Xtra-Gold Resources Corp. Announces New CEO and Corporate Update
September 23 2015 - 9:00AM
XTRA-GOLD RESOURCES CORP. (
"Xtra-Gold" or
the "Company") – (TSX:XTG) (OTCBB:XTGRF)
announces
the following:
Appointment of New Chief Executive Officer and Chairman
of the Board
James Longshore ("Longshore"), a director and
the co-founder of the Company, has, effective September 23rd 2015,
also become Chief Executive Officer ("CEO") and
Chairman of the Board. Peter Minuk, the previous CEO, resigned this
position but will still maintain his role as Corporate Secretary
and Director of the Company.
Corporate Update
The Company has been successful in mining placer ("alluvial")
gold material since early 2013, to fund all exploration activities
to date on its Kibi – Winneba greenstone belt ("Kibi Gold Belt")
land position, in Ghana, West Africa. Due to this success, the
Company has raised no new equity since December 21st 2012, and has
also cancelled 813,000 shares on the normal course issuer bid
reducing the shares outstanding from 46,539,917 million to
45,726,417 million. Longshore stated, "The company has done an
excellent job in reducing the number of shares outstanding during
this severe bear market for junior gold companies, while still
advancing our exploration activities over the last three
years."
An initial National Instrument 43-101 ("NI 43-101") compliant
Mineral Resource estimate was completed in October 2012 by
Xtra-Gold on its wholly owned Kibi Gold Project; with the Zone 2 –
Zone 3 mineral resource estimate identifying five deposits
collectively hosting 278,000 ounces of gold at an average grade of
2.56 grams per tonne ("g/t") in the Indicated category and 147,000
ounces of gold at an average grade of 1.94 g/t in the Inferred
category (see November 5, 2012 News Release). The initial mineral
resource estimate is based on approximately 35,000 meters of
diamond core and reverse circulation (RC) drilling, and with all
the mineralized bodies remaining open in several directions the
Company is extremely encouraged with the potential to significantly
expand their respective resources with additional follow up
drilling. The Zone 2 – Zone 3 mineral resource constitutes the
first ever NI 43-101 compliant resource estimate generated on a
lode gold project within the Kibi Gold Belt.
The Company is currently focusing its exploration activities on
the recently discovered Cobra Creek Zone (i.e. formerly known as
Zone 5 Gold Corridor) lying approximately 4 kilometers southeast of
the Zone 2 – Zone 3 mineral resource gold deposits; with ongoing
work including outcrop stripping and detailed geological mapping /
channel sampling to further define high priority gold shoot drill
targets. The Cobra Creek Zone corresponds to an approximately 550
meter wide, NE-trending, multi-structure braided shear zone system
traced to date over an approximately 850 meter apparent strike
length. The quartz feldspar porphyry ("QFP") hosted mineralized
corridor encompasses at least 9 auriferous shear zones ranging from
approximately 1 meter to 25 meters in width. A total of 8 high
priority gold shoot drill targets have been identified to date
along the structural corridor, including the following previously
reported channel sample mineralized intercept highlights for the
Main Shear - High Grade Gold Shoot: 20.5 meters grading 7.26 g/t
gold, including 12.26 g/t over 6.5 meters, in trench #TCK001; and
6.7 meters grading 32.32 g/t gold, including 82.22 g/t over 2
meters, in trench #TCK002 (see November 12, 2012 News Release). The
auriferous shear zone system is spatially associated with an
approximately 1.8 km long by 300 m to 800 m wide, NE-trending,
anomalous gold-in-soil trend, and exhibits a strong spatial
association with a series of prominent, NE to ENE-trending, very
strong to moderate resistivity trends appearing to reflect broad
zones of strong iron carbonate (+/- silica) alteration.
QA/QC
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 hardrock, lode gold exploration scientific or
technical information in this announcement and confirms compliance
with NI 43-101. All samples in this news release were analyzed by
standard fire assay fusion with atomic absorption spectroscopy
finish at ALS Ghana Limited, in Kumasi, Ghana; an ISO 9001:2000
certified laboratory operated by ALS Chemex. Xtra-Gold has
implemented a rigorous quality assurance / quality control (QA/QC)
program to ensure best practices in sampling and analysis of drill
core, trench channel, and saw-cut channel samples, the details of
which can be viewed on the Company's website at
www.xtragold.com.
CONTACT: For further information please contact:
James Longshore, CEO
Telephone: 416-366-4227
E-mail: info@xtragold.com
Website: www.xtragold.com
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