Vancouver, January 26, 2004—Diamond Fields International Ltd. (TSX: DFI) is pleased to announce results from the 2003 fieldwork conducted on its nickel project located on Ammassalik Island off the southeast coast of Greenland. Mapping and sampling have extended the strike length of the most prospective horizon to over 40 kilometres in four structurally repeated slices. Fieldwork has recovered locally derived boulders with anomalous (0.2%-1%) nickel emanating from three of the four horizons. Similarity to the Raglan and Thompson Ni mineralization and supracrustal host rock lithology has been confirmed by this season’s field mapping and subsequent geochemical and petrographic analysis.
Fieldwork conducted in 2003 included regional mapping and sampling, along and across strike from the original discovery outcrop. A 17 kilometre long continuation of the gossanous volcanic horizon that hosts the original discovery outcrop was mapped and prospecting across strike has established that the same rusty horizon has been repeated four times by folding and/or faulting during the Trans Hudson Orogenic event. The individual exposures of the supracrustal package vary in strike length from 6 kilometres to over 20 kilometres, within the Ammassalik Property.
Diamond Fields’ geologists are greatly encouraged by these results and plan to conduct an airborne Mag/EM geophysical survey as soon as weather permits. This survey will identify areas of massive sulphide concentration within the generally rusty weathered host horizon. Geophysical anomalies identified from this survey will be followed up with mapping and sampling of the target areas in outcrop exposures to delineate high-grade mineralization. If time allows, the prospective targets will be drill tested at the end of the field season. The Ammassalik nickel project is centred on a discovery situated on the south coast of Ammassalik Island six kilometres southwest of Tasiilaq, East Greenland. The property is centred on a nickel-copper-PGE-gold showing hosted by serpentinized ultramafics of potentially komatiitic affinity. The initial Ni discovery was evaluated with 52 metres of systematic chip sampling of the deeply weathered surface at the discovery outcrop yielding an average 1% nickel, 0.3% copper, 0.012 g/t platinum, 0.239 g/t palladium, 0.155 g/t gold, 553 g/t cobalt and 2.4 g/t silver.
Infrastructure in the area is centred around the town of Tasiilaq, which has a population of approximately 1,500. The community is fully serviced by public amenities such as harbour, power plant, hospital, airport/heliport, schools and shopping facilities.
The Greenland Nickel Project was acquired from Mr. Jean-Raymond Boulle, DFI’s controlling shareholder who was the founder, Chairman and Chief Executive Officer of DFI’s predecessor Diamond Fields Resources Inc. (“DFR”). Inco Ltd. purchased DFR for C$4.3 billion in 1996 after the discovery of the massive Voisey’s Bay nickel deposit in Newfoundland.
Mr. Randal Cullen, Chief Geologist for Diamond Fields International is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamond Fields.
DIAMOND FIELDS INTERNATIONAL LTD.
Gregg J. Sedun, President and Chief Executive Officer
For further information contact: Investor Relations (604-682-2113)
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Diamond Fields’ periodic filings with Canadian Securities Regulators. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Diamond Fields does not assume the obligation to update any forward-looking statement .
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