Vancouver, British Columbia, November 5, 2019 (Globe Newswire) – Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to provide an update on exploration at its 100% controlled Omu Gold Project, Hokkaido, Japan.

Omu Sinter Drilling Highlights:

• All eight widely spaced diamond drill holes at Omu Sinter encountered significant gold-silver mineralization (see table below) including notable vein intercepts in seven of eight holes as follows:
  • 1.33 m of 29.77 gpt Au and 575.7 gpt Ag including 0.32 m of 118.5 gpt Au and 1,410.0 gpt Ag in hole 19OMS-002,
  • 2.03 m of 12.92 gpt Au and 44.1 gpt Ag including 1.37 m of 17.80 gpt Au and 59.4 gpt Ag in hole 19OMS-005,
  • 3.00 m of 1.18 gpt Au and 656.3 gpt Ag including 1.00 m of 2.57 gpt Au and 1,570 gpt Ag in hole 19OMS-006,
  • 1.00 m of 1.35 gpt Au and 686.0 gpt Ag in hole 19OMS-007,
  • 0.78 m of 1.85 gpt Au and 444.0 gpt Ag in hole 19-OMS-004,
  • 1.45 m of 5.15 gpt Au and 13.0 gpt Ag including 0.22 m of 10.20 gpt Au and 31.9 gpt Ag in hole 19OMS-001,
  • and 1.30 m of 3.65 gpt Au and 27.5 gpt Ag in hole 19OMS-003.
• Given the first eight Phase One drill holes are widely scattered along approximately one km of strike along the north-south trending Omu Sinter target (Figure 1), encountering strongly mineralized vein intercepts in nearly all holes is considered highly encouraging.
• Veins appear to fall into two categories, Au-rich (Ag-to-Au ratios of less than 20-to-1) and Ag-rich (higher Ag-to-Au ratios, often greater than 100-to-1) probably reflecting two pulses of precious metal mineralization in this complicated hot spring system. Similar dual mineralized pulses are evident in veins at Omui Mine site approximately 10 km south of Omu Sinter.
• Comparison of holes 19OMS-004 and 19OMS-005, both drilled from the same drill platform but at different inclinations, suggests grades increase with depth given that vein grades in hole 19OMS-005, which tests a deeper level, are notably higher than in hole 19OMS-004 above (Figure 2). A recent fluid inclusion study of quartz vein material from Phase One drill holes clearly indicates these holes are above the prospective boiling horizon believed to be at depths greater than 380 m below surface. Phase Two drilling will test this hypothesis utilizing large diameter, PQ size, drill tooling that will allow drilling of deeper holes.
• Interestingly, hole 19OMS-001 encountered 1.46 m at 5.15 gpt Au and 13.0 gpt Ag at a shallow vertical depth of approximately 50 m below surface, an indication that appreciable quantities of precious metals ascended to near surface thus leaving open the possibility that the shallow environment also holds potential for discovery.

Data from a controlled-source audio-magnetotelluric (“CSAMT”) survey completed at Omu Sinter in August has now been processed and effectively maps out the subsurface hydrothermal plumbing system underlying Omu Sinter (Figure 3) thus allowing more refined Phase Two drill targeting. Phase Two is scheduled to begin in January 2020.

Complete table of significant gold-silver intercepts, Phase One drilling, Omu Sinter:

Omui Mine Site Exploration Update:

• To date, eight diamond drill holes have been completed at Omui Mine site totaling approximately 1,300 m. Irving expects to complete several more drill holes before winter break scheduled for mid-December, perhaps totaling approximately 3,000 m of the planned 5,000 m Phase One program at Omui Mine site. Phase One drilling will pause at Omui Mine site while Phase Two Omu Sinter drilling is undertaken. Completion of Omui Mine site Phase One drilling is expected in May 2020.
• To date, most drill holes test the near-surface environment near Honpi where historic underground mining focused on high-grade veins. Multiple vein intercepts have been encountered to date including one notable vein intercept, approximately 1.6 m long in hole 19OMI-006, displaying fine breccia texture, silver sulfosalts and electrum (Figure 4).
• Remaining holes to be completed in 2019 will test CSAMT targets at Honpi and Nanko. Similar to Omu Sinter, recent CSAMT data has effectively defined the underlying hydrothermal plumbing system at Omui Mine site (Figure 5).
• Several hundred tonnes of vein material was collected during recent trenching at Omui Mine site and placed in a stockpile on a newly constructed run-of-mine pad (Figure 6). Due to the priority placed on drilling over bulk sampling, Irving has decided to complete bulk sampling in 2020 after Phase One drilling. Bulk sample material will be shipped to a smelter at that time.
• A CSAMT survey was completed over the Hokuryu area in September. The hydrothermal plumbing system at Hokuryu appears particularly robust (Figure 7) and is far more extensive than the existing historic mine workings.
• A soils program has recently completed at Hokuryu and nearby Maruyama to better define the geochemical footprint of this very large system as well as identify prospective drill targets.
• Irving plans to develop a robust Phase One drill program to be carried out at Hokuryu starting mid-2020.

