Xtra-Gold (XTG) has announced assay results from its resource expansion target generation program in Zone 2 - Zone 3 of its Kibi Project.
The company's wholly-owned Kibi Project is located in the Kibi - Winneba greenstone belt in Ghana.
The results correspond to 23 diamond core boreholes totalling 3,739 metres completed by the company's in-house drilling crews from mid-March to late June 2021.
The Bahamas-based company has also defined a new gold zone (Twin Zone) occupying a parallel fold structure in close proximity to the Double 19 deposit, in the company's Boomerang Zone.
Xtra-Gold President and CEO James Longshore commented on the results.
"The positive drill results announced today for the Boomerang and Twin zones validate our enhanced drill/trench targeting approach through detailed 3D modelling of favourable litho-structural settings analogous to the existing Zone 2 - Zone 3 gold deposits. The newly defined Twin Zone occupying a parallel fold structure within 300 metres of the Double 19 deposit further demonstrates the resource expansion potential within the relatively untested Zone 3 of the Kibi Gold Project.
We are confident that with continued scout drilling targeting untested segments of modelled fold structures along the over 2.5-kilometre trend-length of the Zone 2 - Zone 3 Granitoid-hosted gold system new discoveries will be made."
Drilling is designed to follow up on early-stage gold shoots and showings discovered by previous drilling and trenching efforts between 2008 and 2012. It will also test down-plunge extensions and fold limbs of existing resource bodies and test prospective litho-structural gold settings identified by recently completed 3D geological modelling.
121 boreholes totalling 16,743 metres have been completed since the initiation of the Zone 2 - Zone 3 resource expansion drilling program in late September 2019.
Xtra-Gold is a gold exploration company with a substantial land position in the Kibi Gold Belt.
Xtra-Gold is up 3.13 per cent, trading at $0.99 at 9:57 am ET.