TORONTO, May 17, 2011 (GLOBE NEWSWIRE) -- Xtra-Gold Resources Corp. ("Xtra" or the "Company") (TSX:XTG) (TSX:XTG-S) (OTCBB:XTGR) is very pleased to report further highly encouraging assay results from an additional two (2) diamond core holes (586 metres) on the newly named Big Bend Gold Zone-Central Granitoid at its 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:
- 42 metres grading 2.39 grams per tonne ("g/t") gold in KBDD11108 from 189 metres down-hole;
- 27 metres grading 0.89 g/t gold in KBDD11107 from 127 metres down-hole;
- The Big Bend Gold Zone was intersected approximately 215 metres down-plunge of previously identified mineralization; extending down-plunge potential from surface to approximately 360 metres along a through-like flexure within the Central Granitoid body.
These two southwest (225o) trending, vertical fan pattern holes (-50o & -75o) targeting an embayment or wallrock protrusion developed along the hanging wall of the Central Granitoid body represent the first holes drilled on the Big Bend gold zone during the current 20,000 metre drill campaign to follow up on the significant gold intercepts yielded by Phase III holes KBDD10101 and KBDD10103 (see February 1, 2011 press release). Hole KBDD10101 collared approximately 210 metres to the west of the present drill collars returned 2.46 g/t gold over 58 metres, including 3.67 g/t gold over 28 metres; and KBDD10103 located 40 metres to the east of KBDD10101 yielded intercepts of 1.98 g/t gold over 27 metres and 1.76 g/t gold over 25 metres. 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 northeasterly plunging, en echelon, mineralized vein packages appearing to be developed along a through-like flexure within the Central Granitoid body.
The upper KBDD11107 borehole (-50o dip) yielded a mineralized intercept of 27 metres grading 0.89 g/t gold from a down hole depth of 127 metres; and the steeper KBDD11108 borehole (- 75o) returned a mineralized intercept of 42 metres grading 2.39 g/t gold, including 14 metres grading 3.11 g/t gold and 9 metres grading 3.19 g/t gold from a down hole depth of 189 metres, approximately 100 metres down dip of the KBDD11107 intercept. Gold mineralization is associated with quartz-albite-carbonate-sulphide veining developed within a rock body of quartz diorite composition.
Both boreholes also intersected mineralization spatially associated with a northerly trending shear zone cross-cutting the Central Granitoid; with KBDD11107 yielding a sheared diorite intercept grading 8.44 g/t gold over 3 metres from a down-hole depth of 60 metres; and sheared, graphitic metasedimentary rocks in KBDD11108 returning mineralized intercepts grading 2.12 g/t gold over 4 metres and 2.36 g/t gold over 5 metres, including 5.36 g/t gold over 2 metres, from down-hole depths of 87 metres and 116 metres, respectively. This newly discovered gold-bearing shear zone represents a very prospective target that will be followed-up by trenching and drilling.
To date Xtra-Gold has completed 31 holes totaling 7,692 metres (#KBDD11105 - #KBDD11135) in its current 20,000 metre Kibi Gold Project drilling program initiated on January 16, 2011 (including KBDD11116 which was abandoned at 71 metres); with 15 out of the 31 holes (4,390 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 is currently in the process of installing additional crushing and milling equipment to increase the laboratory's 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. With the completion of the Kumasi lab expansion, Xtra anticipates that results will start to catch up with the drilling.
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: firstname.lastname@example.org Website: www.xtragold.com