Xtra-Gold Expansion Drilling on NW Fold-Limb at Double 19 Intersects 30 m of 6.2 g/t Gold, Including 12 m of 10.1 g/t Gold, Kibi Gold Project, Ghana
Xtra-Gold Expansion Drilling on NW Fold-Limb
at Double 19 Intersects 30 m of 6.2 g/t Gold,
Including 12 m of 10.1 g/t Gold, Kibi Gold
Project, Ghana
Toronto, Ontario--(Newsfile Corp. - December 16, 2020) -
Xtra-Gold Resources Corp. (
TSX: XTG)
(OTCQB: XTGRF)
("Xtra-Gold" or the "Company")
s pleased to announce assay results for an
additional 20 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 20
diamond core boreholes totaling 2,238.5 metres were completed by the Company's in-house drilling
crews on the Double 19 and Gatehouse zones from late September to late November 2020; with a total
of 78 holes (9,999 metres) drilled to date since the program's initiation in September 2019.
Assay results reported are provided in Table 1 below and include the following highlights:
30.0 metres grading 6.20 grams per tonne ("g/t") gold, including 10.1 g/t gold over 12.0 metres,
from down-hole depth of 56.0 metres in #KBDD20369 at Double 19 - NW Limb; with
#KBDD20369 cross-cutting previously reported intercept of 61.57 metres grading 2.42 g/t gold,
including 5.13 g/t gold over 21.5 metres, in #KBDD20346 which was drilled down dip of the fold
limb (see Company's October 20, 2020 News Release)
28.0 metres grading 1.58 g/t gold, including 2.56 g/t gold over 10.0 metres, from down-hole depth
of 31.0 metres in #KBDD20368; with #KBDD20368 cross-cutting intercept of 75.0 metres grading
2.50 g/t gold, including 3.86 g/t gold over 33.0 metres, from down-hole depth of 6.0 metres in
#KBDD20355 which was drilled down dip of the fold limb (Double 19 - NW Limb)
continuity of newly defined NW Limb gold shoot demonstrated over approximately 60 metre
segment of fold structure and down to approximately 90 metres vertical depth
17.0 metres grading 1.05 g/t gold, including 4.51 g/t gold over 1.0 metre, from a down-hole depth
of 104.0 metres in #KBDD20352; 13.0 metres grading 1.62 g/t gold, including 2.26 g/t gold over
6.0 metres, from a down-hole depth of 72.0 metres in #KBDD20365; and 12.5 metres grading
1.24 g/t gold, including 2.72 g/t gold over 4.0 metres, from a down-hole depth of 31.5 metres in
#KBDD20370 at Gatehouse Zone; with continuity of newly defined Southern gold shoot
established over an approximately 85 metre strike length and 145 metre vertical depth
James Longshore, President and CEO remarked: "The ongoing Double 19 expansion drilling continues
to demonstrate the resource growth potential along the auriferous fold structure. Most of these new
reported drill intercepts on the newly defined NW Limb Zone are within approximately 100 metres of
surface which bodes well for a possible open pit mining design. The intersection of high-grade gold also
greatly increases the deposit's exploration potential at depth along the down-plunge extension of the
Double 19 fold structure. Drilling efforts at the Gatehouse Zone also produced encouraging results with
follow up drilling on the newly identified southern gold shoot yielding multiple significant intercepts and
establishing the continuity of the gold mineralization both along strike and at depth. We are progressively
more convinced of the substantial Zone 2 - Zone 3 exploration upside with the potential to significantly
increase the Kibi Project gold resource."
The Double 19 deposit has a current inferred mineral resource of 48,000 ounces of gold (0.61 million
tonnes at an average grade of 2.43 g/t gold). The Double 19 deposit, located in Zone 3, along with the
Big Bend, East Dyke, South Ridge and Mushroom deposits in Zone 2, form part of a maiden 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 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
(Kibi Gold Project / September - November 2020)
Hole ID
From (metres)
To
(metres)
Core Length (metres)
Gold Grams
Per Tonne
Zone ID / Target
KBDD20352
104.0
121.0
17.0
1.05
Gatehouse
including
120.0
121.0
1.0
4.51
KBDD20353
33.0
60.0
27.0
0.53
Gatehouse
including
45.0
57.0
12.0
0.92
and incl.
46.0
47.0
1.0
3.09
KBDD20354
62.0
65.0
3.0
39.08
Double 19 - Hinge
Zone
including
63.0
64.0
1.0
114.34
and
122.0
126.0
4.0
0.90
including
125.0
126.0
1.0
2.11
KBDD20355 *
6.0
81.0
75.0
2.50
Double 19 - NW Limb
including
23.0
56.0
33.0
3.86
and incl.
