Xtra-Gold Reports Encouraging Initial Trenching Results from Bomaa Auriferous Float / Subcrop Target, Kibi Gold Belt, Ghana
Xtra-Gold Reports Encouraging Initial Trenching Results
from Bomaa Auriferous Float / Subcrop Target, Kibi Gold
Belt, Ghana
Toronto, Ontario--(Newsfile Corp. - August 22, 2017) -
Xtra-Gold Resources Corp.
(TSX: XTG) (OTCQB: XTGRF) ("Xtra-
Gold" or the "Company")
is pleased to announce encouraging results for initial scout trenching targeting the extensive Bomaa
auriferous float / subcrop train on the Company's wholly-owned
Kwabeng Concession, located in the Kibi — Winneba
greenstone belt (the "Kibi Gold Belt"), in Ghana, West Africa. The Kwabeng concession is located approximately 10 km north-
northwest of Xtra-Gold's flagship Kibi Gold Project.
Highlights from the initial two trenches of the ongoing scout trenching
program include:
bedrock "in situ" source confirmed for high priority Bomaa North Target segment of auriferous float / subcrop train;
saw-cut channel sample composite grading 1.46 grams per tonne ("g/t") gold over 9.17 m trench-length, including 5.64 g/t
gold over 1.62 m; and channel sample returning 7.63 g/t gold over 0.65 m; from newly exposed silicified argillite / quartz
vein zone in trench #TBA001;
visible gold observed in quartz veining bounding auriferous silicified argillite zone;
mineralized zone exposed 50 m along strike to NE in trench #TBA002; with preliminary composite rock chip sampling of
silicified argillite material yielding gold values in the 0.24 g/t to 0.74 g/t gold range (i.e. outcrop cleaning and channel
sampling of mineralization zone still pending).
The grassroots Bomaa auriferous float / subcrop target discovered by the Company in 2013 consists of a continuous auriferous
argillite rock float and/or subcrop train traceable in a meandering pattern over an approximately 2.8 km distance; with the
mineralized rock float / subcrop train appearing to mimic the trace of a folded argillite metasedimentary rock unit. Refer to May
6, 2014 News Release filed under the Company's profile on SEDAR at
www.sedar.com
or the Xtra-Gold website for further
details on the Bomaa gold project.
James Longshore, President and CEO remarked: "The confirmation of a bedrock source to the Bomaa North Target, including
individual high grade channel sample intercepts of 6.5 g/t gold over 0.95 m and 7.63 g/t gold over 0.65 m in the first scout trench,
augurs well for the continued exploration potential of the almost 3 km long auriferous float / subcrop train. Preparations for scout
drilling of the Bomaa prospect utilizing our in-house drilling crew are currently ongoing. With its recent diamond drill rig
acquisition the Company gained the flexibility to conduct exploration drilling on demand which will enable the cost effective
advancement of our pipeline of grassroots projects."
The present assay results correspond to the first two trenches (146 m) of an ongoing mechanical scout trenching program
initiated in late June 2017 on the high priority Bomaa North Target segment of the Bomaa auriferous float / subcrop train. The
SE-trending #TBA001 trench (96 m) dissected the central portion of the prominent mineralized rock float / subcrop cluster
(Section 10+000N); while trench #TBA002 (50 m) stepped out 50 m to the northeast to test the strike extent of the mineralized
argillite unit.
Note:
Current results for trench #TBA002 limited to preliminary composite rock chip samples collected from the
mineralized zone; with outcrop cleaning and channel sampling of the auriferous silicified argillite zone still pending.
The Bomaa North Target consists of a mineralized rock float and/or subcrop cluster extending over an approximately 325 m
distance along an inferred open fold structure developed along the apparent auriferous argillite rock unit; with 24 (34%) out of 71
composite chip samples from mineralized argillite floats / subcrops returning values above 1 g/t gold, including high gold values
of 7.24 g/t, 11.55 g/t, 26.8 g/t, and 35.4 g/t. A strong gold-in-soil anomaly closely mimics the Bomaa North inferred fold structure;
with highly elevated gold-in-soil values of 606 parts per billion ("ppb"), 1,150 ppb, and 2,230 ppb spatially associated with the
high-grade floats / subcrops (see May 6, 2014 News Release).
The mineralized zone was intersected over a 21.27 m trench-length in #TBA001 with the strongly silicified argillite material
appearing to be bounded by irregular quartz veining ranging from 1.5 m to 2.5 m in width. The silicified argillite / quartz vein zone
is physically characterized by a fresh (unoxidised) rock to transition material outcrop within the saprolitic metasedimentary rock
sequence. The northeast striking mineralization zone exhibits variable / irregular southeasterly dips appearing to reflect slumping
within the lateritic terrane and/or folding; which presents an impediment to the determination of a true-width for the mineralized
zone.
The footwall (NW) margin of the silicified argillite / quartz vein zone returned a saw-cut channel sample composite grading 1.46
grams per tonne ("g/t") gold over a 9.17 m trench-length, including 5.64 g/t gold over 1.62 m; with the higher grade intercept
corresponding to the quartz vein / silicified argillite interface. Channel sampling across the remaining section of the mineralized
zone (i.e. 12.1 m trench-length) yielded gold values ranging from less than 0.01 g/t gold to 0.24 g/t gold. In addition a channel
sample collected on the trench wall across quartz veining along the zone's hanging wall margin returned 0.65 m grading 7.63 g/t
gold. Visible gold was observed within the quartz veining emplaced along the footwall and hanging wall margins of the
mineralization zone.
Note:
Reported intercepts are channel string lengths; true width of mineralization is unknown at this time.
Due to irregular bedrock surface the reported saw-cut channel intercepts are sample intersection lengths irrespective of
mineralization topography and may not represent true width of mineralization.
Trench #TBA002 intersected the mineralized zone 50 m to the northeast of the #TBA001 exposure; with five (5) preliminary
composite rock chip samples collected from the silicified argillite material yielding values in the 0.24 g/t to 0.74 g/t gold range
(Note: outcrop cleaning and channel sampling of mineralization zone still pending).
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 Intertek Minerals Limited, 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
.
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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.
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For further information please contact:
James Longshore
Chief Executive Officer
416-628-2881
E-mail:
Website:
www.xtragold.com