Xtra-Gold Resources lifts Kibi indicated gold resource 33% to 1.4Moz
The estimate includes 156,100 indicated ounces in a buffer zone where formal approval to extend the mining lease remains pending.
Mara Quinlan
Xtra-Gold Resources Corp. TSEXTG OTCMKTSXTGRF reported on Tuesday that indicated gold resources at its wholly owned Kibi project in Ghana rose 33 per cent to 1,404,900 ounces. The Oct. 13 announcement adds a first resource at Orange No. 5, bringing the project to 11 deposits within roughly 4.5 kilometres of each other.
Shares rose 14.04 per cent to C$2.60 at Tuesday's 4:00 p.m. EDT close on the Toronto Stock Exchange, according to the TSEXTG quote on Google Finance.
The estimate, effective Oct. 1, contains 39,007,000 tonnes grading 1.12 grams per tonne gold in the indicated category. A further 5,693,000 tonnes grading 0.99 grams per tonne hold 180,800 inferred ounces, listed separately in the resource declaration.
The headline includes 156,100 indicated ounces in a buffer zone between the Apapam mining lease and a forest reserve. Xtra-Gold says formal approval to extend the lease remains outstanding, leaving 1,248,800 indicated ounces inside the existing licence area.
The update incorporates 123 additional diamond drill holes totalling 27,384.5 metres completed since the previous resource estimate. It replaces the estimate effective Sept. 30, 2024.
The project database contains 765 drill holes totalling 136,326.99 metres drilled since 2008. Drill and trench data used in the new declaration run through Dec. 18, 2025.
Boomerang receives an updated estimate, while Orange No. 5 enters the resource for the first time. The remaining nine deposits carry previously declared estimates, including the Big Bend and East Dyke deposits.
Pivot Mining Consultants and Tect Geological Consulting prepared the estimate, and Xtra-Gold says the supporting technical report has been filed on SEDAR+. The resource uses a cut-off grade of 0.5 grams per tonne gold, with no measured resources listed in the summary table.
The buffer zone contains 4,066,000 tonnes grading 1.19 grams per tonne gold, according to the resource breakdown. All of the inferred ounces fall within the existing licence area.
The company cautions that approval to add the buffer zone is not assured and says its existing lease remains in force.
"Our fleet of company-owned drill rigs are currently targeting several new high-grade gold shoots, with the goal to significantly expand our resource," chief executive James Longshore said in the Aug. 12 financial update.
That update reported US$20.6 million of total assets at June 30, primarily cash, marketable securities and gold inventory, alongside zero debt. Xtra-Gold is a gold explorer with 226 square kilometres of land in Ghana's Kibi Gold Belt.
Xtra-Gold's next step is continued exploration drilling on both near-deposit and grassroots targets, which the company said was under way in its Oct. 13 announcement.