50.0
51.0
1.0
29.62
KBDD20356
120.0
121.5
1.5
1.13
Gatehouse
KBDD20357
10.0
33.0
23.0
0.65
Double 19 -Hinge Zone
including
16.0
28.0
12.0
0.95
and incl.
23.0
24.0
1.0
3.57
KBDD20358
39.0
56.0
17.0
1.10
Gatehouse
including
53.0
54.0
1.0
3.45
and
94.0
109.0
15.0
0.27
KBDD20359
3.0
20.0
17.0
2.31
Double 19 - Hinge
Zone
including
6.0
13.0
7.0
5.18
and incl.
11.0
12.0
1.0
18.24
and
27.0
29.0
2.0
3.46
and
36.0
40.0
4.0
1.36
KBDD20360
1.0
23.0
22.0
1.46
Double 19 - Hinge
Zone
including
6.0
8.0
2.0
6.23
including
18.0
23.0
5.0
2.59
K
BDD20361
90.0
104.0
14.0
0.51
Gatehouse
including
98.0
99.0
1.0
1.28
and
127.0
140.0
13.0
0.34
including
139.0
140.0
1.0
1.75
KBDD20362
23.0
23.8
0.8
1.86
Double 19
KBDD20363
7.0
21.0
14.0
1.06
Double 19 - Hinge
Zone
including
7.0
10.0
3.0
2.91
KBDD20364
4.5
13.0
8.5
1.12
Double 19 - Hinge
Zone
including
7.0
9.0
2.0
3.73
KBDD20365
72.0
85.0
13.0
1.62
Gatehouse
including
74.0
80.0
6.0
2.26
and incl.
76.0
77.0
1.0
5.76
and
98.0
101.0
3.0
1.13
KBDD20366
34.0
40.0
6.0
1.98
Double 19 - NW Limb
KBDD20367
146.0
152.0
6.0
1.00
Gatehouse
including
147.0
150.0
3.0
1.55
KBDD20368
31.0
59.0
28.0
1.58
Double 19 - NW Limb
including
42.0
52.0
10.0
2.56
KBDD20369
56.0
86.0
30.0
6.20
Double 19 - NW Limb
including
59.0
71.0
12.0
10.1
and
110.0
116.0
6.0
0.70
including
111.0
113.0
2.0
1.21
KBDD20370
31.5
44.0
12.5
1.24
Gatehouse
including
39.0
43.0
4.0
2.72
KBDD20371
72.0
78.0
6.0
0.44
Double 19 - NW Limb
and
93.0
103.0
10.0
1.07
including
100.4
102.0
1.6
2.23
and
118.0
121.0
3.0
0.95
Notes:
Reported intercepts are core-lengths; true width of mineralization is unknown at this time.
*
Hole drilled down dip of apparent fold limb mineralization zone
.
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 15 g/t gold
indicated.
The present drill results correspond to the latest 20 boreholes (2,238.5 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 60 metres to 201 metres were completed by the
Company's in-house drilling crews from September 27 to November 25, 2020. Holes reported today
encompass #KBDD20352 - #KBDD20371, including: 12 resource expansion holes (1,218 metres) on
the Double 19 deposit;
and 8 follow up holes (1,020.5 metres) on the Gatehouse 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_December 16 2020)
Recent detailed 3D litho-structural modelling indicates that the Double 19 gold mineralization is
emplaced within the inner arc of a tight, steep NE-plunging, isoclinally folded diorite body. With the
mineralization traced to date along the fold hinge over an approximately 285 metre down-plunge
distance from surface (~150 metres vertical). The present Double 19 resource expansion drilling
focussed on the further delineation of the recently identified high-grade gold mineralization developed
along the apparent northwest limb of the fold structure (i.e., NW Limb Zone) and the northwestern margin
of the hinge zone. The drilling was conducted along four NW-SE Sections at approximately 30 metre
spacing along the southwestern, up-plunge extremity of the deposit (~90 metres). Drilling efforts
successfully demonstrated the continuity of the NW Limb Zone over an approximately 60 metre length of
the fold structure and down to a vertical depth of approximately 90 metres.
