Diamond Fields Files NI 43-101 Technical Report on Indicated and Inferred Resource Estimate for Labola Gold Project Indicated: 5.41 million tonnes at an average grade of 1.52 g/t Au for a total 264,000 ounces of gold Inferred: 6.93 million tonnes at an average grade of 1.67 g/t Au for a total of 371
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Diamond Fields Files NI 43-101 Technical Report on Indicated and Inferred
Resource Estimate for Labola Gold Project
Indicated: 5.41 million tonnes at an average grade of 1.52 g/t Au for a total 264,000 ounces of gold
Inferred: 6.93 million tonnes at an average grade of 1.67 g/t Au for a total of 371,000 ounces of gold
Vancouver, B.C. (6 December 2021) – Diamond Fields Resources Inc. (TSX-V: DFR) (“DFR” or the
“Company”) is pleased to announce 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. The Labola Report is
available for review on SEDAR (www.sedar.com) and the Company's website (www.diamondfields.com).
As described in the Company’s press release of August 25, 2021, 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”.
The Mineral Resource Statement Prepared by Aurum Consulting for the Project is detailed below.
Table 1.0. Mineral Resource for the Labola Gold Project, 25 October 2021**
Category Mineralization
(Mt)
Gold grade
(g/t Au)
Contained gold
(koz)
Indicated Resource 5.41 1.52 264
Inferred Resource^ 6.93 1.67 371
1. ** Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The
estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or
other relevant issues. The Mineral Resources in this note were reported using CIM (2014) Standards on
Mineral Resources and Reserves, Definitions and Guidelines and adopted by CIM Council.
2. ^ The quantity and grade of reported the Inferred Resources in this estimation are uncertain in nature and
there has been insufficient exploration to define this Inferred Resource as an Indicated or Measured Mineral
Resource. It is uncertain if further exploration will result in upgrading the Inferred Resource to an Indicated or
Measured Mineral Resource category.
3. The Mineral Resource has been constrained by an open pit evaluation using a gold price of $1900 per ounce,
and then reported at a cut-off of 0.5 g/t Au.
4. Contained metal and tonnes figures in totals may differ due to rounding.
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. 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
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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 TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has
neither approved nor disapproved the contents of this news release.
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. 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.
Mr. David J Reading, M.Sc., 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’ 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.
ENDS
DIAMOND FIELDS RESOURCES INC.
Sybrand van der Spuy, CEO and Director
Contact: +27 78 4558700
Michael Oke/Andy Mills: +44 20 7321 0000
Aura Financial LLP: www.aura-financial.com
Notes to Editors:
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 220km 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
ML 111 concession which has a ten-year mining license, effective until 4 December 2025. In 2018 and early
2019 mining undertaken by a contractor on the Company’s ML111 license 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, Dagma, Paimasa/Mint and Dext in Nigeria. Moydow has active
exploration programs underway in all three countries.
Website: www.diamondfields.com
The Company’s public documents may be accessed at www.sedar.com
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This release contains certain “forward-looking information” within the meaning of applicable Canadian
securities legislation. All statements other than statements of historical fact in this release that address
activities, events, or developments that DFR expects or anticipates will or may occur in the future are
forward-looking statements or information. Often, but not always, forward-looking information can be
identified using words such as “aim”, “aspire”, “strive”, “will”, “expect”, “intend”, “plan”, “believe” or
similar expressions as they relate to DFR. Forward- looking information is subject to a variety of risks and
uncertainties which could cause actual events or results to materially differ from those reflected in the
forward-looking information.
The forward-looking statements and information in this release include but are not limited to statements
and information relating to the terms, conditions and completion of the Transaction; the obtaining of all
required regulatory approvals in connection with the Transaction and Founder Investments; technical
information; drilling and exploration programs; political risks; statutory and regulatory compliance;
Such statements and information reflect the current view of DFR. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other factors which may cause DFR’s
actual results, performance or achievements or other future events, to be materially different from any
future results, performance or achievements expressed or implied by such forward-looking statements.
There are several important factors that could cause DFR’s actual results to differ materially from those
indicated or implied by forward-looking statements and information. Such factors include, among others:
the ability to satisfy the conditions to the consummation of the Transaction and the Founder Investments;
the ability to obtain requisite shareholder and regulatory approvals; the potential impact of the
announcement or consummation of the Transaction on relationships; including with regulatory bodies,
employees; suppliers customers and competitors; changes in general economic, business and political
conditions, including changes in the financial markets; changes in applicable laws; compliance with
extensive government regulation and the diversion of management time on the Transaction and the
Founder Investments. Should one or more of these risks, uncertainties or other factors materialize, or
should assumptions underlying the forward-looking information or statement prove incorrect, actual
results may vary materially from those described herein as intended, planned, anticipated, believed,
estimated, or expected.
DFR cautions that the foregoing list of material factors is not exhaustive. When relying on DFR’s forward-
looking statements and information to make decisions, shareholders should carefully consider the
foregoing factors and other uncertainties and potential events. DFR has assumed that the material factors
referred to in the previous paragraph will not cause such forward looking statements and information to
differ materially from actual results or events. However, the list of these factors is not exhaustive and is
subject to change and there can be no assurance that such assumptions will reflect the actual outcome of
such items or factors. The forward-looking information contained in this release represents the
expectations of DFR as of the date of this release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward looking information and should not rely upon this
information as of any other date. While DFR may elect to, it does not undertake to update this information
at any time except as required in accordance with applicable laws.