Xtra-Gold Resources Corp. (“Xtra-Gold” or the “Company”)
(TSX: XTG) (OTCBB:XTGRF)
, is
very pleased to announce latest
channel sampling results from the Cobra Creek Gold Corridor
prospect, on the Company’s wholly- owned Kibi Gold
Project, located in the Kibi – Winneba greenstone belt (the “Kibi
Gold Belt”), in Ghana, West Africa. Highlights of the
recently implemented outcrop stripping / channel sampling program
include:
- saw-cut channel sample composites grading 23.62 grams per tonne
(“g/t”) gold over 5 m, including 67.9 g/t gold over 0.9 m
(#KBCS023-46); and 20.48 g/t gold over 4.58 m, including 35.47 g/t
gold over 1.9 m (#KBCS023-47) from newly exposed breccia zone
within central portion of High Grade Gold Shoot fold
structure;
- High Grade Gold Shoot extended 40 m to NE, to total strike
length of approximately 110 m, with saw-cut channel sample
composites grading 12.0 g/t gold over 4.3 m, including 39.7 g/t
gold over 0.85 m (#KBCS023-12); and 4.1 g/t gold over 7.93 m
(#KBCS023-2);
- new high grade shear structure discovered along NW flank of
High Grade Gold Shoot with channel sample composites grading 10.26
g/t gold over 3.37 m, including 34.3 g/t gold over 0.75 m
(#KBCS092-3); and 13.17 g/t gold over 3.15 m, including 31.5 g/t
gold over 0.95 m (#KBCS092-4);
- new auriferous structure discovered along SW extension of #R2
high resistivity trend spatially associated with the Main Shear
structure, approximately 625 m southwest of the High Grade Gold
Shoot, returning saw-cut channel intercepts of 1.07 m grading
23.6 g/t gold (#KBCS090-V4) and 3.85 m grading 4.62 g/t gold
(KBCS090-10).
The Cobra Creek Gold Corridor project
corresponds to an approximately 550 m wide, NE- trending,
multi-structure braided shear zone system traced to date over an
approximately 850 m strike length. The quartz feldspar porphyry
(“QFP”) hosted mineralized corridor encompasses at least 9
auriferous shear zones ranging from approximately 1 m to 25 m in
apparent width. Gold mineralization exhibits strong
spatial association with 2 prominent
NE-ENE high resistivity trends appearing to
reflect broad zones of strong iron carbonate (+/- silica)
alteration. Approximately 1.8 km long by 300 m to 800 m wide,
anomalous gold-in-soil trend spatially associated with the
structural corridor.
The present surface sampling results correspond
to a mechanized outcrop stripping / channel sampling program
implemented from mid-October 2015 to early April 2016 on the Cobra
Creek Gold Corridor project; with the exploration work designed to
further delineate the High Grade Gold Shoot located at
the NE extremity of the Main Shear structure
and to test the SW extension of the approximately 1,100
m long #R2 high resistivity trend spatially associated with the
Main Shear structure.
|
Table 1: Saw-Cut Channel Grade
Composites |
Cobra Creek Gold Corridor Project |
Sample |
From |
To |
Sampled |
Gold
Grams |
|
String
ID |
(meters) |
(meters) |
Length |
Per
Tonne |
Shear ID / Comments |
|
|
|
(meters) |
|
|
KBCS023-45 |
2.9 |
6.8 |
3.9 |
12.61 |
High Grade Shoot - Breccia |
including |
6.15 |
6.8 |
0.65 |
23.20 |
|
KBCS023-46 |
2.0 |
7.0 |
5.0 |
23.62 |
High Grade Shoot - Breccia |
including |
6.1 |
7.0 |
0.9 |
67.90 |
|
KBCS023-47 |
4.12 |
8.7 |
4.58 |
20.48 |
High Grade Shoot - Breccia |
including |
5.9 |
7.8 |
1.9 |
35.47 |
|
KBCS023-48 |
3.0 |
7.55 |
4.55 |
15.11 |
High Grade Shoot - Breccia |
including |
3.0 |
4.0 |
1.0 |
22.00 |
|
KBCS092-3 |
0.35 |
3.72 |
3.37 |
10.26 |
New Parallel Shear |
including |
1.65 |
2.4 |
0.75 |
34.30 |
|
KBCS092-4 |
0.0 |
3.15 |
3.15 |
13.17 |
New Parallel Shear |
including |
0.0 |
0.95 |
0.95 |
31.50 |
|
KBCS092-5 |
0.0 |
1.1 |
1.1 |
19.35 |
New Parallel Shear |
KBCS023-2 |
1.72 |
9.65 |
7.93 |
4.10 |
High Grade Shoot - NE |
KBCS023-11 |
0.0 |
3.95 |
3.95 |
3.91 |
High Grade Shoot - NE |
KBCS023-12 |
0.0 |
4.3 |
4.3 |
12.00 |
High Grade Shoot - NE |
including |
1.4 |
2.25 |
0.85 |
39.70 |
|
KBCS023-13 |
0.0 |
2.4 |
2.4 |
5.20 |
High Grade Shoot - NE |
including |
1.68 |
2.4 |
0.72 |
13.25 |
|
KBCS023-38 |
0.0 |
0.62 |
0.62 |
27.90 |
High Grade Shoot - NE |
KBCS090-V4 |
0.0 |
1.07 |
1.07 |
23.60 |
Main Shear - SW |
KBCS090-5 |
0.0 |
1.02 |
1.02 |
10.10 |
Main Shear - SW |
KBCS090-10 |
0.0 |
3.85 |
3.85 |
4.62 |
Main Shear - SW |
Notes: |
Reported intercepts are channel
string lengths; true width of mineralization is unknown
at this time. Due to irregular bedrock surface the reported saw-cut
channel intercepts are sample intersection lengths irrespective of
mineralization topography and may not represent true width of
mineralization. |
|
A total of 258 saw-cut channel samples totaling 200.4 m were
collected from 106 channel strings ranging from 0.4 m to 9.65 m in
length; over approximately 2,600 square meters of stripped bedrock
exposure. Of the 258 bedrock channel samples collected: 69 (27%)
returned less than 0.1 g/t gold; 85 (33%) returned gold values
between 0.1 g/t to 1 g/t; 55 (21%) between 1 g/t and 5 g/t gold; 20
(8%) between 5 g/t to 10 g/t gold; 22 (8%) between 10 g/t and 30
g/t gold; and 7 samples (3%) returned values over 30 g/t gold (67.9
g/t maximum).