Hole #KBDD20355 consisting of NW-trending (-75
o
) borehole appears to have been collared at the
apex of the hinge zone and extended down the steep NW-dipping fold limb mineralization zone from a
down-hole depth of approximately 25 metres (i.e., drilled down dip). With #KBDD20355 returning a
mineralized intercept of 75.0 metres grading 2.50 g/t gold, including 3.86 g/t gold over 33.0 metres, from
a down-hole depth of 6.0 metres. Holes #KBDD20368 and #KBDD20371 (45 m down-dip undercut)
consisting of SE-trending (-75
o
) boreholes designed to cross-cut the apparent NW-dipping fold limb
mineralization zone on the same section as #KBDD20355 (i.e., cross-cutting the #KBDD20355 down-
dip mineralized intercept) returned intercepts of 28.0 metres grading 1.58 g/t gold, including 2.56 g/t
gold over 10.0 metres and 10.0 metres grading 1.07 g/t gold, including 2.23 g/t gold over 1.6 metres,
from down-hole depths of 31.0 metres and 93.0 metres, respectively. With #KBDD20368 and
#KBDD20371 cross-cutting the #KBDD20355 mineralized intercept at approximately the 30 metre and
75 metre down-hole marks, respectively.
Hole #KBDD20369 consisting of a SE-trending (-75
o
) borehole targeting the NW-dipping fold limb zone,
approximately 30 metres northeast of the #KBDD20355 - #368 - #371 section, returned a mineralized
intercept of 30.0 metres grading 6.20 g/t gold, including 10.1 g/t gold over 12.0 metres, from a down-
hole depth of 56.0 metres. #KBDD20369 was designed to cross-cut the previously reported mineralized
intercept of 61.57 metres grading 2.42 g/t gold, including 5.13 g/t gold over 21.5 metres, from a down-
hole depth of 18.2 metres in hole #KBDD20346 (see the Company's news release of October 20,
2020). With the NW-trending (-75
o
) #KBDD20346 borehole also appearing to have been collared at the
apex of the hinge zone and drilled down the NW-dipping fold limb mineralization zone (i.e., drilled down
dip). Mineralized intercept highlights from the hinge zone delineation drilling at the southwestern
extremity of the Double 19 deposit include 17.0 metres grading 2.31 g/t gold, including 5.18 g/t gold over
7.0 metres, from a down-hole depth of 3.0 metres in #KBDD20359 and 22.0 metres grading 1.46 g/t
gold, including 6.23 g/t gold over 2.0 metres and 2.59 g/t gold over 5.0 metres, from a down-hole depth
of 1.0 metre in #KBDD20360.
The present Gatehouse Zone drilling focussed on the delineation of the recently identified gold
mineralization in step-out hole #KBDD20350, approximately 150 metres further southwest along the host
granitoid body than the gold zone outlined by the original 2011 - 2012 trenching / drilling. With the
previously reported hole #KBDD20350 returning a mineralized intercept of 14.4 metres grading 1.7 g/t
gold, including 2.42 g/t gold over 4.2 metres, from a down-hole depth of 66.9 metres (see the Company's
news release of October 20, 2020). The newly identified gold shoot was subjected to 7 follow up
boreholes, including: 3 holes forming a NW-trending drill fence centred on the discovery #KBDD20350
borehole (i.e., 4 hole fence) and two parallel drill- fan patterns (2 holes) located approximately 50 metres
and 85 metres to the southwest of the #KBDD20350 drill fence, respectively.
Drill fence holes #KBDD20352 and #KBDD20370 designed to test the vertical continuity of the
#KBDD20350 mineralization zone returned intercepts of 17.0 metres grading 1.05 g/t gold, including
4.51 g/t gold over 1.0 metre, from a down-hole depth of 104.0 metres and 12.5 metres grading 1.24 g/t
gold, including 2.72 g/t gold over 4.0 metres, from a down-hole depth of 31.5 metres, approximately 50
metres down-dip and 35 metres up-dip of the #KBDD20350 intercept, respectively. The two drill-fan
patterns designed to test the lateral continuity of the zone yielded mineralized intercept highlights of 17.0
metres grading 1.1 g/t gold, including 3.45 g/t gold over 1.0 metre, from a down-hole depth of 39.0
metres in #KBDD20358 and 13.0 metres grading 1.62 g/t gold, including 2.26 g/t gold over 6.0 metres,
from a down-hole depth of 72.0 metres in #KBDD20365, approximately 50 metres and 85 metres
southwest of the #KBDD20350 drill fence, respectively. Drilling to date as outlined an apparent NE-
trending, steep SE-dipping gold shoot, ranging from approximately 8 - 13 metres in true-width, over an
approximately 85 metre strike length and 145 metre vertical depth, emplaced along the hanging wall
margin of the host granitoid body.
Typical Kibi-type (Zone 2 - Zone 3) Granitoid-hosted gold mineralization has been traced to date over an
approximately 325 metre strike length and to a 165 metre vertical depth along the NE-trending
Gatehouse Zone, located approximately 500 metres southeast of the Zone 2 gold resource footprint
area.
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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