Irving Resources Inc.
CSE : IRV
CSE : IRV.CN

December 15, 2016 09:00 ET

Irving Resources Expands its Land Position in Hokkaido, Japan

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 15, 2016) - Irving Resources Inc. (CSE:IRV)(CSE:IRV.CN) ("Irving" or the "Company") is pleased to announce that its wholly-owned subsidiary, Irving Resources Japan GK, has expanded its land position on the island of Hokkaido, Japan by filing 48 new mineral prospecting licenses (please refer to Figure 1). All 48 applications totaling 161.66 sq km have been accepted by the Ministry of Economy, Trade and Industry ("METI"), Hokkaido Bureau and a multi-step review now begins for the final approval. Mitsui Mineral Development Engineering Co., Ltd. ("MINDECO") is assisting the Company throughout the process.

Expansion of the Omui Gold-Silver Project

Of the 48 mineral prospecting licenses, 22 cover areas around Irving's Omui gold-silver project. Irving now holds 131.72 sq km in mineral prospecting licenses in addition to the 2.98 sq km Omui mining license it purchased earlier this year (please refer to Irving's news release dated September 29, 2016 for further details). The new mineral prospecting licenses cover a recently recognized major NE-trending graben-bounding fault that extends for 12 km from the historic Hokuryu gold-silver mine to the coast. Reconnaissance work by Irving has identified extensive siliceous sinter, a type of hot spring deposit, along this structure suggesting is was a major focus of hydrothermal activity.

Samples of newly discovered sinter carry up to 3.8 ppm Au, 14 ppm Ag, 490 ppm As (arsenic), 417 ppm Sb (antimony) and 12 ppm Se (selenium). Sinter commonly bears trace quantities of precious metals whereas high-grade gold and silver can be deposited along faults and fractures at depth. Given the presence of highly elevated gold and silver in sinter material, Irving believes there is good potential for discovering high-grade epithermal gold-silver veins at depth. Irving's recent discovery of high grade gold and silver veins at the nearby Omui mine supports this possibility (please refer to Irving's news release dated December 13, 2016 for further details). Irving plans extensive field work on this newly identified structural zone next year.

In addition to expanding its mineral rights, Irving Resources Japan GK recently purchased from an arm's length party 33 hectares (0.33 sq km) of surface rights covering a core area near the historic Omui mine for the purchase price of JPY14,500,000 cash (approximately CAD $165,000). Securing ownership of this key property puts Irving in a strong position to advance the Omui gold-silver project.

Utanobori Gold-Silver Project

Irving is pleased to announce it has filed 26 mineral prospecting licenses covering 88.14 sq km of the Utanobori mining centre. Utanobori is approximately 30 km northwest of the Omui gold-silver project. Geologically, Utanobori is similar to Omui, a classic volcanic rock-hosted epithermal vein system. Irving is particularly interested in a remote area near the town of Utanobori where historic surface samples taken from veins reportedly contain very high-grade silver and lesser gold. Irving geologists recently collected one vein sample from this area that carries 231 gpt Ag and 0.4 gpt Au. Irving plans follow up reconnaissance work including sampling in 2017.

Irving's Strategy

Irving is focused on identifying high-silica, high-grade epithermal vein mineralization that could potentially be suitable for use as smelter flux in the many operating base metals smelters across Japan. Recovery of precious metals occurs during the smelting and refining process. As an example, Sumitomo Metal Mining Co., Ltd. treats ores from its high grade Hishikari epithermal vein deposit by utilizing them as smelter flux in its copper smelter.

All samples discussed in this news release are "spot" samples taken from boulders of float or outcrop. They are not necessarily representative. Irving submitted rock samples to ALS Laboratory, Vancouver, BC, for analysis. Au and Ag were analyzed by fire assay with gravimetric finish. Multielements were analyzed by mass spectrometry following three acid digestion.

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 searching for opportunities in certain countries, including Japan. In addition to its Japanese precious metals projects, Irving holds, through a subsidiary, three Project Venture Agreements with JOGMEC for joint regional exploration programs in the United Republic of Tanzania, the Republic of Malawi and the Republic of Madagascar. 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 & Director

Forward-looking information

Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation. 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 as well as Irving having sufficient cash to fund any planned drilling and other exploration activities.

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

Figure 1 is available at the following address: http://media3.marketwire.com/docs/1080268figure1_IRV.pdf

Contact Information

  • Irving Resources Inc.
    Tel: (604) 682-3234
    Toll free: 1 (888) 242-3234
    Fax: (604) 682-0537
    info@IRVresources.com