Xtra-Gold Reports Positive Drill Results for South Ridge Gold Deposit Resource Expansion Program, Kibi Gold Belt, Ghana
Xtra-Gold Reports Positive Drill Results for South Ridge
Gold Deposit Resource Expansion Program, Kibi Gold
Belt, Ghana
Toronto, Ontario--(Newsfile Corp. - August 8, 2018) -
Xtra-Gold Resources Corp.
(TSX: XTG) (OTCBB: XTGRF)
("Xtra-
Gold" or the "Company")
is pleased to announce positive results for initial phase of an ongoing mineral resource expansion
drilling program at the South Ridge gold deposit, on the Company's wholly-owned Kibi Gold Project, located in the Kibi —
Winneba greenstone belt (the "Kibi Gold Belt"), in Ghana, West Africa. A total of 11 diamond core boreholes totaling 1,282
metres were completed by the Company's in-house drilling crew on an intermittent basis from February to June 2018. Initial
drilling focused on further defining the litho-structural setting of the gold mineralization based on recent remodeling efforts of the
South Ridge gold zone. Highlights of the drill results reported today include:
2.67 grams per tonne ("g/t") gold over 37.78 metres (uncut), including 5.23 metres grading 13.53 g/t gold from a down-hole
depth of 52.22 metres in #KBDD18263; and 27.0 metres grading 2.85 g/t gold, including 4.84 metres grading 5.12 g/t
gold from a down-hole depth of 21.0 metres in #KBDD18264 (i.e., #KBDD18263 - #264 Drill Fence); extending gold
mineralization approximately 60 metres down dip from previous drilling.
21.0 metres grading 0.9 g/t gold, including 10.38 metres grading 1.5 g/t gold from a down-hole depth of 54.0 metres in
#KBDD18260; and 24.0 metres grading 0.88 g/t gold, including 9.15 metres grading 1.38 g/t gold from a down-hole depth
of 24.0 metres in #KBDD18261 (i.e., #KBDD18259 - #261 Drill Fence); extending gold mineralization approximately 65
metres down dip from previous drilling.
24.0 metres grading 0.73 g/t gold, including 10.15 metres grading 1.5 g/t gold from a down-hole depth of 21.0 metres in
#KBDD18265; and 18.67 metres grading 1.12 g/t gold, including 7.14 metres grading 2.06 g/t gold from a down-hole
depth of 31.0 metres in #KBDD18267.
James Longshore, President and CEO remarked:
"Recent geological mapping, core re-logging and geological modelling
resulted in strong drill intercepts in the initial phase of the South Ridge mineral resource expansion program. These two new
higher grade intercepts, along with the large footprint of the South Ridge gold zone, traced to date along an approximately
400 metre strike-length and 230 metre down-dip depth from surface, demonstrates the potential for increasing the current
inferred mineral resource from both tonnage and grade perspectives. Drilling is currently ongoing at South Ridge with the
evolving geological model providing enhanced drill targeting to further maximize the gold zone's economic potential."
The South Ridge deposit has a current inferred mineral resource estimate of 42,000 ounces at an average grade of 1.48 g/t
gold. The South Ridge deposit, along with the Big Bend, East Dyke, and Mushroom deposits in Zone 2 and the Double 19
deposit in Zone 3, form part of a maiden National Instrument 43-101 ("NI 43-101") compliant 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 (see Figure 1) are estimated to contain an Indicated mineral resource of 278,000 ounces at an average grade of
2.56 g/t gold and an additional Inferred mineral resource of 147,000 ounces at an average grade of 1.94 g/t gold (@ base case
0.5 g/t cut-off). The Zone 2 — Zone 3 maiden mineral resource represents the first ever NI 43-101 compliant 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 "Grantoid-hosted" gold deposits of Ghana, including Kinross
Gold's Chirano and Newmont Mining's Subika deposits in the Sefwi 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
.
