Xtra-Gold Continues To Confirm Resource Expansion Potential For South Ridge Gold Deposit, KIBI GOLD BELT, GHANA
Xtra-Gold Continues To Confirm Resource Expansion
Potential For South Ridge Gold Deposit, KIBI GOLD
BELT, GHANA
Toronto, Ontario--(Newsfile Corp. - October 30, 2018) -
Xtra-Gold Resources Corp.
(TSX:
XTG) (OTCQB:
XTGR
F)
("Xtra
-
Gold
" or the "Company")
is pleased to announce assay results for an additional 7 drill holes from its ongoing mineral
resource expansion drilling program at the South Ridge gold deposit, on the Company's wholly-owned Kibi Gold Project, located
in the Kibi - Winneba greenstone belt (the "Kibi Gold Belt"), in Ghana, West Africa. The 7 diamond core boreholes totalling 990
metres were completed by the Company's in-house drilling crew during the months of August and September; with 18 holes
(2,272 metres) drilled to date since initiation of the planned 4,000 metre program in February 2018.
Highlights of today's drill results are as follows and complete auriferous intercepts are listed in Table 1 below:
-
24.44 metres grading 1.24 grams per tonne ("g/t") gold, including 5.27 g/t gold over 2.44 metres from a down-hole depth of
37.86 metres in #KBDD18274 collared at the zone's southeast extremity; demonstrating potential for further resource expansion
to the southeast;
-
25.65 metres grading 1.4 g/t gold, including 3.14 g/t gold over 5.75 metres and 3.38 g/t gold over 3.15 metres from a down-
hole depth of 12.0 metres in #KBDD18270; and
-
15.0 metres grading 1.19 g/t gold, including 3.25 metres grading 2.99 g/t gold from a down-hole depth of 67.8 metres in
#KBDD18269; extending gold mineralization in northwestern section of the zone approximately 100 metres downdip from
previous drilling forming scope of current inferred mineral resource estimate.
James Longshore, President and CEO remarked:
"We are very satisfied with the advancements made this year on the South
Ridge deposit. Ongoing drilling efforts have so far confirmed the downdip continuity of the gold mineralization within the
northwestern section of the deposit, outside the scope of the current inferred mineral resource, as well as indicating the
potential for further resource expansion to the southeast. We remain focused on maximizing the resource potential of the
South Ridge deposit with the goal of further enhancing project economics."
The South Ridge deposit has a current inferred mineral resource estimate of 42,000 ounces at an average grade of 1.48 g/t
gold. The South Ridge deposit, along with the Big Bend, East Dyke, and Mushroom deposits in Zone 2 and the Double 19
deposit in Zone 3, form part of a maiden National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate (October
26, 2012) on the Company's Kibi Gold Project. In aggregate, these five gold deposits lying within approximately 1.6 kilometres
of each other (see Figure 1) are estimated to contain an Indicated mineral resource of 278,000 ounces at an average grade of
2.56 g/t gold and an additional Inferred mineral resource of 147,000 ounces at an average grade of 1.94 g/t gold (@ base case
0.5 g/t cut-off). The Zone 2 - Zone 3 maiden mineral resource represents the first ever NI 43-101 compliant mineral resource
generated on a lode gold project within the Kibi Gold Belt. Gold mineralization is characterized by auriferous quartz vein sets
hosted in Belt-type granitoids geologically analogous to other "Grantoid-hosted" gold deposits of Ghana, including Kinross
Gold's Chirano and Newmont Mining's Subika deposits in the Sefwi gold belt.
The NI 43-101 Technical Report entitled
"
Independent Technical Report, Apapam Concession, Kibi Project, Eastern Region, Ghana
", prepared by SEMS
Explorations and dated October 31, 2012, is filed under the Company's profile on SEDAR at
www.sedar.com
.
Table 1: Significant Drill Intercepts - South Ridge Gold Deposit
(Mineral Resource Expansion Program / August - September 2018)
Hole ID
From
(metres)
To
(metres)
Core Length
(metres)
Gold Grams
Per
Tonne
KBDD18268
108.45
110.9
2.45
2.54
including
109.45
110.4
0.95
5.12
KBDD18269
67.8
82.8
15.0
1.19
including
68.3
71.55
3.25
2.99
KBDD18270
12.0
37.65
25.65
1.40
including
12.0
28.05
16.05
1.92
including
12.0
17.75
5.75
3.14
including
24.9
28.05
3.15
3.38
KBDD18271
67.9
76.7
8.8
1.00
including
72.5
73.85
1.35
4.37
KBDD18272
77.4
80.4
3.0
1.89
and
91.4
103.4
12.0
0.81
including
95.4
101.4
6.0
1.25
KBDD18273
128.05
129.9
1.85
1.25
KBDD18274
37.86
62.3
24.44
1.24
including
37.86
54.38
16.52
1.64
including
37.86
40.3
2.44
5.27
including
38.93
39.68
0.75
11.76
including
50.79
51.59
0.8
10.01
Notes:
Reported intercepts are core-lengths; true width of mineralization is unknown at this time.
Unless otherwise indicated intercepts constrained with a 0.25 grams per tonne ("g/t") gold minimum cut-off grade at top and bottom of intercept, with no upper
cut-off applied, and maximum of five (5) consecutive samples of internal dilution (less than 0.25 g/t gold). All internal intervals above 10 g/t gold indicated.
