Junior Explorer Uncovers High-Grade Gold Veins in Japan

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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 significant developments from its ongoing exploration activities in a March 2 release.

The company reported high-grade gold assay results from drill hole 25SY-003 at the Yamagano site, which indicate a promising eastward extension of mineralized veins. Additionally, Irving has provided updates on the progress of drill hole 26SY-001, the furthest east diamond drill test at Yamagano to date, and discussed potential drilling plans for 2026 within the Mining Right owned by Shimadzu Ltd., located just west of the East Yamagano Exploration Right.

The Yamagano joint venture (JV) is a collaborative effort between Newmont Overseas Exploration Ltd., a wholly-owned subsidiary of Newmont Corp., Sumitomo Corp., and Irving. The ownership stakes in the JV are distributed as follows: Newmont holds 60%, Sumitomo has 12.5%, and Irving possesses 27.5%.

The JV completed its final deep diamond drill of the season in late 2025 with drill hole 25SY-003. Positioned approximately 360 meters south of hole 23SY-001, this north-oriented drill hole was set at a 350 azimuth with an inclination of -53 degrees. The drilling targeted a large, deep-rooted AMT resistive body, believed to be associated with hydrothermal silicification and veining. This approach follows the methodology of previous drills, such as hole 23SY-001, which encountered a one-meter vein grading 45.90 grams per tonne gold (g/t Au).

Drill hole 25SY-003 yielded several high-grade vein intercepts, including 8.91 g/t Au and 31.5 g/t Ag over 0.9 meters, 10.30 g/t Au and 10.0 g/t Ag over 0.5 meters, and 23.36 g/t Au and 9.12 g/t Ag over 1 meter. These results are complemented by longer intervals of auriferous low-grade mineralization, suggesting the presence of spatially extensive low-grade mineralization in the area.

These findings are significant as they suggest that the East Yamagano veins identified in 25SY-003 may extend and connect to the adjacent Yamagano vein system to the west. Irving is encouraged by these results and sees potential for further drilling to explore these findings more extensively. The company plans to provide updates on these developments and detailed plans for future drilling endeavors as more information becomes available.

Eastern-Edge Hole Planned to Reach 900 Meters

Irving is currently advancing its exploration efforts at the East Yamagano Project with the ongoing drilling of hole 26SY-001. Positioned at the project's far eastern edge, this drill hole is targeting a discrete AMT resistive target similar to those previously encountered in the area. Oriented south at a -67-degree inclination, the drill has reached a length of approximately 400 meters. Despite its distance from previously completed holes, early indications suggest potential zones of veining and silicification, hinting at hydrothermal alterations akin to those found in the western sections of the project. This promising sign has led Irving to plan for the hole to reach a depth of 900 meters, with completion anticipated by the first or second quarter of 2026.

Looking ahead, Irving is also exploring the possibility of initiating a drilling program within the Yamagano Mining Right (MR), which is held by Shimadzu Ltd. This potential expansion of the drilling area, set to possibly begin in mid-2026, is contingent upon obtaining the necessary permits and completing other technical reviews. The decision to proceed will be made by the JV Operating Committee, which may also consider additional drill sites based on their technical merits.

The historical context of the Yamagano Gold Mine, which lies entirely within the Shimadzu-held MR, underscores the significance of these exploration efforts. With a history of gold production spanning approximately 400 years and nearly 50 mineralized veins historically identified within the lease area, Irving believes that many of these veins have yet to be systematically developed. Particularly in the northern part of the broader Yamagano vein system, where formal mining has been limited, recent soil sampling efforts by Irving have uncovered high-grade gold float near projected vein locations, further emphasizing the area's untapped potential.

All samples discussed in this release are ½ split sawn diamond core samples that Irving submitted to ALS Global in Perth, Australia, for analysis. The samples were tested for gold and silver content by fire assay with an AA finish, with overlimit samples assayed by fire assay with a gravimetric finish. Multielements were analyzed by mass spectrometry following a four-acid digestion. To ensure quality control, Irving routinely includes standard and blank samples in the assay batches it submits to the laboratory. Company staff are responsible for the geological logging and sampling of the core.

'Extra Profits' For Bottom Line

On October 31, 2025, Chen Lin, the author of the investment newsletter "What's Chen Buying? What's Chen Selling?", delivered a positive review of the latest drilling outcomes from Irving Resources' Omu site in Japan.

