properties. The agreement, stemming from discussions initiated in January 2024, outlines the creation of a joint venture company to manage these mining projects. Ownership stakes will be divided as follows: Newmont 60%, Irving 27.5%, and Sumitomo 12.5%. Irving will initially manage the joint venture, which includes an initial diamond drilling exploration program.

Irving Resources Inc. announced high-grade gold mineralization in its first drill hole at the East Yamagano Project in Japan, with promising results indicating potential vein extensions. Additionally, the company received further results from the Omu Project.