Mr. James Longshore reports
XTRA-GOLD: UPDATE ON FIELD OPERATIONS
Xtra-Gold Resources Corp. has provided an update on exploration at the Kibi gold project.
The company is currently in the process of hiring additional drilling crew staff to initiate a night shift to accelerate drilling output. With the recent increase in gold prices, the company believes it is in its best interests to maximize drilling output, with the goal of accelerating the expansion of its zone 2/zone 3 mineral resource. Until now, Xtra-Gold has only been operating during daylight hours since the start of in-house drilling operations in September, 2017.
As disclosed in its news release dated May 1, 2019, the company recently completed 4,577 metres of resource expansion drilling, encompassing 37 drill holes. These drilling data were outsourced to Goldspot Discoveries Inc. of Montreal, Canada, to update the 3-D geological model of the zone 2/zone 3 mineral resource footprint area to help identify additional drill targets and guide upcoming resource expansion drilling efforts. The recently completed geological modelling work yielded positive results, and the company's exploration team is planning to move the drill rig back to zone 2 to recommence mineral resource expansion drilling.
For the last several months, while this geological modelling work has been continuing, the drill rig was actively testing some high-priority grassroots gold-in-soil anomalies outside the mineral resource footprint area.
The company has also contracted Tect Geological Consulting of Paardevlei, South Africa, to conduct a thorough structural analysis of the company's Cobra Creek gold project, with the goal of identifying follow-up drill targets. Xtra-Gold completed 2,639 metres of drilling, comprising 43 drill holes, on the Cobra Creek gold zone in 2016. Initial drilling efforts yielded some very significant high-grade mineralized intercepts, including highlights of 4.5 metres grading 10.9 grams per tonne gold and 5.2 metres grading 9.51 grams per tonne gold (see the company's news release dated Oct. 19, 2016). Tect arrived at the company's mine camp on Sept. 1, 2019, to commence the structural study work.
Xtra-Gold has managed to finance most of its exploration expenditures since 2013 through its alluvial gold mining project. Over the last seven years, the company's share count has not increased, with outstanding shares currently totalling 46,245,917. Xtra-Gold has cash and cash equivalents of approximately of $4-million (U.S.). The company intends to continue to finance all its exploration programs from internal cash and does not anticipate needing any outside financing at the current time.
The company's management team is fully committed to the continued expansion of the Kibi gold project mineral resource to maximize shareholder value.
Yves P. Clement, professional geoscientist, vice-president of exploration at 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 NI 43-101.
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.
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