Xtra-Gold Reports Encouraging Scout Drilling/Channel Sampling Results from Bomaa Gold Target, Kibi Gold Belt, Ghana
Xtra-Gold Reports Encouraging Scout Drilling/Channel
Sampling Results from Bomaa Gold Target, Kibi Gold
Belt, Ghana
Toronto, Ontario--(Newsfile Corp. - January 25, 2018) -
Xtra-Gold Resources Corp.
(TSX:
XTG) (OTCQB:
XTGR
F)
("Xtra
-
Gold
" or the "Company")
is pleased to announce highly encouraging results for the recently completed Bomaa gold project
scout drilling program, on the Company's wholly-owned
Kwabeng Concession, located in the Kibi — Winneba greenstone belt
(the "Kibi Gold Belt"), in Ghana, West Africa. A total of 17 diamond core boreholes totaling 985 metres were completed by the
Company's in-house drilling crew; with the first pass drill program targeting the Bomaa North segment of the extensive Bomaa
auriferous float / subcrop train. Present assay results also include outcrop channel sampling work conducted in conjunction with
the drill program. Highlights of the exploration results reported today include:
18.5 metres ("m") grading 2.04 grams per tonne ("g/t") gold, including 5.22 g/t gold over 5.0 m, from 4.5 m down-hole in
#BADD17003; 6.5 m grading 1.2 g/t gold, including 3.6 g/t gold over 1.0 m, from 46.05 m down-hole in #BADD17009;
and 5.4 m grading 1.59 g/t gold, including 2.48 g/t gold over 2.2 m, from 28.5 m down-hole in #BADD17016;
Saw-cut channel sample composite grading 4.23 g/t gold over 12.0 m, including 9.14 g/t gold over 2.2 m in sample string
#RSBA004 (stripped outcrop); and saw-cut channel sample #CSBA006 grading 25.0 g/t gold over 0.9 m (trench
#TBA002);
Scout drilling successfully traces Bomaa North silicified argillite / quartz vein zone over approximately 200 m strike length
and 170 m down-dip from surface (~90 m vertical).
James Longshore, President and CEO remarked: "The fact that near-surface scout drilling limited to a 200 m segment of the
Bomaa North silicified argillite / quartz vein zone yielded a highly exploration significant mineralized intercept of 18.5 m grading
2.04 g/t gold, including 5.22 g/t gold over 5.0 m, is very encouraging for the continued exploration potential of the almost 3 km
long Bomaa auriferous float / subcrop train. With the successful completion of this initial drill program by our in-house drilling
crew, the Company is well positioned to conduct ongoing scout drilling to enable the cost effective advancement of its pipeline of
grassroots projects."
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 and August 22, 2017 news releases 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.
The Bomaa North target exploration results reported today correspond to a 17 borehole (985 m) scout drilling program
implemented from September 28 to December 9, 2017 utilizing the Company's recently commissioned diamond drill rig
(#BADD17001 - #BADD17017); and three saw-cut channel sample strings (41.95 m) collected from two stripped outcrop
exposures along strike of the discovery trench. The shallow first pass drill program, with boreholes ranging from 31.0 m to 119.5
m in length, was designed to test the near-surface extent of the auriferous argillite / quartz vein zone identified by trenching /
outcrop stripping efforts and to gain a better understanding of the litho-structural setting of the gold mineralization. The typically
NW-trending boreholes (-50
o
to -75
o
) tested an approximately 200 m segment of the northeast striking / southeasterly dipping
mineralized argillite unit. Exploration significant auriferous intercepts from the present drilling and channel sampling are
presented in Table 1 & 2.
