Toronto, Ontario – June 23, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Xtra-Gold Assets Corp. (TSX: XTG) (OTCQB: XTGRF) (“Xtra-Gold” or the “Firm”), is happy to announce assay outcomes for an extra 24 diamond core boreholes totalling 3,553 metres from its ongoing Zone 3 useful resource enlargement drilling program on the Firm’s wholly-owned Kibi Gold Venture, situated within the Kibi – Winneba greenstone belt (the “Kibi Gold Belt”), in Ghana, West Africa. With the current drilling efficiently confirming the down-plunge continuity and multi-shoot geometry of the just lately recognized Boomerang East gold zone (see the Firm’s information launch of February 18, 2022). The present drilling types a part of an aggressive in-house drilling initiative focussing on a number of useful resource enlargement targets alongside the southwest (Zone 3) phase of the over three-kilometre-long Zone 2 – Zone 3 anticlinal fold construction; stretching over one kilometre past the boundaries of the just lately revealed up to date Mineral Useful resource Estimate (the “2021 MRE”, see the Firm’s information launch of November 1, 2021).
Assay outcomes reported are offered in Desk 1 under and embody the next highlights:
Boomerang East: Decrease Shoot
– 77.0 metres (“m”) at 1.59 grams per tonne gold (“g/t Au”), together with 31.0 m at 3.23 g/t Au, from 122.0 m in gap #KBDD22481
– 46.0 m at 1.39 g/t Au, together with 20.0 m at 2.01 g/t Au, from 127.0 m in #KBDD22475
– 43.0 m at 1.57 g/t Au, together with 13.0 m at 3.21 g/t Au, from 52.0 m in #KBDD22480
Boomerang East: Higher Shoot (s)
– 13.5 m at 3.20 g/t Au from 37.0 m in gap #KBDD22478
– 11.3 m at 2.41 g/t Au, together with 6.0 m at 3.40 g/t Au, from 11.0 m in #KBDD22464
– 9.1 m at 1.21 g/t Au from 93.9 m in #KBDD22469; adopted by second interval of 16.3 m at 2.06 g/t Au from 141.7 m, together with 5.7 m at 3.10 g/t Au
James Longshore, President and CEO remarked: “We’re extremely happy with the success of our preliminary observe up drilling program on the just lately recognized Boomerang East gold zone. With simply over 3,500 m of drilling we’ve got superior this goal from a close to floor prospect to a multi-shoot gold system extending to an nearly 300 m down-plunge distance alongside the fold hinge of the Zone 2 – Zone 3 anticlinal fold construction. We look ahead to the additional useful resource progress potential from the continued enlargement drilling concentrating on each the up-plunge and down-plunge extensions of the Boomerang East mineralization, in addition to step-out drilling alongside the extension of the controlling anticlinal fold hinge construction.”
Right this moment’s Kibi Gold Venture drill outcomes correspond to 24 observe up drill holes concentrating on the just lately outlined Boomerang East gold zone situated alongside the southwestern (Zone 3) phase of the over three-kilometre-long Zone 2 – Zone 3 anticlinal fold construction. With the drilling, along with additional delineating and increasing the auriferous zone, additionally designed to achieve extra perception on the mineralization’s litho-structural setting. The 24 diamond core boreholes totalling 3,553 m had been accomplished by the Firm’s in-house drilling crews from early February to mid-Could 2022 (#KBDD22459 – #KBDD2282). A complete of 68 holes (9,451 m) have been accomplished because the initiation of the present drill program following the late July 2021 database close-out date for the just lately revealed up to date 2021 MRE. Exploration vital auriferous intercepts are offered in Desk 1 under, with a drill plan (Determine 1) and collar particulars (Desk 2), out there at:
(Figure 1_Zone 2 – Zone 3 Drill Plan_Jun 23 2022)
(Table 2_Drill Collar Info_Jun 23 2022)
Gold mineralization alongside the Zone 2 – Zone 3 MRE development is emplaced alongside the limbs and hinge of a 1st Order (“F2a”), tight to isoclinal, anticlinal fold construction, with mineralization zones additional occupying 2nd Order (“F1”) isoclinal fold hinges on a goal scale. Mineralization consists predominantly of tensional arrays of auriferous quartz-carbonate veins hosted by folded diorite our bodies with an interpreted Belt-type granitoid affinity. Over 20 vital gold occurrences hosted by Belt (Dixcove)- and Basin (Cape Coast)-type granitoids are identified in Ghana, with a quantity constituting vital deposits. These deposits symbolize a comparatively new model of gold mineralization for orogenic gold deposits inside the West African Birimian terrain. Belt-type intrusion-hosted gold deposits embody Newmont Mining’s Subika deposit at their Ahafo mine and Kinross Mining’s Chirano deposit inside the Sefwi gold belt, in addition to the previous Golden Star Assets’ Hwini-Butre deposit on the southern extremity of the Ashanti gold belt.
