Gold Explorer Discovers High-Grade Veins on Japan's Noto Peninsula

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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) has announced assay results from its exploration activities at the Shika epithermal gold-silver prospect, situated on the Noto Peninsula in Honshu, Japan, according to a March 18 release.

The company said its extensive exploration coverage includes 99 Noto prospecting licenses, encompassing 337.37 square kilometers across four distinct target areas known for their stream sediment anomalies in gold, silver, arsenic, antimony, mercury, and copper. These licenses, once granted, would position Irving as the largest holder of prospecting licenses in the Noto area.

The Noto Project operates as a joint venture between Newmont Overseas Exploration Ltd., a wholly owned subsidiary of Newmont Corp., Sumitomo Corp., and Irving, with ownership interests currently distributed as Newmont holding 60%, Sumitomo at 12.5%, and Irving at 27.5%.

The geological setting of the Noto Peninsula is akin to that of the nearby Sado Island, which is renowned for hosting the historic Sado Kinzan gold mine. This mine, operated by Mitsubishi Material Corporation, was under the direct control of the Tokugawa Shogunate and functioned continuously for 388 years from 1601, producing an impressive 2.51 million ounces (Moz) of gold and 74 Moz of silver.

In its pursuit to uncover similar mineral wealth, Irving said it conducted stream sediment surveys in the northern region of Noto, which pinpointed significant gold anomalism, particularly at the Shika prospect. Following these promising findings, in October 2025, Irving deployed its in-house field team to Shika to undertake comprehensive ridge and spur soil and rock chip sampling along with geological mapping.

The recent assay results, processed by ALS Perth and Brisbane, include data from 81 rock chip samples and 150 soil samples, the release said. These findings are now being thoroughly analyzed and will contribute to the ongoing exploration and development strategies at the Shika prospect, reinforcing Irving's commitment to advancing its position in this historically rich mining region.

Irving Resources Inc. has recently shared insights into the geological and mineralization characteristics of the historical Unoya Gold Mine, located , Japan. The mine is situated centrally among several contiguous BLEG anomalies and is characterized by mineralized veins and associated hydrothermal alteration observable at the site and its vicinity. These veins predominantly occur in andesite and pyroclastic rocks from the Early Miocene "Besshodake Andesite."

Location of Historical Unoya Gold Mine Found

The company said recent fieldwork by Irving's geological team has successfully pinpointed the location of the historical Unoya Gold Mine within the Shika prospect on the Noto Peninsula.

During this exploration, several quartz vein float samples collected near the mine exhibited gold values exceeding 1 grams per tonne gold (g/t Au). Notably, four high-grade gold samples were identified among 81 rock samples. These samples, distributed along approximately 1.2 kilometers of strike length, align with the eastern part of the regional-scale Togigawa Fault that trends NNE-SSW.

The company said observations of the quartz vein float samples revealed very fine-grained quartz, some chalcedonic, with minor pyrite and delicate crustiform banded textures. The samples show evidence of multiple stages of formation, indicated by complex cross-cutting relationships. The presence of limited sulfide minerals associates with the veins, suggesting that the historical Unoya Mine represents a typical low-sulfidation epithermal vein system, a prevalent style of gold deposit in Japan.

Soil sampling in the area has also yielded significant results, with a maximum gold concentration of 126 ppb (parts per billion) reported near the mine. Among the 150 soil samples analyzed, elevated concentrations of silver, mercury, antimony, arsenic, and selenium were noted, indicating a broader geochemical halo around the historical mine site.

Looking ahead, Irving said it is finalizing plans for its 2026 field activities at the Shika prospect. The company intends to continue field mapping and conduct a drone-borne, high-resolution magnetic geophysical survey over the historical Unoya mine area. This survey aims to cover approximately 10 square kilometers and will focus on delineating hydrothermally altered andesite zones, which typically display low magnetic intensity.

The results from this survey are expected to refine exploration targeting and potentially delineate new drill targets, the company said.

Analysis: Stock Expected to Rise in Short Term

On March 18, Irving saw its stock price increase by 6.56%, closing at CA$0.325, up from CA$0.305. The stock experienced a notable fluctuation during the trading day, ranging from a low of CA$0.315 to a high of CA$0.335, according to a March 19 AI analysis by the site StockInvest.us.

Over the past 10 days, the stock has seen a decline in five of those days, culminating in a total decrease of 19.75% for this period. Additionally, trading volume decreased by 49,000 shares, with a total of 8,000 shares traded.