Table 1: Significant Drill Intercepts - Bomaa Gold
Project
(Scout Drilling Program/September - December 2017)
Hole ID
From
(metres)
To
(metres)
Core Length (metres)
Gold Grams
Per
Tonne
Target
BADD17003
4.50
23.00
18.50
2.04
#RSBA004
including
9.50
20.00
10.50
3.16
Stripped Outcrop
including
9.50
14.50
5.00
5.22
including
10.75
11.50
0.75
7.79
including
12.50
13.70
1.20
8.11
BADD17004
4.17
8.65
4.48
0.74
Trench #TBA002
including
7.00
8.65
1.65
1.38
BADD17007
6.87
13.00
6.13
0.18
BADD17009
46.05
52.55
6.50
1.20
including
48.00
49.00
1.00
3.60
BADD17016
28.50
33.90
5.40
1.59
including
29.30
31.50
2.20
2.48
Table 2: Significant Channel Sample
Intercepts - Bomaa Gold
Project
(September 2017)
Channel String ID
From
(metres)
To
(metres)
String Length (metres)
Gold Grams
Per
Tonne
Comments
RSBA004
9.05
21.05
12.00
4.23
Stripped Outcrop
including
11.00
18.85
7.85
5.77
including
11.00
13.20
2.20
9.14
including
17.60
18.85
1.25
7.42
CSBA005
2.50
15.30
12.80
0.52
Trench #TBA002
including
2.50
6.25
3.75
1.05
CSBA006
0.00
0.90
0.90
25.00
Trench #TBA002
Notes:
Reported intercepts are core - lengths / 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.
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 metres of internal dilution (less than 0.25 g/t gold). All internal intervals above 10 g/t gold indicated.
Follow-up outcrop stripping / channel sampling successfully extended the Bomaa North silicified argillite / quartz vein zone over
an approximately 50 m northeast strike distance from the 1.46 g/t gold over 9.17 m, including 5.64 g/t gold over 1.62 m, channel
sample composite yielded by discovery trench #TBA001 (see August 22, 2017 News Release). Saw-cut channel sampling of
the new silicified argillite / quartz vein zone exposures returned sample composites grading 4.23 g/t gold over 12.0 m, including
9.14 g/t gold over 2.2 m, in sample string #RSBA004, and 0.52 g/t gold over 12.8 m, including 1.05 g/t gold over 3.75 m, in
sample string #CSBA005 (i.e. trench #TBA002); located approximately 15 m and 50 m northeast of trench #TBA001
respectively. Channel sample #CSBA006 collected across a quartz lens within the silicified argillite material exposed in trench
#TBA002 yielded a high-grade intercept of 0.9 m grading 25.0 g/t gold.
Scout drilling successfully traced the northeast striking, moderately southeast dipping (40
o
— 60
o
) Bomaa North silicified
argillite / quartz vein zone over an approximately 200 m strike length and a 170 m down-dip distance from surface (~90 m
vertical). Thirteen (13) out of the 17 boreholes intersected the mineralization-hosting silicified argillite unit; with five (5) boreholes
yielding exploration significant gold intercepts ranging from 4.48 m to 18.5 m in core-length (i.e. #BADD17003, #BADD17004,
#BADD17007, #BADD17009, #BADD17016). The mineralization zone is characterized by strongly silicified, commonly
crackled-brecciated, pyritized argillic rock exhibiting variable amounts of typically bedding-concordant quartz veining. Three (3)
boreholes failed to intersect the mineralized argillite zone as a result of the host unit appearing to be truncated / displaced by an
apparent post-mineralization fault (i.e. #BADD17001, #BADD17010, #BADD17011); with subsequent drilling further down-dip
successfully intersecting the silicified argillite / quartz vein zone.
Borehole #BADD17003 (32.5 m), designed to test the near-surface dip extension of the high-grade gold intercept yielded by the
silicified argillite / quartz vein zone in channel sample string #RSBA004, returned a mineralized intercept of 18.5 m grading 2.04
g/t gold, including 3.16 g/t over 10.5 m, and including 5.0 m grading 5.22 g/t gold, from a down-hole depth of 4.5 m.
Borehole
#BADD17009 (61.5 m) collared approximately 50 m southeast of the stripped outcrop hosting the #CSBA005 channel sample
string (i.e. trench #TBA002) returned a mineralized intercept of 6.5 m grading 1.2 g/t gold, including 3.6 g/t gold over 1.0 m, from
a down-hole depth of 46.05 m. Borehole #BADD17016 (42.0 m) collared 35 m northeast of #BADD17009 yielded a mineralized
intercept of 5.4 m grading 1.59 g/t gold, including 2.48 g/t gold over 2.2 m, from a down-hole depth of 28.5 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 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
.
Fo
r
w
a
r
d
-
Loo
k
i
ng
S
t
a
t
e
m
e
n
t
s
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.
C
on
t
act
I
n
f
o
r
m
a
ti
on
For further information please contact:
James Longshore
Chief Executive Officer
416-628-2881
E-mail:
Website:
www.xtragold.com