Vancouver, British Columbia – (Marketwired – September 29, 2016) – Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased announce that its wholly-owned subsidiary, Irving Resources Japan GK, has secured a 62.18 sq km land position encompassing the past producing Omui Au-Ag mine and surrounding areas on the island of Hokkaido, Japan. Irving recently announced the purchase of a 298 hectare (2.98 sq km) mining right, the Omui mining license (please see press release dated August 29, 2016 for further details). Provisional title transfer for this purchase has recently been received from the Ministry of Economy, Trade and Industry (“METI”), Hokkaido Bureau.
To augment its land position, Irving recently filed 17 prospecting licenses covering an additional 58.20 sq km of prospective ground in the vicinity of the Omui mine and including another past producing Au-Ag mine, Hokuryu, situated about seven km west of Omui. Applications for rights to alluvial materials were filed at the same time. Acceptance of all prospecting and alluvial applications was recently granted by METI, and a multi-step review now begins for final approval. Mitsui Mineral Development Engineering Co, Ltd (“MINDECO”) is assisting the Company throughout the process.
“We are excited to acquire our second precious metals project in Japan,” commented Akiko Levinson, President and CEO of Irving Resources Inc. “Our new Omui project encompasses two past producing mines, Omui and Hokuryu, each of which produced significant amounts of gold and silver in the early 1900s. Little work has been done here since. We look forward to commencing our first work program here in early October.”
Irving’s Omui project covers an area underlain by Tertiary aged volcanic and sedimentary rocks deposited in a rift setting situated near the north end of Hokkaido. Very young, Tertiary or perhaps Quaternary, hot spring activity locally deposited bonanza grade Au and Ag along a series of east-west trending epithermal veins. In places, high densities of sheeted, parallel veins are observed and may be related to doming caused by deep, late-stage rhyolite plugs. Such a setting is present at the world class Hishikari Au-Ag mine on the island of Kyushu, Japan.
Staff from Irving recently collected grab samples from a surface outcrop of the Omui main vein and another from a subordinate parallel vein situated immediately north. An assay of the main vein sample returned 192 gpt Au and 5,240 gpt Ag while one from the subordinate vein returned 6.9 gpt Au and 1,345 gpt Ag. Both samples display distinct bands of fine-grained silica alternating with electrum and sulfide minerals, a texture referred to as “ginguro”, which is a product of fluid pulsing in a boiling hot spring environment. Vein material is also typically brecciated suggesting vigorous boiling and venting occurred at the time of its formation. Remnants of siliceous sinter terraces that formed in hot spring pools are scattered across the area suggesting very little erosion has occurred here since the time of hydrothermal activity.
Deposition of bonanza grade Au and Ag mineralization like that sampled at Omui is sometimes a product of processes associated with boiling in hot spring environments. Boiling profiles can extend to depths of over 200 m in such systems. Because of strong evidence of a vigorous boiling system, the presence of bonanza Au and Ag grades, and an apparent lack of significant erosion, Irving thinks that there is good potential for discovery of significant epithermal Au-Ag mineralization at depth at Omui and surrounding areas. To better understand this potential, Irving plans to undertake reconnaissance level prospecting and mapping across the Omui property in October.
“We are highly encouraged by bonanza grade gold and silver results recently returned from samples taken from Omui,” commented Dr. Quinton Hennigh, director and technical advisor to Irving Resources Inc. “Coupled with compelling field evidence including the presence of siliceous sinter and extensive hydrothermal brecciation, we think we are at a high level in a hot spring system that experienced vigorous boiling and mineral deposition. Therefore, we think Omui has good potential for discovery of high grade epithermal Au-Ag veins.”
The two grab samples discussed in this news release were submitted for assay to ALS Minerals Laboratory in Sparks, Nevada. Au and Ag were determined utilizing a 30 g charge subjected to fire assay with a gravimetric finish.
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 searching for opportunities in certain countries, including Japan. Irving also holds, through a subsidiary, three Project Venture Agreements with 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.
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For further information, please contact:
Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 682-0537
Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation. 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 as well as Irving having sufficient cash to fund any planned drilling and other exploration activities.
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