Irving Resources Inc. (CSE:IRV) is pleased to announce it has signed a binding option agreement with Shimadzu Limited to acquire the 5.2 sq km Yamagano mining license, site of extensive historic high-grade gold vein mining, in southern Kyushu approximately 11 km southwest of the large, high-grade Hishikari gold mine (Figure 1).
Description of the Yamagano Mining License:
Binding Option Agreement:
The Option is exercisable for a period of 10 years from the date of the Option Agreement. In order to exercise the Option, Irving must issue a total of 350,000 common shares over four years, with the initial 87,500 common shares now issuable at a deemed price of C$2.90 per share, and 87,500 common shares due on each of the first, second and third anniversaries of the date of the Option Agreement and incur, within three years after the date of the Option Agreement, aggregate Property expenditures of US$250,000 on the Property and on properties controlled by Irving within 10 km of the outer boundaries of the Property. In addition, Irving must:
If the Option is exercised and approval of the Ministry of Economy, Trade and Industry of Japan to the transfer of the Property to Irving is received, Irving will issue an additional 350,000 common shares to Shimadzu, and Shimadzu will be entitled to receive a 1% net smelter return royalty.
All shares issued by Irving to Shimadzu pursuant to the Option Agreement will be subject to a statutory four-month hold period commencing from each date of issuance of such shares.
As discussed in the Company’s news release dated June 23, 2020, Irving now controls five key property positions in Kyushu. This includes Yamagano, Satsuma A, Satsuma B, Satsuma C and Satsuma D projects. All of these projects encompass gravity highs that Irving considers highly prospective for blind epithermal vein mineralization.
All land holdings discussed above are subject to the Irving-Newmont and Irving-Sumitomo Corporation exploration alliances, and Irving is discussing with both companies the best path to advance exploration at each project.
“We are honoured to have completed this agreement with Shimadzu Ltd.,” commented Akiko Levinson, CEO and a director of Irving. “This is one of the great historic gold districts in Japan but has seen no modern exploration. We look forward to beginning the search for further high-grade gold veins on the Yamagano mining tenement and adjacent lands we have staked.”
Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor and director of Irving.
About Irving Resources Inc.:
Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, a Project Venture Agreement with Japan Oil, Gas and Metals National Corporation. JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.
A photo accompanying this announcement is available at
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