Irving Resources Inc. is pleased to announce that its wholly-owned subsidiary, Irving Resources Japan GK, has recently acquired a new gold project, on Sado Island, Japan.
Sado Island Gold Project
Irving recently filed applications for 25 mineral prospecting licenses totaling 86.53 sq km (865,301 hectares) covering a prospective area on Sado Island, a small island west of Honshu Island, Japan (Figure 1). All applications have been accepted by the Ministry of Economy, Trade and Industry ("METI"), Kanto 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.
Sado Island is host to the Sado Kinzan gold mine (Mitsubishi Materials Corporation) and around 30 smaller mines. Gold was discovered at Sado Kinzan in 1601 and was mined continuously for 388 years making it one of the longest lived gold mines on earth. Recorded production totals 2.51 million oz Au (average grade 5.2 gpt) and 74 million oz Ag (average grade 153 gpt). Veins at Sado Kinzan are classed as epithermal (Figure 2) but are unusual because they were productive over vertical distances of several hundred meters. Such vertical continuity is typical of some alkaline gold deposits. Extensive potassic alteration in the form of adularia, potassium-rich feldspar, is common at Sado Kinzan, and gold and silver telluride minerals are present. Adularia and tellurides are common to alkaline gold deposits. Such attributes form Irving's view that Sado Kinzan is a hybrid epithermal-alkaline gold deposit.
Recent field inspection of Irving's newly staked ground identified areas of significant adularia alteration in and around locations of historic alluvial gold mining activity. Therefore, Irving believes its new licenses are prospective for vein mineralization similar to that at Sado Kinzan. Reconnaissance fieldwork is planned for later this year.
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.