Irving Resources Defines a Robust Silica-Rich Gold - and Silver-Bearing Sinter Deposit at Omu, Hokkaido, Japan

Rhea-AI Summary

Irving Resources announces a robust deposit of silica with appreciable gold and silver in Japan. The deposit starts at the surface and is open to the north. Silica thicknesses range up to 54.5m with gold values between 0.54-1.04 gpt and silver between 6-32 gpt. Silica contents are commonly above 95%, making it exceptional quality for smelter flux. The company believes this deposit could underpin a case for a mining license. Silica-rich rock used for smelter flux has commercial value of a few tens of dollars per tonne. Omu Sinter has ideal characteristics for smelter flux and is a potential important future source.

Positive

• Robust deposit of silica with appreciable gold and silver
• Silica thicknesses up to 54.5m
• Silica contents commonly above 95%
• Potential for a mining license
• Commercial value of a few tens of dollars per tonne

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / August 24, 2023 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) ("Irving" or the "Company") is pleased to announce that recent drilling at the Omu Sinter target, part of its 100% controlled Omu Au-Ag Project, Hokkaido, Japan, has defined a robust deposit of silica with appreciable gold and silver. Irving's business model is to find precious metal-bearing, silica-rich rock suitable for use as smelter flux. It believes the newly defined hot spring sinter deposit is significant, especially given that this material starts at surface and is therefore easily accessible.

Figure 1 shows the footprint of the approximately 200m wide and 400m long silica sinter deposit. This terrace of silica starts at surface and is open to the north. Cross sections showing gold equivalent and silica results from drill holes are presented in figures 2-5. Silica thicknesses range from a few meters up to 54.5m. Gold values in reported intervals range between 0.54-1.04 gpt, and silver, between 6-32 gpt. Gold equivalency ranges between 0.78-1.21gpt. Silica contents are high, commonly above 95%, making this exceptional quality for smelter flux. Deleterious elements including arsenic, antimony and mercury, are generally low also making this material attractive.

Importantly, by drilling this robust precious metal-bearing silica sinter deposit, the Company is confident it can underpin a justifiable case to convert the prospecting license at Omu Sinter to a mining license, a critical step to maintaining long term tenure over the property. Internal study of these results is progressing rapidly with the goal of establishing such a case by early next year.

Silica-rich rock utilized for smelter flux has commercial value on the order of a few tens of dollars per tonne. With payable precious metals, paid in the range of 90-95%, significant value is added to this material. A robust precious metal-bearing silica deposit in Japan is viewed as having strategic value given the numerous smelters active in the country. Irving takes the view that Omu Sinter has ideal characteristics for smelter flux and is a potential important future source of such material.

"We are very pleased to see such continuity in grade and silica content at Omu Sinter," commented Dr. Quinton Hennigh, technical advisor and a director of Irving. "With low deleterious elements, this material has the potential to be an important source of smelter flux. The current footprint of the silca body is approximately 200x400m and its average thickness is approximately 20m indicating we have a deposit of over one million cubic meters all immediately below surface. Given our drilling from a few years ago that demonstrates there is an underlying high-grade vein system beneath this silica, Omu Sinter is shaping up to be a potentially important advanced-stage smelter flux deposit that could be of strategic importance to a smelter in Japan."

Significant Assays from Omu Sinter Drilling:

