Explorer Launches Four-Rig Gold-Silver Program 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 it has launched its 2026 drilling campaign at the Omu gold-silver project, with four diamond rigs now active, according to a September 14 release.

The company said its Zinex A5 rig is testing shallow, silica-rich gold-silver mineralization at the Nanko target on the Omui mining license, while two rigs are working within the Honpi mineralized zone as part of the JX Advanced Metals Corp. (5016:TYO) collaboration. A fourth rig is focused on extending the Omu Sinter deposit.

"We are very pleased that our 2026 Omu diamond drill program is underway and already demonstrating the presence of shallow silica-rich mineralization at both Nanko and Omu Sinter," Irving technical advisor and Director Dr. Quinton Hennigh said. "Most excitingly, we will be in a position to test the high-grade feeder at Omu Sinter later this year."

Recent Nanko holes have consistently encountered broad intervals of strongly silicified volcanic rocks, hydrothermal breccias, and veins at shallow depths, with visible sulfides present in unoxidized sections, the release noted. Similar rocks drilled about five years ago returned meaningful gold and silver values, leading Irving to believe that Nanko could host a substantial volume of precious-metal-bearing silica.

The current program is intended to establish the extent of the system, immediately south of the Omui area covered by JX's option agreement.

Drilling has also started on two follow-up holes within the JX/Irving collaboration area at Omui, where early core observations have identified hydrothermal breccias and veining, the company said. At Omu Sinter, shallow vertical drilling continues to expand the known silica-sinter footprint, with recent holes intersecting additional sinter and intensely silicified volcanic rocks. Irving and JX are evaluating whether the shallow gold-silver silica deposit could eventually supply silica flux to Japan's smelting industry.

Irving has separately applied for permits to drill deeper at Omu Sinter and test a high-grade feeder identified earlier this year. The company previously reported an intersection of 0.98 grams per tonne (g/t) gold and 68.96 g/t silver, or 2.06 g/t gold equivalent, over 47.7 meters, including 4.05 g/t gold and 54.71 g/t silver over 7 meters and a further interval of 10.68 g/t gold and 187.81 g/t silver over 1.05 meters.

The company cautioned that these results may not reflect grades across the broader Omu Sinter system. Mineralization below roughly 50 meters beneath sea level remains entirely controlled by Irving and falls outside the JX option agreement. Permit approval is expected within weeks, after which rigs completing work at Nanko are expected to move to Omu Sinter for the deeper drilling.

Irving's June Hit Points to a Deeper Feeder at Omu Sinter

This year's push builds on results Irving reported in June, when shallow drilling at Omu Sinter first exposed the high-grade feeder now driving the deeper program. That intercept came from hole 26OMS-002, a 53-meter vertical hole near the sinter's eastern edge that stayed mineralized from bedrock to the bottom of the hole.

Irving called it the first discovery of high-grade mineralization in Omu Sinter's shallow setting and evidence of a hydrothermal feeder not previously recognized.

"Assays from 26OMS-002 confirm our early suspicion that we have discovered the hydrothermal feeder for Omu Sinter along its eastern margin," Hennigh said at the time. "Finding high-grade precious metals in the shallow environment is a first, and we think this bodes well for the discovery of a more substantial deposit at depth. It is within the boiling zone in epithermal systems that bonanza grades can occur. That typically lies at a few hundred meters depth. Given that we now have clear sight on the structural feeder, we plan to test the deeper part of this zone with aggressive drilling starting later this year."

The 2026 campaign began with two shallow vertical holes along the eastern margin. The companion hole, 26OMS-001, cut 22.18 meters grading 0.56 g/t gold and 10.36 g/t silver, or 0.72 g/t gold equivalent, while 26OMS-002 delivered the stronger result.

JX Advanced Metals Corporation is funding the work under a three-year option agreement that began November 13, 2024, giving JX the chance to earn a 75% interest in the 1.962-square-kilometer Omu Sinter Pit to about 50 meters below sea level. The collaboration is meant to generate the technical data needed to judge whether the deposit could supply silica flux to Japan's smelting industry.

Newsletter Writer Flags Irving's Hunt for the Source

Chen Lin of What Is Chen Buying? What Is Chen Selling? highlighted Irving Resources in his May 13 newsletter, calling the company's original Omu Sinter assay announcement "very important" because the drilling appeared to be tracing the source of an earlier high-grade discovery.

"Not only did they hit all three holes, they indicated in the next two holes, but they also seem to have found the source of the 'big hit' in 2019," Chen noted.

"I am adding it to my scorecard," he wrote at the time.

