Vancouver, British Columbia, June 13, 2019 (Globe Newswire) – Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to provide an update on drilling and loop electromagnetic (“EM”) surveys at its 100% controlled Omu Gold Project, Hokkaido, Japan.

Highlights:

• Assays from hole 19OMS-002 show continuous gold (Au) and silver (Ag) mineralization over 152 m including multiple significant vein and vein breccia zones.
• Two phases of mineralization are evident at Omu Sinter, an early Ag-rich phase and a later Au-rich phase.
• Recent data indicates the boiling zone lies at approximately 380 m below surface. Irving believes regions at or below this level are most prospective for high-grade gold mineralization and is making plans to drill test this deeper level.
• Holes 19OMS-004 and 19OMS-005 intercept veins displaying similar sulfide assemblages to those seen in the high-grade vein encountered in hole 19OMS-002. Of particular note is an approximately 7.5 m long intercept of such vein material intercepted in hole 19OMS-005.
• Possible Mesozoic basement sedimentary rocks encountered in hole 19OMS-003 give rise to a potential “Hishikari”-like geologic setting at Omu Sinter.
• Recent ground loop EM survey shows detailed picture of structure and stratigraphy at Omu Sinter further helping define the high-grade target.

Discussion:

Assays have returned for hole 19OMS-002 from 182.0 meters to the end of the hole at 421.2 m. Assays from the upper part of this hole are expected back soon. Continuous gold and silver mineralization occurs between 182.0 m and a major fault zone encountered at 334.05 m (refer to nearby table of assays). In addition to the high-grade vein encountered between 184.93-185.72 m (48.96 gpt Au and 945.4 gpt Ag discussed in the Company’s news release dated May 6, 2019), sixteen significant vein and vein breccia zones were encountered (highlighted in grey in the nearby table of assays). A drill plan map is shown in Figure 1, and Figures 2 and 3 illustrate cross sections showing Au equivalent values and silver-to-gold ratios, respectively, in hole 19OMS-002. Reference should be made to the table of assays for the grade of each used to establish gold equivalent values.

(Figure 1: Plan map showing the location of diamond drill holes at Omu Sinter. Assays are illustrated for hole 19OMS-002. Section lines for Figures 2, 3 and 7 are shown.)

Irving believes there were two phases of mineralization at Omu Sinter, an early silver-rich phase followed by a later gold-rich phase. Vein material associated with the early silver-rich phase typically displays banded white quartz along with thin seams of black, Ag-bearing sulfide minerals termed “ginguro”. Where high gold values are present, bands of pyrite and/or marcasite are present in and around quartz veins. Holes 19OMS-004 and 19OMS-005, both recently completed, encountered intervals of banded veins displaying pyrite and marcasite (Figure 4 and 5) as well as multiple vein intervals displaying ginguro. Of particular note is a nearly 7.5 m long interval of quartz-pyrite-marcasite vein material intercepted in hole 19OMS-005 beginning at approximately 334 m. Parts of hole 19OMS-004 have been split, sampled and shipped to the laboratory for assay. Splitting and sampling of hole 19OMS-005 is currently underway.

Many veins encountered in holes 19OMS-002 are notably brecciated with vein fragments floating in intensely clay altered volcanic rock. Intense clay alteration is widespread in shallow portions of the Omu Sinter hydrothermal system as it is in most hot spring epithermal deposits. Irving believes such vein brecciation formed when movement occurred along the principal fault during mineralization causing ductile clay to deform thus breaking apart newly formed veins. Because this movement appears to have occurred during early stages of mineralization, many of the vein and vein breccias encountered in hole 19OMS-002 display high silver-to-gold ratios, especially proximal to the principal fault (Figure 3). Irving believes breakage of these veins disconnected them from the underlying “plumbing” system before the main gold depositional phase. Irving therefore believes that veins deeper in the system, where rocks are more silicified and less clay altered, will potentially host high-grade mineralization like that seen between 184.93-185.72 m in hole 19OMS-002. Evidence of this is already apparent in veins encountered in holes 19OMS-004 and 19OMS-005 as discussed above.

A recently completed study of high-grade Au-Ag mineralization at the nearby Omui mine, sponsored by Irving, found evidence of boiling beginning at depths of about 380 m. The boiling horizon is generally considered the most favorable site of Au and Ag deposition in a hot spring system thus making it the most prospective target in an epithermal vein. Assuming a similar boiling depth at Omu Sinter, Irving’s current drill holes fall short of targeting this important regime (highlighted in Figures 2 and 3). Irving is currently looking at readjusting drill pads further away from the target area to better test veins in regions up to 400 m below the circa 380 m deep boiling zone. It is expected that angle holes will need to reach depths of 700-900 m to adequately test the boiling horizon. The Company is making plans to ship PQ drill pipe (85 mm inside diameter) to Omu so that deeper holes can be drilled. Irving’s drill contractor currently utilizes HQ drill pipe (63.5 mm inside diameter). Irving plans to drill PQ diameter holes to depths of 300-500 m, then use the PQ pipe as casing so that holes can be completed with HQ diameter drill pipe. PQ drill pipe will reach Omu in July.

A review of core from hole 19OMS-003 has led to an important discovery. Black rocks at the end of this hole appear to be mudstone and siltstone belonging to the Mesozoic basement (Figure 6). Vertical depth to these rocks is about 350 m, very close to the projected level of boiling discussed above. At the world class Hishikari gold deposit, Kyushu, Japan, most veins are hosted by mudstone and siltstone belonging to the Mesozoic basement immediately below Tertiary volcanic rocks. The position of boiling coincident with the basement unconformity at Hishikari appears to have been a critical factor in generating its extensive vein system and very high grades. Irving is excited by the prospect that prospective basement host rocks might underlay the target area at Omu Sinter.

