Irving drills five m of 2.9 g/t Au at East Yamagano

Executive Summary

• Irving Resources Inc. reports significant gold intercepts from diamond drill hole 25SY-001 at its East Yamagano joint venture in Japan, noting higher-grade values and increased silicification compared to previous drilling.
• The company identified multiple mineralized vein zones with true widths undetermined, including a 5.0m interval grading 2.90 g/t Au and a 1.2m interval grading 4.14 g/t Au.
• Phase II drilling has commenced on hole 25SY-002A, which showed abundant silicification and stockwork vein zones in its deepest 300 meters, suggesting a potential corridor of prospectivity for vein mineralization.

Key Details

• Hole 25SY-001 Specifications:
  • Orientation: Southerly direction.
  • Inclination: 82 degrees.
  • Depth: 752 metres.
  • Location: Drilled from the same pad as hole 24SY-001.
• Significant Intercepts (Hole 25SY-001):
  • 5.0 metres grading 2.90 g/t Au, including 1.0 metre grading 8.3 g/t Au, starting at 444.0 metres downhole.
  • 1.2 metres grading 4.14 g/t Au, including 0.5 metre grading 8.38 g/t Au, starting at 490.8 metres downhole.
  • 2.0 metres grading 2.48 g/t Au, including 1.0 metre grading 4.53 g/t Au, starting at 678.0 metres downhole.
• Geological Observations (Hole 25SY-001):
  • Higher-grade gold values observed compared to the shallower hole 24SY-001.
  • Notably higher degree of silicification compared to hole 24SY-001.
  • Geologic team believes potential exists for improved gold grades and wider vein zones deeper within the AMT resistive zone.
• Hole 25SY-002A Status:
  • Depth: 951.8 metres.
  • Location: Collared approximately 1.07 kilometres south of 25SY-001.
  • Orientation: Northward (357 degrees) at 66 degrees inclination.
  • Observations: Abundant significant silicification, silica breccias, and stockwork vein zones over the deepest 300 metres.
  • Status: Final stages of logging, splitting, and sampling; assays expected later this year.
• Drilling Program:
  • Phase II drilling has commenced using Japan-based contractor Mitsui Mineral Development Co. Ltd. (Mindeco).
  • Potential for a corridor of prospectivity for vein mineralization trending through the area due to horizontal distance between holes.
• Joint Venture Structure:
  • Parties: Newmont Overseas Exploration Ltd. (60%), Sumitomo Corp. (12.5%), and Irving Resources Inc. (27.5%).
• Assay Methodology:
  • Samples: One-half split-sawn diamond core samples.
  • Laboratory: ALS Global, Brisbane, Australia.
  • Analysis: Au and Ag analyzed by fire assay with AA finish; overlimit samples by fire assay with gravimetric finish.
  • Calculation: Au equivalent calculated as Au (g/t) + [Ag (g/t) / 80].

Notable Quotes

• "Hole 25SY-001 gives us confidence that we have a vein system emerging at depth in this area... We now see a vector pointing to potentially higher gold grades and wider vein zones associated with the deeper core of the AMT resistor." — Dr. Quinton Hennigh, Director and Technical Adviser.
• "The veining in this hole, coupled with results from holes further north, indicates we may have found extensions of the Yamagano vein system trending through East Yamagano." — Dr. Quinton Hennigh.