Gold Explorer Discovers Massive Potential at Japan's Omu Sinter Project

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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 assay results from its Omu Sinter epithermal gold-silver project, located near Omu, Hokkaido, Japan, according to a May 12 release.

The company recently completed diamond drilling revealing potential feeder style hot spring mineralization extending along the eastern part of the sinter terrace, the release said.

During a civil engineering project focused on groundwater survey and rock strength in late 2025, Irving conducted three shallow, vertical diamond drill holes. These drillings produced significant intervals of gold- and silver-bearing silica sinter, the company said. Notably, the water table was identified at about 30 meters depth, or 9 meters above sea level, with the aquifer preliminarily interpreted to be located at the basal fractured zone, suggesting that most of the deposit is situated above the water table.

Irving Director and Technical Advisor Dr. Quinton Hennigh expressed excitement about the findings. "Assays are eagerly awaited, but we are already confident that what we are seeing will lead to profound reinterpretation of the geology of this project," he said. "For example, we are now speculating if there is a connection between this mineralization at the area approximately 800 meters north where high-grade gold and silver were encountered in early drill holes completed in 2019. A large feeder would be required to form such a large sinter body. More drilling is fully warranted. Perhaps the best is yet to be discovered at Omu Sinter."

Silica content from holes 25OMS-001, -002, and -003 was exceptionally high, each exceeding 95%, making the material suitable for smelter flux, the release noted. Gold and silver were found to be consistently present across these samples. In the smelting process, these precious metals tend to concentrate at the bottom of the chamber in the base metal matte, which allows for efficient recovery. The drilling results included a notable 43.18-meter intercept grading 0.62 grams per tonne (g/t) of gold, 12 g/t of silver, and 97.8% silica in hole 25OMS-003.

Other highlights included Hole 25OMS-001, which returned 41.81 meters at 0.55 g/t Au (gold) and 8.6 g/t Ag (silver), including a higher-grade interval of 8 meters at 0.63 g/t Au and 10.8 g/t Ag. The highest individual silver grades were 22 g/t Ag over 10.89 meters in hole 25OMS-002 and 17.7 g/t Ag over 3 meters in 25OMS-003.

Further Exploration Planned

According to the release, these findings confirm the strong continuity of the Omu Sinter, which is characterized as a shallow, flat horizon of silica deposited by ancient hot spring fluids. Irving said it is continuing its drilling efforts at the Omu Sinter site to further explore the groundwater levels as well as the continuity and extensions of this significant shallow deposit.

JX Advanced Metals Corp. is funding the drilling under a three-year option agreement in which JX may earn a 75% interest in the Omu Sinter Pit, which spans 1.962 square kilometers, down to approximately 50 meters below sea level, Irving said.

Earlier this year, Irving completed drilling two vertical holes, 26OMS-001 and 26OMS-002, along the eastern margin of the target area. The first hole revealed sinter at the top but was predominantly characterized by hydrothermal breccias, veining, and strongly silicified volcanic rock at a depth of 65 meters. The second hole, located about 75 meters southeast of the first and reaching a depth of 53 meters, did not encounter sinter but showed similar geological features.

Irving's geologists believe that the style of mineralization found in these holes suggests proximity to a hydrothermal feeder, potentially the source of the sinter deposit. The intensity of the hydrothermal activity observed suggests a vigorous system, which is a positive sign for the presence of precious metals. Based on these findings, Irving is planning further exploration and has begun the process of applying for expanded drilling permits to thoroughly investigate this new discovery.

2026 'Could Be an Exciting Year'

According to a May 12 report by Stock Titan, "Irving Resources (OTCQX:IRVRF) reported encouraging gold-silver assay results from three shallow 2025 diamond drill holes at the Omu Sinter project in Hokkaido, Japan. Intervals include 43.18 meters grading 0.62 g/t Au, 12 g/t Ag and 97.8% silica in hole 25OMS-003. JX Advanced Metals is funding drilling under a three-year option to earn a 75% interest in the Omu Sinter Pit."

Two 2026 holes also intersected hydrothermal breccias and silicified volcanic rocks interpreted as proximal to a potential feeder zone; assays for these holes are pending, the site said.

On May 11, Irving experienced a positive shift in its stock price, which increased by 1.85%, moving from CA$0.270 to CA$0.275, according to a May 12 analysis of the stock by the site StockInvest.us. Throughout the trading day, the stock showed significant volatility, fluctuating 7.55% between a low of CA$0.265 and a high of CA$0.285. Notably, the trading volume increased on this day, with 8,000 more shares traded than the previous day, totaling 23,000 shares for approximately CA$6,270.

