Xtra-Gold intercepts 25 metres of 1.96 g/t gold and 23 metres of 1.50 g/t gold at its Kibi Gold Project in Ghana, West Africa
Toronto, Ontario--(Newsfile Corp. - April 4, 2012) - Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGR) (“Xtra-Gold” or the “Company”), is very pleased to announce results from 14 additional diamond core holes totaling 3,334 metres from Zone 2 of the Company’s wholly-owned Kibi Gold Project, located in the Kibi – Winneba greenstone belt (“Kibi Gold Belt”), in Ghana, West Africa. Highlights of the drill results reported today include:
25 metres grading 1.96 grams per tonne (“g/t”) gold, including 2.79 g/t gold over 9 metres, in #KBDD12189 from 195 metres down-hole (Big Bend Zone);
23 metres grading 1.50 g/t gold, including 2.80 g/t gold over 6 metres, in #KBDD12187 from 331 metres down-hole (Big Bend Zone);
Work on an initial NI 43-101 - compliant mineral resource estimate on the Big Bend and East Dyke gold zones of the Kibi Project’s Zone 2 has commenced by SEMS Exploration Services Ltd of Accra, Ghana.
|Significant Drill Intercepts - Kibi Gold Project (Zone 2) |
Big Bend / East Dyke Zones
|Hole ID||From |
|Core Length |
|Gold Grams |
|Target Granitoid |
|KBDD11178||146||147||1||11.40||Zone 2: East Dyke - North|
|KBDD11179||92||107||15||0.95||Zone 2: East Dyke - North|
|KBDD11180||77||86||9||1.02||Zone 2: East Dyke - South|
|KBDD11183 *||28||45||17||1.84||Zone 2 - Big Bend|
|Hole ID||From |
|Core Length |
|Gold Grams |
|Target Granitoid |
|KBDD11184||323||358||35||0.80||Zone 2 - Big Bend|
|KBDD11185||68.6||73.1||4.5||1.41||Gold-In-Soil / IP Anomaly|
|KBDD12186||182||193||11||1.46||Gold-In-Soil / IP Anomaly|
|KBDD12187||331||354||23||1.50||Zone 2 - Big Bend|
|KBDD12188||31.6||43.6||12||0.95||Gold-In-Soil / IP Anomaly|
|KBDD12189||195||220||25||1.96||Zone 2 - Big Bend|
|KBDD12191||322||327||5||1.75||Zone 2 - Big Bend|
|Reported intercepts are core - lengths; true width of mineralization is unknown at this time.|
|* #KBDD11183 intentionally drilled down dip between en-echelon vein packages to further establish geometry/attitude of mineralized sheets; with the borehole appearing to intermittently skirt and/or obliquely pierce the footwall of the vein package to the north.|
|Unless otherwise indicated intercepts 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 metres of internal dilution (less than 0.25 g/t gold). All internal intervals above 15 g/t gold indicated.|
Today’s drill results correspond to boreholes drilled in the latter part of 2011 and January 2012, designed to delineate/infill the Big Bend Zone – Central Granitoid and East Dyke – North Zone; as well as to further test the southern portion of the East Dyke Granitoid and a coincidental geophysical/geochemical anomaly lying to the south of the approximately 1,200 metre long by 500 metre to 800 metre wide Zone 2 gold-in-soil anomaly of the Kibi Gold Project. Holes reported today encompass #KBDD11177 to #KBDD12189 and #KBDD12191, including: 6 holes (1,932 metres) on the Big Bend Zone; 3 holes (537 metres) on the East Dyke - North Zone; 2 holes (430 metres) on the southern extension of the East Dyke Granitoid; and 3 holes (435 metres) on the aforementioned induced polarization (IP) / gold-in-soil target. These 14 holes (3,334 metres) include 2 holes abandoned before reaching their targets due to technical difficulties, including: #KBDD11182 (17.5 metres) which was re-drilled by #KBDD11183; and #KBDD11185 (83.5 metres) re-drilled by #KBDD12186.
The present drilling includes 6 holes (1,932 metres) on the Big Bend Zone, including: 4 holes designed to further delineate/infill the lower extension of the gold zone at vertical depths of approximately 190 metres to 315 metres, approximately 300 metres to 425 metres down plunge from surface; and 1 structural modeling hole designed to further establish the geometry/attitude of the mineralized en-echelon vein package system.
Highlights from the down plunge delineation/infill drilling on the Big Bend Zone include: 25 metres grading 1.96 g/t gold, including 2.79 g/t gold over 9 metres, from a down-hole depth of 195 metres in #KBDD12189; and 23 metres grading 1.50 g/t gold, including 2.80 g/t gold over 6 metres, from a down-hole depth of 331 metres in #KBDD12187.
Hole #KBDD11183 consisting of a NE-trending (055o/-73o) borehole collared within the central portion of the Big Bend Zone was intentionally drilled down dip between mineralized sheets to help further establish the apparent, steep (70o), northerly dipping, en-echelon vein package geometry of the mineralized system. As designed #KBDD11183 appears to have descended down dip between the mineralized sheets; with the borehole appearing to intermittently skirt and/or obliquely pierce the footwall of the auriferous vein package to the north. KBDD11183 yielded multiple mineralized intercepts, ranging from 5 metres to 30 metres in core-length, extending from a down-hole depth of 28 metres to 224 metres, including: 1.84 g/t gold over 17 metres from a down-hole depth of 28 metres; 1.74 g/t gold over 26 metres, including 7 metres grading 4.01 g/t gold, from a down-hole depth of 128 metres; and 2.01 g/t gold over 30 metres, including 9 metres grading 4.53 g/t gold, from a down-hole depth of 195 metres.
To date significant gold mineralization has been traced over an approximately 325 metre strike length and approximately 500 metre down plunge distance from surface along the Big Bend gold zone hosted by the Central Granitoid body. Drilling to date indicates that the Big Bend zone consists of north-easterly plunging, en-echelon, mineralized vein packages appearing to be developed along a trough-like flexure within the Central Granitoid body. Gold mineralization is associated with quartz-albite-carbonate-sulphide veining developed within a rock body of quartz diorite composition.
To date, 40 holes totalling 8,540 metres have been completed by Xtra-Gold in its 2012 Kibi Gold Project drill program of which results have been reported for 5 holes (1,443 metres). An Exploration Update detailing the Company’s ongoing drilling efforts was presented in the March 16, 2012 news release. Sample turnaround time at the ALS Chemex laboratory in Kumasi, Ghana is improving and further assay results will be released in due course.
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. The NI 43-101 Technical Report entitled “Kibi Project, Eastern Region, Ghana”, prepared by Simon Meadows Smith and Joe Amanor of SEMS and dated July 12, 2010 is filed under the Company’s profile on SEDAR at www.sedar.com. Xtra-Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of drill core, reverse circulation (“RC”) samples, and trench 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 greenstone belt (“Kibi Gold Belt”) located in Ghana, West Africa. 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 five (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 Project located on the Apapam Concession (33.65 sq. km), along the eastern flank of the Kibi Gold Belt. Xtra-Gold’s Kibi Project consists of an over 5.5 km long mineralized trend delineated from gold-in-soil anomalies, geophysical interpretations, trenching and drilling along the northwest margin of the Apapam Concession.
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.
For further information please contact:
|Paul Zyla, Chief Executive Officer|