Xtra-Gold Resources Corporation, headquartered in Canada, has announced initial assay results from its current Zone 3 exploration drilling program, indicating resource expansion opportunities along the southwestern segment of the Company’s wholly-owned Kibi Gold Project.
The exploration drilling program which began in late July, 2021 has since provided evidence of improved Mineral Resource Estimate. The Kibi Gold Project hosts Indicated Mineral Resources containing 623,700 ounces of gold (13,893,000 tonnes grading 1.40 g/t gold) and additional Inferred Mineral Resources containing 180,700 ounces of gold (5,694,000 tonnes grading 0.96 g/t gold).
According to the report, Kibi Gold Project drill results correspond to the first 44 boreholes (5,898 metres) of the ongoing exploration initiative targeting resource expansion opportunities along the southwestern (Zone 3) segment.
The exploration program focuses on follow up drilling of the early-stage Boomerang East, Boomerang West, and Twin Zone targets positioned along similar second-order fold hinge structures by recently completed detailed 3D geological modelling.
The present 44 diamond core boreholes were completed by the Company’s in-house drilling crews from late July 2021 to mid-January 2022 including: 6 holes (546 metres) at Boomerang West, 24 holes (3,473.2 metres) on the Twin Zone, 9 holes (1,250 metres) at Boomerang East, and 5 scout holes (628.8 metres).
Positive Drilling Results Achieved
Specifically, 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 Kinross Mining’s Chirano deposit within the Sefwi gold belt. Others are the former Golden Star Resources’ Hwini-Butre deposit at the southern extremity of the Ashanti gold belt.
James Longshore, President and CEO commented:
“Our ongoing Zone 3 exploration drilling program continues to further delineate multiple mineralization zones along the southwest extension of the Zone 2 – Zone 3 fold structure, spanning over 1,000 metres beyond the limits of the currently defined mineral resource. These latest positive drilling results, combined with recent trenching and surface mapping, are transforming our structural understanding of the Zone 3 gold mineralization, as well as further validating our 3D geological modeling.
“We remain steadfast in our efforts to advance these early-stage gold zones to the resource stage, as well as identifying additional targets in Zone 3, with the goal of driving the next phase of resource growth at the Kibi Gold Project.”
James Longshore, CEO
Xtra-Gold holds five 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 company has 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. This is due to the fact that virtually all past gold mining activity and exploration efforts focused on the extensive alluvial gold occurrences in many river valleys throughout the Kibi area.
