Xtra-Gold Intersects 1.35 g/t Gold over 50.0 Metres and 1.76 g/t Gold over 33.0 Metres at Boomerang East; Extends Lower Shoot Mineralization to 350 Metres Down-Plunge
Xtra-Gold Intersects 1.35 g/t Gold over 50.0
Metres and 1.76 g/t Gold over 33.0 Metres at
Boomerang East; Extends Lower Shoot
Mineralization to 350 Metres Down-Plunge
Toronto, Ontario--(Newsfile Corp. - September 27, 2022) -
Xtra-Gold Resources Corp. (
TSX: XTG)
(OTCQB: XTGRF)
("Xtra-Gold" or the "Company"),
is pleased to announce assay results for an
additional 13 diamond core boreholes totalling 3,047 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,
targeting the down-plunge continuity of the recently identified Lower Shoot mineralization zone (see the
Company's news release of June 23, 2022), returning multiple, broad intercepts of robust gold
mineralization extending from practically surface to a down-plunge depth of approximately 350 metres.
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:
Lower Shoot (Expansion Drilling)
-
50.0 metres ("m") at 1.35 grams per tonne gold ("g/t Au") from 180.2 m in KBDD22484
-
45.0 m at 1.32 g/t Au, including 21.0 m at 2.03 g/t Au, from 12.0 m in KBDD22485
-
33.0 m at 1.76 g/t Au, including 15.0 m at 2.48 g/t Au, from 233.0 m in KBDD22463 (re-entered /
extended hole)
-
44.0 m at 1.02 g/t Au, including 15.0 m at 1.78 g/t Au, from 176.0 m in KBDD22487
-
41.0 m at 1.01 g/t Au, including 22.0 m at 1.48 g/t Au, from 230.0 m in KBDD22494
-
47.5 m at 0.86 g/t Au, including 27.0 m at 1.19 g/t Au, from 5.5 m in KBDD22492
New Gold Mineralization (Potential for Stacked Gold Shoot System)
-
20.0 m at 0.76 g/t Au from 53.0 m; and 11.0 m at 0.97 g/t Au from 117.0 m; and 1.0 m at 7.54 g/t Au
from 148.0 m in KBDD22484
-
9.0 m at 0.95 g/t Au from 108.0 m; and 10.0 m at 1.01 g/t Au from 169.0 m; and 21.0 m at 0.48 g/t
Au from 291.0 m in KBDD22491
-
8.0 m at 1.83 g/t Au from 93.0 m; and 6.0 m at 1.56 g/t Au from 114.0 m; and 13.0 m at 0.73 g/t Au
from 198.0 m in KBDD22494
-
4.5 m at 3.66 g/t Au, including 1.0 m at 7.38 g/t Au, from 241.5 m in KBDD22487
James Longshore, President and CEO remarked: "The ongoing drilling program continues to grow the
mineralized footprint of the Boomerang East gold system, with the latest drilling considerably extending
the down-plunge and lateral continuity of the Lower Shoot gold zone, and several boreholes also yielding
multiple intercepts of new gold mineralization indicating the potential for an extensive array of stacked
gold shoots. The widespread gold mineralization encountered by drilling at Boomerang East over the
last year supports our belief that we are dealing with a major multi-shoot gold system, making us
confident that the entire extension of the mineralization-controlling anticlinal fold hinge structure
represents highly prospective exploration ground for the discovery of additional gold shoots proximal to
Boomerang East, as well as potentially new gold systems further to the northeast. With the continuing
expansion of the Boomerang East gold system, the Kibi Gold Project is well positioned to grow beyond
the current resource."
Today's Kibi Gold Project drill results correspond to 13 expansion drill holes targeting the down-plunge
and lateral continuity of the recently defined Lower Shoot mineralization zone, forming part of the
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 3,047 m
were completed by the Company's in-house drilling crews from mid-May to late August 2022, including:
12 new holes (KBDD22483 - KBDD22494) and one hole extension (KBDD22463). Hole KBDD22463
was originally drilled to 143.0 m in February 2022 and re-entered / extended by 162.3 m to a final depth
of 305.3 m in July 2022 to reach the Lower Shoot mineralization zone (see the Company's news release
of June 23, 2022). A total of 80 holes (12,198 m) have been completed since the initiation of the ongoing
drill program 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 2 - Zone 3 Drill Plan_Sep 2022)
(Table 2_Drill Collar Info_Sep 2022)
Table 1: Significant Drill Intercepts
Boomerang East Resource Expansion Target (Zone 3 - Kibi Gold Project)
DDH #KBDD22483 - #KBDD22494 & #KBDD22463 - Extension
(May - August 2022)
Hole ID
From
(metres)
To
(metres)
Core Length
(metres)
Gold Grams
Per Tonne
Zone ID / Target
KBDD22463
(1)
233.0
266.0
33.0
1.76
Lower Shoot
including
243.0
258.0
15.0
2.48
KBDD22483
35.0
41.0
6.0
0.64
and
50.0
69.0
19.0
1.00
Lower Shoot
and
97.15
102.0
4.85
1.63
New
Mineralization
KBDD22484
10.0
25.0
15.0
0.42
and
53.0
73.0
20.0
0.76
New
Mineralization
and
117.0
128.0
11.0
0.97
New
Mineralization
and
148.0
149.0
1.0
7.54
New
Mineralization
and
180.2
230.2
50.0
1.35
Lower Shoot
including
187.2
206.0
18.8
1.77
and incl.
187.2
193.0
5.8
3.13
KBDD22485
12.0
57.0
45.0
1.32
Lower Shoot
including
25.0
46.0
21.0
2.03
and incl.