The current Boomerang East drilling (23 of 24 holes) focussed on confirming and increasing the gold mineralization just lately intersected in a pair of drill-fan patterns testing an auriferous quartz vein publicity mendacity alongside the obvious fold hinge of the NE-trending, 1st Order, Zone 2 – Zone 3 anticlinal fold construction. With the northeastern most fan-pattern returning mineralized intercepts of 16.5 m grading 6.23 g/t Au, together with 13.74 g/t Au over 6.5 m, from a down-hole depth of 1.5 m in gap #KBDD22455; and 13.5 m grading 1.64 g/t Au, together with 3.35 g/t Au over 6.0 m and 21.0 m grading 1.46 g/t Au, together with 2.49 g/t Au over 11.0 m, from down-hole depths of 0.0 m and 39.0 m respectively in #KBDD22458 (see the Firm’s information launch of February 18, 2022).
The drilling was performed alongside eight (8) NW-SE Sections at principally 50 m, with regionally 25 m, spacing masking an roughly 250 m trend-length of the NE-trending fold construction. With a lot of the holes consisting of NW-trending, reasonably to steeply-inclined (-60o to -75o) boreholes.
Ongoing 3D litho-structural modelling signifies that the Boomerang East gold mineralization is emplaced inside the internal arc of a good, average NE-plunging, isoclinally folded diorite physique. With the mineralization showing to happen as a system of stacked, crescent-shaped, NE-plunging gold shoots traced thus far over an roughly 295 m down-plunge distance alongside the fold hinge construction (i.e., roughly 160 m vertical depth from floor). Presently, two, extra outstanding mineralization shoots standout: an higher shoot (s) extending to floor which corresponds to the invention quartz vein outcrop and the close to floor aforementioned #KBDD22455 / #KBDD22458 auriferous drill intercepts; and a decrease blind shoot with no current floor expression.
Mineralized intercept highlights from the decrease shoot, akin to the 2 southwestern most 50 m spaced drill sections, embody: 46.0 m grading 1.39 g/t Au, together with 2.01 g/t Au over 20.0 m, from a down-hole depth of 127.0 m in gap #KBDD22475 and 77.0 m grading 1.59 g/t Au, together with 3.23 g/t Au over 31.0 m, from a down-hole depth of 122 m in #KBDD22481 (40 m SE of #KBDD22475 intercept); and 25.6 m grading 0.99 g/t Au, together with 1.30 g/t Au over 14.8 m, from a down-hole depth of 60.0 m in #KBDD22468 and 43.0 m grading 1.57 g/t Au, together with 3.21 g/t Au over 13.0 m, from a down-hole of 52.0 m in #KBDD22480 (25 m NW of #KBDD22468 intercept).
Mineralized intercept highlights from the higher shoot (s), from close to floor to down plunge, embody: 11.3 m grading 2.41 g/t Au from a down-hole depth of 11.0 m in #KBDD22464 and 13.5 m grading 3.20 g/t Au from a down-hole depth of 37.0 m in #KBDD22478; and 9.1 m grading 1.21 g/t Au and 16.3 m grading 2.06 g/t Au, together with 3.10 g/t Au over 5.7 m, from down-hole depths of 93.9 m and 141.7 m respectively in #KBDD22469, and three.6 m grading 4.89 g/t Au and 14.0 m grading 0.90 g/t Au from down-hole depths of 95.2 m and 147.0 m respectively in #KBDD22474.
QA/QC
Yves P. Clement, P. Geo, Vice President, Exploration for Xtra-Gold is performing because the Certified Individual in compliance with Nationwide Instrument 43-101 (“NI 43-101”) with respect to this announcement. He has ready and or supervised the preparation of the scientific or technical data on this announcement and confirms compliance with NI 43-101. All samples on this information launch had been analyzed by normal fireplace assay fusion with atomic absorption spectroscopy end on the ISO 17025:2005 accredited Intertek Minerals Restricted’s laboratory in Tarkwa, Ghana. Xtra-Gold has applied a rigorous high quality assurance / high quality management (QA/QC) program to make sure greatest practices in sampling and evaluation of drill core, trench channel, and saw-cut channel samples, the small print of which may be seen on the Firm’s web site at www.xtragold.com.
About Xtra-Gold Assets Corp.
Xtra-Gold is a gold exploration firm with a considerable land place within the Kibi Gold Belt. The Kibi Gold Belt, which reveals many comparable geological options to Ghana’s foremost gold belt, the Ashanti Belt, has been the topic of very restricted trendy exploration exercise concentrating on lode gold deposits as just about all previous gold mining exercise and exploration efforts centered on the in depth alluvial gold occurrences in lots of river valleys all through the Kibi space.
