Xtra-Gold Defines New Gold Zone Located over 1,500 Metres to SW of Zone 2 Resource Footprint at Its Kibi Gold Project in Ghana
Xtra-Gold Defines New Gold Zone Located
over 1,500 Metres to SW of Zone 2 Resource
Footprint at Its Kibi Gold Project in Ghana
Toronto, Ontario--(Newsfile Corp. - September 8, 2020) -
Xtra-Gold Resources Corp.
(TSX: XTG)
(OTCBB: XTGRF)
("Xtra-Gold" or the "Company"),
is pleased to announce assay results for an
additional 29 drill holes from its current resource expansion target generation program within the Zone 2
- Zone 3 maiden mineral resource footprint area, 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 29
diamond core boreholes totaling 3,848 metres were completed by the Company's in-house drilling crew
on an intermittent basis from mid-February to early August 2020; with a total of 45 holes (5,491 metres)
drilled to date since the program's initiation in September 2019.
Assay results reported today are provided in Table 1 below and include the following highlights:
-
43.5 metres grading 1.21 grams per tonne ("g/t") gold, including 2.16 g/t gold over 7.5 metres and 4.3
g/t gold over 6.0 metres, from a down-hole depth of 3.0 metres in #KBDD20335; undercutting trench
#TAH015 returning 18.0 metres grading 1.52 g/t gold, including 2.35 g/t gold over 9.0 metres
(Boomerang Zone)
-
24.0 metres grading 1.35 g/t gold, including 1.99 g/t gold over 9.0 metres, from a down-hole depth of
56.5 metres in undercut hole #KBDD20338; approximately 30 metres downdip of the #KBDD20335
gold intercept
- Typical Kibi-type (Zone 2) Granitoid-hosted gold mineralization; with auriferous zone exhibiting
prospective litho-structural setting in the form of a pronounced protrusion along the granitoid body
-
Follow up trenching / drilling currently underway at newly defined Boomerang Zone
James Longshore, President and CEO, remarked: "The confirmation of yet another typical Granitoid-
hosted gold zone located over 1,500 metres to the southwest of the current Zone 2 gold resource
footprint is of considerable exploration significance and highlights the discovery potential of the relatively
untested Zone 3 of the Kibi Gold Project. With the recent addition of our second in-house diamond drill
rig, the Company is well positioned to significantly accelerate resource growth opportunities along the
over 2.5 kilometre trend-length of the Zone 2 - Zone 3 Granitoid-hosted gold system."
The maiden Kibi Gold Project mineral resource estimate (October 26, 2012) encompasses the Big
Bend, East Dyke, South Ridge and Mushroom deposits in Zone 2 and the Double 19 deposit in Zone 3.
In aggregate, these five gold deposits lying within approximately 1.6 kilometres of each other are
estimated to encompass an indicated mineral resource of 3.38 million tonnes grading 2.56 g/t gold for
278,000 ounces of contained gold and an additional inferred mineral resource of 2.35 million tonnes
grading 1.94 g/t gold for 147,000 ounces of contained gold (@ base case 0.5 g/t cut-off). The Zone 2 -
Zone 3 maiden mineral resource represents the first ever 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 "Granitoid-hosted" gold deposits of
Ghana, including Kinross Gold's Chirano and Newmont Mining's Subika deposits in the Sefwi gold belt.
The above mineral resource estimate was filed in accordance with National Instrument 43-101 (NI 43-
101) requirements with the Technical Report entitled "
Independent Technical Report, Apapam
Concession, Kibi Project, Eastern Region, Ghana
", prepared by SEMS Explorations and dated
October 31, 2012, filed under the Company's profile on SEDAR at
www.sedar.com
.
