EX-99 2 ex991.htm DECEMBER 10, 2008 NEWS RELEASE

Exhibit 99.1

 

XTRA-GOLD RESOURCES CORP.

 

NEWS RELEASE

December 10, 2008

 

 

Xtra-Gold Resources Corp. Reports Encouraging Initial Drill Results at Kibi Gold Trend Project, Ghana. Including: 8.49 grams per tonne gold over 12 meters in KBD08004.

 

Xtra-Gold Resources Corp. (‘Xtra-Gold’ or ‘the Company’) – ‘XTGR’ (OTCBB – NASD) is pleased to announce gold assay results from the first eight (8) holes of a scout diamond drilling program carried out on its wholly-owned Kibi Gold Trend Project, located in the Kibi – Winneba greenstone belt (“Kibi Gold Belt”), in Ghana, West Africa. This initial reconnaissance drilling program yielded very encouraging results and demonstrated that the granitoid – hosted gold mineralization occurrences intersected along the Kibi gold-in-soil trend offers potential for shallow oxide mineralization amenable to bulk mining and heap leaching, as well as large primary gold systems at depth.

 

The scout drilling program encompassed 18 diamond drill holes, ranging from 60 meters to 320.5 meters in length, and totaling 3,001 linear meters. This reconnaissance drilling was designed to test the depth continuity of gold mineralization discovered in trenches excavated on Zone 2 and Zone 1 of the Kibi Gold Trend; an over 5.5 km long, NE – trending, anomalous gold-in-soil trend characterized by four (4) extensive higher grade zones ranging from approximately 800 meters by 75 – 300 meters to 1,000 meters by 100 – 500 meters in area. A Kibi Gold Trend soil geochemistry map and significant trench intercept table can be found on the Company website (www.xtragold.com). Significant gold intersections for the first eight (8) holes, all collared on Zone 2, are tabled below and technical details for boreholes are presented in Table 2. Results for the remaining ten (10) holes will be released when complete assay results have been received from the laboratory.

 

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Table 1: Significant Drill Intercepts - Kibi Gold Trend Project

(DDH #KBD08001 to #KBD08008)

 

 

 

 

 

 

Hole ID

From
(meters)

To
(meters)

1 Core
Length
(meters)

Gold
Grams Per
Tonne

Comment 2

 

 

 

 

 

 

KBD08001

107

108

1

8.77

 

KBD08001

132

133

1

13.65

 

 

 

 

 

 

 

KBD08002

No Significant Results

 

 

 

 

 

 

 

 

 

KBD08003

22.5

35

12.5

2.04

GRD

including

22.5

24

1.5

5.51

 

including

29

32

3

3.65

 

 

 

 

 

 

 

KBD08004

76

88

12

8.49

GRD

including

76

77

1

28.50

 

including

77

78

1

42.40

 

including

80

85

5

5.64

 

 

 

 

 

 

 

KBD08005

22

39

17

1.18

GRD

including

33

39

6

2.04

 

KBD08005

45

60

15

1.02

GRD

 

 

 

 

 

 

KBD08006

116

117

1

31.30

VG

 

 

 

 

 

 

KBD08007

65

78

13

1.02

GRD

including

72

76

4

2.06

 

 

 

 

 

 

 

KBD08008

15

60

45

1.01

GRD

including

37

49

12

2.01

VG

 

 

 

 

 

 

1 Reported intercepts are core – lengths; true width of mineralization is unknown at this time

2 GRD - Granitoid hosted; VG - Visible gold noted

 

 

 

Boreholes KBD08001 to KBD08008 targeted gold mineralization discovered within trenches TKB005, TKB006, and TKB009, spread out over an approximately 975 meter E-W distance. Five (5) of the eight (8) holes in this broadly spaced scout drilling encountered significant granitoid – hosted gold mineralization over core lengths ranging from 12 meters to 45 meters. Mineralized material consists of altered quartz diorite and tonalite exhibiting quartz – iron carbonate veining, and disseminated sulphides. The northeast to northerly trending granitoid bodies, ranging in core length from 13.5 meters to 52 meters, are interpreted to be emplaced along splay structures off an inferred NE – trending regional structure.

 

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Holes KBD08003 and KBD08004 were drilled beneath trench TKB005 which yielded a channel sample intercept of 2.49 grams per tonne (g/t) gold over 30 meters, including 5.23 g/t gold over 13 meters. Hole KBD08003 designed to test the oxide mineralization potential at shallow depth within saprolite yielded an intercept of 2.04 g/t gold over 12.5 meters from a down hole depth of 22.5 meters. Hole KBD08004 collared 50 meters back of KBD08003 intersected 12 meters averaging 8.49 g/t gold from a down hole depth of 76 meters, a significant intercept which confirms continuity of the mineralized granitoid to a vertical depth of approximately 50 meters.