Hokuryu Exploration Update:

“Phase One drilling at Omu Sinter has yielded highly encouraging results,” commented Dr. Quinton Hennigh, director and technical advisor to Irving. “Expected “hit” rates when drilling epithermal veins is often 50% or less. We managed to intersect significant vein mineralization in seven of eight holes. Given these holes are widely spaced and that we appear to be above the prospective boiling level, Omu Sinter displays excellent potential for hosting a sizeable vein network. Well-defined targets generated by CSAMT will help guide Phase Two drill targeting slated to begin in January 2020.”

“At Omui Mine, our first holes at Honpi reveal multiple promising vein intercepts including one displaying ginguro and electrum in hole 19OMI-006,” continued Dr. Hennigh. “Current drill holes are testing some notable deep-rooted CSAMT anomalies at levels closer to the anticipated boiling horizon at around 350 m below surface. CSAMT results from Hokuryu display a robust system there. We have a long list of drill targets across the Omu region.”

True widths of vein intercepts discussed in this news release cannot be estimated at this time. Further drilling is needed to accurately assess vein orientations. All samples discussed in this news release are ½ split sawn diamond core samples. Irving submitted rock samples to ALS Global, Australia, 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 MS following three acid digestion. Irving staff and personnel from Mitsui Mineral Development Engineering Co., Ltd. (MINDECO) are responsible for geologic logging and sampling of core.

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 with a focus on gold in Japan. Irving also holds, through a subsidiary, a Project Venture Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) for joint regional exploration programs in Republic of Malawi. 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, CEO & Director

For further information, please contact:

Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 641-1214

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, 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.

(Figure 1: Plan map showing the location of diamond drill holes at Omu Sinter.)

(Figure 2: Cross section looking north. Holes 19OMS-004 and 19OMS-005 can be seen against a backdrop of CSAMT resistivity. Blue areas highlight least resistive rocks whereas greens, yellow, orange and red are increasingly resistive areas. Irving interprets resistive areas as a proxy for areas of silicification generated by hydrothermal processes during time of formation. Interpreted silicified structures, veins, are highlighted in gray. Note that the high-grade vein intercept in hole 19OMS-005 displays greater precious metal content to that in holes 19OMS-004 and 19OMS-001 above. This likely reflects proximity to the prospective boiling horizon (white line), which is believed to be at a depth of around 380 m below surface. Irving will test this area with deep drilling during Phase Two.)

(Figure 3: Oblique view looking down and north-northwestward. CSAMT sections display a pervasive north-trending resistive zones (red arrows) believed to be associated with silicification generated by the hydrothermal system underlying Omu Sinter. The longest red arrow highlights the main structural zone targeted at Omu Sinter. With this data in hand, Irving plans to refine its Phase Two drill program at Omu Sinter and test this highly prospective area at depths of +380 m, the prospective level of boiling.)

(Figure 4: Vein intercept (red line) in hole 19OMI-006 drilled at Omui Mine site. This interval displays brecciation along with local patches of silver sulfosalts and electrum.)

(Figure 5: Oblique view looking down and northwestward. CSAMT sections display a pervasive west-northwest-trending resistive zone believed to be associated with silicification generated by the hydrothermal system underlying Omui Mine site. Black lines highlight resistive structures. This data is helping target some of the deeper holes being drilled at Omui Mine site during Irving’s Phase One program.)

(Figure 6: Aerial image of stockpiles of vein material recently collected from trenches at Omui Mine site. More material will be added to this in 2020 and shipped to a Japanese smelter.)

(Figure 7: Oblique view looking down and northwestward. CSAMT sections display a pervasive west-northwest-trending resistive zone believed to be associated with silicification generated by the hydrothermal system underlying Hokuryu. This data will help target Phase One drilling at Hokuryu planned for 2020.)