Xtra-Gold Continues to Expand Boomerang East Gold System; Intersects 2.40 g/t Gold over 22.0 Metres in New Lower Shoot Footwall Zone
Xtra-Gold Continues to Expand Boomerang
East Gold System; Intersects 2.40 g/t Gold
over 22.0 Metres in New Lower Shoot Footwall
Zone
Toronto, Ontario--(Newsfile Corp. - December 21, 2022) -
Xtra-Gold Resources Corp. (TSX: XTG)
(OTCQB: XTGRF) ("Xtra-Gold" or the "Company")
is pleased to announce further positive assay
results for an additional 10 diamond core boreholes totalling 3,353.5 metres from its ongoing
Boomerang East resource expansion drilling program on the Company's wholly-owned Kibi Gold
Project, located in the Kibi - Winneba greenstone belt (the "Kibi Gold Belt"), in Ghana, West Africa. With
the present drilling successfully expanding the lateral continuity of the stacked, NE-plunging gold shoot
system approximately 100 metres towards the southeast, as well as identifying a newly developing gold
shoot emplaced within the footwall of the main Lower Shoot gold zone.
The current drilling forms part of
an aggressive in-house drilling initiative focussing on multiple resource expansion targets along the
southwest (Zone 3) segment of the over three-kilometre-long Zone 2 - Zone 3 anticlinal fold structure;
stretching over one kilometre beyond the limits of the current Mineral Resource Estimate (the "2021
MRE", see the Company's news release of November 1, 2021).
Assay results reported are provided in Table 1 below and include the following highlights:
New Footwall Shoot (in footwall of main Lower Shoot gold zone)
22.0 metres ("m") at 2.40 grams per tonne gold ("g/t Au"), including 7.0 m at 5.35 g/t Au, from
226.0 m in KBDD22497
19.0 m at 0.76 g/t Au, including 7.0 m at 1.70 g/t Au, from 313.0 m in KBDD22495
20.0 m at 0.58 g/t Au, including 5.0 m at 1.10 g/t Au, from 224.0 m in KBDD12228 (re-entered /
extended hole)
22.0 m at 0.52 g/t Au, including 4.0 m at 1.48 g/t Au, from 346.0 m in KBDD22499
17.0 m at 0.61 g/t Au, including 4.0 m at 1.48 g/t Au, from 240.0 m in KBDD22500
Lower Shoot (SE Lateral Expansion Drilling)
65.0 m at 0.61 g/t Au, including 1.0 m at 5.70 g/t Au and 16.0 m at 0.98 g/t Au, from 150.0 m in
KBDD22500
7.5 m at 2.11 g/t Au, including 1.0 m at 5.59 g/t Au, from 197.0 m in KBDD12228
17.0 m at 0.60 g/t Au, including 4.0 m at 1.39 g/t Au, from 171.0 m in KBDD22497
20.0 m at 0.47 g/t Au from 255.0 m; and 21.0 m at 0.52 g/t Au, including 1.5 m at 4.28 g/t Au, from
290.0 m in KBDD22498
19.0 m at 0.65 g/t Au, including 4.0 m at 2.00 g/t Au, from 288.0 m in KBDD22499
James Longshore, President and CEO remarked: "Drilling at Boomerang East continues to
demonstrate the resource expansion potential of the Kibi Gold Project beyond the footprints of the
current MRE bodies. This newly emerging parallel gold shoot along the footwall of the main Lower Shoot
gold zone, highlighted by the strong hole #KBDD22497 gold intercept reported today, further validates
Boomerang East as a major, stacked, multi-shoot gold system. We believe that there's great discovery
potential for similar-style gold systems along the entire extension of the mineralization-controlling 1
st
order fold hinge structure, with scout drilling targeting the approximately one-kilometre gap between
Boomerang East and the Zone 2 resource bodies to the northeast, planned for the new year."