36.0
43.0
7.0
3.98
and
69.0
78.0
9.0
0.39
New
Mineralization
KBDD22486
1.0
8.5
7.5
0.74
and
127.0
133.0
6.0
1.17
Lower Shoot
and
158.0
169.0
11.0
0.74
Lower Shoot
KBDD22487
1.5
3.0
1.5
3.82
and
132.5
133.4
0.9
3.05
and
176.0
220.0
44.0
1.02
Lower Shoot
including
179.0
194.0
15.0
1.78
and
241.5
246.0
4.5
3.66
New
Mineralization
including
244.0
245.0
1.0
7.38
KBDD22488
56.5
72.0
15.5
1.07
Lower Shoot
including
68.0
70.0
2.0
2.96
KBDD22489
90.0
101.0
11.0
0.41
New
Mineralization
KBDD22490
123.3
130.2
6.9
0.61
New
Mineralization
including
123.3
125.0
1.7
1.28
and
143.0
144.0
1.0
3.41
and
171.0
215.0
44.0
0.75
Lower Shoot
including
183.0
205.0
22.0
0.99
and incl.
184.0
196.0
12.0
1.20
and
244.0
252.0
8.0
0.39
New
Mineralization
KBDD22491
108.0
117.0
9.0
0.95
New
Mineralization
and
145.5
147.0
1.5
3.09
and
169.0
179.0
10.0
1.01
New
Mineralization
including
169.0
172.0
3.0
1.91
and
225.0
252.0
27.0
1.17
Lower Shoot
including
228.0
241.0
13.0
2.05
and
291.0
312.0
21.0
0.48
New
Mineralization
including
309.0
310.0
1.0
1.91
KBDD22492
5.5
53.0
47.5
0.86
Lower Shoot
including
15.0
42.0
27.0
1.19
KBDD22493
26.0
36.0
10.0
0.51
New
Mineralization
and
230.0
247.0
17.0
0.51
Lower Shoot
KBDD22494
93.0
101.0
8.0
1.83
New
Mineralization
including
97.0
100.0
3.0
3.12
and
114.0
120.0
6.0
1.56
New
Mineralization
and
198.0
211.0
13.0
0.73
New
Mineralization
including
204.0
206.0
2.0
2.12
and
222.0
276.0
54.0
0.87
Lower Shoot
including
230.0
271.0
41.0
1.01
and including
234.0
256.0
22.0
1.48
and
284.0
291.0
7.0
0.36
and
310.0
320.0
10.0
0.40
New
Mineralization
(1)
Hole #KBDD22463 originally drilled to 143.0 m in February 2022 and extended by 162.3 m to final
depth of 305.3 m in July 2022 (see the 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 Boomerang East drilling targeted the down-plunge and lateral continuity of the recently
defined Lower Shoot gold zone.
The drilling was conducted primarily along three NW-SE sections,
including a near surface section, and two down-plunge sections spaced approximately 50 m apart,
extending over an approximately 250 m trend-length of the NE-trending fold structure. With most of the
holes consisting of NW-trending, steeply inclined (-70
o
to -80
o
) boreholes designed to intersect the
relatively flat-lying and moderately NE-plunging mineralization shoot.
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 crescent-shaped, NE-plunging gold shoots occupying the
apparent fold hinge of the NE-trending, 1
st
Order, Zone 2 - Zone 3 anticlinal fold structure. With drilling to
date tracing the Lower Shoot, presently the most prominent mineralization shoot of the Boomerang East
gold system, from practically surface to a down-plunge depth of approximately 350 m along the fold
hinge structure (approximately 220 m vertical depth from surface).
Mineralized intercept highlights from the Lower Shoot drilling reported today, from near surface to down
plunge, include: 45.0 m grading 1.32 g/t Au, including 21.0 m at 2.03 g/t Au, from down-hole depth of
12.0 m in KBDD22485 and 47.5 m at 0.86 g/t Au, including 27.0 m at 1.19 g/t Au, from 5.5 m in
KBDD22492 (~30 m NW of KBDD22485 intercept); 50.0 m at 1.35 g/t Au from 180.2 m in KBDD22484
and 44.0 m at 1.02 g/t Au, including 15.0 m at 1.78 g/t Au, from 176.0 m in KBDD22487 (~30 m SE of
KBDD22484 intercept); and 33.0 m at 1.76 g/t Au, including 15.0 m at 2.48 g/t Au, from 233.0 m in
KBDD22463 and 41.0 m at 1.01 g/t Au, including 22.0 m at 1.48 g/t Au, from 230.0 m in KBDD22494
(~75 m SE of KBDD22463 intercept).
Today's drilling results include over 15 significant intercepts of new gold mineralization, including several
boreholes returning multiple new gold mineralization intercepts, lying outside of the previously identified
Upper Shoot and Lower Shoot mineralized envelopes. The distribution of these new gold mineralization
occurrences across an almost 300 m vertical distance further indicates the potential for the Boomerang
East gold system to host an extensive array of stacked gold shoots. New gold mineralization intercept
highlights include: 20.0 m grading 0.76 g/t Au from 53.0 m, and 11.0 m at 0.97 g/t Au from 117.0 m, and
1.0 m at 7.54 g/t Au from 148.0 m in KBDD22484; 9.0 m at 0.95 g/t Au from 108.0 m, and 10.0 m at
1.01 g/t Au from 169.0 m, and 21.0 m at 0.48 g/t Au from 291.0 m in KBDD22491; and 8.0 m at 1.83 g/t
Au from 93.0 m, and 6.0 m at 1.56 g/t Au from 114.0 m, and 13.0 m at 0.73 g/t Au from 198.0 m in
KBDD22494.
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
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. NEWSWIRE
SERVICES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/138570