Vancouver, B.C. (25 October 2021) – Diamond Fields Resources Inc. (TSX-V: DFR) (“DFR” or the “Company”) is pleased to announce a maiden Mineral Resource prepared in accordance with National Instrument 43-101 (“NI 43-101”) for Moydow Holdings Limited’s (“Moydow”) Labola Gold Project in Burkina Faso (“Labola” or the “Project”). As described in the press release of August 25, 2021 (the “Initial News Release”), DFR has entered into definitive agreements to acquire Moydow which has an option to own 100% of the Project (the “Transaction”).
Highlights (See Table 1 and Figures 1-3)
- Indicated resource of 5.41 million tonnes at an average grade of 1.52 g/t Au for a total 264,000 ounces of gold; and
- Inferred resource of 6.93 million tonnes at an average grade of 1.67 g/t Au for a total of 371,000 ounces of gold.
- The Mineral Resource Estimate (MRE) was estimated using ordinary kriging methodologies, standard estimation practices and constrained by an open-pit evaluation based on a US$1,900 per ounce gold price and reported using a cut-off grade of 0.5 grams of gold per tonne (“g/t Au”).
- The MRE is based upon a total of 69,787 metres (“m”) of drilling from 566 drill holes which includes the recent Moydow, confirmatory, twin and infill drilling of 4739m for 31 holes (23 twin holes).
- 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 Company’s future exploration and development programs, following completion of the Transaction as defined in the DFR press release of August 25, 2021, will focus on resource expansion opportunities with a view to producing an updated MRE and completion of a Preliminary Economic Assessment.