Investors should note that the decrease in volume alongside the price increase might suggest a divergence, potentially signaling upcoming changes in the following days, the site said. Currently, the stock is positioned in the lower segment of a robust and broad upward trend in the short term, which could potentially represent a favorable buying opportunity. However, if the stock breaks below the lower trend line at CA$0.308, it could suggest a deceleration in the upward trend and might even indicate a possible shift in the trend direction.

Looking ahead, based on the current short-term trend, Irving Resources Inc. is projected to experience a significant rise of 47.88% over the next three months. With a 90% probability, the stock price is expected to be between CA$0.456 and CA$0.83 by the end of this period, reflecting the stock's potential for substantial growth in the near future.

"Irving Resources Inc. finds support from accumulated volume at CA$0.320 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested," the site said.

On October 31, 2025, investment newsletter author Chen Lin, known for his publication "What's Chen Buying? What's Chen Selling?", provided a favorable review of the recent drilling results from Irving Resources' Omu site in Japan. Lin was enthusiastic about the developments, noting the strategic significance of the project's collaboration with Japan's largest smelter, which is in the process of permitting. He emphasized the value of each gold discovery at the site, stating, "IRV.cn released excellent news from Omu," and highlighted the potential for substantial profits due to the smelter's interest in silica.

Lin specifically pointed out the impressive high-grade gold results from several drill holes, mentioning, "There is high-grade gold in multiple holes," and provided details 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/t silver in 003." He was particularly struck by the consistency of these high-grade findings across most of the drilled holes.

Further discussing the operational aspects, Lin noted the ongoing efforts to secure a mining license in partnership with Japan's largest smelter, underscoring the potential for significant free cash flow once mining commences. He reiterated his optimism in a subsequent update on December 30, 2025, saying, "(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."

Chen Lin's updates reflect a strong positive outlook for Irving Resources' activities in Japan, highlighting both the immediate successes at the Omu site and the promising prospects for the coming year.

The Catalyst: Iran War Hits Markets Hard

On Thursday, a significant downturn hit the gold and silver markets, part of a broader market sell-off triggered by growing concerns about the ongoing war in Iran and escalating inflation, as reported by Chloe Taylor for CNBC on March 19. Spot gold took a sharp dive, falling nearly 5% to just below US$4,600 an ounce, while front-month gold futures also experienced a nearly 6% drop to a similar level. Silver saw even more dramatic losses; the ProShares Ultra Silver ETF plummeted by 20% before the market opened, and the iShares Silver Trust ETF, which had earlier gained traction from a meme-driven trading frenzy, dropped almost 10%.

The sell-off extended beyond precious metals, affecting mining stocks and related exchange-traded funds significantly. This downward trend was mirrored in European markets, where the Stoxx Europe Basic Resources index fell by 6%, according to Taylor. The broader market sentiment was decidedly risk-averse, impacting global equities and government bonds. European stocks saw a sharp decline in early trading, and U.S. equity futures also pointed to a likely downturn at market opening.

The intensifying conflict between the U.S. and Iran, which has now stretched into its third week, has stoked fears of an energy crisis that could further drive global inflation, following attacks on energy facilities in Iran and Qatar that pushed oil and gas prices higher. Central banks, including the U.S. Federal Reserve, are closely watching these developments. The Fed held rates steady on Wednesday, noting the uncertain impacts of the Middle East conflict on the economic landscape.

After experiencing significant rallies in 2025, where gold and silver prices surged by 66% and 135% respectively, both metals have faced much more volatile trading in 2026. Notably, silver futures saw their largest single-day drop since the 1980s at the end of January, highlighting the market's acute sensitivity to geopolitical and economic shifts.

In a related commentary from March 17 on Kitco News, Jeffrey Christian of CPM Group discussed the current dynamics of the gold, silver, platinum, and palladium markets. Despite the geopolitical tensions and rising oil prices, gold prices have not risen as might be expected and have instead been consolidating around the $5,000 mark. Christian pointed out that the relationship between gold and oil prices is not as direct as many investors might think, especially during Middle Eastern conflicts, with the historical connection between these markets being weaker than commonly assumed.

Despite the current volatility and potential for further price adjustments, CPM Group remains positive about the future prospects for precious metals. They maintain that the ongoing economic and political conditions are likely to continue supporting higher prices for gold and other precious metals over the long term.

Ownership and Share Structure¹

Management and directors own about 9.5% of Irving, and strategic investors Newmont and Sumitomo own 14.8% and 4%, 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$32.31 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.