Mr. James Longshore reports

XTRA-GOLD EXPANSION DRILLING SUCCESSFULLY AMALGAMATES BOOMERANG EAST / BOOMERANG WEST TARGETS INTO MAJOR GOLD SYSTEM; INTERSECTS 1.31 G/T GOLD OVER 51.0 METRES, INCLUDING 3.09 G/T GOLD OVER 16.5 METRES, AT MAIN LOWER SHOOT ZONE

Xtra-Gold Resources Corp. has released further positive assay results for an additional 30 diamond core boreholes totalling 7,309 metres from its current exploration drilling program on the company's wholly owned Kibi gold project, located in the Kibi-Winneba greenstone belt in Ghana, West Africa. Today's drilling results include 23 drill holes (6,122.5 metres) focusing on the expansion of the Boomerang East gold system and seven scout drill holes (1,186.5 metres) targeting prospective litho-structural settings generated by the recently completed 3-D VTEM/TMI (versatile time-domain electromagnetic/total magnetic intensity) inversion modelling. The current drilling forms part of an aggressive in-house drilling initiative focusing on multiple resource expansion targets occupying the southwestern (zone 3) portion of the mineralization-hosting first-order F2 synclinorium fold structure, over one kilometre beyond the limits of the currently defined mineral resource estimate (the 2021 MRE; see the company's news release of Nov. 1, 2021).

Present drilling efforts successfully expanded the stacked, northeast-plunging, multishoot Boomerang East gold system approximately 150 metres along strike to the southwest (up plunge), including discovery of new gold shoot; amalgamated the Boomerang East/Boomerang West resource expansion targets into a single, major gold system extending over 700 metres down plunge; and further defined the downplunge continuity of the main Lower Shoot gold zone.

Assay results reported are provided in the attached table and include the following highlights.

Expansion drilling (Boomerang East southwest strike extension -- Boomerang West down plunge):

• 9.0 m at 5.27 grams per tonne gold, including 4.5 m at 8.98 g/t Au, from 65.5 m; and 15.4 m at 1.59 g/t Au, including 7.5 m at 2.01 g/t Au, from 120.0 m in KBDD23524;
• 22.0 m at 1.17 g/t Au, including 15.7 m at 1.50 g/t Au, from 194.0 m in KBDD23522.

Definition drilling (main Lower Shoot gold zone -- Boomerang East):

• 51.0 m at 1.31 g/t Au, including 16.5 m at 3.09 g/t Au, from 127.0 m in KBDD23528;
• 53.0 m at 1.06 g/t Au, including 30.0 m at 1.60 g/t Au, from 31.0 m in KBDD23527;
• 33.0 m at 1.17 g/t Au, including 19.0 m at 1.76 g/t Au, from 7.0 m in KBDD23519.

Expansion drilling (Boomerang East -- southeast lateral/downdip extension):

• 9.0 m at 1.00 g/t Au from 40.0 m and 33.0 m at 0.50 g/t Au from 184.0 m; 29.0 m at 0.35 g/t Au from 304.0 m; and 6.0 m at 1.67 g/t Au from 357.0 m in KBDD22504;
• 9.1 m at 0.75 g/t Au from 77.0 m; 10.5 m at 0.71 g/t Au from 129.0 m; and 41.0 m at 0.72 g/t Au from 294.0 m in KBDD22505;
• 47.0 m at 0.51 g/t Au from 210.0 m in KBDD23523.

James Longshore, president and chief executive officer, remarked: "What really excites us is that, with our latest expansion drilling successfully amalgamating the Boomerang East/Boomerang West zones into a single, stacked, multishoot gold system extending approximately 700 m down plunge, we are potentially seeing the emergence of a new, major bulk-tonnage gold deposit. We are also very pleased with the broad, robust nature and downplunge continuity of the gold mineralization returned by definition drill holes KBDD23527 and KBDD23528 at the main Lower Shoot gold zone. We remain confident, based on the present drilling yielding several strong sandstone rock-hosted gold intercepts, representing a second highly prospective mineralization-receptive host rock, in addition to the typical zone 2/zone 3 MRE diorite-hosted mineralization, that further new gold discoveries will be made within the newly modelled mineralization-controlling first-order F2 synclinorium fold structure footprint area."

