Xtra-Gold Resources Corp. ("Xtra" or the
"Company") (TSX:XTG) (TSX:XTG-S) (OTCBB:XTGR), is
very pleased to report that ongoing drilling on the Big Bend Gold
Zone on the Kibi Gold Project continues to intersect significant
gold mineralization, including 2.42 grams per tonne ("g/t") gold
over 52 metres. Assay results from six (6) new diamond core holes
(1,308 metres) reported below continue to confirm the down-plunge
continuity and the multiple en-echelon vein package structural
style of the mineralization, and demonstrate the occurrence of
higher grade mineralization within the Big Bend gold system.
The latest drill results are part of a 20,000 metre
exploration/delineation drill program initiated in mid January
2011, designed to delineate/infill the Big Bend Gold Zone – Central
Granitoid; as well as further test/delineate other prominent gold
systems on 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 holes reported today include classical
granitoid - hosted gold mineralization intercepts of:
-- 52 metres grading 2.42 g/t gold in KBDD11113 from 84
metres down-hole, including 27 metres grading 3.58 g/t gold (and
including 6.09 g/t gold over 12 metres);
-- 50 metres grading 1.64 g/t gold in KBDD11110 from 158
metres down-hole, including 24 metres grading 2.45 g/t gold;
and
-- 50 metres grading 1.31 g/t gold in KBDD11114 from
surface, including 20 metres grading 2.21 g/t gold.
|
Kibi Gold
Project - Big Bend Zone (Central Granitoid) Significant Drill
Intercepts |
Hole
ID |
From
(metres) |
To
(metres) |
Core Length
(metres) |
Gold Grams Per
Tonne |
Target Granitoid /
Zone |
KBDD11109 |
15 |
16.5 |
1.5 |
13.10 |
Central Ganitoid - Big Bend |
KBDD11109 |
91 |
93 |
2 |
5.75 |
|
KBDD11110 |
158 |
208 |
50 |
1.64 |
Central Ganitoid - Big Bend |
including |
175 |
199 |
24 |
2.45 |
|
and including |
198 |
199 |
1 |
17.75 |
|
|
|
Kibi Gold Project
- Big Bend Zone (Central Granitoid) Significant Drill
Intercepts |
Hole ID |
From (metres) |
To (metres) |
Core Length
(metres) |
Gold Grams Per
Tonne |
Target Granitoid /
Zone |
KBDD11111 |
94 |
116 |
22 |
1.25 |
Central Ganitoid - Big Bend |
including |
99 |
105 |
6 |
2.70 |
|
KBDD11111 |
133 |
151 |
18 |
2.09 |
|
including |
139 |
146 |
7 |
4.18 |
|
KBDD11111 |
202 |
203 |
1 |
7.35 |
|
KBDD11112 |
130 |
177 |
47 |
0.71 |
Central Ganitoid - Big Bend |
including |
148 |
168 |
20 |
1.17 |
|
and including |
148 |
154 |
6 |
2.71 |
|
KBDD11112 |
202 |
220 |
18 |
1.31 |
|
including |
202 |
206 |
4 |
3.04 |
|
KBDD11112 |
228 |
245 |
17 |
2.00 |
|
including |
228 |
235 |
7 |
3.89 |
|
KBDD11113 |
84 |
136 |
52 |
2.42 |
Central Ganitoid - Big Bend |
including |
89 |
116 |
27 |
3.58 |
|
and including |
93 |
105 |
12 |
6.09 |
|
and including |
100 |
101 |
1 |
20.40 |
|
KBDD11114 |
3 |
53 |
50 |
1.31 |
Central Ganitoid - Big Bend |
including |
21 |
41 |
20 |
2.21 |
|
and including |
32 |
40 |
8 |
3.41 |
|
Notes: |
|
|
|
|
|
Reported intercepts are core -
lengths; true width of mineralization is unknown at this time. |
Unless otherwise indicated
intercepts constrained with a 0.25 g/t gold minimum cut-off grade
at top and bottom of intercept, with arbitrarily set 30 g/t gold
upper cut-off grade 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. |
To date, significant gold mineralization has been traced over an
approximately 300 metre strike length and approximately 360 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 through-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.
Irregularities or flexures in the geometry of the host diorite
bodies appear to strongly influence the development of veining and
grade distribution; as is exemplified by the Big Bend Zone on the
Central Granitoid and the East Dyke Granitoid Zone (see April 26,
2011 news release). Similar flexures have potential to host
mineralization elsewhere along the strike or down-dip extensions of
the extensive dioritic bodies characterizing the Kibi Gold
Project.
