Diamond Fields Resources Inc.’s (DFR) 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. The report entitled Diamond Fields Resources Inc. Labola Project 2021-10 dated Dec. 3, 2021, with an effective date of Oct. 25, 2021, was prepared by Ivor Jones, an independent qualified person under NI 43-101, for Aurum Consulting.
As described in the company’s press release of Aug. 25, 2021, DFR has entered into definitive agreements to acquire Moydow Holdings Ltd. which has an option to own 100-per-cent of the project.
There are no material differences in the Labola report from those results disclosed in the company’s press release dated Oct. 25, 2021, and entitled Diamond Fields Announces Maiden Mineral Resource for Labola Gold Project.
The mineral resource statement prepared by Aurum Consulting for the project is detailed in the associated table.
Moydow has estimated the amount of the resource that has been depleted by artisanal mining to be approximately 341,000 tonnes at three grams per tonne (g/t) Au. The quantity of mined material has been calculated from estimates of dump and leach pad volumes. The grade of the material mined has been estimated in the range of 1.5 to 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 Ivor W.O. Jones, MSc, FAusIMM, PGeo, 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. Mr. Jones has reviewed and approved the contents of this press release. Mr. Jones has over 35 years of relevant experience in geology, exploration, mining, resource evaluation and management including operational and consulting experience in both open pit and underground mines. He was previously a group general manager for Snowden Mining Industry Consultants where he was responsible for the company’s geoscience activities globally.
David J. Reading, MSc, FIMM, a director of DFR and a qualified person as defined under Canadian National Instrument 43 101 — Standards of Disclosure for Mineral Projects (NI 43-101), has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release. Mr. Reading has over 40 years of experience in the mining industry covering all stages of mine development, including exploration, feasibility, financing, construction, and operations. He has an MSc in economic geology and is a fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geologists.
About Diamond Fields Resources Inc.
DFR is a TSX Venture Exchange listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, DFR is developing the Beravina project, an advanced high-grade hard rock zircon exploration prospect located in the west of the country, approximately 220 km east of the port of Maintirano and close to a state road. DFR acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, the company owns several offshore diamond mining licenses including the ML111 concession which has a 10-year mining licence, effective until Dec. 4, 2025. In 2018 and early 2019 mining undertaken by a contractor on the company’s ML111 licence area produced two parcels of rough diamonds totalling 47,318.41 carats.
Moydow is a privately owned, BVI registered, West-African-focused gold exploration business, which was formed in 2019 and subsequently in 2020 acquired, from AIM listed Panthera Resources PLC, its interest in the Labola project (Burkina Faso), followed by the Kalaka (Mali) project interest in 2021. At closing of the transaction Moydow would be controlled by DFR. Moydow has interests in gold projects in West Africa: Labola in Burkina Faso; Kalaka in Mali; and Dagma, Paimasa/Mint and Dext in Nigeria. Moydow has active exploration programs under way in all three countries.
