Irving Resources Inc. (CSE:IRV)(CSE:IRV.CN) ("Irving" or the "Company") is pleased to announce that its wholly-owned subsidiary, Irving Resources Japan GK, has expanded its land position on the island of Hokkaido, Japan.
Expansion of the Utanobori Au-Ag Project
Irving recently filed applications for 12 new mineral prospecting licenses totaling 33.41 sq km (3,341 hectares) at its Utanobori Au-Ag project in northern Hokkaido. All applications have received initial acceptance from the Ministry of Economy, Trade and Industry ("METI"), Hokkaido Bureau, and a multi-step review now begins for the final approval. Mitsui Mineral Development Engineering Co., Ltd. ("MINDECO") is assisting the Company throughout the process.
Since late 2016, Irving has filed a total of 38 mineral prospecting licenses covering 121.55 sq km (12,155 hectares) of the Utanobori mining centre. Utanobori is a classic volcanic rock-hosted epithermal vein system positioned along the northern margin of a 75 km wide volcanic center, possibly a caldera (see Figures 1 and 2). Irving is particularly interested in areas between the historic Utanobori Au-Ag mine and a location where historic surface samples taken from veins reportedly contain very high-grade silver. Historic geologic reports refer to the presence of siliceous sinter terraces that formed in hot spring pools in this region. Such deposits are an indicator of potential epithermal vein mineralization below. Irving plans follow up reconnaissance work, including sampling, at Utanobori in 2017.
New Surface Rights Lease at Omui
At its Omui Au-Ag project, Irving recently entered into a long-term lease of surface rights covering the high-grade Honpi vein and surrounding areas where Irving geologists collected samples of vein material grading up to 480 gpt Au and 9,660 gpt Ag (please refer to Irving's news release dated December 13, 2016 for further details). According to the terms of the lease, Irving has paid approximately JPY1,800,000 cash (approximately CAD $22,000) for access to 15 hectares (0.15 sq km) for the initial five years. The lease is a five-year term and can be extended for up to three additional five-year periods. These surface rights are considered critical for Irving to proceed with mining work on this important target.
Irving is focused on identifying high-silica, high-grade Au-Ag epithermal vein mineralization that could potentially be suitable for use as smelter flux in the many operating base metals smelters across Japan. Recovery of precious metals occurs during the smelting and refining process. As an example, Sumitomo Metal Mining Co., Ltd. treats ores from its high grade Hishikari epithermal vein deposit by utilizing them as smelter flux in its copper smelter.
In addition to its Omui, Utanobori and Rubeshibe Au-Ag projects, Irving plans to acquire more similar high quality projects in Japan over the next few months and prior to the 2017 field season. Fieldwork will begin on Hokkaido after snowmelt around May. Access to all projects is excellent allowing for all levels of prospecting activities including rock and soil sampling, mapping and ground-based geophysics. Such work will be Irving's main focus in 2017 while applications for prospecting licenses are being processed and Irving awaits the final transfer of the Omui mining license. Given its treasury of nearly $7M, Irving is in a very strong position to undertake aggressive fieldwork needed to identify future drill targets.
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.