Irving Resources Inc. announced high-grade assays from three drilled diamond drill holes recently completed at Omui, part of its 100% controlled Omu Au-Ag Vein Project, Hokkaido, Japan. New High-Grade Veins Encountered at Nanko: Hole 22OMI-003, drilled from north to south at an inclination of -60 degrees to test a deep-rooted vertical resistivity anomaly, encountered two high-grade veins. The first, 13.87 gpt Au and 121.74 gpt Ag (15.43 gpt Au Eq) over 1.67m, started at a downhole depth of 378.91m, and the second, 8.49 gpt Au and 270.00 gpt Ag (11.95 gpt Au Eq) over 0.57m started at 490.20m.

These intercepts, the two deepest yet encountered at the Nanko target, clearly demonstrate that high-grade veins extend in excess of 400m providing very encouraging confirmation that Omui is a deep-rooted vein system. Estimated true width of these veins is estimated at 50-70% of down-hole width. Both veins display banded quartz with traces of ginguro, or silver sulphosalts.

In 2020, similar banded veins were encountered much closer to surface in hole 20OMI-003 positioned above hole 22OMI-003. This included a 14.24m wide intercept grading 4.47 gpt Au Eq. The two new veins in 22OMI-003 do not appear to be connected to the much shallower vein in hole 20OMI-003, but may represent hanging wall splays off of this very large vein.

More drilling is needed to evaluate this possibility. Deep Test at Honpi: As a follow up test of the deep hydrothermal system discovered by drill hole 21OMI-002 completed in late 2021 at Honpi (please refer to the Company's press release dated March 2, 2022), Irving drilled 23OMI-001, a south-oriented hole inclined at -75 degrees, to crosscut this older hole. As described in the Company's news release dated March 6, 2023, hole 23OMI-001 encountered silica sinter at about 120m followed by an extensive interval of quartz stockwork veining.

The silica sinter interval persisted for 14.40m and grades 0.58 gpt Au and 15.85 gpt Ag (0.79 gpt Au Eq), very strong values for this type of material. Underneath the sinter, nearly 57m of stockwork quartz veining grading 0.65 gpt Au and 7.09 gpt Ag (0.74 gpt Au Eq) was encountered. Based on these results, the Company believes the position of 23OMI-001 is peripheral to the main feeder zone at Honpi.

West Honpi Extension: In order to test the depth extension of West Honpi, Irving drilled hole 23OMI-002, a north-oriented hole inclined at -50 degrees. West Honpi Extension was encountered at the top of hole 21OMI-002 which encountered 9.88 gpt Au Eq over 9.90m (please refer to the Company's press release dated March 2, 2022). Hole 23OMI-002 encountered West Honpi Extension approximately 70m vertically beneath surface.

This intercept includes 5.80 gpt Au and 13.80 gpt Ag (5.98 gpt Au Eq) over 2.00m within 1.91 gpt Au and 13.89 gpt Ag (2.08 gpt Au Eq) over 10.00m. Given the high quartz content of this interval, it is believed to be suitable for smelter flux material. True width is estimated at about 60% of down hole width.

Omu Sinter Drilling: In March and April, 2023, Irving completed a series of nine diamond drill holes at Omu Sinter to evaluate the potential for a shallow, gold- and silver-bearing silica body suitable for smelter flux material. The target area is capable of hosting several million tonnes of such material. Assays from these holes are currently awaited.

Hokuryu Drilling Resumes: In mid-May, 2023, Irving commenced diamond drilling at the Hokuryu historic mine site. Two holes are planned for completion here over the coming few weeks. Both holes are designed to test deep-rooted vertical resistive features observed in CSAMT data.

Previous drilling of such features has yielded discovery of multiple new veins at Hokuryu. 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.

Results referred to in this news release are not necessarily representative of mineralization throughout Hokuryu.