Xtra-Gold Resources Stock

Xtra-Gold Resources Corp. engages in the exploration of gold properties exclusively in Ghana, West Africa in the search for mineral deposits, mineral resources and/or mineral reserves.

The company’s exploration activities include the review of existing data, grid establishment, geological mapping, geophysical surveying, trenching and pitting to test the areas of anomalous soil samples and reverse circulation (RC) and/or diamond drilling to test targets followed by infill drilling, if successful, to define a mineral resource and, perhaps ultimately, a mineral reserve.

The company’s mining portfolio consists of 225.87 square kilometers consisted of 33.65 square kilometers for its Kibi project, 51.67 square kilometers for its Banso project, 55.28 square kilometers for its Muoso project, 44.76 square kilometers for its Kwabeng project, and 40.51 square kilometers for its Pameng project, or 55,873 acres, pursuant to the leased areas set forth in its mining leases.

The company’s interests in its projects are held by its Ghanaian subsidiary, Xtra-Gold Mining Limited (XG Mining), through mining leases granted by the Government of Ghana and registered to XG Mining for leased areas located within and upon concessions in Ghana. The mining lease areas for the company’s projects total approximately 226 square kilometers and are located at the northern extremity of the Kibi Gold Belt which is a greenstone belt, as defined in all the geological publications in Ghana, and is one of the four main greenstone belts located in Ghana.

Exploration activities for the 2022 year continued to focus on the company's flagship Kibi Gold Project (Apapam Mining Lease) with the continuation of the Zone 3 resource expansion target generation drill program initiated in 2021. As of December 31, 2022, the company had the following five projects all of which are in the exploration stage.

Kibi Project

The company’s flagship Kibi Gold Project is located on the Apapam concession and is its only material project. The company owns the mineral rights on its projects located in the Kibi Gold Belt where all of its exploration activities are conducted.

Drilling activities on the Kibi Gold Project for the 2022 year primarily targeted resource expansion opportunities along the southwestern (Zone 3) segment of the over three-kilometre-long Zone 2 - Zone 3 anticlinal fold structure, including 62 holes (12,396 m) dedicated to the further delineation of the Boomerang East gold system identified in 2021; and three scout holes (376 m) to test prospective litho-structural gold settings.

Kwabeng Project

The company’s Kwabeng project is located on the Kwabeng concession. The company’s Kwabeng Project is also referred as the Kwabeng concession and consists of 44.76 square kilometers.

Pameng Project

The company’s Pameng project is located on the Pameng concession. The company’s Pameng project is also referred to as the Pameng concession and consist of 40.51 square kilometers. The Pameng concession is located in the East Akim District of the Eastern Region of Ghana.

Banso Project

The company’s Banso project is located on the Banso concession. The company’s Banso project is also referred to as the Banso concession and consists of 55.28 square kilometers. The Banso concession is located in the East Akim District of the Eastern Region of Ghana.

Muoso Project

The company’s Muoso project is located on the Muoso concession. The company’s Muoso project is also referred to as the Muoso concession and consists of 55.28 square kilometers. The Muoso concession is located in the East Akim District of the Eastern Region of Ghana.

Gold Recovery Operations

The company continued with placer gold recovery operations at its Kwabeng, Pameng Banso and Muoso projects during December 31, 2022. The company recovered 4,037 ounces of raw placer gold (Kwabeng - 688 ounces, Pameng - 1,970 ounces, Banso - 829 ounces, and Muoso - 550 ounces) and sold 3,778 ounces of fine gold.

History

The company was incorporated in Nevada in 1998. The company was formerly known as RetinaPharma International, Inc. and changed its name to Xtra-Gold Resources Corp. in 2003.