Irving Resources Reports Formation of Yamagano and Noto Joint Venture

Rhea-AI Summary

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.

Positive

• Formation of joint venture with Newmont and Sumitomo for Yamagano and Noto properties
• Irving retains 27.5% interest in the joint venture
• Irving appointed as initial manager of the joint venture
• First drill hole confirmed high-grade veins outside historic mining areas
• Completion of second diamond drill hole at East Yamagano

Negative

• Irving's interest in the joint venture is minority at 27.5%
• Newmont has the right to assume management at any time, potentially reducing Irving's control

VANCOUVER, BC / ACCESSWIRE / October 17, 2024 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) ("Irving" or the "Company") is pleased to announce that, further to its news releases of June 6 and January 23, 2024, it has entered into an agreement with Newmont Overseas Exploration Limited ("Newmont"), a wholly-owned subsidiary of Newmont Corporation, and Sumitomo Corporation ("Sumitomo") in respect of the formation of a joint venture over the Yamagano and Noto properties. The initial interests of the parties in the joint venture are Newmont as to 60%, Irving as to 27.5% and Sumitomo as to 12.5%.

Irving will be the initial manager of the joint venture. Newmont has the right to assume the responsibilities of manager at any time.

"Irving entered Japan, because it views the potential for discovering large epithermal gold deposits to be very favorable", commented Dr. Quinton Hennigh, director and geologic advisor to Irving. "With support from Newmont and Sumitomo, Irving has been able to consolidate the historically important Yamagano mining district, site of one of the earliest large-scale high-grade veins deposits mined in the country. Yamagano is the closest mining district to Sumitomo Metal Mining's famous Hishikari gold mine, one of the largest high-grade epithermal vein deposits on earth. Technical work suggests similar geological characteristics are evident at Yamagano to those observed at Hishikari. While the targeted veins are blind at depth, our first drill hole has already confirmed the presence of high-grade veins well outside of areas underlain by historic mining activities. This is a project that will require successive deep drill holes to test for "Hishikari" type potential, but the prize could be substantial. Irving recently completed a second diamond drill hole at East Yamagano and is now mobilizing to drill its third hole."

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

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE

SOURCE: Irving Resources Inc.

View the original press release on accesswire.com

FAQ

What are the initial interests in the Yamagano and Noto joint venture for Irving Resources (IRVRF)?

Irving Resources (IRVRF) has a 27.5% initial interest in the Yamagano and Noto joint venture, with Newmont holding 60% and Sumitomo holding 12.5%.

Who is the initial manager of the Yamagano and Noto joint venture involving Irving Resources (IRVRF)?

Irving Resources (IRVRF) is the initial manager of the Yamagano and Noto joint venture, although Newmont has the right to assume management responsibilities at any time.

What geological similarities does the Yamagano project share with the Hishikari gold mine, according to Irving Resources (IRVRF)?

According to Irving Resources (IRVRF), technical work suggests that the Yamagano project shares similar geological characteristics with the Hishikari gold mine, which is one of the largest high-grade epithermal vein deposits in the world.

How many drill holes has Irving Resources (IRVRF) completed at the Yamagano project as of October 17, 2024?

As of October 17, 2024, Irving Resources (IRVRF) has completed two diamond drill holes at the Yamagano project and is mobilizing to drill its third hole.