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Benzinga
Benzinga
Business
Akanksha Bakshi

Xtra-Gold Acquires Third Drill Rig To Expedite Kibi Gold Project

Gold TSX
  • Xtra Gold Resources Corp (TSX:XTG) (OTC:XTGRF) has acquired a third drill rig to accelerate its exploration efforts at Kibi Gold Project.
  • The drill rig consists of a CS1000/P4 crawler-mounted diamond drill rig designed explicitly for Xtra-Gold.
  • Xtra-Gold operates its fleet of drill rigs, significantly reducing drilling costs versus contracting rigs from third parties.
  • Xtra Gold also announced first-quarter financials. The total assets increased to $12.02 million from $10.23 thousand in 1Q21, comprised mainly of cash, liquid securities, and gold inventory. The company has zero debt, and pre-tax income for the quarter was ~$1.94 million.
  • Price Action: XTG shares are trading lower by 1.09% at C$0.91 on TSX on the last check Friday.
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