Today's Kibi Gold Project drill results correspond to 10 expansion drill holes primarily targeting the
lateral continuity of the stacked, multi-shoot, Boomerang East gold system, located along the
southwestern (Zone 3) segment of the over three-kilometre-long Zone 2 - Zone 3 anticlinal fold structure.
The diamond core boreholes totalling 3,353.5 m were completed by the Company's in-house drilling
crews from early September to mid-November 2022, including: 8 new holes (KBDD22495 -
KBDD22502) and 2 hole-extensions (KBDD12228 & KBDD22481). KBDD12228 and KBDD22481,
originally drilled in 2012 and May 2022 respectively, were re-entered / extended in November 2022 to
further test the Lower Shoot and/or new Footwall Shoot mineralization zones. Drill results for a total of 90
holes (15,551.5 m) have been reported to date for the ongoing Zone 3 resource expansion drill program
initiated following the database close-out date for the current 2021 MRE. Exploration significant
auriferous intercepts are presented in Table 1 below, with a drill plan (Figure 1) and collar details (Table
2), available at:
(Figure 1_Zone 3 Drill Plan_Dec 2022)
(Table 2_Drill Collar Info_Dec 2022)
Table 1: Significant Drill Intercepts
Boomerang East Resource Expansion Target
Zone 3 - Kibi Gold Project / September - November 2022
Hole ID
From
(metres)
To
(metres)
Core Length
(metres)
Gold Grams
Per Tonne
Zone ID / Target
KBDD12228
(1)
197.0
204.5
7.5
2.11
Lower Shoot
including
197.5
198.5
1.0
5.59
and
224.0
244.0
20.0
0.58
New Footwall Shoot
including
224.0
229.0
5.0
1.10
and
279.0
287.0
8.0
0.32
KBDD22481
(2)
237.0
247.0
10.0
0.74
New Footwall Shoot
including
238.0
239.0
1.0
2.17
KBDD22495
65.0
74.0
9.0
0.36
including
70.0
71.0
1.0
1.42
and
182.0
211.5
29.5
0.25
Upper Shoot (s)
including
182.0
184.0
2.0
1.29
and
272.0
290.0
18.0
0.30
Lower Shoot
and
313.0
332.0
19.0
0.76
New Footwall Shoot
including
318.0
325.0
7.0
1.70
KBDD22496
212.0
213.5
1.5
2.07
and
239.5
263.0
23.5
0.35
Lower Shoot
including
256.0
258.0
2.0
1.09
and
358.0
374.0
16.0
0.46
New Footwall Shoot
KBDD22497
9.0
17.0
8.0
1.42
Upper Shoot (s)
and
171.0
188.0
17.0
0.60
Lower Shoot
including
180.0
184.0
4.0
1.39
and
226.0
248.0
22.0
2.40
New Footwall Shoot
including
227.0
234.0
7.0
5.35
KBDD22498
74.0
78.0
4.0
1.32
Upper Shoot (s)
and
103.0
154.5
51.5
0.45
Upper Shoot (s)
including
153.0
154.5
1.5
3.19
and
222.0
233.0
11.0
0.25
and
255.0
275.0
20.0
0.47
Lower Shoot
including
255.0
256.0
1.0
2.29
including
269.7
274.0
4.3
1.14
and
290.0
311.0
21.0
0.52
Lower Shoot
including
304.5
306.0
1.5
4.28
KBDD22499
72.0
81.0
9.0
0.30
Upper Shoot (s)
and
174.5
176.0
1.5
2.39
and
288.0
307.0
19.0
0.65
Lower Shoot
including
297.0
301.0
4.0
2.00
and
346.0
368.0
22.0
0.52
New Footwall Shoot
including
355.0
359.0
4.0
1.48
KBDD22500
22.1
26.0
3.9
3.64
Upper Shoot (s)
including
24.0
25.0
1.0
6.63
and
43.5
45.0
1.5
2.59
and
95.0
102.0
7.0
0.65
Upper Shoot (s)
including
100.0
101.0
1.0
2.08
and
150.0
215.0
65.0
0.61
Lower Shoot
including
150.0
151.0
1.0
5.70
including
169.0
185.0
16.0
0.98
and
240.0
257.0
17.0
0.61
New Footwall Shoot
including
241.0
245.0
4.0
1.48
KBDD22501
No Significant Intercept
KBDD22502
164.0
173.0
9.0
1.48
Upper Shoot (s)
including
167.0
169.0
2.0
3.26
(1)
Hole #KBDD12228 originally drilled to 173.0 m in 2012 and extended by 165.5 m to final depth of
338.5 m in November 2022 (see Company's news release of August 21, 2012, for significant drill
intercepts in upper section of drill hole).
