Irving Resources Inc. announced that both diamond drill holes completed at the Omui mine site, part of its 100% controlled Omu Au-Ag Vein Project, Hokkaido, Japan, have encountered high-grade veins. Highlighted vein intercepts from the two holes completed at Omui mine site during winter 2022 include: 7.39 gpt Au and 10.07 gpt Ag (7.52 gpt Au eq) over 8.58m within 4.44 gpt Au and 14.97 gpt Ag (4.63 gpt Au eq) over 15.25m, and a second interval of 7.55 gpt Au and 155.00 gpt Ag (9.49 gpt Au eq) over 0.79m in hole 22OMI-001. 9.60 gpt Au and 63.30 gpt Ag (10.39 gpt Au eq) over 0.71m, a second intercept of 13.75 gpt Au and 23.13 gpt Ag (14.04 gpt Au eq) over 1.07m, and a third intercept of 12.50 gpt Au and 8.34 gpt Ag (12.60 gpt Au eq) over 1.00m in hole 22OMI-002.

Veins encountered in holes 22OMI-001 and 22OMI-002 are thought to belong to the same network of high-grade veins encountered in this area by holes completed prior to COVID-19 in the latter half of 2019. Veins encountered in the upper part of hole 22OMI-002 suggest the mineralized vein system at Honpi likely connects with that at Nanko about 450m to the south, which would be a very promising outcome. Given the angles at which veins were intercepted in both holes, the Company believes true vein widths are approximately 70-80% of drill intercept widths.

These two holes were collared south of the Honpi structure and drilled northward successfully encountering veins in the footwall, or upthrown, block of this east-west fault. Neither of these two holes reached the northern hanging wall block where a buried sinter system was encountered in drilling last year. A third hole that was planned to drill test the hanging wall block was not completed due to equipment breakdown in March followed by a wave of COVID-19 that afflicted crews on site during the latter part of March and early April.

The hanging wall feeder target situated beneath the buried sinter mound remains untested. Irving plans to drill this target when drilling resumes. Irving has recently been notified that its newly purchased Zinex A-5 drill has arrived at port in Hokkaido.

This rig will soon be transported to Omu where it will be utilized to conduct follow-up drilling at Omui and other targets on this project. As indicated in a recent news release, the Company has decided to buy its own drill rigs and develop an in-house team of drillers and helpers so that drilling can be undertaken more easily going forward. Drilling has recently resumed at Hokuryu mine site where hole 21HKR-001 is currently being deepened.

This hole had to be terminated due to inclement weather in November, 2021. Vein mineralization was encountered near the bottom of this hole, so Irving has elected to continue drilling to fully test the resistive CSAMT target in this area. All samples discussed in this news release are ½ split sawn diamond core samples.

Irving submitted samples to ALS Global, Vancouver, Canada, for analysis. Au and Ag were analyzed by fire assay with AA finish. Overlimit samples were assayed by fire assay with gravimetric finish.

Multielements were analyzed by mass spectrometry following four acid digestion. Irving routinely inserts standard and blank samples in assay batches submitted to the laboratory. Company staff are responsible for geologic logging and sampling of core.

Au equivalent is calculated by adding Au (gpt) to Ag (gpt)/78.