TORONTO, May 31, 2011 (GLOBE NEWSWIRE) -- Xtra-Gold Resources Corp. ("Xtra" or the "Company") (TSX:XTG) (TSX:XTG-S) (OTCBB:XTGR), is very pleased to report that ongoing drilling on the Big Bend Gold Zone on the Kibi Gold Project continues to intersect significant gold mineralization, including 2.42 grams per tonne ("g/t") gold over 52 metres. Assay results from six (6) new diamond core holes (1,308 metres) reported below continue to confirm the down-plunge continuity and the multiple en-echelon vein package structural style of the mineralization, and demonstrate the occurrence of higher grade mineralization within the Big Bend gold system.
The latest drill results are part of a 20,000 metre exploration/delineation drill program initiated in mid January 2011, designed to delineate/infill the Big Bend Gold Zone – Central Granitoid; as well as further test/delineate other prominent gold systems on Zone 2 of the Company's 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:
-- 52 metres grading 2.42 g/t gold in KBDD11113 from 84 metres down-hole, including 27 metres grading 3.58 g/t gold (and including 6.09 g/t gold over 12 metres);
-- 50 metres grading 1.64 g/t gold in KBDD11110 from 158 metres down-hole, including 24 metres grading 2.45 g/t gold; and
-- 50 metres grading 1.31 g/t gold in KBDD11114 from surface, including 20 metres grading 2.21 g/t gold.
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 north-easterly plunging, en echelon, mineralized vein packages appearing to be developed along a through-like flexure within the Central Granitoid body. Gold mineralization is associated with quartz-albite-carbonate-sulphide veining developed within a rock body of quartz diorite composition. Irregularities or flexures in the geometry of the host diorite bodies appear to strongly influence the development of veining and grade distribution; as is exemplified by the Big Bend Zone on the Central Granitoid and the East Dyke Granitoid Zone (see April 26, 2011 news release). Similar flexures have potential to host mineralization elsewhere along the strike or down-dip extensions of the extensive dioritic bodies characterizing the Kibi Gold Project.
Boreholes KBDD11109 – KBDD11110 and KBDD11111 – KBDD11112 consisting of a pair of south trending, vertical fan drill sections (-50o & -75o), collared approximately 45 metres apart were designed to test the quartz diorite body at depth between holes KBDD10103 and KBDD11108 which yielded significant gold intercepts located approximately 45 metres west and 50 metres east of the present drill sections, respectively. With KBDD10103 returning mineralized intercepts of 1.98 g/t gold over 27 metres and 1.76 g/t gold over 25 metres; and KBDD11108 returning an intercept of 42 metres grading 2.39 g/t gold (see February 1, 2011 & May 17, 2011 news releases).
The upper KBDD11109 borehole (-50o) of the KBDD11109 – KBDD11110 vertical fan pattern yielded a mineralized intercept of 2 metres grading 5.75 g/t gold from a down-hole depth of 91 metres; and the steeper KBDD11110 borehole (-75o) returned a mineralized intercept of 50 metres grading 1.64 g/t gold, including 24 metres grading 2.45 g/t gold, from a down-hole depth of 158 metres, approximately 75 to 125 metres down dip of the KBDD11109 intercept. With the shorter KBDD11109 intercept appearing to represent the upper fringes of the north-easterly plunging mineralization zone.
The upper KBDD11111 borehole (-50o) of the KBDD11111 – KBDD11112 vertical fan pattern yielded mineralized intercepts of 22 metres grading 1.25 g/t gold and 18 metres grading 2.09 g/t gold, including 7 metres grading 4.18 g/t gold, from down-hole depths of 94 metres and 133 metres, respectively. While the steeper KBDD11112 borehole (-75o) yielded three (3) mineralized intercepts developed over a 115 metre core-length starting at a down-hole depth of 130 metres, including: 47 metres grading 0.71 g/t gold, including 2.71 g/t gold over 6 metres; 18 metres grading 1.31 g/t gold; and 17 metres grading 2.0 g/t gold, including 3.89 g/t gold over 7 metres. With the KBDD11112 mineralization envelope extending from approximately 55 metres to 120 metres down-dip of the upper KBDD11111 intercepts.
KBDD11113 and KBDD11114 consisting of vertical boreholes (-90o) collared approximately 35 metres apart at the western extremity of the Big Bend Gold Zone were designed to test the extensive system of shallowly dipping, extension (ladder) vein arrays associated with the mineralized system; and to obtain additional information on the structural controls of the mineralization. Hole KBDD11113 returned a mineralized intercept of 52 metres grading 2.42 g/t gold, including 27 metres grading 3.58 g/t gold (and including 6.09 g/t gold over 12 metres), from a down-hole depth of 84 metres; and KBDD11114 yielded an intercept of 50 metres grading 1.31 g/t gold from surface, including 20 metres grading 2.21 g/t gold.
To date Xtra-Gold has completed 34 holes totaling 8,550 metres (#KBDD11105 - #KBDD11138) in its current 20,000 metre Kibi Gold Project drilling program initiated on January 16, 2011 (including KBDD11116 which was abandoned at 71 metres after encountering seven metres of 2.57 g/t gold from 64-71 metres); with 18 out of the 31 holes (5,248 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 has recently completed 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 20 drill holes that have been submitted to the ALS Chemex lab in Kumasi since the commencement of the Company's current diamond drilling campaign.
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