 

A manual trenching program encompassing 12 trenches totaling approximately 1,000 linear meters was recently completed on Zone 3 of the Kibi gold-in-soil trend, located approximately 700 meters southwest of the current Zone 2 drilling area. Saprolitic occurrences of altered granitoid exhibiting quartz – iron carbonate veining and oxidized sulphide sites were encountered in five (5) of the trenches. All assay results have been received and are currently being compiled.

 

The granitoid – hosted gold mineralization identified on the Kibi Gold Trend project is considered especially interesting given the values defined at this early stage and the extent of the untested targets. It is apparent that additional trenching and a major follow-up drill program is justified on these, and other targets along the extensive Kibi gold-in-soil trend.

 

Table 2: Diamond Drill Hole Collar Details - Kibi Gold Trend Project

 

Soil

UTM Coordinates

 

 

Length

Trench

Hole ID

Anomaly

(WGS84 Zone 30N)

Azimuth

Dip

(meters)

Target

 

Zone #

Easting

Northing

RL (m)

 

 

 

Area

KBD08001

Zone 2

769831

684281

451

135

-50

137

TKB005

KBD08002

Zone 2

769799

684323

445

135

-50

320.5

TKB005

KBD08003

Zone 2

769884

684216

477

315

-50

60

TKB005

KBD08004

Zone 2

769921

684179

485

315

-50

115

TKB005

KBD08005

Zone 2

769378

684496

559

135

-50

115

TKB006

KBD08006

Zone 2

769316

684566

572

135

-50

254

TKB006

KBD08007

Zone 2

769309

684489

534

135

-50

228.5

TKB006

KBD08008

Zone 2

768951

684310

565

135

-50

224

TKB009

KBD08009

Zone 2

768917

684346

568

135

-50

152

TKB009

KBD08010

Zone 2

769902

684283

433

270

-50

128

TKB005

KBD08011

Zone 2

769909

684163

485

270

-50

155

TKB005

KBD08012

Zone 2

769541

684325

527

135

-50

164

TKB004

KBD08013

Zone 2

769562

684351

557

135

-50

155

TKB004

KBD08014

Zone 2

769634

684347

537

135

-50

155

TKB004

KBD08015

Zone 2

769477

684341

515

135

-50

140

TKB004

KBD08016

Zone 1

769844

683252

410

315

-50

154

TKB001

KBD08017

Zone 1

769746

683242

431

315

-50

172

TKB003

KBD08018

Zone 1

769969

683106

452

315

-50

172

TKB002

 

 

 

 

 

 

 

3,001 m

 

 

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Quality Control

 

Reported intersections represent core – lengths; true width of mineralization is unknown at this time. Intersections are constrained with a 0.25 g/t gold minimum cut-off grade at the top and bottom of the intercept, with no upper cut-off grade applied, and a maximum of five (5) consecutive meters of internal dilution (less than 0.25 g/t gold). All internal intervals yielding above 10 g/t gold are indicated within the intersection. Intersections of less than 5 g/t gold x meter – grade thickness are not reported.

 

The Company has implemented a quality – control program to ensure best practice in the sampling and analysis of the drill core. Drill core is HQ diameter in upper oxidized material (regolith) and NQ diameter in the lower fresh rock portion of the hole. Drill core is saw cut and half the core is sampled in standard intervals. The remaining half of core is stored in a secure location. The core samples are transported in security – sealed bags to the ALS Chemex Laboratory in Kumasi, Ghana. Samples are analyzed by industry standard 50 gram fire assay fusion with atomic absorption spectroscopy (AAS) finish; with gravimetric finish on samples exceeding 10 g/t gold. The Company inserts a certified reference standard, analytical blank, and field duplicate sample in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.

 

Xtra-Gold’s Vice President, Exploration, Yves Clement, P.Geo, is the Qualified Person for the Kibi Gold Trend project, as defined in National Instrument 43-101 developed by the Canadian Securities Administrators, and has prepared or supervised the presentation of the technical data mentioned in this news release. Mr. Clement is a member in good standing of the Association of Professional Geoscientist of Ontario (APGO).

 

About Xtra-Gold

 

Xtra-Gold Resources Corp. is a gold exploration company with a dominant land position in the highly prospective and under explored Kibi – Winneba greenstone belt (“Kibi Gold Belt”) located in Ghana, West Africa. The Kibi Gold Belt exhibits many similar features to Ghana’s main gold belt, the Ashanti Belt. Approximately 116 million ounces of gold have been discovered to date in this neighboring, geologically analogous Birimian greenstone belt (based on publicly available information).

 

For further information, please visit our website at www.xtragold.com. If you have any questions, please contact James Longshore, President, at 416-579-2274.

 

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