Xtra-Gold holds 5 Mining Leases totaling roughly 226 sq km (22,600 ha) on the northern extremity of the Kibi Gold Belt. The Firm’s exploration efforts thus far have centered on the Kibi Gold Venture situated on the Apapam Concession (33.65 sq km), alongside the jap flank of the Kibi Gold Belt. The Kibi Gold Venture (Zones 1-3) Mineral Useful resource Estimate, produced by Xtra-Gold on September 30, 2021, represents the one Mineral Useful resource ever generated on a lode gold challenge inside the Kibi Gold Belt. The NI 43-101 Technical Report entitled “Xtra-Gold Assets Company Kibi Gold Venture”, collectively ready by Pivot Mining Consultants (Pty) and Tect Geological Consulting, and dated November 16, 2021, is filed below the Firm’s profile on SEDAR at www.sedar.com.
Ahead-Trying Statements
The TSX doesn’t settle for accountability for the adequacy or accuracy of this launch. No inventory change, securities fee or different regulatory authority has accepted or disapproved the data contained herein. This information launch contains sure “forward-looking statements”. These statements are primarily based on data at present out there to the Firm and the Firm gives no assurance that precise outcomes will meet administration’s expectations. Ahead- wanting statements embody estimates and statements that describe the Firm’s future plans, aims or objectives, together with phrases to the impact that the Firm or administration expects a acknowledged situation or end result to happen. Ahead-looking statements could also be recognized by such phrases as “believes”, “anticipates”, “expects”, “estimates”, “might”, “may”, “would”, “will”, or “plan”. Since forward-looking statements are primarily based on assumptions and tackle future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Precise outcomes referring to, amongst different issues, outcomes of exploration, challenge growth, reclamation and capital prices of the Firm’s mineral properties, and the Firm’s monetary situation and prospects, may differ materially from these at present anticipated in such statements for a lot of causes equivalent to: modifications usually financial circumstances and circumstances within the monetary markets; modifications in demand and costs for minerals; litigation, legislative, environmental and different judicial, regulatory, political and aggressive developments; technological and operational difficulties encountered in reference to the actions of the Firm; and different issues mentioned on this information launch. This checklist is just not exhaustive of the components that will have an effect on any of the Firm’s forward-looking statements. These and different components needs to be thought of rigorously, and readers shouldn’t place undue reliance on the Firm’s forward-looking statements. The Firm doesn’t undertake to replace any forward-looking assertion which may be made on occasion by the Firm or on its behalf, besides in accordance with relevant securities legal guidelines.
Cautionary Be aware to United States Traders
This information launch has been ready in accordance with the necessities of the securities legal guidelines in impact in Canada, which differ from the necessities of U.S. securities legal guidelines. Except in any other case indicated, all useful resource and reserve estimates included on this information launch have been ready in accordance with Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum 2014 Definition Requirements on Mineral Assets and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Directors which establishes requirements for all public disclosure an issuer makes of scientific and technical data regarding mineral initiatives. Canadian requirements, together with NI 43-101, differ considerably from the necessities of the SEC, and mineral useful resource and reserve data contained herein is probably not akin to comparable data disclosed by U.S. corporations. Specifically, and with out limiting the generality of the foregoing, the time period “useful resource” doesn’t equate to the time period “reserves”. Beneath U.S. requirements, mineralization is probably not categorised as a “reserve” until the willpower has been made that the mineralization might be economically and legally produced or extracted on the time the reserve willpower is made. The SEC’s disclosure requirements usually don’t allow the inclusion of knowledge regarding “measured mineral assets”, “indicated mineral assets” or “inferred mineral assets” or different descriptions of the quantity of mineralization in mineral deposits that don’t represent “reserves” by U.S. requirements in paperwork filed with the SEC. Traders are cautioned to not assume that any half or all of mineral deposits in these classes will ever be transformed into reserves. U.S. traders also needs to perceive that “inferred mineral assets” have a large amount of uncertainty as to their existence and nice uncertainty as to their financial and authorized feasibility. It can’t be assumed that every one or any a part of an “inferred mineral useful resource” will ever be upgraded to the next class. Beneath Canadian guidelines, estimated “inferred mineral assets” might not kind the idea of feasibility or pre-feasibility research besides in uncommon instances. Traders are cautioned to not assume that every one or any a part of an “inferred mineral useful resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a useful resource is permitted disclosure below Canadian rules; nevertheless, the SEC usually solely permits issuers to report mineralization that doesn’t represent “reserves” by SEC requirements as in-place tonnage and grade regardless of unit measures. The necessities of NI 43-101 for identification of “reserves” are additionally not the identical as these of the SEC, and reserves reported by the Firm in compliance with NI 43-101 might not qualify as “reserves” below SEC requirements. Accordingly, data regarding mineral deposits set forth herein is probably not comparable with data made public by corporations that report in accordance with U.S. requirements.
Contact Data
For additional data please contact:
James Longshore
Chief Govt Officer
416-628-2881
E-mail: [email protected]
Web site: www.xtragold.com
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. NEWSWIRE SERVICES
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