Irving Resources Reports Grant of Option to JX Advanced Metals Corporation

Rhea-AI Summary

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.

Positive

• Strategic partnership with major metals JX Metals
• Potential C$2.85M investment in exploration over three years
• Irving maintains operational control as project operator

Negative

• Dilution of ownership interest up to 75% in key property areas
• depth coverage in the agreement (50-60 meters below surface)

VANCOUVER, BC / ACCESSWIRE / November 13, 2024 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) ("Irving" or the "Company") is pleased to announce that, further to its news release of February 29, 2024, it has entered into an agreement (the "Option Agreement") with JX Advanced Metals Corporation ("JX Metals") whereby JX Metals may earn an interest in certain of Irving's properties in Omu, Hokkaido, Japan, focusing on precious metal-bearing silica deposits.

Under the Option Agreement, JX Metals may earn a 75% interest at Omu Sinter Pit (1.962 square kilometres) to a depth of approximately 50 metres below surface and may earn up to a 75% interest at Omuisenbu (0.127 square kilometres) to a depth of approximately 60 metres below surface (collectively, the "Option"), as shown in Figure 1. In order to exercise the Option, JX Metals must incur at least 300,000,000 yen (approximately C$2,850,000) in exploration and property related expenditures over three years, subject to extension in the event of certain circumstances.

Irving will be the operator under the Option Agreement.

JX Metals conducts global business operations in the area of nonferrous metals, focusing primarily on copper and minor metals. These operations cover the full range from resource development, and smelting and refining, to the development and manufacture of advanced materials essential to societies in which the IoT and AI are progressing. The JX Group's operations also encompass recycling from end-of-life electronic equipment and devices. Additional information can be found on JX Metals' website: https://www.jx-nmm.com/english/.

"We are delighted with JX Metals' commitment to our Omu project," commented Ms. Akiko Levinson, a director of Irving and its president and chief executive officer. "When we first acquired the Omu project in 2016, we did so based upon our business model of developing high-silica deposits suitable for use as smelter flux in the expansive Japanese base metal smelting industry. At Omu, we have identified several precious metal-bearing silica deposits including the large, shallow body of hot spring silica at Omu Sinter. We have also identified numerous precious metal-rich high-silica veins at Omui, Hokuryu and Omu Sinter. Our vision is to develop such deposits into a long-lived source of smelter flux, and JX Metals shares our goal. Although Irving plans to continue to explore at Omu on its own especially at depth, we see this collaboration with JX Metals as the start of an important relationship and our Omu project potentially becoming the newest source of precious metals-rich silica flux in Japan."

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

Figure 1: Map of Omu Sinter Pit and Omuisenbu.

SOURCE: Irving Resources Inc

View the original press release on accesswire.com

FAQ

What is the ownership percentage JX Metals can earn in Irving Resources (IRVRF) Omu properties?

JX Metals can earn up to a 75% interest in specific areas of the Omu Sinter Pit and Omuisenbu properties.

How much must JX Metals invest to exercise their option with Irving Resources (IRVRF)?

JX Metals must invest 300,000,000 yen (approximately C$2,850,000) in exploration and property-related expenditures over three years.

What is the depth limitation for JX Metals' option in Irving Resources' (IRVRF) Omu properties?

The depth limitation is approximately 50 metres below surface at Omu Sinter Pit and 60 metres below surface at Omuisenbu.