Explorer Uncovers High-Grade Gold-Silver Hit at Hokkaido, Japan 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 it has received strong assay results from its Omu Sinter epithermal gold-silver project located in Omu, Hokkaido, Japan, according to a June 25 release.

Diamond drill hole 26OMS-002, a 53-meter vertical hole drilled near the eastern margin of the sinter target earlier this year, intercepted notable grades of 0.98 grams per tonne (g/t) gold (Au) and 68.96 g/t silver (Ag), or 2.06 g/t gold equivalent (AuEq), over 47.7 meters starting from the top of the bedrock to the end of the hole.

Within this intercept, a higher-grade subinterval was recorded at 4.05 g/t Au and 54.71 g/t Ag over 7 meters, with an additional subinterval of 10.68 g/t Au and 187.81 g/t Ag over 1.05 meters.

This discovery is significant as it marks the first instance of such high-grade mineralization in the shallow geological environment at Omu Sinter, the company said. Prior to hole 26OMS-002, no hydrothermal feeder was identified at this site. The promising results have led the company to plan an aggressive follow-up drill program to further explore this area.

"Assays from 26OMS-002 confirm our early suspicion that we have discovered the hydrothermal feeder for Omu Sinter along its eastern margin," Irving Technical Advisor and Director Dr. Quinton Hennigh said. "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. We are thrilled to see this story unfold like it is."

In early 2026, two shallow, vertical diamond drill holes, 26OMS-001 and 26OMS-002, were completed along the eastern fringe of Omu Sinter. While hole 26OMS-002 yielded the results mentioned above, hole 26OMS-001 intercepted a 22.18-meter interval of silica sinter grading 0.56 g/t Au and 10.36 g/t Ag (0.72 g/t AuEq).

This ongoing drilling initiative is part of a strategic collaboration with JX Advanced Metals Corporation, which is financing the drilling as part of a three-year option agreement initiated on November 13, 2024. Under this agreement, JX has the potential to earn a 75% interest in the Omu Sinter Pit, which spans 1.962 square kilometers, down to approximately 50 meters below sea level. The primary aim of this partnership is to gather adequate technical data to assess whether the deposit can serve as a viable source of silica flux for the Japanese smelting industry, a critical component in metallurgical processes.

Shika Prospect: Target Areas Known for Stream Sediment Anomalies

In March, Irving announced the results of exploration activities at the Shika epithermal gold-silver prospect located on the Noto Peninsula in Honshu, Japan. The company noted its extensive exploration coverage, which includes 99 Noto prospecting licenses covering 337.37 square kilometers across four target areas known for their stream sediment anomalies in gold, silver, arsenic, antimony, mercury, and copper. Once these licenses are granted, Irving will become the largest holder of prospecting licenses in the Noto area.

The Noto Project is a joint venture involving Newmont Overseas Exploration Ltd., a subsidiary of Newmont Corp., Sumitomo Corp., and Irving, with ownership interests distributed as 60% to Newmont, 12.5% to Sumitomo, and 27.5% to Irving.

The geological setting of the Noto Peninsula is similar to that of nearby Sado Island, home to the historic Sado Kinzan gold mine. This mine, operated by Mitsubishi Material Corp. under the Tokugawa Shogunate, was active for 388 years from 1601 and produced approximately 2.51 million ounces (Moz) of gold and 74 Moz of silver.

In its efforts to discover similar mineral wealth, Irving said it has conducted stream sediment surveys in the northern region of Noto, which identified significant gold anomalism at the Shika prospect. Following these promising findings, in October 2025, Irving's in-house field team conducted extensive ridge and spur soil and rock chip sampling along with geological mapping at Shika.

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

Expert: 'I Am Adding It to My Scorecard'

Chen Lin of What Is Chen Buying? What Is Chen Selling? discussed the stock in his May 13 newsletter, noting after the original May announcement on the Omu Sinter results that the update was "very important" for the company.

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

"And the last 25-cent financing will be free trading in a few weeks," he noted in the May commentary. "I see it as a good opportunity to accumulate shares, and I am adding it to my scorecard."

He said he expected to interview Hennigh and Jay Taylor of Gold, Energy & Tech Stocks about the discovery.

Irving experienced a notable increase in its stock price, gaining 16.36% on Wednesday, June 24, closing at CA$0.320 from an opening of CA$0.275, noted an AI analysis of the stock by StockInvest.us.

Throughout the day, the stock showed some volatility, fluctuating between a low of CA$0.305 and a high of CA$0.320. Over the last 10 days, the price has risen on four occasions, accumulating a 10.34% increase over the past two weeks.

The stock was positioned in the middle of a robust and broad upward trend in the short term on Thursday, the website said, with further increases anticipated within this trend. Predictions based on the current short-term trend suggest a potential rise of 17.74% over the next three months, with a 90% probability that the stock price will stabilize between CA$0.325 and CA$0.508 at the end of this period.

