Deep Drilling Uncovers Gold Zones Below Historic Workings in Japan

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Irving Resources.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

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) has shared updated drill results from the Yamagano gold project in Kyushu, Japan, along with its exploration plans for 2026. The initiative is part of a joint venture with Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) (60%), Sumitomo Corp. (8053:TKY; SSUMF:OTCPK) (12.5%), and Irving (27.5%).

Drill hole 25SY-002A was completed to a depth of 951.8 meters at Yamagano East. According to the company, the hole revealed "several gold-anomalous zones associated with silicified structures and stockwork veins," with the highest assay reading 2.11 grams per tonne (g/t) of gold between 837.43 and 838.33 meters. This is the deepest drill hole yet at the project and the first to explore a southern resistive zone identified through geophysical work.

According to Irving, the data support the presence of a deep epithermal gold system extending at least 450 meters below previous mining levels. A second hole, 25SY-003, reached 900.30 meters and tested the same resistive body from the south. The company reported three key zones of hydrothermal alteration and is awaiting assay results.

Between February and December 2025, Irving completed a three-stage soil sampling campaign at the Yamagano site. Altogether, 673 soil samples and 57 rock float samples were gathered. The Phase I assays included highs of 7.94 g/t gold and 5.2 g/t silver, while a rock sample from earlier in the year graded 86.8 g/t gold and 43.4 g/t silver. Anomalies in arsenic, mercury, and antimony were also identified near legacy mining zones and unexplored areas.

All samples were processed by ALS Global in Brisbane and Perth, and by Newmont's Denver facility, using fire assay and four-acid digestion methods. The company reported standard QA/QC measures, including routine use of certified reference materials and sample duplicates.

Irving is now developing a draft Master Plan in preparation for potential drilling in 2026 within the Yamagano Mining Right (MR) area, held by Shimadzu Ltd. More than 50 gold-bearing veins have been identified in the MR, though much of the eastern area remains largely unexplored due to younger volcanic cover.

Gold Pushes Toward US$4,500 as Precious Metals Strengthen Exploration Sentiment

Gold prices climbed to fresh record levels in late December, helping drive renewed interest in precious metals and exploration stocks. Bloomberg reported on December 21 that spot gold surpassed US$4,383 per ounce in Asian markets, supported by heightened geopolitical risks and expectations of monetary easing. Investors reportedly sought the metal for its safe-haven qualities, while central bank purchases and inflows into gold ETFs provided further momentum.

By December 22, gold had reached US$4,429 per ounce, with Phoebe Shields describing the movement in both gold and silver as "blinding rallies." Rising commodity prices contributed to gains in materials stocks and bolstered momentum for exploration-stage companies.

A December 24 opinion piece from Bloomberg's Ven Ram questioned whether the gold rally could be sustained. He cited seasonal demand from China and India, along with bullish bank forecasts targeting US$5,000 gold, as short-term drivers. "At almost US$4,500 an ounce now, that would be an upside of less than 12%," Ram noted, adding that inflation-adjusted long-term returns for gold typically average around 3.5%.

Gold closed out 2025 with its strongest yearly gain in over four decades, rising more than 70% to surpass US$4,500 per ounce. As reported by The Guardian, the December surge was fueled by growing expectations that the U.S. Federal Reserve will begin cutting interest rates in 2026. Investors turned to gold as a hedge against inflation and weakening fiat currencies. The rally aligned with broader gains across the precious metals sector, supported by ongoing geopolitical tensions and continued central bank purchases. Analysts quoted in the article compared the trend to a “debasement trade,” characterized by capital shifting into hard assets amid widespread economic uncertainty.

Analyst Highlights High-Grade Gold and Strategic Smelter Partnership at Omu

On October 31, newsletter writer Chen Lin of What's Chen Buying? What's Chen Selling? commented positively on new drill results from Irving's Omu target in Japan. "(Irving) released excellent news from Omu," he wrote. "Remember, the Omu project is in the process of permitting with Japan's largest smelter. Every gold discovered there means a lot of extra profits into the bottom line as the smelter is looking for silica."

Lin called attention to several intercepts of high-grade mineralization. "There is high-grade gold in multiple holes," he said. "2 meters of 24g/t gold and 173 g/t silver in hole 002 and 2.3 meters of 5.1g/t gold and 61g/ton silver in 003. It seems they hit high grades in most of the holes. This is quite impressive."

He added that the smelter relationship could have a meaningful financial impact once production begins. "They are working on a mining license with its partner, Japan's largest smelter. Once they start mining, this gold will generate very good free cash flow."

Lin followed up on December 30, noting that, "(Irving Resources) provided a good update. They have had the big hit at the Newmont JV yet. They have one more hole pending, then they will start drilling the historical mining area with a 400-year history of gold mining. 2026 could be an exciting year. In addition, they already made a discovery in the north JV with Japan's largest smelter. 2026 could be an exciting year, finally."

Targeting Depth and Continuity in an Underexplored Gold System

Irving's investor materials highlight ongoing efforts at the Yamagano project, a gold district with over four centuries of production history. Current exploration targets deep extensions and untested zones across the vein system. Drill hole 25SY-002A confirmed mineralization well beneath previously mined levels, and pending results from 25SY-003 are expected to add further context. 

The soil sampling campaign covered 5.88 square kilometers and employed both B-horizon sampling and Deep Sensing Geochemistry (DSG), a technique developed by Newmont. Company data shows this work identified several mineralized trends that will inform future drill targeting.

Irving holds 27.5% of the Yamagano joint venture alongside Newmont and Sumitomo. The partnership allows for shared resources and technical input while focusing on a district-scale asset located near existing smelters. Japan's reliance on silica-rich gold ores for flux use continues to support the strategic value of high-grade gold discoveries in the region.

Preparations are currently underway for a potential 2026 drill program within the Yamagano MR, subject to finalization of the site's Master Plan. Large portions of this license remain underexplored, particularly beneath volcanic cover where modern drilling has yet to occur.

Ownership and Share Structure¹

Company insiders hold about 9.3% of Irving's shares. Strategic investors Newmont and Sumitomo own 17.63% and 4.78%, respectively. Institutional holders account for roughly 1%, with the remainder held by retail investors.

Key individual stakeholders include President and CEO Akiko Levinson with 4.88%, and Quinton Hennigh with 3.1%.

Irving Resources Inc. has a market capitalization of approximately CA$20.84 million and 83.36 million shares outstanding. The company has traded between CA$0.15 and CA$0.35 over the past 52 weeks.