The Catalyst: A Pre-Fed Pullback, and Why Goldman Isn't Worried

Gold and silver began the week on weaker footing as traders awaited the Federal Reserve's policy decision, according to a report by Muhammad Umair for FX Empire on September 14. Gold traded near US$4,350 per oz and silver around US$64 per oz after U.S. consumer prices increased 0.4% in August from July and rose 3.4% year over year. The hotter inflation reading lifted expectations for a 25-basis-point Fed rate hike to roughly 86%, while the 10-year Treasury yield approached 5%. Higher yields increase the opportunity cost of holding non-yielding precious metals and could restrict further gains.

At the same time, escalating Middle East tensions continued to underpin demand for safe-haven assets. Crude oil climbed above US$107 per barrel after renewed attacks raised concerns about additional supply disruptions. The conflicting forces leave precious metals caught between geopolitical support for gold and inflationary pressure from higher energy prices, which could encourage the Fed to maintain a restrictive stance. Silver faces an additional headwind because of its exposure to industrial demand.

The Fed's rate decision and subsequent guidance, along with the market's response in Treasury yields, are likely to determine whether the recent correction in gold and silver deepens or gives way to a renewed advance. Gold needs to defend the US$4,270-US$4,300 zone, while silver must regain US$66 and then US$72 to strengthen its recovery prospects. Meanwhile, continued geopolitical tensions could provide an offsetting source of safe-haven demand.

However, the yellow metal's extended period of weaker performance since February does not signal that its broader advance has ended, according to Anthony Kim, Goldman Sachs' Global Head of Metals Trading, Kitco's Ernest Hoffman wrote in another report on Kitco on September 8.

Speaking on Goldman's The Markets podcast, Kim said the metal's record of US$5,589.38 per ounce reached in late January should not be viewed as the cycle peak. "From our perspective, this isn't the end of the bull market," he said. "It's an elongated pause."

Kim attributed the prolonged consolidation to two major developments. He said markets are still assessing the implications of Warsh's nomination and confirmation as Federal Reserve chair, particularly how his policy approach could interact with the Trump administration and its views on monetary policy. The second factor is the conflict involving Iran, which has disrupted energy markets and affected the recycling of global reserves into precious metals.

Kim said gold positioning has declined significantly across Goldman's client base as these developments have unsettled markets, although central-bank buying remains an important source of demand. "The one flow that does remain […] is the central bank accumulation," he said, according to Hoffman's report, adding that Goldman expects the broader uptrend to eventually resume and for gold to establish new records.

Ownership and Share Structure¹

Management and directors own about 9.96% of Irving, and strategic investors Newmont Corp. (NEM:NYSE; NEM:ASX) and Sumitomo Corp. (8053:TKY; SSUMF:OTCPK) 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 approximately CA$26.27 million in market capitalization and 99.13 million shares outstanding. The company's 52‑week trading range is CA$0.20 to CA$0.50.

Common Investor Questions

What did Irving Resources announce on September 14? The company launched its 2026 drilling campaign at the Omu gold-silver project in Hokkaido, Japan, with four diamond rigs now active across three target areas.

What is each rig testing? The Zinex A5 rig is testing shallow, silica-rich gold-silver mineralization at the Nanko target. Two rigs are drilling the Honpi mineralized zone as part of the JX Advanced Metals collaboration. A fourth rig is extending the Omu Sinter deposit.

What did technical advisor Quinton Hennigh say? Hennigh said the 2026 program is already showing shallow silica-rich mineralization at both Nanko and Omu Sinter, and that the company expects to test the high-grade feeder at Omu Sinter later this year.

What is the high-grade feeder at Omu Sinter, and when was it found? It's a hydrothermal feeder zone on Omu Sinter's eastern margin, first identified in June 2026 in hole 26OMS-002, which intercepted 0.98 g/t gold and 68.96 g/t silver over 47.7 meters, including a 1.05-meter interval of 10.68 g/t gold and 187.81 g/t silver. Irving has applied for permits to drill it at depth, with approval expected within weeks.

What is the JX Advanced Metals collaboration? JX is funding drilling under a three-year option agreement (begun November 13, 2024) that lets it earn a 75% interest in the 1.962-square-kilometer Omu Sinter Pit down to about 50 meters below sea level. The two companies are evaluating whether the deposit could supply silica flux to Japan's smelting industry. Mineralization below that depth stays entirely under Irving's control.

What's the broader gold market context in this piece? Gold and silver softened as traders awaited the Fed's rate decision following a hotter August inflation print, but Goldman Sachs' Anthony Kim said the metal's pullback from January's US$5,589.38 record is "an elongated pause" rather than the end of the bull market, citing the new Fed chair transition and the Iran conflict as the main drags on positioning.