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Diamond Fields Resources files NI 43-101 technical report on Labola Gold Project

Diamond Fields Resources Inc. has announced that an independent technical report prepared in accordance with National Instrument 43-101 (“NI 43-101”) has been filed for the Labola Gold Project in Burkina Faso (“Labola” or the “Project”).

The report entitled “Diamond Fields Resources Inc. Labola Project 2021-10” dated December 3, 2021 with an effective date of October 25, 2021 (the “Labola Report”) was prepared by Ivor Jones, an independent qualified person under NI 43 101, for Aurum Consulting.

DFR has entered into definitive agreements to acquire Moydow Holdings Limited (“Moydow”) which has an option to own 100% of the Project (the “Transaction”). There are no material differences in the Labola Report from those results disclosed in the Company’s press release dated October 25, 2021 and entitled “Diamond Fields Announces Maiden Mineral Resource for Labola Gold Project”.

Moydow has estimated the amount of the resource that has been depleted by artisanal mining to be approximately 341,000 tonnes at 3 g/t Au. The quantity of mined material has been calculated from estimates of dump and leach pad volumes.

Mineralized zones

The grade of the material mined has been estimated in the range of 1.5-3.0 g/t Au and is based on an evaluation of extensive rock chip, channel sampling of artisanal workings and selective sampling of adjacent dumps. The location of where the material has been mined from is not known with any degree of accuracy. As such, the artisanal mining has not been deducted from the Mineral Resource but noted here for reference.

Three mineralized zones have been outlined from the various drilling programs and each zone is open in all directions. Extensive target generative work demonstrates many opportunities for resource expansion which include extensions to the current pit constrained resources; zones with only widely spaced drilling; extensions of known mineralized zones with no drilling; untested artisanal sites and potentially new mineralized zones indicated by geophysical and geochemical anomalies.

The mineral resource estimate (MRE) for the Labola Project has been prepared by Mr. Ivor W.O. Jones, M.Sc., FAusIMM, P.Geo, of Aurum Consulting, who is an independent Qualified person (QP) under NI 43-101 guidelines and directly undertook the preparation and estimation of the maiden mineral resource estimate.

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