Xtra-Gold Resources Corp. announced further positive assay results for an additional 12 diamond core boreholes totalling 4,108 metres ("m") from its current exploration drilling program on the Company's wholly-owned Kibi Gold Project, located in the Kibi - Winneba greenstone belt (the "Kibi Gold Belt"), in Ghana, West Africa. Today's drilling results include 9 drill holes (3,398 m) dedicated to the further expansion /definition of the Boomerang gold system (formerly Boomerang East & Boomerang West targets) and 3 scout drill holes (710 m) targeting prospective litho-structural settings generated by the recently completed 3D VTEM /TMI inversion-modelling.

The current drilling forms part of an aggressive in-house drilling initiative focussing on multiple resource expansion targets occupying the south-western (Zone 3) portion of the mineralization-hosting 1st-order F2 synclinorium fold structure; over 1 km beyond the limits of the currently defined Mineral Resource Estimate. Present drilling efforts successfully: discovered new high-grade gold zone at depth, expanding the stacked, multi-shoot Boomerang gold system across an approximately 370 m cross-plunge distance; further defined the robust grade and down-plunge continuity of the main Lower Shoot gold zone; and extended the Lower Shoot mineralization approximately 100 m further down-dip at the northeast extremity of the gold system. Today's Kibi Gold Project drill results correspond to the latest 12 drill holes (4,108 m) of an ongoing exploration initiative targeting multiple resource expansion opportunities within the south-western (Zone 3) portion of the gold mineralization-hosting 1st-order F2 synclinorium fold structure.

The 12 diamond core boreholes were completed by the Company's in-house drilling crews from early August to late November 2023, including: 3 SW-trending definition drill holes (1,341 m) designed to further test the down-plunge continuity of the NE-plunging, stacked, multi-shoot Boomerang gold system, 6 expansion drill holes (2,057 m) targeting the south-western strike-extension and south-eastern lateral continuity of the Boomerang gold system, and 3 scout drill holes (710 m) to further define the litho-structural setting of the recently 3D VTEM /TMI inversion-modelling generated Double 19 - SW target. Drill results for a total of 132 holes (26,968.5 m) have been reported to date for the ongoing Zone 3 resource expansion drill program initiated following the database close-out date for the current 2021 MRE. Recently completed 3D VTEM /TMI inversion models-based litho-structural modelling work, conducted by Tect Geological Consulting of South Africa, indicates that the gold mineralization within the Zone 2 - Zone 3 MRE footprint area occupies a licence-scale, 1st-order F2 synclinorium fold structure.

Deposits are characterized by tensional arrays of auriferous quartz-carbonate veins typically hosted within or spatially associated with F1 or F2 folded /strained diorite units, and/or metasedimentary rock - diorite contacts, with the diorite bodies having an interpreted Belt-type granitoid affinity. Over 20 significant gold occurrences hosted by Belt (Dixcove)- and Basin (Cape Coast)-type granitoids are known in Ghana, with a number constituting significant deposits. These deposits represent a relatively new style of gold mineralization for orogenic gold deposits within the West African Birimian terrain.

Belt-type intrusion-hosted gold deposits include Newmont Mining's Subika deposit at their Ahafo mine and Asante Gold's Chirano deposit (formerly Kinross Mining) within the Sefwi gold belt, as well as the former Golden Star Resources' Hwini-Butre deposit at the southern extremity of the Ashanti gold belt. Today's drilling results include an additional 4 holes collared along a SW-tending drill-fence designed to dissect the NE-plunging, stacked, multi-shoot Boomerang gold system, including: 2 holes (-55o) testing the down-plunge continuity of the Upper Shoot (s), Lower Shoot, and Footwall Shoot gold zones (KBDD23530 & 536); and 2 holes (-50o) targeting the south-western strike-extension of the Boomerang gold system (KBDD23531 & 535). With the expanded drill-fence (9 holes) now testing the NE-plunging gold system over approximately 640 m strike and 425 m down-plunge distances, respectively.

Boreholes KBDD23530 and KBDD23536 were primarily designed to further test the down-plunge continuity of the main Lower Shoot mineralization zone at the approximate mid-point between the existing NW-SE drill sections. With these two definition drill holes, collared approximately 110 m apart at the northeastern extremity of the SW-trending drill-fence, returning the following mineralized intercepts from the Lower Shoot: 56.0 m grading 1.40 g/t Au, including 20.0 m at 2.54 g/t Au, from a down-hole depth of 166.0 m in KBDD23530 and 50.0 m grading 1.28 g/t Au, including 22.0 m at 1.93 g/t Au, from a down-hole depth of 258.0 m in KBDD23536 (~75 m down-plunge of the KBDD23530 intercept). Drill intercepts from the Upper Shoot (s) mineralization zone returned from these two boreholes, include: 20.5 m grading 0.93 g/t Au, including 13.5 m at 1.24 g/t Au, from a down-hole depth of 14.5 m; and 3.0 m grading 7.69 g/t Au, 10.0 m at 0.51 g/t Au and 15.0 m at 0.64 g/t Au from down-hole depths of 38.5 m, 76.0 m and 122.0 m respectively in KBDD22536.

With the lower mineralized intercept (122.0 m) in KBDD23536 positioned approximately 85 m down-plunge of the KBDD23530 intercept. KBDD23536 also returned a mineralized intercept grading 9.29 g/t Au over 9.0 m, including 4.5 m at 16.94 g/t Au, and including 0.8 m at 81.59 g/t Au, from a down-hole depth of 400.0 m. With this lower high-grade intercept, representing a new visible gold-bearing mineralization zone positioned approximately 90 m stratigraphically below (cross-plunge) the above Footwall Shoot intercept, expanding the Boomerang gold system across an approximately 370 m cross-plunge distance. Further drilling targeting both the up-plunge and down-plunge extensions of this new high-grade gold zone is planned for January 2024.

Present drilling results include two NW-trending, steeply inclined (-70o) expansion drill holes targeting the lateral continuity of the shallow SE-dipping Upper Shoot (s) and Lower Shoot mineralization zones, at the northeastern extremity of the Boomerang gold system. KBDD23534 returned multiple mineralized intercepts, including: 20.0 m grading 0.84 g/t Au and 28.0 m at 0.47 g/t Au from down-hole depths of 134.0 m and 163.0 m respectively (Upper Shoot (s)); and 23.0 m grading 0.62 g/t Au and 7.7 m at 1.16 g/t Au from down-hole depths of 313.0 m and 355.0 m respectively (Lower Shoot).