01:40 PM EDT, 09/23/2025 (MT Newswires) -- Xtra-Gold Resources ( XTGRF ) on Tuesday said it acquired a fourth diamond drill rig to speed up exploration efforts at its Kibi Gold project in Ghana.

The company said the rig is a CS1000/P4 crawler-mounted diamond drill rig specifically designed for XTG.

"The average cost to contract a drill rig in Ghana is approximately US$250 per meter, with our drill costs running below US$50 per meter," said Chief Executive James Longshore. "Having drilled over 100,000 meters on our Kibi Gold Project, operating our own drill rigs has saved the company an estimated US$20 million to date.

"With the recent advancement of the Orange No. 5 resource expansion target potentially expanding our Kibi Gold Project resource "footprint" to over 5 kilometers in strike length, the addition of this new drill rig will be instrumental in expediting our resource growth," added Longshore.

Shares of the company were last seen up $0.04 to $2.79 on the Toronto Stock Exchange.

Price: 2.79, Change: +0.04, Percent Change: +1.45