Diamond Fields Resources Announces Moydow Commences Drilling at Labola Gold Project and Updates on Acquisition

VANCOUVER, BC / ACCESSWIRE / May 27, 2022 / Diamond Fields Resources Inc. (TSX-V:DFR) ("DFR" or the "Company") notes that Moydow Holdings Limited ("Moydow") has commenced a drilling program on the Labola Gold Project in Burkina Faso, West Africa ("the Labola Project"). The drill program is intended to improve the definition of the current resource and potentially contribute to an expansion of the National Instrument 43-101 resource estimate announced on 25 October, 2021. In addition, Moydow will commence drill testing on several other targets across the expanded license area.

The Labola Project comprises two exploration license areas, Wuo Land and Wuo Land 2. Moydow completed a thirty one hole, 4,739 meter drilling program of twin and infill drilling between May and August 2021 on the Wuo Land license (the "2021 Drilling Program"). The primary objective of the 2021 Drilling Program was to validate the historical High River Gold Mines Limited ("High River") and Taurus Gold Limited ("Taurus") drilling databases to estimate a maiden mineral resource estimate prepared in accordance with the provisions of NI 43-101 (see DFR announcement dated 25 October 2021):

Indicated mineral resource estimate: 5.41Mt @ 1.52g/t Au (264,000oz)

Inferred mineral resource estimate: 6.93Mt @ 1.67g/t Au (371,000oz)

The 2021 Drilling Program covered the main area of historical drilling and focused on the Daramandougou and Wuo Ne target areas. As announced on 11 March 2022, the footprint of the Labola Project was extended by an additional 243km² following Moydow's acquisition of an option over an exploration license ("Wuo Land 2") contiguous to the existing license area. Importantly the Company now has control of approximately 30km of strike length along the mineralization corridor.

Labola Project exploration

The Labola Project lies in the Banfora Birimian Greenstone Belt, one of the three major mineralized belts in western Burkina Faso. Gold mineralization at the Labola Project is spatially associated with sulfides and quartz sericite alteration. Historical geophysics (IP and EM) surveys have helped define a 30km long mineralized corridor. Within this corridor, historical and recent mapping and sampling combined with the widespread activity of artisanal miners has identified seven structures with mapped extents of 15km to 25km. The 2021 drilling program conducted by Moydow concentrated on only a small portion of this belt, towards the northern end of the Central Western and Eastern structures. Drill testing has covered only between 6% and 25% of the mapped strike length of these three structures and rarely to depths of more than 100m. The current resource, which was prepared in accordance with NI 43-101, was based upon validated historical and recent drilling.