Xtra-Gold expands Boomerang system deeper at Kibi project in Ghana

Xtra-Gold Resources (TSX: XTG; US-OTC: XTGRF) says new drill results bode well for growing the Kibi gold project in Ghana beyond the limit of a 2021 resource footprint.

Crews discovered a new high-grade gold zone at depth called Boomerang Deep in the 33.7-sq.-km project on the Kibi-Winneba greenstone belt, the Toronto-based company said on Wednesday. The project is about 75 km north of the capital, Accra. 

Drilling expanded the stacked, multi-shoot Boomerang gold system across 370 metres of cross-plunge and further defined the down-plunge continuity of the main Lower Shoot gold zone, Xtra said.

Highlights include drill hole KBDD23536 in Boomerang Deep. It cut 9 metres grading 9.29 grams gold per tonne including 4.5 metres at 16.94 grams from 400 metres depth.

In the Lower Shoot zone, drill hole KBDD23530 returned 56 metres grading 1.4 grams gold including 20 metres at 2.54 grams gold from 166 metres down hole. Drill hole KBDD23536 cut 50 metres at 1.28 grams gold including 22 metres at 1.93 grams gold from 258 metres depth.

“We are encouraged by these promising drill results, with the definition drilling not only continuing to show good down-plunge continuity in mineralization, but also expanding the Boomerang gold system with the discovery of a new high-grade gold zone at depth,” president and CEO James Longshore said in the release.

“These additional broad, robust gold intercepts from definition holes KBDD23530 and KBDD23536 continue to better define the grade and geometry of the main Lower Shoot mineralization.”

Lower Shoot

The drill results from 12 diamond core boreholes totaling 4,108 metres are part of an aggressive initiative focussing on multiple resource expansion targets in the southwest Zone 3 portion, Longshore said. The program extended the Lower Shoot mineralization by about 100 metres further down-dip at the system’s northeast, he said.

Drill results for a total of 132 holes for 26,968.5 metres have been reported to date for the ongoing Zone 3 resource expansion drill program.

The project hosts 13.9 million indicated tonnes grading 1.4 grams gold for 623,700 oz. gold, according to a November 2021 resource. It has 5.6 million inferred tonnes grading 0.96 gram gold for 180,700 oz. gold.

Shares in Xtra-Gold Resources closed 5.6% higher on Wednesday in Toronto at 95¢ apiece, valuing the company at $44 million. They’ve traded within a 52-week window of 76¢ to $1.04.