Deepest Hole Yet Strikes Gold in Historic Japanese Mining District

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Irving Resources Inc. (IRV:CSE; IRVRF:OTCQX) announced new assay results from its ongoing exploration at the Yamagano gold project in Kyushu, Japan, and outlined proposed activities for 2026. The project is held through a joint venture with Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) (60%), Sumitomo Corp. (8053:TKY;  SSUMF:OTCPK) (12.5%), and Irving (27.5%).

The company reported results from drill hole 25SY-002A, completed to a depth of 951.8 meters at Yamagano East. According to the company, the hole intersected "multiple anomalous gold-bearing intervals associated with silicification and stockwork veining," with the highest gold grade recorded at 2.11 grams per tonne (g/t) gold from 837.43 meters to 838.33 meters. This drill hole represents the deepest ever completed at Yamagano and is the first to test a southern deep resistive target identified by geophysical surveys.

Irving noted that the drill results support the presence of an epithermal gold system extending at least 450 meters below historical mining levels. In addition, a second hole, 25SY-003, was completed to 900.30 meters, targeting the same resistive feature as earlier holes from a different orientation. Three distinct zones of hydrothermal alteration were logged in this hole, and assays are pending.

From February through December 2025, Irving completed a three-phase soil sampling program across the Yamagano project area. The combined effort included 673 soil samples and 57 surface rock samples. According to the company, Phase I results included peak values up to 7.94 g/t Au and 5.2 g/t silver from soil assays, while a rock sample from earlier phases returned 86.8 g/t gold (Au) and 43.4 g/t silver (Ag). These results were supported by elevated concentrations of arsenic, mercury, and antimony proximal to historical mining areas and unmined extensions.

Sample analysis was conducted by ALS Global in Brisbane and Perth, and by Newmont's Denver laboratory, using standard fire assay and multi-element techniques. The company stated that quality control measures included the insertion of certified reference materials and duplicates at regular intervals.

Looking ahead, Irving is preparing a draft Master Plan required to potentially commence drilling within the Yamagano Mining Right (MR) area held by Shimadzu Ltd., where over 50 mineralized veins have been identified. The company noted that a significant portion of the eastern MR remains largely untested due to post-mineral volcanic cover.

Gold Pushes Toward US$4,500 as Precious Metals Strengthen Exploration Sentiment

Gold prices surged to new all-time highs in late December, reinforcing strong investor interest in precious metals and supporting momentum across the exploration sector. On December 21, Bloomberg reported that spot gold climbed above US$4,383 per ounce during Asian trading hours, propelled by rising geopolitical tensions and growing expectations of interest rate cuts. The report noted that gold's appeal as a safe-haven asset, coupled with sustained central bank buying and renewed demand for gold-backed ETFs, has been instrumental in driving the metal's historic rally.

By December 22, prices edged higher to US$4,429 per ounce, according to a market update by Phoebe Shields, who described the gains in both gold and silver as "blinding rallies." The strength in precious metals has helped lift equities tied to materials and exploration, providing additional support to companies advancing projects in high-grade jurisdictions.

Chen Lin said, "2026 could be an exciting year. In addition, they already made a discovery in the north JV with Japan's largest smelter. 2026 could be an exciting year, finally."

A December 24 commentary from Bloomberg columnist Ven Ram acknowledged the bullish sentiment but raised questions about the sustainability of the rally.

He pointed to a mix of seasonal buying from India and China and forecasts from banks targeting US$5,000 gold as key drivers. "At almost US$4,500 an ounce now, that would be an upside of less than 12%," Ram wrote, while noting that inflation-adjusted long-term gains in gold typically average around 3.5%.

Gold ended 2025 with its biggest annual increase since 1979, gaining more than 70% to trade above US$4,500 per ounce. The Guardian attributed the late-year rally to rising expectations of rate cuts from the U.S. Federal Reserve in 2026, prompting investors to favor hard assets as protection against inflation and currency erosion. The spike in gold prices reflected similar moves across the precious metals space, as geopolitical instability and strong central bank buying sustained demand for safe-haven assets. The article described the trend as part of a broader “debasement trade,” where uncertainty drives capital toward stores of value like gold.

Analyst Highlights High-Grade Gold and Strategic Smelter Partnership at Omu

On October 31, Chen Lin, author of the newsletter What's Chen Buying? What's Chen Selling?, shared a favorable assessment of recent drilling results from Irving Resources' Omu target in Japan. "IRV.cn released excellent news from Omu," Lin wrote. "Remember, the Omu project is in the process of permitting with Japan's largest smelter. Every gold discovered there means a lot of extra profits into the bottom line as the smelter is looking for silica."

Lin emphasized the significance of the grades reported from multiple holes. "There is high-grade gold in multiple holes," he noted. "2 meters of 24g/t gold and 173 g/t silver in hole 002 and 2.3 meters of 5.1g/t gold and 61g/ton silver in 003. It seems they hit high grades in most of the holes. This is quite impressive."

He concluded by underscoring the importance of the permitting process underway. "They are working on a mining license with its partner, Japan's largest smelter. Once they start mining, this gold will generate very good free cash flow."

On December 30, Lin provided an updated quote, stating, "(Irving Resources) provided a good update. They have had the big hit at the Newmont JV yet. They have one more hole pending, then they will start drilling the historical mining area with a 400-year history of gold mining. 2026 could be an exciting year. In addition, they already made a discovery in the north JV with Japan's largest smelter. 2026 could be an exciting year, finally.

Targeting Depth and Continuity in an Underexplored Gold System

Irving Resources continues to focus exploration efforts on the Yamagano project, a historic mining district with over 400 years of production history. As covered in the company's investor presentation, the current program targets extensions and previously unexplored portions of the known vein system. Drill results from 25SY-002A indicate that mineralization persists well below historical levels, while additional assays from 25SY-003 are expected to provide further context for the southern resistive target.

The company has completed soil sampling across 5.88 square kilometers using both conventional B-horizon and Deep Sensing Geochemistry (DSG) methods developed by Newmont Corporation. According to company data, this program has helped delineate northeast–southwest and east–west mineralized structures that may guide future drilling campaigns.

Irving holds a 27.5% interest in the Yamagano joint venture, which is backed by sector majors Newmont and Sumitomo. The agreement allows for technical and financial collaboration while advancing a district-scale asset with proximity to existing smelter infrastructure. According to company materials, Japan's need for silica-rich gold ores as smelter flux supports the viability of mining operations without the need for conventional milling, reducing capital intensity.

Preparations are underway for potential 2026 drilling within the Yamagano MR, pending finalization of the project's Master Plan. This area includes mineralized zones that have seen limited to no modern exploration, particularly beneath younger volcanic cover. The company has identified this as an area of prospective, untested potential. 

Ownership and Share Structure¹

Management and directors own about 9.3% of Irving, and strategic investors Newmont and Sumitomo own 17.63% and 4.78%, respectively. About 1% is owned by institutions. The rest is retail.

Top insiders include President and Chief Executive Officer Akiko Levinson with 4.88% and Hennigh with 3.1%.

Irving Resources Inc. has CA$20.84 million in market capitalization and approximately 83.36 million shares outstanding. The company's 52‑week trading range is CA$0.15 at the low and CA$0.35 at the high.