Table 1: Significant Drill Intercepts
Zone 2 - Zone 3 Resource Expansion Target Generation Program
(#KBDD20310 - #KBDD20338 / February - August
2020)
Hole ID
From (metres)
To
(metres)
Core Length (metres)
Gold Grams
Per Tonne
Zone ID / Target
KBDD20310
No Significant Results
South Ridge -SE
Target
KBDD20311
No Significant Results
South Ridge -SE
Target
KBDD20312
0.0
23.5
23.5
0.31
Road Cut
including
20.5
23.5
3.0
1.12
and
53.0
67.0
14.0
0.24
KBDD20313
102.5
104.5
2.0
0.74
Road Cut
KBDD20314
72.9
85.2
12.3
0.66
Road Cut
including
77.0
81.0
4.0
1.09
KBDD20315
75.2
78.0
2.8
2.23
Road Cut
including
75.2
76.0
0.8
5.52
KBDD20316
86.2
93.0
6.8
0.63
Road Cut
including
90.0
92.0
2.0
1.33
and
130.1
131.2
1.1
1.82
KBDD20317
No Significant Results
Road Cut
KBDD20318
1.0
4.0
3.0
0.89
Road Cut
KBDD20319
112.0
114.0
2.0
0.51
Road Cut
and
154.0
155.0
1.0
0.90
KBDD20320
169.8
181.0
11.2
0.44
Road Cut
including
178.9
181.0
2.1
1.70
and
196.0
200.5
4.5
0.33
KBDD20321
165.0
182.0
17.0
0.48
Road Cut
including
165.0
172.4
7.4
0.83
KBDD20322
No Significant Results
Upper Central
KBDD20323
18.0
19.5
1.5
4.55
Upper Central
KBDD20324
No Significant Results
Upper Central
KBDD20325
114.3
115.0
0.7
27.87
Mushroom
and
124.0
132.8
8.8
1.87
including
127.0
129.0
2.0
3.57
KBDD20326
118.0
129.4
11.4
0.99
Mushroom
including
118.0
120.0
2.0
3.67
KBDD20327
No Significant Results
Mushroom
KBDD20328
39.0
48.0
9.0
0.26
Mushroom
and
106.0
111.0
5.0
1.62
including
107.8
110.2
2.4
2.90
KBDD20329
33.0
34.5
1.5
1.71
Mushroom
KBDD20330
No Significant Results
Gatehouse
KBDD20331
36.0
37.5
1.5
1.26
Gatehouse
and
107.0
109.0
2.0
1.17
KBDD20332
72.0
75.0
3.0
0.63
Gatehouse
KBDD20333
79.5
92.2
12.7
0.25
Boomerang
including
88.5
92.2
3.7
0.57
KBDD20334
No Significant Results
Boomerang
KBDD20335
3.0
46.5
43.5
1.21
Boomerang
including
15.0
22.5
7.5
2.16
including
36.0
42.0
6.0
4.30
and incl.
37.5
39.0
1.5
11.41
KBDD20336
28.0
32.5
4.5
0.51
Boomerang
and
70.0
71.5
1.5
3.57
KBDD20337
No Significant Results
Boomerang
KBDD20338
25.0
31.0
6.0
0.82
Boomerang
and
41.5
43.0
1.5
22.95
and
56.5
80.5
24.0
1.35
including
61.0
70.0
9.0
1.99
and
89.5
91.0
1.5
3.41
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 29 boreholes (3,848 metres) of an ongoing exploration
initiative geared towards the generation of new resource expansion targets within the Zone 2 - Zone 3
maiden mineral resource footprint area of the Kibi Gold Project. With the drilling designed to follow up on
early stage gold shoots / showings discovered by previous drilling / trenching efforts (2008 - 2012) and
to test prospective litho-structural gold settings identified by recently completed 3D geological modelling.
The diamond core boreholes ranging in length from 61 metres to 228 metres were completed by the
Company's in-house drilling crew on an intermittent basis from mid-February to early August 2020.
Holes reported today encompass #KBDD20310 - #KBDD20338, including: 2 holes (352 metres) on the
South Ridge - SE Extension target; 10 holes (1,655.5 metres) on the Road Cut zone; 3 holes (227
metres) on the Upper Central zone; 5 holes (731 metres) on the Mushroom zone; 3 holes (361 metres)
on the Gatehouse zone; and 6 holes (521.5 metres) on the Boomerang zone. Exploration significant
auriferous intercepts are presented in Table 1 above and a drill / compilation plan with collar details
depicted in Figure 1, available at:
(Figure 1 Zone 2 - Zone 3 Drill Plan September 8 2020)
The Boomerang Zone was originally identified during a 2012 scout drilling program designed to test
geophysical targets located along the approximately 2.5 km long by 0.5 km to 1.2 km wide Zone 3
anomalous gold-in-soil trend. The single diamond drill hole (#KBDD12224) returned a near-surface
mineralized intercept of 19.5 metres grading 0.63 g/t gold, including 2.37 g/t gold over 1.5 metres,
from
a down-hole depth of 6 metres (see the Company's news release of August 21, 2012). Subsequent
trenching efforts delineated an arcuate shaped mineralization zone exhibiting a close spatial relationship
with a pronounced protrusion developed along a granitoid body.
The present Boomerang Zone drilling included six follow up boreholes (#KBDD20333 - #KBDD20338)
designed to further define the geometry / attitude of the host granitoid body and of the gold-bearing vein
system.
Mineralized intercept highlights include 43.5 metres grading 1.21 g/t gold, including 2.16 g/t gold
over 7.5 metres and 4.3 g/t gold over 6.0 metres, from a down-hole depth of 3.0 metres in #KBDD20335
and 24.0 metres grading 1.35 g/t gold, including 1.99 g/t gold over 9.0 metres, from a down-hole depth
of 56.5 metres in undercut hole #KBDD20338; approximately 30 metres downdip of the #KBDD20335
gold intercept. The upper portion of hole #KBDD20338 also returned mineralized intercepts of 6.0
metres grading 0.82 g/t gold and 1.5 metres grading 22.95 g/t gold from down-hole depths of 25.0
metres and 41.5 metres, respectively. Recently excavated trench #TAH015 extending across the
granitoid - metasedimentary rock contact, approximately 40 metres southwest of the hole #KBDD20335
collar, returned a mineralized intercept grading 1.52 g/t gold over an 18.0 metre trench-length, including
2.35 g/t gold over 9.0 metres (0.0 m - 18.0 m).
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 mineral resource 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
.
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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