Irving Resources Finalizes Joint Venture Term Sheet with Newmont and Sumitomo

VANCOUVER, BC / ACCESSWIRE / June 6, 2024 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) has announced the finalization of a non-binding term sheet with Newmont Overseas Exploration Limited and Sumitomo Corporation. The proposed joint venture will cover the Yamagano and Noto properties.

The term sheet outlines the framework for a definitive joint venture agreement, which will likely include an initial diamond drilling exploration program. Ownership interests in the joint venture company will be divided as follows: Newmont will hold 60%, Irving will hold 27.5%, and Sumitomo will hold 12.5%. Initially, Irving will act as the manager of the joint venture.

Irving Resources Inc. is a junior exploration company concentrating on gold in Japan. The company emerged from a plan of arrangement involving Irving, Gold Canyon Resources Inc., and First Mining Finance Corp.