TORONTO, April 26, 2011 (GLOBE NEWSWIRE) -- Xtra-Gold Resources Corp. ("Xtra" or the "Company") (TSX:XTG) (TSX:XTG-S) (OTCBB:XTGR) is pleased to report that the first two diamond core holes from the current 20,000 metre drill program have significantly expanded known gold mineralization down plunge on the Zone 2 – East Dyke Granitoid at its wholly-owned Kibi Gold Trend Project, located in the Kibi – Winneba greenstone belt ("Kibi Gold Belt"), in Ghana, West Africa. The vertical fan pattern holes (379 metres) successfully expanded the gold mineralization to a down plunge depth of approximately 200 metres.
Highlights of these holes include classical granitoid–hosted gold mineralization intercepts of:
- 15 metres grading 2.05 grams per tonne ("g/t") gold, including 5 metres grading 4.00 g/t gold, in KBDD11105;
- 14 metres grading 2.36 g/t gold, including 5 metres grading 5.18 g/t gold, in KBDD11106.
The present drilling targeted the depth potential of the gold mineralization along the northern portion of the East Dyke Granitoid body located at the south-eastern extremity of the approximately 1,200 metre long by 500 metre to 800 metre wide Zone 2 gold-in-soil anomaly. The two west trending, vertical fan pattern holes (-50 degrees & -70 degrees) were designed to undercut a mineralized intercept of 7 metres grading 4.83 g/t gold in scout hole #KBD08010 located at the northern extremity of the easterly dipping host granitoid body (see January 8, 2009 press release). Other drilling highlights from the North Zone – East Dyke Granitoid include intercepts of: 8.49 g/t gold over 12 metres in hole #KBD08004 (December 10, 2008 press release); and 6.29 g/t over 23 metres, including 8.66 g/t over 10 metres, in hole #KBRC09047, and 2.97 g/t over 18 metres, including 6.32 g/t over 8 metres, in hole #KBRC09042 (September 28, 2009 press release). Gold mineralization is associated with quartz-albite-carbonate-sulphide veining developed within a rock body of quartz diorite composition.
The upper #KBDD11105 borehole (-50 degrees dip) yielded a significant mineralized intercept of 15 metres grading 2.05 g/t gold, including 5 metres grading 4.0 g/t gold, from a down hole depth of 105 metres, approximately 60 metres down dip from the scout hole #KBD08010 intercept; and the steeper #KBDD11106 borehole (-70 degrees) returned a mineralized intercept of 14 m grading 2.36 g/t gold, including 5 metres grading 5.18 g/t gold from a down hole depth of 141 metres, approximately 65 metres down dip of the #KBDD11105 intercept. To date significant gold mineralization has been traced over an approximately 100 metre strike length and 200 metre down plunge distance along the North Zone of the East Dyke Granitoid. Drilling to date indicates that the North Zone consists of a northerly plunging (approx. 65 degrees) mineralized vein package appearing to be developed at a flexure in the host granitoid body.
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 is currently in the process of 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 25 drill holes that have been submitted to the ALS Chemex lab in Kumasi since the commencement of the Company's current diamond drilling campaign.
Xtra-Gold is also pleased to report the recent discovery of a spectacular, coarse native gold-bearing, vein quartz clast by our local contracted alluvial (placer) gold miners along the Birim River valley within the north-central portion of the Apapam Mining Lease. A photograph of the gold specimen has been, or will be, posted on the company website at . Although the complex geomorphologic setting and depositional history of the auriferous gravel deposits present along the base of the Atewa Range make it difficult to determine conclusive bedrock sources for the widespread alluvial gold occurrences, the high grade nature of this quartz vein gold mineralization renders it of considerable lode gold exploration significance.
A 3.5 km long, NE-trending, chargeable/resistive Induced Polarization (IP) anomaly exhibiting a spatial relationship with a geophysically inferred, NE-trending, regional structural trend, and characterized by coincidental gold-in-soil anomalies and/or auriferous floats, lying approximately 1 km northwest of the Birim River along the south-western margin of the approximately 5.5 km long Kibi Project gold trend, represents a possible bedrock source for the vein gold material; based on the fact that the gold specimen was discovered at the confluence of an alluvial gold-bearing, secondary stream dissecting this anomalous trend. Another possible bedrock source for the gold mineralization is the southwest extension of the Kibi Old Mine structure inferred to pass to the south of the Birim River.
A mechanised trenching program targeting the 3.5 km long geophysical/geochemical trend and an extensive soil sampling program (75 line-km) covering the possible southwest extension of the Kibi Old Mine structure within the central portion of the concession are scheduled for initiation in mid May, 2011. See the NI 43-101 Technical Report entitled "Kibi Project, Eastern Region, Ghana" dated July 12, 2010, filed under the Company's profile on SEDAR at www.sedar.com for further details regarding to the aforementioned geophysical/geochemical target, the Kibi Old Mine prospect, and the geology and geomorphology of the Kibi Gold Belt alluvial (placer) gold deposits.
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 . 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 .
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.
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: email@example.com Website: www.xtragold.com