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Irving Resources Announces Acquisition of Eniwa Gold Project

Irving Resources Inc. is pleased to announce that its wholly-owned subsidiary, Irving Resources Japan GK, has recently acquired the Eniwa Gold Project, Hokkaido, Japan.

Eniwa Gold Project

Irving recently filed applications for 20 mineral prospecting licenses totaling 56.15 sq km (5,615 hectares) covering a prospective area approximately 20 km south of Sapporo, Hokkaido, Japan (Figure 1). All applications have been accepted by 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.

The Eniwa Gold Project encompasses areas in or around the historic Koryu and Eniwa mines, both of which exploited high-grade epithermal Au-Ag veins on a limited basis. Both mines closed abruptly due to the Gold Mine Closure Act in 1943. Koryu mine saw brief periods of mining and exploration activity in the 1950s, 1960s and 1970-80s, but Eniwa mine remained closed. Veins at both mines are hosted by Miocene and Neogene volcanic and sedimentary rocks and are associated with local structural doming believed related to underlying magmatic intrusions, a possible source of mineralization. Banded quartz-adularia veins with ginguro, a Japanese term for dark grey bands of fine-grained silver and gold-rich minerals, characterize mineralization. Precious metal-rich, silica-rich veins are the focus of Irving's exploration strategy in Japan where such material is routinely utilized as smelter flux by the numerous base metals smelters throughout the country.

Irving decided to apply for prospecting licenses at Eniwa based on historic references highlighting un-mined mineralized veins within the historic mines and in surrounding areas as well as stream sediment gold data, rock chip geochemical data, whole rock oxigen isotopic data and airborne magnetic data that were conducted by MMAJ (Metal Mining Agency of Japan) between 1995-2002. All of these references suggests the extent of anomalous geochemistry and alteration extends well beyond these mine sites. The anomalous areas remain un-drilled.

With Eniwa, Irving now holds five highly prospective precious metal projects in Japan, four on the island of Hokkaido (Omui, Utanobori, Rubeshibe) and one on Sado Island. Irving plans reconnaissance level prospecting and sampling at Eniwa later this year.

Additional Surface Rights Lease at Omui Project

At its Omui Au-Ag project, Irving recently entered into a long-term lease of surface rights. According to the terms of the lease, Irving has paid approximately JPY6,500,000 cash (approximately CAD $79,000) for access to 86.9 hectares (0.869 sq km) for the initial five years. The lease is a five-year term and can automatically be extended for up to three additional five-year periods. These surface rights are considered critical for Irving to proceed with mining work.

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.

Source: https://www.irvresources.com/

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