The stock has shown signs of breaking out from a broadly declining short-term trend, suggesting a potential shift in momentum, the site noted. This breakout indicates a slower rate of decline and possibly the beginning of a trend reversal. The stock now finds immediate support at CA$0.268, which could offer a secondary buying opportunity if tested again. According to technical analysis, the next potential resistance level is projected at CA$0.388, which might challenge the stock's ability to rise on the first attempt.

In terms of support and risk management, Irving Resources finds substantial support at CA$0.270, StockInvest.us said. This level is crucial as a potential rebound could be anticipated if this support is tested, presenting a buying opportunity.

On October 31, 2025, investment newsletter author Chen Lin, known for his "What's Chen Buying? What's Chen Selling?" newsletter, shared an enthusiastic review of earlier drilling results at Omu. Lin expressed excitement about the project's strategic partnership with Japan's largest smelter, which is currently undergoing the permitting process. He underscored the significance of the gold discoveries at the site, remarking, "IRV.cn released excellent news from Omu," and pointed out the potential for significant profits driven by the smelter's interest in silica.

Lin highlighted the high-grade gold results and was particularly impressed by the consistency of these high-grade results across most of the drilled holes. Lin also discussed the operational progress, mentioning ongoing efforts to secure a mining license in collaboration with Japan's largest smelter, which he believes could lead to significant free cash flow once mining operations begin.

In a follow-up update on December 30, 2025, Lin reiterated his positive stance, stating, "2026 could be an exciting year," he noted.

The Catalyst: Silver Recovers While Gold Could Still Go Higher

On Monday, silver prices experienced a notable increase, outshining gold in both international and domestic markets, signaling that the metal might be recovering from its recent downturn, Noor Ul Haq wrote for NDTV|Profit on May 11.

Internationally, silver's spot price jumped by 6% to US$85.12 per ounce following a harsh period for silver that saw its value nearly halve from a peak of US$121.64 per ounce on January 29 to a three-month low of US$60.94 in March, amid global risk aversion and heightened geopolitical tensions during the conflict in Iran. However, recent developments in technical analysis indicate a shift in market sentiment for silver. Over the past six weeks, silver has risen above two critical downtrend lines, a change typically viewed by traders as a sign of diminishing bearish momentum.

The metal's resurgence was highlighted by a three-day rally that brought it close to the April high of US$83.04, a significant resistance level that has previously limited gains. Market analysts who specialize in technical charts have suggested that if silver can maintain its position above the US$82-US$83 range, it could set the stage for a more substantial recovery, potentially reaching the psychologically important US$90 mark. Should silver manage to break out further, it might even approach the March high near US$96.38, opening new possibilities for its trajectory.

Gold has long been considered a safe haven for investors, especially during times of economic uncertainty and market volatility, Kat Tretina wrote for Yahoo! Finance on May 11. The ongoing war in Iran, which has impacted oil prices and the stock market, along with other global issues in Europe and South America, has led to a surge in gold's popularity. In 2025, the price of gold increased by 64%, reflecting its status as a preferred asset during turbulent times.

Several factors influence gold prices. Inflation is a major driver; as the cost of goods and services increases, the purchasing power of currency decreases, leading investors to turn to gold, which has a finite supply. For instance, when inflation rose above 9% in 2022, gold prices climbed to US$1,800 per ounce, marking a 29% increase. Geopolitical instability and economic uncertainties such as recessions, stock market fluctuations, and rising unemployment rates also prompt investors to invest in gold, which has historically maintained its value.

Looking ahead, experts have made several predictions about the future of gold prices.  JPMorgan forecasts that gold could reach US$6,300 per ounce this year, driven by increased central bank purchases and ongoing global tensions, Tretina reported.

Additionally, with growing economic concerns, more retail investors are expected to turn towards physical gold investments like bullions, coins, and bars. Despite traditionally being a stable asset, gold prices have shown increased volatility recently; for example, in early 2026, gold prices dropped by 14% in just three days, indicating that investors should brace for potentially larger and more rapid price fluctuations in the future.

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$27.26 million in market capitalization and approximately 99.13 million shares outstanding. The company's 52‑week trading range is CA$0.17 to CA$0.50.