(2)
Hole #KBDD22481 originally drilled to 212.2 m in May 2022 and extended by 93.0 m to final depth
of 305.2 m in November 2022 (see Company's news release of June 23, 2022, for significant drill
intercepts in upper section of drill hole).
Notes:
Reported intercepts are core-lengths; true width of mineralization is unknown at this time.
"Significant" intercepts meet following criteria: minimum metal factor (grade x length) of 2.5; with
minimum 0.25 g/t gold average grade over interval. Intercepts also constrained with a 0.25 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 (<0.25 g/t gold). All internal intervals above 15 g/t gold
indicated.
Gold mineralization along the Zone 2 - Zone 3 MRE trend is emplaced along the limbs and hinge of a 1
st
Order ("F2a"), tight to isoclinal, anticlinal fold structure, with mineralization zones further occupying 2
nd
Order ("F1") isoclinal fold hinges on a target scale. Mineralization consists predominantly of tensional
arrays of auriferous quartz-carbonate veins hosted by folded diorite bodies with an interpreted Belt-type
granitoid affinity.
Over 20 significant gold occurrences hosted by Belt (Dixcove)- and Basin (Cape
Coast)-type granitoids are known in Ghana, with a number constituting significant deposits.
These
deposits represent a relatively new style of gold mineralization for orogenic gold deposits within the
West African Birimian terrain.
Belt-type intrusion-hosted gold deposits include Newmont Mining's Subika
deposit at their Ahafo mine and Asante Gold's Chirano deposit (formerly Kinross Mining) within the
Sefwi gold belt, as well as the former Golden Star Resources' Hwini-Butre deposit at the southern
extremity of the Ashanti gold belt.
The present drilling primarily targeted the lateral continuity of the Boomerang East gold system, with
individual boreholes intersecting up to three principal mineralization zones across the stacked, multi-
shoot gold system. The drilling was conducted along six (6) NW-SE sections at mostly 50 m, to locally
100 m, spacing covering an approximately 300 m trend-length of the NE-trending fold structure. With
drilling mostly consisting of NW-trending, steeply inclined (-60
o
to -75
o
) boreholes designed to intersect
the relatively flat-lying and moderately NE-plunging mineralization shoots.
Ongoing 3D litho-structural modelling indicates that the Boomerang East gold system is emplaced within
the inner arc of a tight, moderate NE-plunging, isoclinally folded diorite body. The mineralization appears
to occur as a system of stacked, flat-lying to concave-shaped, NE-plunging gold shoots occupying the
apparent fold hinge of the NE-trending, 1
st
Order, Zone 2 - Zone 3 anticlinal fold structure.
Drilling to date has outlined three (3) principal gold shoots, including the Upper Shoot (s), the Lower
Shoot, and the Footwall Shoot, across an approximately 250 m cross-plunge distance. The Lower
Shoot, presently the most prominent mineralization shoot of the Boomerang East gold system, has so far
been delineated from practically surface to a down-plunge depth of approximately 400 m along the fold
hinge structure (approximately 275 m vertical depth from surface), and across an approximately 175 m
NW-SE lateral distance. With the newly identified Footwall Shoot, a parallel mineralization zone lying
approximately 25 m - 45 m below the main Lower Shoot gold zone (i.e., in the footwall), traced to date
along the entire, approximately 400 m plunge-length of the Lower Shoot, and across an approximately
50 m - 150 m lateral distance.