Boreholes KBDD11109 – KBDD11110 and KBDD11111 – KBDD11112
consisting of a pair of south trending, vertical fan drill sections
(-50o & -75o), collared approximately 45 metres apart were
designed to test the quartz diorite body at depth between holes
KBDD10103 and KBDD11108 which yielded significant gold intercepts
located approximately 45 metres west and 50 metres east of the
present drill sections, respectively. With KBDD10103 returning
mineralized intercepts of 1.98 g/t gold over 27 metres and 1.76 g/t
gold over 25 metres; and KBDD11108 returning an intercept of
42 metres grading 2.39 g/t gold (see February 1, 2011 & May 17,
2011 news releases).
The upper KBDD11109 borehole (-50o) of the KBDD11109 – KBDD11110
vertical fan pattern yielded a mineralized intercept of 2 metres
grading 5.75 g/t gold from a down-hole depth of 91 metres; and the
steeper KBDD11110 borehole (-75o) returned a mineralized intercept
of 50 metres grading 1.64 g/t gold, including 24 metres grading
2.45 g/t gold, from a down-hole depth of 158 metres, approximately
75 to 125 metres down dip of the KBDD11109 intercept. With the
shorter KBDD11109 intercept appearing to represent the upper
fringes of the north-easterly plunging mineralization zone.
The upper KBDD11111 borehole (-50o) of the KBDD11111 – KBDD11112
vertical fan pattern yielded mineralized intercepts of 22 metres
grading 1.25 g/t gold and 18 metres grading 2.09 g/t gold,
including 7 metres grading 4.18 g/t gold, from down-hole depths of
94 metres and 133 metres, respectively. While the steeper KBDD11112
borehole (-75o) yielded three (3) mineralized intercepts developed
over a 115 metre core-length starting at a down-hole depth of 130
metres, including: 47 metres grading 0.71 g/t gold, including 2.71
g/t gold over 6 metres; 18 metres grading 1.31 g/t gold; and 17
metres grading 2.0 g/t gold, including 3.89 g/t gold over 7 metres.
With the KBDD11112 mineralization envelope extending from
approximately 55 metres to 120 metres down-dip of the upper
KBDD11111 intercepts.
KBDD11113 and KBDD11114 consisting of vertical boreholes (-90o)
collared approximately 35 metres apart at the western extremity of
the Big Bend Gold Zone were designed to test the extensive system
of shallowly dipping, extension (ladder) vein arrays associated
with the mineralized system; and to obtain additional information
on the structural controls of the mineralization. Hole KBDD11113
returned a mineralized intercept of 52 metres grading 2.42 g/t
gold, including 27 metres grading 3.58 g/t gold (and including 6.09
g/t gold over 12 metres), from a down-hole depth of 84 metres; and
KBDD11114 yielded an intercept of 50 metres grading 1.31 g/t gold
from surface, including 20 metres grading 2.21 g/t gold.
To date Xtra-Gold has completed 34 holes totaling 8,550 metres
(#KBDD11105 - #KBDD11138) in its current 20,000 metre Kibi Gold
Project drilling program initiated on January 16, 2011 (including
KBDD11116 which was abandoned at 71 metres after encountering seven
metres of 2.57 g/t gold from 64-71 metres); with 18 out of the 31
holes (5,248 metres) targeting the Big Bend gold zone on the
Central Granitoid body. Ongoing drilling efforts are currently
focused on the further delineation of the Big Bend gold zone.
Due to an apparent surge in sample influx at the ALS Chemex
laboratory in Kumasi, Ghana, analytical results for Xtra-Gold's
samples have been delayed substantially over the last few months.
ALS Ghana reports that it has recently completed
installing additional crushing and milling equipment to increase
the laboratories' capacity by 60% in order to reduce the sample
turnaround time. Xtra-Gold is awaiting assay results on about 20
drill holes that have been submitted to the ALS Chemex lab in
Kumasi since the commencement of the Company's current diamond
drilling campaign.
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 totalling 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 mineralised trend delineated from
gold-in-soil anomalies, geophysical interpretations, trenching and
drilling along the northwest margin of the Apapam Concession.
Forward-Looking Statements
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.
CONTACT: Paul Zyla
Chief Executive Officer
Telephone: 416-366-4227
E-mail: pzyla@xtragold.com
Website: www.xtragold.com
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