Irving Resources Signs Term Sheet for Option to Acquire the Historic Yamagano Mining License and Additional Strategic Ground in Kyushu, Japan

VANCOUVER, British Columbia, June 23, 2020 (GLOBE NEWSWIRE) -- Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to announce it has signed a non-binding term sheet with Shimadzu Ltd. (“Shimadzu”) to acquire the 5.25 sq km Yamagano mining license, site of extensive historic high-grade gold vein mining in southern Kyushu, approximately 11 km southwest of the large, high-grade Hishikari gold mine (Figure 1). Irving and Shimadzu have begun work on a definitive mineral property option agreement; the terms of the option agreement will be announced once signed. In addition, the Kyushu Bureau of  Economy, Trade and Industry has accepted the filing of 23 new mineral prospecting licenses totalling 65.19 sq km.  A multi-step review now begins for the approval of these licenses. Mitsui Mineral Development Engineering Co., Ltd. (MINDECO) is assisting the Company throughout the process.

Yamagano High-Grade Gold Vein Mining District Highlights:

• 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 1640AD during the early Edo Period in Japan (Figure 2). Mining focused on a multitude high-grade epithermal gold veins hosted by volcanic rocks blanketing this region.
• Yamagano gold production is reported to be approximately 80 tonnes, or 2.57 Moz. (http://www.jtdweb.org/journal/2006/009_Arikawa.pdf) Importantly, the mining right tenement has seen no modern exploration including drilling. Yamagano is the major nearest past producer neighbour to the Hishikari mine.
• 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 ore control at the Kushikino gold mine (56 tonnes or 1.80 Moz Au produced) situated approximately 39 km southwest of Yamagano. (https://mitsuikushikino-mine.co.jp/en/corporate-information/introducti ...) In fact, based upon this geologic model, initial targeting of the famous Hishikari deposits (248.2 tonnes or 7.98 Moz Au produced) was driven largely by recognition of an anomalous gravity high underlying that area. (https://www.smm.co.jp/E/corp_info/domestic/hishikari/kyoten.html) 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 now holds four important new mineral prospecting licenses immediately east of the Yamagano mining right 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 Au veins. Irving believes this area is highly prospective for natural continuations of the Yamagano vein network. In fact, the majority of the local gravity anomaly lies within these new mineral prospecting licenses.
• Irving considers its methods of exploration, including controlled source audio-magnetotelluric surveys, will be the best means of quickly identifying drill targets within the gravity high.

Satsuma Gravity Anomalies Highlights: