Irving Resources Reviews First Year of Work with JX Advanced Metals Corporation at Omu Project, Hokkaido, Japan

Rhea-AI Summary

Irving Resources (OTCQX:IRVRF) reviewed year one of its farm-in with JX Advanced Metals at the Omu Project, Hokkaido, Japan on Dec 15, 2025. Under the Option Agreement JX may earn up to a 75% interest at Omu Sinter Pit and a capped interest (≤75%) at Omuisenbu by incurring ¥300,000,000 in exploration/property expenditures over three years.

Key technical results: hole 24OMI-001 returned 101.1 m averaging 1.14 g/t Au, 16.0 g/t Ag, 84% silica; hole 25OMI-002 included 2 m @ 24.22 g/t Au, 173.40 g/t Ag; hole 25OMS-001 at Omu Sinter returned 41.81 m @ 96.6% silica, 0.54 g/t Au, 8.7 g/t Ag. A ~200 m north-south mineralized corridor is defined and mineralization remains open along strike.

Positive

• JX may earn a 75% interest at Omu Sinter Pit
• Option requires ¥300,000,000 exploration spend over three years
• Hole 24OMI-001: 101.1 m @ 1.14 g/t Au, 16.0 g/t Ag, 84% silica
• Hole 25OMI-002: 2 m @ 24.22 g/t Au, 173.40 g/t Ag
• Omu Sinter 25OMS-001: 41.81 m @ 96.6% silica
• Defined ~200 m north-south mineralized corridor; open along strike

Negative

• JX holds sole, exclusive exploration rights during the Option Period
• Irving's interest in optioned targets could be reduced to 25%

VANCOUVER, BC / ACCESS Newswire / December 15, 2025 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF)(FSE:1IR) ("Irving" or the "Company") is pleased to provide an update on the first year of work with JX Advanced Metals Corporation ("JX Metals") at Irving's Omu Project, Hokkaido, Japan.

As announced in the Company's news release of November 13, 2024, Irving and JX Metals entered into a farm-in agreement (the "Option Agreement") whereby JX Metals may earn a 75% interest at Omu Sinter Pit (covering 1.962 square kilometres) to a depth of approximately 50 metres below sea level. Under the Option Agreement, JX Metals may also earn an interest at Omuisenbu (covering 0.127 square kilometres), the specific percentage of which interest will be determined based upon a calculation set out in the Option Agreement which will take into account an evaluation of Omuisenbu; in any event, the interest of JX Metals in Omuisenbu will not exceed 75%. Irving retains 100% control over the remainder of the Omui Mining License and entire Omu Project.

In order to exercise the option to earn an interest in Omu Sinter Pit and Omuisenbu (the "Option"), JX Metals must incur at least 300,000,000 yen in exploration and property related expenditures over three years, subject to extension in the event of certain circumstances (the "Option Period"). During the Option Period, JX Metals has the sole and exclusive right to conduct exploration at Omu Sinter Pit and Omuisenbu. Irving is the operator under the Option Agreement under the direction of JX Metals. The Option Agreement has moved into its second year, JX Metals having satisfied the first year requirements under the Option Agreement.

Since acquiring its first land position at its Omu project, Hokkaido, in 2016, Irving has pursued a clear vision of discovering significant precious metal-bearing silica deposits suitable for use as smelter flux. To date, Irving has made discoveries of such deposits at the Omui Mining License and at Omu Sinter.

Upon consummating its agreement with JX Metals, Irving drilled a strategically positioned diamond drill hole, 24OMI-001, at the Omui Mining License. This first ever shallow angle diamond core hole completed at this target yielded an impressive 101.1m wide intercept of shallow, silicified rocks grading 1.14 gpt Au, 16.0 gpt Ag and 84% silica (refer to the Company's news release dated January 23, 2025 for full results).

To follow up on this exciting first hole, JX Metals and Irving completed four similar shallow holes in 2025 expanding upon this discovery of shallow gold- and silver-bear silicified rock at the Omui Mining License. All four holes encountered broad, shallow mineralized intercepts.

Collectively, the five shallow holes drilled at Omui Mining License define a north-south mineralized corridor approximately 200 m long. Mineralization is open to the north and south. Of particular note, a 2 m wide high gold zone showing 24.22 gpt Au and 173.40 gpt Ag was encountered in hole 25OMI-002. Irving considers assay results from its low-angle drilling program to be very favourable (refer to the Company's news release dated October 31, 2025 for full results).

At Omu Sinter, as part of a civil engineering groundwater survey and rock strength drill program, a shallow, vertical diamond drill hole, 25OMS-001, was completed yielding a 41.81 m thick high-silica gold-silver intercept. Silica content averages an impressive 96.6% and gold and silver grades, 0.54 gpt and 8.7 gpt, respectively (refer to the Company's news release dated October 31, 2025). This hole confirms strong continuity of Omu Sinter, a shallow, flat horizon of silica deposited by ancient hot spring fluids. The water table was observed at the drilling depth of 30m or 9m above sea level. Also, the aquifer was interpreted to lie at the basal fractured zone. This indicates most of this deposit occurs above the water table. Additional drilling is being completed at Omu Sinter to further test the level of groundwater as well as continuity and extensions of this important, shallow deposit.

Irving and JX Metals are currently laying out plans for the next steps to advance Omu Sinter Pit and Omuisenbu toward becoming a new important source of smelter flux in Japan.

Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor and a director of Irving and has verified the data disclosed including sampling, through review of photographs of core prior to and after sawing and sampling, and analytical, through review of standard and blank analyses.

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp. Additional information can be found on the Company's website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:

Tel: (604) 682-3234
Toll free: 1 (888) 242-3234
Fax: (604) 971-0209

info@IRVresources.com

Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation including, without limitation, statements as to the intention to advance Omu Sinter Pit and Omuisenbu toward becoming a new important source of smelter flux in Japan. 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 funding of 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

SOURCE: Irving Resources Inc.

View the original press release on ACCESS Newswire

FAQ

What does the JX farm-in mean for Irving (IRVRF) ownership at Omu as of Dec 15, 2025?

JX may earn up to a 75% interest at Omu Sinter Pit and a capped interest (≤75%) at Omuisenbu by meeting Option Agreement terms.

How much must JX spend to exercise the option at Omu described by Irving (IRVRF)?

JX must incur at least ¥300,000,000 in exploration and property expenditures over three years to earn the option.

What were the headline drill results reported by Irving (IRVRF) at Omui and Omu Sinter in 2025?

Key results include 101.1 m @ 1.14 g/t Au, 16.0 g/t Ag, 84% silica (24OMI-001) and 41.81 m @ 96.6% silica, 0.54 g/t Au, 8.7 g/t Ag (25OMS-001).

How extensive is the mineralized zone defined at Omui by Irving (IRVRF) drilling in 2025?

Five shallow holes define a north-south mineralized corridor approximately 200 m long, and mineralization remains open to the north and south.

Does the Omu Sinter deposit lie above the water table according to Irving (IRVRF)?

Yes; the water table was observed at about 30 m depth, indicating most of the reported shallow deposit occurs above the water table.

What operational limits does the Option Agreement impose on Irving (IRVRF) during the option period?

During the Option Period JX has the sole and exclusive right to conduct exploration at the optioned areas, with Irving operating under JX direction.