Xtra-Gold acquires fourth drill rig for Kibi

Executive Summary

• Xtra‑Gold Resources Corp. has added a fourth diamond drill rig (CS1000/P4 crawler‑mounted) to its fleet, enabling faster drilling at the Kibi Gold Project.
• The company highlights that owning rigs cuts drilling costs from ~$250 / m (contracted) to <$50 / m, saving an estimated $20 million to date and improving shareholder value.
• Management expects the new rig to accelerate resource expansion, particularly targeting the Orange No. 5 target and potentially extending strike length beyond five kilometres.

Key Details

• Rig Specification: CS1000/P4 crawler‑mounted diamond drill rig, designed for high‑efficiency drilling in Ghana’s terrain.
• Fleet Expansion: Fourth rig added to Xtra‑Gold’s owned fleet; the company uniquely operates its own rigs rather than contracting third parties.
• Cost Advantage: Contracted drill cost ≈ $250 / metre vs. Xtra‑Gold’s internal cost < $50 / metre.
• Cumulative Savings: Operating own rigs has saved approximately US$20 million after drilling >100,000 m on the Kibi project.
• Resource Growth Impact: New rig will support accelerated drilling at the Orange No. 5 resource expansion target, aiming to increase strike length to >5 km.
• Strategic Benefit: Faster drill turnaround expected to enhance exploration efficiency and potentially boost the company’s gold resource base.

Notable Quotes

“The average cost to contract a drill rig in Ghana is approximately $250 (U.S.) per metre, with our drill costs running below $50 (U.S.) per metre… The addition of this new drill rig will be instrumental in expediting our resource growth.” – James Longshore, CEO & Co‑Founder.