Vancouver, British Columbia, April 21, 2020 (Globe Newswire) – Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to announce it has recently completed four diamond drill holes at Omu Sinter and has now resumed drilling at Omui Mine Site, both targets being part of its 100% controlled Omu Gold Project, Hokkaido, Japan. Following review of the COVID-19 situation in the Omu region, an area where no confirmed cases have been reported, and after developing strict operational guidelines, Irving has decided to continue exploration at Omu at this time.

Recommencement of Drilling at Omui Mine Site

Hole 20OMI-001, the first hole at Omui to offset veins discovered in hole 19OMI-010 drilled late last year, was recently collared approximately 70 m east-southeast of hole 19OMI-010. Similar to hole 19OMI-010, hole 20OMI-001 is oriented at -60 degrees southward and will test the southeastward continuation of a large, deep-rooted resistive feature defined by controlled-source audio-frequency magnetotelluric (‘CSAMT’) surveys. This feature is interpreted to be the silicified core of the paleo-hot spring system, and given promising vein intercepts encountered in hole 19OMI-010, Irving believes it has the potential to host a significant number of mineralized veins, especially in proximity to the interpreted boiling level.

Over the next few months, Irving has planned a series of at least eight diamond drill holes scattered across the Omui Mine Site that will more thoroughly evaluate CSAMT resistive anomalies associated with the newly discovered vein system. Approximtely 600 m of its strike will be explored. In addition, Irving has follow-up CSAMT surveys planned in multiple areas around Omui to more fully assess extensions of prospective resistive zones beyond the area surveyed last year. By year end, Irving hopes to better understand the magnitude of this exciting new mineralized system.

Omu Sinter Drilling Update

Between mid-January and early April, Irving completed four diamond drill holes at Omu Sinter to follow up on encouraging vein mineralization encountered in its 2019 phase one drill campaign as well as newly defined CSAMT anomalies (Figure 1). Observations and results are summarized below:

• Hole 20OMS-001, oriented southeastward at -50 degrees, drill tested an area near hole 19OMS-002 drilled last April (Figure 2). In hole 20OMS-001, a 2.70 m vein intercept grading 4.70 gpt Au and 92.2 gpt Ag including 0.80 m grading 12.70 gpt Au and 216.4 gpt Ag (see nearby table of results) was encountered approximately 30 m vertically above a 8.17 m vein intercept grading 5.40 gpt Au and 105.9 gpt Ag including 1.33 m grading 29.77 gpt Au and 575.7 gpt Ag encountered in hole 19OMS-002. Irving believes these results confirm continuity of this vein and that it is trending approximately north-south and is dipping near vertical.
• Hole 20OMS-004, oriented southeastward at -60 degrees and collared further southwest from hole 20OMS-001, tested an area nearly 200 m vertically below hole 19OMS-002 where the vein discussed above extends into the interpreted boiling level. Several notable epithermal veins, some bearing notable sulfide contents, were encountered within the targeted regime. Assays from this hole are in progress.
• Hole 20OMS-002, collared nearly 1 km south of the previously discussed drill holes and oriented northwestward at -52 degrees, encountered a robust section of silica sinter and silicified rhyolite at its top (Figure 3). These deposits are believed to be surface deposits that formed within a shallow hot spring pool at the top of the paleo-hot spring system. A 22.9 m interval grading 0.76 gpt Au and 19.72 gpt Ag was encountered within the sinter horizon. A deep-rooted CSAMT resistive anomly underlies this area and is believed to be associated with silicification associated with a feeder zone. Irving plans to drill test this concept once additional drill pads are permitted in this area.
• Hole 20OMS-003, collared approximately 500 m west of hole 20OMS-002 and oriented southeast at -50 degrees, tested a pronounced conductive zone visible in CSAMT data. Clay altered volcanic rocks were encountered in this area. Weakly anomalous precious metals values were encountered in this hole.

Summary of significant Au-Ag vein intercepts from holes 20OMS-001 and 20OMS-002:

“We are pleased to begin drilling at Omui once again,” commented Dr. Quinton Hennigh, director and technical advisor to Irving. “Our first 2020 hole commenced last week and follows up on veins encountered in hole 19OMI-010 drilled last season. We have a robust drill program planned over the next several months designed to more fully evaluate this exciting new vein system. Recent holes completed at Omu Sinter have given us more insight into that target. A mineralized intercept in this year’s first hole, 20OMS-001, confirms the high-grade vein encountered in hole 19OMS-002 is trending north-south and is near vertical. Nearly 200 m below, hole 20OMS-004 encountered several epithermal veins. We are eager to see assays from that hole. Hole 20OMS-002 encountered strongly anomalous precious metal mineralization in a surface sinter horizon, and we can see clear evidence of a feeder below. We look forward to returning to Omu Sinter later this year to test that target.”

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 mass spectrometry 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) 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, 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 of the Omu Sinter showing drill collars.)

(Figure 2: Cross section showing drill traces of holes 19OMS-002, 20OMS-001 and 20OMS-004 with CSAMT as a backdrop. Resistive zones are greens, yellows and oranges whereas conductive zones are blues. Mineralized vein intercepts in holes 19OMS-002 and 20OMS-001 are closely associated with a carrot-like resistive zone extending to depth. Several vein intercepts were noted in recently completed hole 20OMS-004 in the vicinity of the interpreted boiling zone. Assays from these veins are awaited. View is north-northeast.)

(Figure 3: Cross section showing drill trace of hole 20OMS-002 with CSAMT as a backdrop. Hole 20OMS-002 encountered silica sinter and silicified rhyolite at its top. A 22.9 m interval grading 0.76 gpt Au and 19.72 gpt Ag was encountered in sinter. Irving believes the feeder for this mineralization is situated along the deep-rooted resistive feature immediately underneath. Further drill pads are being permitted in this area to better test this target. View is north-northeast.)