From a technical analysis perspective, a buy signal was triggered from a pivot bottom point identified on Tuesday, June 23, which resulted in the 16.36% rise.

Resistance might be encountered near the CA$0.323 and CA$0.337 levels, and surpassing these could generate further buy signals, the analysis said.

The Catalyst: Metals Getting a Bumpy Ride, But Expert Says Hold On

Gold and silver prices are currently hovering around significant levels, influenced by the actions of central banks and concerns about inflation, with market analysts predicting little chance of a substantial recovery soon, reported Chloe Taylor for CNBC on June 25.

As of early Thursday morning, spot gold remained steady, trading at approximately US$3,990.17 an ounce, having dipped below the US$4,000 mark in the previous session, the report noted. Although it briefly surged above US$4,000 again on Thursday, it fell back later in the morning. Meanwhile, front-month U.S. gold futures saw a slight decline, settling at US$4,006.60. So far this year, gold has decreased by about 7.5%.

Both metals experienced dramatic rallies in 2025, with gold increasing by 66% and silver by 135% over the year. However, the market became unstable early in 2026. Silver futures faced their most significant single-day drop since the 1980s at the end of January, and gold's status as a safe haven was questioned following the outbreak of the U.S.-Iran war in February.

According to a recent analysis by strategists at Macquarie, all attention is now on inflation trends and whether central banks, especially the Federal Reserve, will tighten policies to manage price levels. They noted, "The apparent end to the conflict in the Middle East, combined with a more hawkish Fed, has caused prices to retreat as gold's safe haven appeal fades together with the prospect of higher interest rates and a stronger USD, with a Fed rate hike in Q4 now fully priced in."

Market expectations, as indicated by the CME's FedWatch tool, include a Fed rate hike by September. Both the European Central Bank and the Bank of Japan have already raised interest rates this month in response to the energy shock from the Iran war.

The U.S. dollar's strong momentum and rising bond yields are exerting pressure on the precious metals market, noted Neils Christensen for Kitco News on June 24, causing gold prices to dip below US$4,000 an ounce and reach a new low for the year. Silver has also declined, falling below US$60 an ounce. Despite the unexpected bear-market correction from record highs in January, Ewa Manthey, a commodity analyst at ING, noted in her latest report that the sell-off underscores a market shift towards anticipation of higher interest rates and tighter financial conditions.

The markets are currently responding to the Federal Reserve's latest monetary policy meeting. Although the Fed did not change interest rates, it indicated support for a rate hike within the year. Federal Reserve Chair Kevin Warsh emphasized that maintaining price stability is his primary concern. The market anticipates a rate hike as soon as September, with expectations of a second increase by December. 

Given these challenges, Manthey mentioned that ING is revising its gold price forecast downward for the latter half of the year. She stated, "While we remain constructive on gold over the medium term, the near-term environment has become more challenging." ING now projects gold prices to average US$4,300 an ounce in the third quarter of 2026 and US$4,600 an ounce in the fourth quarter, reduced from earlier forecasts of US$4,850 and US$5,000, respectively."

ING is also adjusting its silver price forecast downward. The firm now expects silver to average US$68 an ounce in the third quarter and US$74 an ounce in the fourth quarter, down from previous estimates of US$79 and US$84, respectively.

"While the silver market is expected to remain in deficit, some of the strongest demand drivers are becoming less supportive," Manthey told Christensen. "Growth in solar demand is slowing, while continued thrifting and substitution in photovoltaic manufacturing are reducing silver intensity per panel."

However, on the same day, Christensen reported that Paul Williams, Managing Director at Solomon Global, told Kitco that investors should consider the broader historical context. Williams highlighted that the nearly 30% drop in gold prices from record highs in January is not unusual when looking at past bullish cycles.

He cited examples from history, noting, "During the 1970s, gold fell by around 45% between its mid-decade highs and 1976 lows before surging to record levels in 1980. During the 2008 financial crisis, it declined by roughly 30% before recovering strongly and reaching record highs in 2011." These instances illustrate that significant corrections are often part of the long-term investment landscape for gold.

Williams emphasized that the fundamental reasons for investing in gold remain unchanged despite the recent sharp sell-off, which has been influenced by rising opportunity costs and signals from the Federal Reserve about potential interest rate hikes, Christensen said. He reassured investors by pointing out that gold prices are still significantly higher than they were a year ago.

"Even at this level, gold is up almost 20% over the past 12 months." He attributed the sustained interest in gold to factors such as central bank purchases, geopolitical uncertainties, and high levels of sovereign debt, which continue to support its value.

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$31.78 million in market capitalization and approximately 99.13 million shares outstanding. The company's 52‑week trading range is CA$0.19 to CA$0.50.