Irving Resources Encounters Extensive Shallow Mineralization at the Nanko Vein System, Omui Mine Site

VANCOUVER, Nov. 13, 2020 - Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to announce gold and silver assay results from drilling at the Nanko vein target, Omui Mine Site, part of its 100% controlled Omu Gold Project, Hokkaido, Japan.

Summary:

• Holes 20OMI-004 and 20OMI-005 were both drilled from the same drill pad at the same north-northeast azimuth as previously announced drill hole 20OMI-003 that encountered multiple high grade veins (please refer to the Company’s news release dated August 13, 2020 for further details). Hole 20OMI-005, drilled at an inclination of 65 degrees, encountered a very long intercept of 81.73 m grading 1.44 gpt Au eq (1.02 gpt Au and 31.29 gpt Ag) beginning at a down hole depth of 27.45 m (please refer to table below). Included within this are several higher grade vein intercepts including 8.42 gpt Au eq (7.05 gpt Au and 102.50 gpt Ag) over 1.60 m, 3.33 gpt Au eq (3.09 gpt Au and 17.89 gpt Ag) over 3.35 m, 7.30 gpt Au eq (5.05 gpt Au and 168.96 gpt Ag) over 1.41 m and 4.85 gpt Au eq (0.84 gpt Au and 300.72 gpt Ag) over 0.65 m. Hole 20OMI-004, with an inclination of -55 degrees, encountered 55.44 m grading 0.72 gpt Au eq (0.52 gpt Au and 15.24 gpt Ag) as well as several narrow higher grade vein intercepts.
  

Summary of drill results from holes 20OMI-003, 20OMI-004 and 20OMI-005:

• Figure 1 illustrates the interpreted geometry of the mineralized hot spring system discovered at Nanko. Long mineralized intercepts near the tops of all three holes occur in intensely silicified and brecciated rock that is interpreted to be part of an explosive vent in the upper portion of the hot spring regime. The root structure that likely fed this vent is interpreted to be the high grade vein network encountered somewhat deeper in hole 20OMI-003.
• Individual vein structures encountered in holes 20OMI-003, 20OMI-004 and 20OMI-005 display at least two principal orientations, one trending northwest and the other trending northeast. Irving has recently completed four additional diamond drill holes, 20OMI-006, 20OMI-007, 20OMI-008 and 20OMI-009, in an area approximately 200 meters to the northeast. All of these newer holes have encountered vein mineralization, and Irving believes that some of these veins are extensions of those seen in the three holes discussed above. Irving also believes the veins at Honpi, approximately 600 m to the northwest, are also connected with some veins at Nanko.
• A structural study of the vein system at Omui Mine Site will be conducted early next year. This study is expected to guide next year’s infill and step-out drill program at both the Honpi and Nanko targets.
• Drilling at Omui Mine Site has concluded, and the drill has been repositioned at Omu Sinter where it is scheduled to complete four new holes over the coming months. The first of these holes tests a vertical resistivity feature under hole 20OMS-002, drilled earlier this year, in which 22.9 m grading 0.99 gpt Au eq was encountered in a shallow sinter cap (please refer to the Company’s news release dated April 21, 2020 for further details). Irving believes this feature may be associated with a feeder structure for this hot spring system. A well-deserved drill break is scheduled between December and January for the drill team who have been operating non-stop since COVID-19 travel restrictions were implemented beginning in March of this year.

“Assays from holes 20OMI-004 and 20OMI-005 provide us with a more complete profile of the Nanko hot spring system,” commented Dr. Quinton Hennigh, director and technical advisor to Irving Resources. “We clearly have a well-preserve deposit with a large silicified cap and veins underneath. At least two sets of veins are present, one trending generally northwest, and the other, northeast. Recently completed holes approximately 200 m northeast of the Nanko discovery holes have intersected veins that appear to be part of the same network. Assays for these holes are expected back late this year after which time a structural study will be undertaken to better understand the entire vein system at Omui Mine Site. Meanwhile, our drill has moved to Omu Sinter where four holes are scheduled for completion over the coming months.”

The Omu region continues to report no cases of COVID-19, and Irving continues to operate under strict Company guidelines.

All samples discussed in this news release are ? split sawn diamond core samples. Irving submitted rock samples to ALS Global, Vancouver, Canada, 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 four acid digestion. Irving staff and personnel from Mitsui Mineral Development Engineering Co., Ltd. (MINDECO) are responsible for geologic logging and sampling of core. Au equivalent is calculated by adding Au (gpt) to Ag (gpt)/75. Assay turn around has been slow due to COVID-19 and high throughput demand at the Vancouver laboratory.

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). 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

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/442f2648-894d-4baf-b430-681eef8e5c7e

For further information, please contact: Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209 info@IRVresources.com