As disclosed on September 28, 2020, Irving signed a definitive option agreement to acquire the Yamagano Mining License for the past producing Yamagano gold mine which has reported production of 300 years.
Description of the Yamagano Mining License:
- The Yamagano mining district, situated approximately 11 km southwest of the large, high-grade Hishikari gold mine, is host to innumerable historic gold mine workings, some dating back to 1640 AD during the early Edo Period in Japan. Mining focused on a multitude high-grade epithermal gold veins hosted by volcanic rocks blanketing this region.
- Yamagano is the nearest past producer neighbor to the Hishikari mine. Importantly, the mining tenement has seen no modern exploration including drilling.
- Gold veins at Yamagano appear associated with a particular geophysical feature, an area of anomalously high gravity, thought to represent a buried uplift, or dome, in underlying denser basement sedimentary rocks. Such a geologic feature is believed to have focused gold-depositing hydrothermal fluids to ascend into overlying faults and fissures where they formed extensive high-grade vein networks. A gravity high was recognized very early as an important control at the Kushikino gold mine (56 tonnes or 1.80 Moz gold produced) situated approximately 39 km southwest of Yamagano. In fact, based upon this geologic model, initial targeting of the famous Hishikari deposits (248.2 tonnes or 7.98 Moz gold produced) was driven largely by recognition of an anomalous gravity high underlying that area. Irving believes the gravity high at Yamagano reflects a buried dome of basement rock and that, given the large footprint of this feature, there is considerable prospectivity for veins elsewhere across the property.
- Irving also holds four important new mineral prospecting licenses immediately east of the Yamagano mining tenement where the extension of gravity feature discussed above is situated. This area is covered by post mineral volcanic rocks and has not been explored for blind high-grade gold veins. Irving believes this area is highly prospective for natural continuations of the Yamagano vein system.