Today's Kibi gold project drill results correspond to the latest 30 drill holes (7,309 m) of a continuing exploration initiative targeting multiple resource expansion opportunities within the southwestern (zone 3) portion of the gold mineralization-hosting first-order F2 synclinorium fold structure, including 19 expansion drill holes (5,116.5 m) targeting the southwestern strike extension and southeastern lateral continuity of the stacked, multishoot Boomerang East gold system, four southwest-trending definition drill holes (1,006 metres) designed to further test the downplunge continuity of the Lower Shoot mineralization between existing northwest-southeast drill sections and seven scout drill holes (1,186.5 m) to further define the litho-structural setting of the recently 3-D VTEM/TMI inversion modelling generated Double 19 SW target.

The present 30 diamond core boreholes were completed by the company's in-house drilling crews from early December, 2022, to late July, 2023, including: 26 new holes (KBDD22503 to KBDD23528) and four hole extensions (KBDD21432, KBDD21434, KBDD21451 and KBDD22502); with drill holes KBDD21432, KBDD21434 and KBDD22502 re-entered/extended to test the Lower Shoot and/or Footwall Shoot mineralization zones at Boomerang East and hole KBDD21451 extended to help define the geometry of the diorite body at the Double 19 SW target. Drill results for a total of 120 holes (22,860.5 m) have been reported to date for the continuing zone 3 resource expansion drill program initiated following the database closeout date for the current 2021 MRE.

Exploration significant auriferous drill intercepts are presented in the attached table.

Recently completed 3-D VTEM/TMI inversion model based litho-structural modelling work, conducted by Tect Geological Consulting of South Africa, indicates that the gold mineralization within the zone 2/zone 3 MRE footprint area occupies a licence-scale, first-order F2 synclinorium fold structure. Deposits are characterized by tensional arrays of auriferous quartz-carbonate veins typically hosted within or spatially associated with F1 or F2 folded/strained diorite units and/or metasedimentary rock-diorite contacts, with the diorite bodies having an interpreted belt-type granitoid affinity. Over 20 significant gold occurrences hosted by belt-type (Dixcove) and basin-type (Cape Coast) 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 its Ahafo mine and Asante Gold's Chirano deposit (formerly Kinross Mining) within the Sefwi gold belt as well as the former Golden Star Resources' Hwini-Butre deposit at the southern extremity of the Ashanti gold belt.

Today's drilling results include a five-hole drill fence pattern (minus 50 degrees) designed to test the southwestern strike extension of the Boomerang East gold system and downplunge continuity of the main Lower Shoot gold zone, with the southwest-trending KBDD23519/KBDD23524/KBDD23526/KBDD23527/KBDD23528 drill fence testing the northeast-plunging gold system over approximately 400 m strike and 225 m downplunge distances, respectively.

Borehole KBDD23524, corresponding to an expansion drill hole collared at the southwesternmost extremity of the drill fence, returned a sandstone-hosted (metasedimentary rock) intercept of 9.0 m grading 5.27 g/t Au, including 4.5 m at 8.98 g/t Au, from a downhole depth of 65.5 m; successfully extending the Footwall Shoot approximately 100 m up plunge to the southwest. KBDD23524 also returned a second broad zone of mineralization straddling the sandstone-diorite rock contact, extending intermittently over a 52.0 m core length from a downhole depth of 120.0 m, including the following intercepts: 15.4 m grading 1.59 g/t Au, including 7.5 m at 2.01 g/t Au; 9.5 m grading 0.32 g/t Au; and 8.5 m grading 0.71 g/t Au. With this lower mineralization zone, representing a new gold occurrence positioned approximately 45 m stratigraphically below (cross-plunge) the aforementioned Footwall Shoot intercept, expanding the strike extent of the Boomerang East gold system approximately 150 m farther to the southwest, to within approximately 60 m of the Boomerang West mineralization zone lying to the southeast.

Drill fence holes KBDD23519/KBDD23526/KBDD23527/KBDD23528, corresponding to definition drill holes designed to further test the downplunge continuity of the northeast-plunging Lower Shoot mineralization zone at the approximate midpoint between the existing northwest-southeast drill sections, returned the following mineralized intercept highlights: 33.0 m grading 1.17 g/t Au, including 19.0 m at 1.76 g/t Au, from a downhole depth of 7.0 m in KBDD23519; 53.0 m grading 1.06 g/t Au, including 30.0 m at 1.60 g/t Au, from a downhole depth of 31.0 m in KBDD23527; and 51.0 m grading 1.31 g/t Au, including 16.5 m at 3.09 g/t Au, from a downhole depth of 127.0 m in KBDD23528.

