Xtra-Gold Resources Corp., a gold exploration company focused on the Kibi Gold Project in Ghana, West Africa, has recently announced significant developments in its operations. On October 16, 2024, the company reported an updated Mineral Resource estimate for the Kibi Gold Project, marking a 70% increase in the Indicated Resource to 1,058,200 ounces of gold.
This substantial growth results from the incorporation of 174 additional diamond core drill holes, totalling 34,737.1 meters, completed by Xtra-Gold's in-house drilling teams since the previous estimate in September 2021. The updated resource encompasses ten auriferous bodies within approximately 2.7 kilometers of each other, including new estimates for the Boomerang and Twin Zone deposits, as well as previously declared resources for Big Bend, East Dyke, Mushroom, South Ridge, Road Cut, Double 19, Gatehouse, and Gold Mountain deposits.
James Longshore, President and CEO of Xtra-Gold, highlighted the significance of this milestone, stating, "Today's updated Mineral Resource estimate symbolizes a major milestone for the Kibi Gold Project, surpassing 1 million gold ounces in the Indicated category." He emphasized the company's commitment to aggressive exploration drilling to unlock the full potential of their extensive land position in the under-explored Kibi Gold Belt.
In addition to resource expansion, Xtra-Gold reported its third-quarter financial results on October 30, 2024. The company continues to maintain a strong treasury, with over $13 million USD in cash and liquid assets, and operates debt-free. This financial stability is bolstered by a contracted alluvial mining project with local partners, which generates the majority of funds for exploration activities.
Xtra-Gold's strategic focus on the Kibi Gold Project, combined with its robust financial position, positions the company to advance its exploration and development initiatives in Ghana's Kibi Gold Belt. The recent resource estimate underscores the project's potential to become a significant gold discovery in West Africa.
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 hard rock gold deposits, as virtually all past gold mining activity and exploration efforts have been focused on the extensive alluvial gold occurrences in many river valleys throughout the Kibi area.