A loop EM survey was recently completed by Mitsui Mineral Development Engineering Co., Ltd. (“MINDECO”) at Omu Sinter revealing further evidence that basement rocks may underlie the target area as well as providing a very clear picture of the underlying structural architecture that hosts the Omu hydrothermal “plumbing” system (Figure 7). Of particular note, a near vertical, highly resistive feature projects to depths of +1,200 m. The western shoulder of this feature is coincident with the principal fault that transects the region and has been repeatedly intersected in Irving’s drill holes. Irving can now envision, with great precision, a high-grade target zone encompassing the hanging wall of the principal fault and extending several hundred meters below the boiling zone-lithologic unconformity.

Since the last update (please refer to the Company’s news release dated May 22, 2019), Irving has completed hole 19OMS-004 to a depth of 312.1 meters. This hole abruptly terminated in the mineralized zone when the drill rods became lodged in broken rock. Visual appearance of core from hole 19OMS-004 is similar to that seen in hole 19OMS-002, not surprising given both holes test the same respective level in the system. Hole 19OMS-005 was drilled to 383.0 m from the same pad and at the same azimuth as hole 19OMS-004, but at a steeper angle, -68 degrees rather than -60 degrees. Interestingly, core from hole 19OMS-005 displays a notable increase in silicification and decrease in brecciation of veins. Pyrite and marcasite are generally more abundant in veins, especially between approximately 330-350 m.

“We have made huge strides in understanding Omu Sinter over the past few weeks,” commented Dr. Quinton Hennigh, director and technical advisor to Irving Resources. “The high-grade vein we encountered in hole 19OMS-002 is giving us a glimpse of what might lie at deeper levels. The hydrothermal system appears to have been dynamic having been punctuated by fault movement after an early, silver-rich depositional phase. Later, gold-rich mineralization appears to have been unable to exploit the broken vein network proximal to the principal fault. Because of this, we believe this might bode well for discovery of further high-grade gold trapped at depth. This hypothesis is further supported by new knowledge that boiling likely took place at depths of around 380 m and below. A notable 7.5 m long interval of pyrite- and marcasite-rich veining, recently encountered in hole 19OMS-005, may prove to be the first glimpse of this critical regime. Perhaps most exciting of all, we see potential evidence that Mesozoic basement rocks underlie the target area. This paints a picture of geology similar to that seen at Hishikari where a vast, high-grade vein network exploits fissures in Mesozoic basement rocks below the unconformity with overlying Tertiary volcanic rocks. Exploration is an iterative process that requires constant consideration of incoming data to better direct future work. Irving has refined the target at Omu Sinter and is currently making plans to aggressively drill test deeper levels of the system.”

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 MS 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 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.

Table 1: Complete list of assays from hole 19OMS-002 beginning at 182 m to a major fault zone at 334.05 m. Weighted averages for various intervals are highlighted in italics. Notable vein and vein breccia zones are shaded in grey.

(Figure 1: Plan map showing the location of diamond drill holes at Omu Sinter. Assays are illustrated for hole 19OMS-002. Section lines for Figures 2, 3 and 7 are shown.)

(Figure 2: Cross section illustrating geology around hole 19OMS-002. Au equivalent values are presented as a histogram along the trace of the hole.Assay for the upper part of this hole are expected back shortly. Note that hole 19OMS-002 tests an area well above the prospective boiling horizon. Nonetheless, this hole encountered a high-grade vein at 185 m. Note the recent vein intercept observed in hole 19OMS-005 is marked with a yellow dot.)

(Figure 3: Cross section illustrating geology around hole 19OMS-002. Silver-to-gold ratios for each assay interval are presented as a histogram along the trace of the hole.Note that the highest silver-to gold ratios are proximal to the principal fault. In this area, fault movement disrupted veins early in the system. They are enriched in silver, but were not accessible during later gold-rich stages of mineralization. Irving thinks that the gold-rich fluids were trapped at depth, perhaps in the range of the prospective boiling horizon. Therefore, Irving thinks the more prospective target falls within the lavender shaded area. Plans are being made to test this deeper target with longer holes.)

(Figure 4: Banded quartz veins encountered in hole 19OMS-004. These veins displays notable pyrite and marcasite like the high-grade vein encountered in hole 19OMS-002. Assays are awaited.)

(Figure 5: Banded quartz veins encountered in hole 19OMS-005 from circa 340 m depth. These veins displays abundant pyrite and marcasite like that seen in the high-grade vein encountered in hole 19OMS-002. Assays are awaited.)

(Figure 6: Rhythmically banded mudstone and siltstone from the bottom of hole 19OMS-003. Irving believes these rocks are part of the Mesozoic basement underlying the Tertiary volcanic rocks of the region. If so, the geology is similar to that at the Hishikari gold deposit where Mesozoic basement rocks below Tertiary volcanic rocks host a vast network of high-grade veins. Irving is excited by this prospect.)

(Figure 7: Resistivity as measured by ground loop EM. A prominent, near vertical resistive feature is evident extending to depths of +1,200 m. The principal fault encountered in drilling marks the western margin of this feature. At a depth of about 350 m, there is a subtle shift in resistivity marking a likely lithologic transition (purple line), perhaps from volcanic rocks above to basement sedimentary rocks below. Irving’s interpreted boiling horizon is shown in yellow. Irving thinks the area highlighted in white is the most prospective target for high-grade veins.)