Lin highlighted the promising results in his update, stating, "IRV.cn released excellent news from Omu." He pointed out the strategic advancements at the site, noting, "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 drew attention to the high-grade gold findings reported from several drill holes, remarking, "There is high-grade gold in multiple holes," and detailing specific results such as "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." He expressed his impression of the consistency of the high grades across most of the drilled holes.

He also touched on the ongoing administrative processes, emphasizing, "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."

Providing a further update on December 30, 2025, Lin shared, "(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."

According to a March 3 AI analysis of the stock by StockInvest.us, shares experienced a modest increase on March 2, closing the trading day up 1.22% at CA$0.415, a slight rise from the opening price of CA$0.41. Throughout the day, the stock saw significant volatility, oscillating between a low of CA$0.385 and a peak of CA$0.425, marking a 10.39% fluctuation. Over the past ten days, the stock has seen a decline in five of those days, culminating in a total decrease of 16.16% for this period.

Despite the recent dips, Irving is positioned within a robust and broad upward trend in the short term. The current market dynamics signal a potential continuation of this upward trajectory. Based on the prevailing short-term trend, projections suggest that the stock could climb by 82.64% over the next three months. With a high degree of confidence, it is anticipated that the stock will maintain a price range between CA$0.613 and CA$0.98 by the end of this period, reflecting a 90% probability given the trend's momentum.

The Catalyst: Gold Hits Speed Bump

Early Tuesday saw a surprising dip in gold prices, descending 2.5% to US$5,181.1 an ounce, which more than reversed the 1.2% gains from Monday, despite escalating conflicts in the Middle East, according to a report by Alex Kozul-Wright for Barron's on March 3. Typically, gold is considered a safe haven during geopolitical turmoil, yet its price fell as tensions in and around Iran intensified. Meanwhile, the S&P 500 showed little movement, trending sideways.

Adrian Ash, a researcher at BullionVault, was not taken aback by the drop in gold prices, according to the report. He explained, "People often assume that death and destruction are bullish for gold, but that’s not necessarily true." He noted that during broader market stresses, it's common for traders to sell off gold to cover losses in other areas.

The U.S. dollar saw an increase in interest among currency traders, reinforcing its status as a preferred refuge during crises. "When people rush into cash, the dollar is still king," Ash remarked, suggesting that this preference for the dollar was diminishing gold's appeal.

Additionally, rising energy prices might be dampening expectations for a Federal Reserve rate cut at the upcoming June policy meeting, which will be Kevin Warsh's first as chair, Kozul-Wright noted. This anticipation could also be contributing to the downward pressure on gold prices.

"The dollar is absolutely roaring away, as are U.S. Treasuries, and that’s providing a strong headwind ⁠to gold and particularly silver,” observed Ross Norman, an independent analyst, according to a Reuters report published by CNBC on March 2.

On the equities front, U.S. stock index futures saw notable declines, with the Nasdaq dropping 2.3% on Tuesday. Concurrently, global oil and gas shipping rates have skyrocketed, fueling inflation concerns. This follows a statement from an official in Iran’s Revolutionary Guards declaring that the Strait of Hormuz is closed to marine traffic, with threats to fire on any ship attempting passage.

While gold is traditionally seen as a safeguard against inflation, rising inflation can lead to higher real yields and a stronger dollar, which in turn keeps borrowing costs high and reduces the appeal of non-yielding assets like gold. Market traders, as per the CME Group’s FedWatch tool, anticipate that the U.S. Federal Reserve will maintain rates at its upcoming meeting on March 18. Expectations for a rate hold in June, which were previously below 45%, have now risen to over 60%.

Despite these challenges, some analysts remain optimistic about gold's prospects. BMI, a division of Fitch Solutions, suggested that gold could surge to a record high above $5,600 an ounce this week unless there are signs of de-escalation in ongoing conflicts. “In an environment where ⁠geopolitical risks intersect with inflationary pressures and monetary policy complexities, gold becomes a tool for reallocating risk within investment portfolios,” explained Rania Gule, an analyst at XS.com.

Ownership and Share Structure1

Management and directors own about 9.96% of Irving, and strategic investors Newmont and Sumitomo own 17.63% and 4.78%, respectively. The rest is retail.

Top insiders include President and Chief Executive Officer Akiko Levinson with 4.71% and Quinton Hennigh with 4.1%.

Irving Resources Inc. has CA$41.24 million in market capitalization and approximately 99.13 million shares outstanding. The company's 52‑week trading range is CA$0.15 at the low and CA$0.50 at the high.