Hole	From (m)	To (m)	Length (m)	Gold (gpt)	Silver (gpt)	Gold Eq (gpt)	Silica (%)	Arsenic (ppm)	Mercury (ppm)	Antimony (ppm)
19OMS-008	5.70	8.70	3.00	0.88	14.21	1.06	97.97	8.27	0.86	262.67
	19.50	21.90	2.40	0.71	6.84	0.80	95.86	85.88	2.60	259.68
20OMS-002	5.40	30.27	24.87	0.73	18.94	0.97	94.00	28.69	3.51	67.80
including	8.60	28.30	19.70	0.82	20.81	1.09	93.96	33.10	2.71	55.97
	33.60	36.73	3.13	0.73	6.73	0.82	97.92	7.66	3.05	317.02
	50.70	55.20	4.50	0.76	11.48	0.91	97.40	10.02	14.13	160.97
21OMS-004	4.90	59.40	54.50	0.54	21.62	0.82	91.74	27.17	2.68	84.87
including	19.95	40.61	20.66	0.69	32.34	1.10	95.92	28.51	3.02	138.46
23OMS-001	0.59	38.00	37.41	0.66	10.02	0.79	97.98	22.84	4.42	106.27
including	8.50	25.55	17.05	0.96	11.82	1.11	98.22	17.87	6.47	109.63
23OMS-004	4.10	6.85	2.75	0.66	14.38	0.84	96.28	27.82	1.30	80.17
23OMS-005	0.40	30.90	30.50	0.63	12.45	0.79	93.46	293.01	5.90	142.98
including	7.00	18.80	11.80	0.91	21.93	1.19	87.25	658.75	8.45	184.72
23OMS-006	12.50	45.50	33.00	0.59	14.49	0.78	92.55	155.68	13.45	156.02
including	14.00	27.19	13.19	0.92	20.15	1.18	93.97	166.58	18.75	154.20
23OMS-007	7.50	13.71	6.21	0.72	9.88	0.85	83.77	310.60	41.78	283.41
	20.80	41.00	20.20	0.63	16.10	0.84	96.47	63.31	8.01	106.23
23OMS-008	16.06	42.90	26.84	0.69	14.00	0.87	94.53	79.35	9.58	143.87
including	18.50	39.00	20.50	0.79	16.01	1.00	94.37	72.80	8.63	138.59
23OMS-009	4.90	16.00	11.10	0.88	13.88	1.06	96.37	76.43	13.78	86.20
	24.00	28.00	4.00	1.04	13.47	1.21	94.93	67.75	6.83	125.55

Au eq = Au + (Ag/78); Ag eq = Ag + (Au x 78); recovery of both Au and Ag is expected to be +95% as smelter flux

Drill Collar Data:

HoleID	Grid	CoordsOrigX	CoordsOrigY	Elev	DepthActual
19OMS-008	WGS84-54N	651770.343	4941911.536	33.76	539
20OMS-002	WGS84-54N	651801.624	4941716.973	34.03	373.5
21OMS-004	WGS84-54N	651798.988	4941715.937	33.502	324
23OMS-001	WGS84-54N	651750.638	4941813.149	35.722	60.3
23OMS-004	WGS84-54N	651759.192	4941858.119	35.274	40.8
23OMS-005	WGS84-54N	651711.406	4941871.122	35.885	56.4
23OMS-006	WGS84-54N	651694.661	4941729.34	22.919	57.5
23OMS-007	WGS84-54N	651727.493	4941666.135	28.855	72.5
23OMS-008	WGS84-54N	651735.202	4941714.464	29.575	60.8
23OMS-009	WGS84-54N	651743.986	4941763.923	32.721	57.5

All drill holes were drilled at a steep inclinations and encountered the sinter unit at nearly orthogonal orientation. Therefore, drill intercepts are considered to be very close to true widths. All samples discussed in this news release are ½ split sawn diamond core samples. Irving submitted samples to ALS Global, Vancouver, Canada, for analysis. Au and Ag were analyzed by fire assay with AA finish. Overlimit samples were assayed by fire assay with gravimetric finish. Multi elements 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 (gpt) to Ag (gpt)/78. Results referred to in this news release are not necessarily representative of mineralization throughout Hokuryu.

Quinton Hennigh (Ph.D., P.Geo.) 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 advisor and a director of Irving Resources Inc. 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 resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp.

Additional information can be found on the Company's website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:

Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209
info@IRVresources.com

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 planned exploration activities and that Irving feels confident it can underpin a justifiable case to convert the prospecting license at Omu Sinter to a mining license by early next year. 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, the possibility of a delay in delivery of Irving's newly purchased Zinex A-5 drill to the Omu project, 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.

(Figure 1: Plan view of Omu Sinter showing drill holes in red, the position of cross sections in black and the footprint of the silica sinter deposit in green.)

(Figure 2: Cross sectional view of section A-A' looking west showing gold equivalent grades in drill holes.)

(Figure 3: Cross sectional view of section A-A' looking west showing silica grades in percentage in drill holes.)

(Figure 4: Cross sectional view of section B-B' looking north showing silica grades in percentage in drill holes.)

(Figure 5: Cross sectional view of section B-B' looking north showing silica grades in percentage in drill holes.)

SOURCE: Irving Resources Inc

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