Table 1: Significant Drill Intercepts - South Ridge Gold Deposit
(Mineral Resource Expansion Program / February - June 2018)
Hole ID
From
(metres)
To
(metres)
Core Length (metres)
Gold Grams Per Tonne
Comments
KBDD18257
104.35
112
7.65
0.73
KBDD18258
56.5
58
1.5
1.02
and
65.5
67
1.5
1.1
KBDD18259
38.25
39.85
1.6
1.05
#KBDD18259 - #261
Fence
KBDD18260
54
75
21
0.9
#KBDD18259 - #261
Fence
including
55.02
65.4
10.38
1.5
including
64.4
64.9
0.5
7.16
KBDD18261
24
48
24
0.88
#KBDD18259 - #261
Fence
including
24
33.15
9.15
1.38
including
27.7
28.3
0.6
4.3
KBDD18262
37.5
39.5
2
1.67
KBDD18263
52.22
90
37.78
2.67
#KBDD18263 - #264
Fence
including
52.22
78.8
26.58
3.68
including
56.47
61.7
5.23
13.53
including
56.47
57
0.53
69.84
including
60.7
61.7
1
22.25
KBDD18264
21
48
27
2.85
#KBDD18263 - #264
Fence
including
33.5
48
14.5
3.68
including
33.5
38.34
4.84
5.12
including
37.7
38.34
0.64
12.46
KBDD18265
21
45
24
0.73
including
21.85
32
10.15
1.5
including
22.7
23.2
0.5
17.78
and
71.3
75.5
4.2
1.63
KBDD18266
39
42.68
3.68
0.65
#KBDD18266 - #267
Fence
and
54.4
54.9
0.5
7.22
KBDD18267
31
49.67
18.67
1.12
including
39.36
46.5
7.14
2.06
#KBDD18266 - #267
Fence
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 initial 11 boreholes (1,282 m) of an ongoing mineral resource expansion drilling
program at the South Ridge gold deposit on Zone 2 of the Kibi Gold Project (#KBDD18257 - #KBDD18267). The diamond core
boreholes ranging in length from 78 metres to 153 metres were completed by the Company's in-house drilling crew on an
intermittent basis from February 21 to June 26, 2018. The typically SW-trending, steeply inclined (-75
o
) boreholes tested the
northwestern 200 metre segment of the northwest striking / northeasterly dipping quartz diorite-hosted gold mineralization zone
with a series of drill fences at 50 metre spacing. Exploration significant auriferous intercepts are presented in Table 1 and a drill
/ compilation plan with collar details depicted in Figure 1, available at:
http://www.xtragold.com/NewsReleases/Figure 1_South Ridge Drill Plan_Final Aug 7 2018.pdf
Drill fence #KBDD18263 - #264 yielded the strongest gold intercepts with #KBDD18264 corresponding to the front (shallower)
hole returning a mineralized intercept of 27.0 metres grading 2.85 g/t gold, including 4.84 metres grading 5.12 g/t gold from a
down-hole depth of
21.0 metres; and #KBDD18263 collared 30 metres back (northeast) returning 37.78 metres grading 2.67 g/t gold (uncut),
including 5.23 metres grading 13.53 g/t gold from a down-hole depth of 52.22 metres, approximately 45 metres down dip from
the #KBDD18264 intercept. The #KBDD18263 mineralized intercept is centered approximately 85 metres down dip from
surface and extends the gold mineralization approximately 60 metres down dip from previous drilling.
Drilling is ongoing at South Ridge with 10 holes (~1,000 m — 1,200 m) currently planned to further test the southeastern 200
metre segment of the mineralization zone and to follow up on the significant gold intercepts yielded by the #KBDD18263 —
#264 and #KBDD18259 - #261 drill fences (see Figure 1).
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
.
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.
Contact Information
For further information please contact:
James Longshore Chief Executive Officer 416-628-2881
E-mail:
Website:
www.xtragold.com