Irving Resources Receives High-Grade Assays from Omui, Omu Project, Hokkaido, Japan

VANCOUVER, BC / ACCESSWIRE / June 6, 2023 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) ("Irving" or the "Company") is pleased to announce high-grade assays from three drilled diamond drill holes recently completed at Omui, part of its 100% controlled Omu Au-Ag Vein Project, Hokkaido, Japan.

New High-Grade Veins Encountered at Nanko:

Hole 22OMI-003, drilled from north to south at an inclination of -60 degrees to test a deep-rooted vertical resistivity anomaly, encountered two high-grade veins. The first, 13.87 gpt Au and 121.74 gpt Ag (15.43 gpt Au Eq) over 1.67m, started at a downhole depth of 378.91m, and the second, 8.49 gpt Au and 270.00 gpt Ag (11.95 gpt Au Eq) over 0.57m started at 490.20m (see table below for a complete summary of significant assays from the Winter 2022/2023 diamond drill campaign). These intercepts, the two deepest yet encountered at the Nanko target, clearly demonstrate that high-grade veins extend in excess of 400m providing very encouraging confirmation that Omui is a deep-rooted vein system. Estimated true width of these veins is estimated at 50-70% of down-hole width.

Both veins display banded quartz with traces of ginguro, or silver sulphosalts. In 2020, similar banded veins were encountered much closer to surface in hole 20OMI-003 positioned above hole 22OMI-003. This included a 14.24m wide intercept grading 4.47 gpt Au Eq. The two new veins in 22OMI-003 do not appear to be connected to the much shallower vein in hole 20OMI-003, but may represent hanging wall splays off of this very large vein. More drilling is needed to evaluate this possibility.

Deep Test at Honpi

As a follow up test of the deep hydrothermal system discovered by drill hole 21OMI-002 completed in late 2021 at Honpi (please refer to the Company's press release dated March 2, 2022), Irving drilled 23OMI-001, a south-oriented hole inclined at -75 degrees, to crosscut this older hole (Figure 1). As described in the Company's news release dated March 6, 2023, hole 23OMI-001 encountered silica sinter at about 120m followed by an extensive interval of quartz stockwork veining. The silica sinter interval persisted for 14.40m and grades 0.58 gpt Au and 15.85 gpt Ag (0.79 gpt Au Eq), very strong values for this type of material. Underneath the sinter, nearly 57m of stockwork quartz veining grading 0.65 gpt Au and 7.09 gpt Ag (0.74 gpt Au Eq) was encountered. Based on these results, the Company believes the position of 23OMI-001 is peripheral to the main feeder zone at Honpi.

West Honpi Extension

In order to test the depth extension of West Honpi, Irving drilled hole 23OMI-002, a north-oriented hole inclined at -50 degrees. West Honpi Extension was encountered at the top of hole 21OMI-002 which encountered 9.88 gpt Au Eq over 9.90m (please refer to the Company's press release dated March 2, 2022). Hole 23OMI-002 encountered West Honpi Extension approximately 70m vertically beneath surface. This intercept includes 5.80 gpt Au and 13.80 gpt Ag (5.98 gpt Au Eq) over 2.00m within 1.91 gpt Au and 13.89 gpt Ag (2.08 gpt Au Eq) over 10.00m. Given the high quartz content of this interval, it is believed to be suitable for smelter flux material. True width is estimated at about 60% of down hole width.

Omu Sinter Drilling

In March and April, 2023, Irving completed a series of nine diamond drill holes at Omu Sinter to evaluate the potential for a shallow, gold- and silver-bearing silica body suitable for smelter flux material. The target area is capable of hosting several million tonnes of such material. Assays from these holes are currently awaited.

Hokuryu Drilling Resumes

In mid-May, 2023, Irving commenced diamond drilling at the Hokuryu historic mine site. Two holes are planned for completion here over the coming few weeks. Both holes are designed to test deep-rooted vertical resistive features observed in CSAMT data. Previous drilling of such features has yielded discovery of multiple new veins at Hokuryu (please refer to the Company's press release dated March 6, 2023).

"We are happy to be back drilling steady at Omu," commented Dr. Quinton Hennigh, technical advisor and a director of Irving. "We are now on our 13^th hole of 2023 and have many more planned through the end of the year. Our most recent assays from Nanko confirm the presence of deep-rooted high-grade veins here. While we have not yet hit the high-grade feeder underlying the Honpi area, we think we are vectoring in on it and have plans for further follow up drilling for later this year."

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. Multielements 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.

Significant Assays from Winter 2023 Diamond Drill Holes:

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:

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. 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.

SOURCE: Irving Resources Inc.