Vancouver, British Columbia, June 27, 2018 (Globe Newswire) - Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to announce that its expanded drone-based magnetic survey covering areas between the historic high-grade Omui Au-Ag mine and the recently discovered Omu sinter has greatly expanded the targeted area for high-grade epithermal vein mineralization.
In a news release dated January 22, 2018, Irving presented results from its 2017 drone-based magnetic survey covering areas immediately around Omui mine and Omu sinter. A potential structural link, expressed as a sharp gravity gradient, was identified between the two areas (please refer to the Company’s news release dated December 6, 2017 for further details). Irving decided to expand its magnetic survey to further explore this structural zone believed important for focusing hot spring fluids capable of generating high-grade veins like those exploited at Omui mine.
Figure 1 shows residual magnetic intensity of the expanded survey area. Data highlights a well-defined zone of anomalously low magnetism extending from the coast near the Omu sinter southward for nearly 10 km to Omui mine. This zone is coincident with the gravity gradient anomaly already recognized in this area (Figure 2) confirming this to be a major, potentially mineralizing fault.
The northernmost 4.5 km of the residual magnetic intensity anomaly displays profoundly low magnetism. Irving believes this may reflect intense destruction of magnetic minerals, particularly magnetite, by mineralizing hydrothermal fluids that once coursed through this fault and fed the Omu hot spring sinter above. Irving discovered high-grade mineralized samples at Omu sinter in 2017 (please refer to the Company’s news release dated September 21, 2017 for further details). Either side of this zone, and presumably away from hydrothermal activity, volcanic rocks retain their inherent magnetic signature and display a much higher magnetic response.
Importantly, subtle stream sediment anomalism (please refer to the Company’s news release dated January 3, 2018 for further details) appears to originate all along this major structural zone (Figure 3 and Figure 4). In particular, anomalous levels of mercury and arsenic, elements both common in the upper parts of epithermal systems, are evident in multiple locations along this zone. Irving believes this geochemical “leakage” could indicate the structure is mineralized in multiple places along its 10 km length.
“Our expanded drone-based magnetic survey highlights a 10 km long structural zone linking Omui mine and Omu sinter,” commented Dr. Quinton Hennigh, Technical Advisor and a director of Irving. “The profound magnetic low along the northernmost 4.5 km of this feature is particularly intriguing and suggests prolonged hydrothermal fluid activity once affected this area deeply altering surrounding volcanic host rocks and potentially generating high-grade vein mineralization, the focus of our exploration. Omu sinter is very large, over 1 km across and up to 20 m thick, so we already know this is a big system. Now, we can see the structure we believe generated this robust exploration target, and it appears commensurately large.”
Exercise of Warrants and Cash Position
Irving is also pleased to announced that all of the 5,830,000 share purchase warrants issued in a private placement which closed on June 21, 2016 have been exercised, raising gross proceeds of CAD$1,166,000. Irving’s current cash position stands at approximately CAD$5.1 million.
Quality Assurance/Quality Control
MINDECO staff, under supervision of Irving personnel, undertook the proprietary drone-based magnetic survey discussed in this news release. Data was processed using commercial geophysical software.
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 a 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, Project Venture Agreements with Japan Oil, Gas and Metals National Corporation (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.
President & Director
For further information, please contact:
Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 641-1214
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement as to the expected receipt of results from various exploration and testing activities. These 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 the planned exploration activities.
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
(Figure 1: Residual magnetic intensity within the corridor between Omu sinter and Omui mine. A well-defined, 10 km long structural zone links the two areas. The profound magnetic low along the northernmost 4.5 km is believed to reflect an area of intense hydrothermal activity.)
(Figure 2: Horizontal gradient gravity within the corridor between Omu sinter and Omui mine. A well-defined, 10 km long structural zone links the two areas. The sharp gravity gradient coincides with the residual magnetic intensity low seen in Figure 1.)
(Figure 3: Anomalous arsenic stream sediments noted along the gravity gradient axis and residual magnetic intensity low axis)
(Figure 4: Anomalous mercury stream sediments noted along gravity gradient axis and residual magnetic intensity low axis)