Outcrop stripping successfully extended the High
Grade Gold Shoot (“Blowout”) over an approximately 40 m distance to
the northeast, in addition to exposing a strongly auriferous
structural breccia within the central portion of the shoot. The
NE-trending, strongly pyritized crackle breccia extending over an
approximately 20 m strike distance and ranging from 0.4 m to 5
m in apparent width returned high grade channel intercepts of 5 m
grading 23.62 g/t gold, including 67.9 g/t gold over 0.9 m
(#KBCS023-46); and 4.58 m grading 20.48 g/t gold,
including 35.47 g/t gold over 1.9 m (#KBCS023-47). A total of
6 channel strings encompassing 21 saw- cut channel samples totaling
16.76 m were collected from the breccia zone with individual assay
values ranging from 2.2 g/t to 67.9 g/t gold; and the length
weighted average grade of all 21 samples being 19.91 g/t gold.
The southwestern extremity of the breccia zone sits immediately
adjacent to the rock chip channel intercept of 6.7 m grading 32.32
g/t gold, including 82.22 g/t gold over 2 m in scout trench
#TCK002 (November 12, 2012 news release).
Latest channel sampling efforts established the
High Grade Shoot over an approximately 110 m strike length and up
to approximately 15 m in apparent width; with geological mapping to
date appearing to indicate that the high grade gold mineralization
occurs in hinges of folded quartz / Fe-carbonate / tourmaline veins
hosted along a shallow SW-plunging fold structure, and associated
fold axis crackle breccia.
The outcrop stripping program also yielded a new
high grade shear structure along the NW flank of the High Grade
Gold Shoot. Channel sampling across the folded quartz /
Fe-carbonate / tourmaline veining exposed over an approximately 12
m strike length returned mineralized intercepts of up
to 3.37 m grading 10.26 g/t
gold, including 34.3 g/t gold
over 0.75 m (#KBCS092-3); and 3.15 m grading
13.17 g/t gold, including 31.5 g/t gold over 0.95 m (#KBCS092-4).
The parallel structure lying approximately 25 m northwest of the
High Grade Gold Shoot lies along the northwest margin of the
prominent #R2 high resistivity trend spatially associated with the
Main Shear structure.
Channel sampling of folded quartz / Fe-carbonate
/ tourmaline veining over an approximately 15 m strike distance on
a stripped outcrop lying along the SW extension of the #R2 high
resistivity trend spatially associated with the Main Shear
structure, approximately 625 m southwest of the High Grade Gold
Shoot, returned saw-cut channel intercepts of 1.07 m grading 23.6
g/t gold (#KBCS090-V4), 1.02 m grading 10.1 g/t gold (#KBCS090-5),
and 3.85 m grading 4.62 g/t gold (KBCS090-10). Of considerable
exploration interest is the presence of a flat-lying chargeability
(IP) anomaly centered on the
resistivity trend approximately 115 m
vertically below the auriferous veining.
A 2,000 m diamond core drill program was
initiated on the Cobra Creek Gold Corridor project on June 7, 2016.
The first pass drilling program is designed to test up to 10
priority drill targets including 3 major high-grade gold shoots
(“blowouts”), including: High Grade Gold Shoot; L17600N Shoot; and
Lightning Shoot. Refer to the Q2 2016 Corporate Presentation on the
Company’s website at www.xtragold.com for further details on
the Cobra Creek Gold Corridor project.
QA/QC
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. All samples in this news release were analyzed by standard
fire assay fusion with atomic absorption spectroscopy finish at ALS
Ghana Limited, in Kumasi, Ghana; an ISO 9001:2000 certified
laboratory operated by ALS Chemex. Xtra-Gold has
implemented a rigorous quality assurance / quality control (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 at
www.xtragold.com.
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 5 Mining Leases totaling
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 Gold Project located on the Apapam
Concession (33.65 sq km), along the eastern flank of the Kibi Gold
Belt. The Kibi Gold Project (Zone 2 – Zone 3) maiden mineral
resource estimate produced by Xtra-Gold in October 2012 represents
first ever NI 43-101 compliant resource estimate generated on a
lode gold project within the Kibi Gold Belt. The NI 43-101
Technical Report entitled “Independent Technical Report, Apapam
Concession, Kibi Project, Eastern Region, Ghana”, prepared by SEMS
Explorations and dated October 31, 2012, is filed under the
Company’s profile on SEDAR at www.sedar.com.
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 Information
For further information please contact: James Longshore
Chief Executive Officer
416-366-4227
E-mail: info@xtragold.com
Website: www.xtragold.com
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