Xtra-Gold Resources Corp (OTCMKTS:XTGRF) Set Acquires Third Drill Rig to Accelerate Drilling at the Kibi Gold Project
Xtra-Gold Resources Corp (OTCMKTS:XTGRF) has announced on April 29, 2022 about acquiring its third drill rig that will significantly boost the company’s exploration endeavors at the Kibi Gold Project. The Drill Rig consists of a CS1000/P4 crawler-mounted diamond drill rig specifically designed for Xtra-Gold.
Market Stats
On Friday, XTGRF stock ended flat at $0.7213 with 300 shares, compared to its average volume of 5.7K shares. The stock moved within a range of $0.7213 – 0.7213 after opening trading at $0.7213.
The Kibi Gold Belt, which exhibits many similar geological features to Ghana’s main gold belt, the Ashanti Belt, has been the subject of very limited modern exploration activity targeting lode gold deposits. This is due to the fact that virtually all past gold mining activity and exploration efforts focused on the extensive alluvial gold occurrences in many river valleys throughout the Kibi area.
The company operates its own fleet of drill rigs, which has substantially reduced drilling costs, as compared to contracting rigs from third parties. This has dramatically reduced their finding cost per ounce of gold. Total assets have gone up to US$12,024,580, as on March 31, 2022, from US$10,232.901 as on March 31, 2021, consisting of cash, liquid securities, and gold inventory
James Longshore CEO/Co-Founder has stated that the company will continue self-financing hard rock drilling programs using internal cash generated from their alluvial contract mining, which makes them one-of-a-kind in the gold exploration sector. It also provides shareholders with considerable upside potential in stock price as gold resource keeps expanding.
Traders Corner
XTGRF stock is trading below the 20-Day and 50-Day Moving averages of $0.7929 and $0.7979 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.7924.