The present drill results correspond to the latest 7 boreholes (990 metres) of an ongoing 4,000 metre resource expansion drilling
program at the South Ridge gold deposit on Zone 2 of the Kibi Gold Project. The South Ridge deposit consists of a northwest
striking / northeast dipping quartz diorite-hosted gold mineralization zone traced to date along an approximately 400 metre strike
length and 230 metre downdip depth from surface. Six (6) of the SW-trending, steeply inclined (-75o) boreholes tested the depth
continuity of the northwestern 150 metre segment of the gold zone at downdip depths extending from 55 metres to 175 metres
from surface (i.e., #KBDD18268 - #KBDD18273). With one borehole collared at the southeastern extremity of the zone to further
define the litho-structural setting of the mineralization to help guide step-out drilling to the southeast (i.e., #KBDD18274).
Exploration significant auriferous intercepts are presented in Table 1 and a drill / compilation plan with collar details depicted in
Figure 1, available at:
Figure 1: South Ridge Drill Plan_(Oct 30 2018)
Hole #KBDD18268 yielded a mineralized intercept of 2.45 metres grading 2.54 g/t gold, including 5.12 g/t gold over 0.95
metres from a down-hole depth of 108.45 metres; approximately 45 metres downdip of the previously reported #KBDD18263
high-grade intercept grading 2.67 g/t gold over 37.78 metres, including 5.23 metres grading 13.53 g/t gold (see August 8, 2018
News Release). Hole #KBDD18269 collared approximately 50 metres southeast of #KBDD18268 returned a mineralized
intercept of 15.0 metres grading 1.19 g/t gold, including 3.25 metres grading 2.99 g/t gold from a down-hole depth of 67.8
metres; approximately 40 metres downdip of the previously reported #KBDD18260 intercept grading 0.9 g/t gold over 21.0
metres. The #KBDD18268 and #KBDD18269 mineralized intercepts are centered approximately 130 metres downdip from
surface and extend the gold mineralization approximately 100 metres downdip from previous drilling forming the scope of the
current inferred mineral resource estimate.
Borehole #KBDD18270 consisting of an infill hole collared in the northwestern portion of the mineralization zone returned a near
surface intercept of 25.65 metres grading 1.4 g/t gold, including 3.14 g/t gold over 5.75 metres and 3.38 g/t gold over 3.15
metres from a down-hole depth of 12.0 metres.
Hole #KBDD18274 collared at the southeastern extremity of the South Ridge
gold zone to further define the litho-structural setting of the mineralization, to better guide step-out drilling along strike to the
southeast, returned a mineralized intercept of 24.44 metres grading 1.24 g/t gold, including 2.44 metres grading 5.27 g/t gold
from a down-hole depth of 37.86 metres.
Drilling is ongoing at South Ridge with 8 holes (~1,000 metres) currently planned to further define the southeastern 200 metre
segment of the mineralization zone and to test the zone's strike extension to the southeast.
QA/QC
Yves P. Clement, P. Geo, Vice President, Exploration for Xtra-Gold is acting as the Qualified Person in compliance with
National Instrument 43-101 ("NI 43-101") with respect to this announcement.
He has prepared and or supervised the preparation
of the scientific or technical information in this announcement and confirms compliance with NI 43-101. All samples in this news
release were analyzed by standard fire assay fusion with atomic absorption spectroscopy finish at the ISO 17025:2005
accredited Intertek Minerals Limited's laboratory in Tarkwa, Ghana. Xtra-Gold has implemented a rigorous quality assurance /
quality control (QA/QC) program to ensure best practices in sampling and analysis of drill core, trench channel, and saw-cut
channel samples, the details of which can be viewed on the Company's website at
www.xtragold.com
.
About Xtra-Gold Resources Corp.
Xtra-Gold is a gold exploration company with a substantial land position in the Kibi Gold Belt.
The Kibi Gold Belt, which exhibits
many similar geological features to Ghana's main gold belt, the Ashanti Belt, has been the subject of very limited modern
exploration activity targeting lode gold deposits as virtually all past gold mining activity and exploration efforts focused on the
extensive alluvial gold occurrences in many river valleys throughout the Kibi area.
Xtra-Gold holds 5 Mining Leases totaling approximately 226 sq km (22,600 ha) at the northern extremity of the Kibi Gold Belt.
The Company's exploration efforts to date have focused on the Kibi Gold Project located on the Apapam Concession (33.65 sq
km), along the eastern flank of the Kibi Gold Belt. The Kibi Gold Project (Zone 2 - Zone 3) maiden mineral resource estimate
produced by Xtra-Gold in October 2012 represents first ever NI 43-101 compliant resource estimate generated on a lode gold
project within the Kibi Gold Belt. The NI 43-101 Technical Report entitled "
Independent Technical Report, Apapam
Concession, Kibi Project, Eastern Region, Ghana
", prepared by SEMS Explorations and dated October 31, 2012, is filed
under the Company's profile on SEDAR at
www.sedar.com
.
Fo
r
w
a
r
d
-
Loo
k
i
ng
S
t
a
t
e
m
e
n
t
s
The TSX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain
"forward-looking statements". These statements are based on information currently available to the Company and the Company
provides no assurance that actual results will meet
management's expectations.
Forward- looking statements include estimates
and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
"believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and
capital
costs
of
the
Company's mineral
properties, and
the Company's
financial
condition
and
prospects,
could
differ
materially
from
those
currently anticipated
in
such
statements
for
many
reasons
such
as:
changes
in
general
economic conditions and
conditions in the financial markets; changes in demand and prices for minerals; litigation,
legislative,
environmental
and
other
judicial,
regulatory,
political
and
competitive developments; technological and operational
difficulties
encountered
in
connection
with
the activities
of
the Company; and other matters discussed in this news release.
This list is not exhaustive of the factors that
may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and
readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to
update any forward-looking statement that may be made from time
to
time
by
the Company or on its behalf, except in
accordance with applicable securities laws.
C
on
t
act
I
n
f
o
r
m
a
ti
on
For further information please contact:
James Longshore
Chief Executive Officer
416-628-2881
E-mail:
Website:
www.xtragold.com