Hole KBDD23522, consisting of a southwest-trending (minus 70 degrees) borehole collared approximately 90 m southeast of the southwestern extremity of the aforementioned drill fence, returned a sandstone-hosted mineralized intercept of 22.0 m grading 1.17 g/t Au, including 15.7 m at 1.50 g/t Au, from a downhole depth of 194.0 m, with this auriferous intercept successfully establishing the northeast-plunging Boomerang West mineralization zone over an approximately 200 m downplunge distance, approximately 75 metres farther downplunge than previous drilling.

Expansion drilling (four holes) targeting the central, southeastern margin of the multishoot Boomerang East gold system successfully extended the lateral continuity of the main, shallow southeast-dipping Lower Shoot mineralization zone across a maximum northwest-southeast distance of approximately 225 m, approximately 50 m farther to the southeast than previous drilling. The northwest-trending, steeply inclined (minus 75 degrees) drill holes, including KBDD22503/KBDD23504/KBDD23505 and KBDD23523, all yielded multiple (two to six) mineralized intercepts corresponding to the Upper Shoot(s), Lower Shoot and Footwall Shoot, and including the discovery of two new gold mineralization zones at depth below the Footwall Shoot in KBDD22504. With mineralized intercept highlights from the present expansion drilling, including 9.0 m grading 1.00 g/t Au, 33.0 m at 0.50 g/t Au, 29.0 m at 0.35 g/t Au and 6.0 m at 1.67 g/t Au from downhole depths of 40.0 m, 184.0 m, 304.0 m and 357.0 m, respectively, in KBDD22504; 9.1 m grading 0.75 g/t Au, 10.5 m at 0.71 g/t Au and 41.0 m at 0.72 g/t Au from downhole depths of 77.0 m, 129.0 m and 294.0 m, respectively, in KBDD22505; 47.0 m grading 0.51 g/t Au from a downhole depth of 210.0 m in KBDD23523; and 20.5 m grading 0.57 g/t Au from a downhole depth of 232.0 m in KBDD22503.

Updated 3-D litho-structural modelling appears to indicate that the Boomerang East gold system occupies a F2 mesoscale (parasitic) fold hinge structure developed on the northwestern limb of the mineralization-controlling first-order F2 synclinorium fold. With the mineralization occurring as a northeast-plunging system of stacked, flat-lying to concave-shaped, shallow southeast-dipping gold shoots hosted within folded/strained diorite bodies and/or associated metasedimentary rock/diorite contacts. Drilling to date has outlined three principal gold shoots, including the Upper Shoot(s), the Lower Shoot and the Footwall Shoot, across an approximately 250 m cross-plunge distance. The Lower Shoot, presently the most prominent mineralization shoot of the Boomerang East gold system, has so far been delineated from practically surface to a downplunge depth of approximately 425 m along the fold hinge structure (approximately 315 m vertical depth from surface) and across an approximately 200 m northwest-southeast lateral distance.

The latest expansion drilling results from the southwestern extension of the Boomerang East gold system, including the downplunge intercept of the Boomerang West zone in KBDD23522, and the proximity (approximately 60 m) of the new gold mineralization intercept from KBDD23524 to the Boomerang West zone, strongly suggest that the Boomerang East and Boomerang West resource expansion targets represent a single, major, multishoot gold system extending over approximately 600 m strike and 700 m downplunge distances, respectively. The fact that most of the mineralization encountered to date within the southwestern segment of the newly amalgamated Boomerang East/Boomerang West gold system, including the entirety of the Boomerang West zone mineralization, is hosted within sandstone units, in place of the typical zone 2/zone 3 MRE diorite-hosted mineralization, opens up considerably more exploration-prospective terrane within the newly modelled mineralization-controlling first-order F2 synclinorium fold structure footprint area.

Quality assurance/quality control

Yves P. Clement, PGeo, vice-president, exploration, for Xtra-Gold, is acting as the qualified person in compliance with National Instrument 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 National Instrument 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 Ltd.'s laboratory in Tarkwa, Ghana. Xtra-Gold has implemented a rigorous 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.

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 five mining leases totalling approximately 226 square kilometres (22,600 hectares) 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 square kilometres), along the eastern flank of the Kibi gold belt. The Kibi gold project (zones 1 to 3) mineral resource estimate, produced by Xtra-Gold on Sept. 30, 2021, represents the only mineral resource ever generated on a lode gold project within the Kibi gold belt. The NI 43-101 technical report entitled "Xtra-Gold Resources Corp. Kibi Gold Project," jointly prepared by Pivot Mining Consultants Pty. and Tect Geological Consulting and dated Nov. 16, 2021, is filed under the company's profile on SEDAR.

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