Updated Mineral Resource Estimate For The Kibi Gold Project In Ghana

TORONTO - Xtra-Gold Resources Corp. announced an updated Mineral Resource Estimate on its wholly-owned Kibi Gold Project, located in the Kibi-Winneba greenstone belt, in Ghana, West Africa. The independent resource estimate incorporates an additional 212 diamond core boreholes (25,198.55 m) completed since the October 2012 Maiden Resource Estimate. This includes 158 holes (21,321.45 m) completed from February 2018 - June 2021 by Xtra-Gold's in-house drilling crews on resource expansion targets within the Zone 1 - Zone 2 - Zone 3 gold-in-soil anomalies.

The new Mineral Resource encompasses updated resource estimates for the following five (5) deposits: Big Bend, East Dyke, Mushroom, South Ridge and Double 19; and initial resource estimates for the following three (3) deposits: Road Cut, Gatehouse and Gold Mountain. In aggregate, these eight auriferous bodies are estimated to contain an Indicated Mineral Resource of 623,700 ounces of gold and an additional Inferred Mineral Resource of 180,700 ounces of gold, with details in the Resource Estimate Summary section. In comparison to the 2012 Maiden Resource Estimate, the updated Mineral Resource represents increases of 124.4% in the Indicated category and 22.9% in the Inferred category. Approximately 73% of the Indicated Mineral Resources (456,200 oz.) is contained within the essentially contiguous Big Bend and East Dyke deposits.

"We see this Mineral Resource update as a solid base on which to continue growing the Kibi Gold Project resource. We are very pleased with the more than doubling of the Indicated Mineral Resource from the Maiden Resource Estimate, as well as with the enhanced understanding of the litho-structural controls of the gold mineralization gained through the updated 3D deposit models," said Jim Longshore, President and CEO. "As a result of this greater mineralization control confidence, ongoing exploration drilling by our in-house drilling crews since the late July 2021 Mineral Resource database close-out date has identified additional targets for potential resource growth within the Zone 1 - Zone 2 - Zone 3 Mineral Resource footprint area, further supporting our belief that we are on the verge of proving up a significant new gold complex," added Mr. Longshore.