Seven (7) out of the 10 holes reported today intersected the newly emerging Footwall Shoot, including
the following mineralized intercept highlights extending over an approximately 200 m down-plunge
distance: 22.0 m grading 2.40 g/t Au, including 7.0 m at 5.35 g/t Au, from a down-hole depth of 226.0 m
in KBDD22497 and 17.0 m grading 0.61 g/t Au, including 4.0 m at 1.48 g/t Au, from a down-hole depth
of 240.0 m in KBDD22500 (~70 m SE of KBDD22497 intercept); 19.0 m grading 0.76 g/t Au, including
7.0 m at 1.70 g/t Au, from a down-hole depth of 313.0 m in KBDD22495; and 22.0 m grading 0.52 g/t
Au, including 4.0 m at 1.48 g/t Au, from a down-hole depth of 346.0 m in KBDD22499 and 16.0 m
grading 0.46 g/t Au from a down-hole depth of 358.0 m in KBDD22496 (~50 m NW of KBDD22499
intercept).
The present drilling successfully extended the lateral continuity of the main Lower Shoot gold zone
across an approximately 175 m NW-SE distance, approximately 100 m further to the southeast than
previous drilling. With a three-hole drill fence returning the following mineralized intercepts: 17.0 m
grading 0.60 g/t Au, including 4.0 m at 1.39 g/t Au, from a down-hole depth of 171.0 m in KBDD22497;
7.5 m grading 2.11 g/t Au, including 1.0 m at 5.59 g/t Au, from a down-hole depth of 197.0 m in
KBDD12228 (~25 m SE of KBDD22497 intercept); and 65.0 m grading 0.61 g/t Au, including 16.0 m at
0.98 g/t Au, from a down-hole depth of 150 m in KBDD22500 (~50 m SE of KBDD12228 intercept).
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 (Zones 1-3) Mineral Resource Estimate, produced by Xtra-Gold on September 30,
2021, represents the only Mineral Resource ever generated on a lode gold project within the Kibi Gold
Belt. The NI 43-101 Technical Report entitled "Xtra-Gold Resources Corporation Kibi Gold Project",
jointly prepared by Pivot Mining Consultants (Pty) and Tect Geological Consulting, and dated November
16, 2021, is filed under the Company's profile on SEDAR at
www.sedar.com
.
Forward-Looking Statements
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.
Cautionary Note to United States Investors
This news release has been prepared in accordance with the requirements of the securities laws in
effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated,
all resource and reserve estimates included in this news release have been prepared in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy, and Petroleum 2014 Definition Standards on Mineral Resources and
Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of scientific and technical information
concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the
requirements of the SEC, and mineral resource and reserve information contained herein may not be
comparable to similar information disclosed by U.S. companies. In particular, and without limiting the
generality of the foregoing, the term "resource" does not equate to the term "reserves". Under U.S.
standards, mineralization may not be classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced or extracted at the time the reserve
determination is made. The SEC's disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated mineral resources" or "inferred
mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not
constitute "reserves" by U.S. standards in documents filed with the SEC. Investors are cautioned not to
assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
U.S. investors should also understand that "inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimated "inferred mineral resources" may not form the basis of
feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or
any part of an "inferred mineral resource" exists or is economically or legally mineable. Disclosure of
"contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does not constitute "reserves" by SEC
standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-
101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by
the Company in compliance with NI 43-101 may not qualify as "reserves" under SEC standards.
Accordingly, information concerning mineral deposits set forth herein may not be comparable with
information made public by companies that report in accordance with U.S. standards.
Contact Information
For further information please contact:
James Longshore
Chief Executive Officer
416-628-2881
E-mail:
Website:
www.xtragold.com
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