The Company’s lead project is the Omu Project, located in the town of Omu on Japan’s northern island of Hokkaido.
It is comprised of the 2.98 km2 Omui mining license and 56 prospecting license applications covering an additional 171.38 km2.
The Omu Project encompasses the entirety of the northeast-trending Omu volcanic graben, host to multiple high-grade epithermal gold and silver veins exploited at the historic Omui Mine and Hokuryu Mine prior to World War II.
In April 2019, Irving announced a US$6,000,000 private placement with a strategic investor, Newmont Corporation (“Newmont”), by issuing 3,715,630 common shares at $2.16 per share. The proceeds of the financing are for exploration on the Omu Project and the formation of an alliance between Irving, Irving Japan and Newmont, whereby the parties will work together to identify and, if designated by Newmont, jointly develop mineral exploration opportunities throughout Japan.
In 2019 Irving completed the phase 1 drill campaigns at the Omui Mine and Omu Sinter. Drill results have been encouraging with multiple high-grade vein intersections as noted in the Company’s press releases.
In February 2020, Irving completed the first additional private placement with strategic investor Newmont for US$4,000,000 through the issuance of 1,400,744 common shares.
In June 2020, the Company closed a non-brokered private placement with a new strategic investor, Sumitomo Corporation (“Sumitomo”), headquartered in Tokyo, Japan. The financing raised gross proceeds of US$2,500,000 (approximately C$3,517,000) by the issuance of 1,279,093 common shares of the Company.
Irving is aiming to complete the following in 2020 on the Omu Project:
- Phase II drilling at Omu Sinter (Winter and Spring)
- Complete Phase I drilling at Omui Mine (Spring through Fall)
- Complete bulk sampling at Omui Mine (Summer and Fall)
- Undertake further geophysics at Hokuryu and Maruyama (Summer)
- Expand soil sampling over greater Hokuryu (Summer)
- Expediting grant of Hokuryu prospecting licenses and drill permitting (Spring and Summer)
For further information on the Omu Project, please review Irving’s public disclosure and the technical report entitled “Independent Technical Report On The Omu Property, Hokkaido, Japan by SRK Exploration Ltd.” dated November 6, 2018.