11:11 AM EDT, 10/16/2024 (MT Newswires) -- Xtra-Gold Resources ( XTGRF ) on Wednesday reported the results of an updated Mineral Resource Estimate (MRE) on its Kibi Gold Project in Ghana, West Africa, incorporating an additional 174 diamond core drill holes totaling 34,737.1 meters, completed since the 2021 MRE.

The new mineral resource includes initial estimates for the Boomerang and Twin Zone deposits in Zone 3, and previously-declared Mineral Resource estimates for eight deposits. These 10 deposits, within 2.7 km of each other, are estimated to contain an Indicated Mineral Resource of 1.06-million ounces of gold, a 70% increase, and an additional Inferred Mineral Resource of 180,700-ounces of gold, the company said.

"Today's updated mineral resource estimate symbolizes a major milestone for the Kibi Gold Project, surpassing 1 million gold ounces in the Indicated category. With approximately 83% of the Indicated Mineral Resource (880,500 oz.) contained within three deposits lying approximately 1.5 km of each other, including the essentially contiguous Big Bend and East Dyke deposits in Zone 2, and the Boomerang deposit in Zone 3," said James Longshore, President and CEO.

Xtra-Gold was last seen down $0.04, to $1.60 on the Toronto Stock Exchange.

Price: 1.60, Change: -0.04, Percent Change: -2.44