Announcement Date: 2021-11-16
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Xtra-Gold Resources Corp.
Project name: Kibi
Location: Ghana
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Toronto, Ontario – November 1, 2021 – Xtra-Gold Resources Corp. (“Xtra-Gold” or the “Company”) TSX: XTG; OTCQB: XTGRF, is very pleased to announce the results of an updated Mineral Resource Estimate on its wholly-owned Kibi Gold Project, located in the Kibi– Winneba greenstone belt (“Kibi Gold Belt”), in Ghana, West Africa. The independent resource estimate, with an effective date of September 30, 2021, incorporates an additional 212 diamond core boreholes (25,198.55 m) completed since the October 2012 Maiden Resource Estimate. This includes 158 holes (21,321.45 m) completed from February 2018 – June 2021 by XtraGold’s in-house drilling crews on resource expansion targets within the Zone 1 – Zone 2 – Zone 3 gold-in-soil anomalies. The new Mineral Resource encompasses updated resource estimates for the following five (5) deposits: Big Bend, East Dyke, Mushroom, South Ridge and Double 19; and initial resource estimates for the following three (3) deposits: Road Cut, Gatehouse and Gold Mountain. In aggregate, these eight auriferous bodies are estimated to contain an Indicated Mineral Resource of 623,700 ounces of gold and an additional Inferred Mineral Resource of 180,700 ounces of gold as summarized in Table 1, with details presented in Table 2 in the Resource Estimate Summary section. In comparison to the 2012 Maiden Resource Estimate, the updated Mineral Resource represents increases of 124.4% in the Indicated category and 22.9% in the Inferred category. Approximately 73% of the Indicated Mineral Resources (456,200 oz.) is contained within the essentially contiguous Big Bend and East Dyke deposits.
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