Diamond Fields Resources Announces Positive Drilling Results

VANCOUVER, Sept. 6, 2022 - Diamond Fields Resources Inc. (TSXV: DFR) ("DFR" or the "Company") is pleased to announce that, following completion of the acquisition of Moydow Holdings Limited ("Moydow") in July 2022, it has completed the initial drilling program at its now renamed Cascades Gold Project ("Cascades" or "the Project") in Burkina Faso. The Project has an indicated gold resource of 264,000 ounces ("oz") of gold ("Au") @ 1.52 grams per tonne ("g/t") and an inferred resource of 371,000 oz Au @ 1.67 g/t Au.

Highlights

• The Cascades Gold Project incorporates: the Wuo Land Licence (the Labola Project) where a maiden Mineral Resource was reported by DFR in December 2021; and the contiguous 243 square kilometre Wuo Land 2 licence on which Moydow acquired an option in March 2022 and where multiple exploration targets have already been identified with remote sensing and fieldwork
• Initial results from recently completed drilling at the Cascades Gold Project support the presence of a significant new gold zone within the Wuo Land 2 area - the TT-13 target
• Results from first pass drilling at the TT-13 target include:
• CS22-RC027 45-55m, 10m@ 1.55 g/t Au
• CS22-RC028 25-29m, 4m@ 2.10 g/t Au
• CS22-RC028 38-54m, 16m@ 1.26g/t Au
• CS22-RC029 27-36m, 9m @ 1.08 g/t Au
• CS22-RC029 56-66m, 10m@ 1.81 g/t Au
• In addition, infill drilling has added important further definition to DFR's geological model based on historical drilling. High grade mineralisation intersected in the Western Zone in CS22RC-003 including 104-107, 3 metres @ 12.52 g/t Au from assays
• DFR's geology team is continuing to upgrade more than twenty new geological targets to drill ready status
• Scoping of environmental baseline studies has commenced, and a new CSR program launched at Cascades including drilling of the first community water well in the Project area
• Recent additional test work supports the view that the gold is essentially free milling, in line with the regional metallurgy

John McGloin, CEO of Diamond Fields Resources, stated: "The discovery of a new gold zone at Cascades shows the effectiveness of the exploration process our experienced team have implemented as well as the significant potential to grow the Project's resource. The recent exploration campaign was professionally undertaken and provides valuable further data that will facilitate future exploration on the multiple new and already identified targets within the Cascades Project. I would like to thank the local community for their support and we will continue to work closely with them as we conduct further work at Cascades and implement our CSR new program."

Cascades Project drill program details

Following a 2021 Drilling Program in an area of historical drilling at the Daramandougou and Wuo Ne target areas within the Wuo Land licence area, DFR announced a maiden Mineral Resource prepared in accordance with NI 43-101 on Cascades. The Mineral Resource comprises:

Table 1 NI-43-101 Mineral Resources 25 October 2021 **

Between May and July 2022, a 4,975 metre Reverse Circulation drilling programme was completed. The programme incorporated infill resource definition and step out drilling at the Daramandougou area and first-pass exploration drilling on two new previously untested targets in the newly acquired Wuo Land 2 concession (as announced on 11 March 2022), namely the TT-13 and the Big South targets. All holes were drilled at an inclination of 53-55 degrees and an azimuth of 120 degrees. Ore zones are generally sub-vertical with a NNE-SSW strike. A breakdown of the drilling by area is given in Table 1.

Table 2 Summary of the completed reverse circulation drilling programme, May-July 2022

All holes were sampled at one metre intervals. Initially composite samples have been generated for laboratory analysis for two metre downhole intervals. The one metre samples have been assayed for mineralised zones.

The TT-13 target was identified in a target generation exercise carried out in 2021. Significant mineralisation was intersected in the exploration drilling at TT-13 and follow-up resource delineation drilling at the target area is recommended by the Company.

Drilling at the Big South target tested a new, but already extensive, artisanal mining zone. Several of the 13 holes intersected a low-grade mineralised envelope coincident with the extent of the orpaillage. Further work is required to understand the mineralisation controls in the area before returning to the target with the drill rig.

Infill and step out drilling at the Daramandougou Target

Twenty-one reverse circulation holes were drilled at Daramandougou for an aggregate total of 2,454 metres. For the most part the drilling did not intersect new high-grade zones and the drilling is not expected to add significant new resource ounces within the existing resource envelope. However, the data is expected to help to strengthen the Company's geological model in this area, and this will be important for resource classification at Daramandougou. By way of example, hole CS22-RC003 tested a greater than 100 metre gap in drilling at the southern end of the Western Zone at Daramandougou between hole DRA21-014 drilled by Moydow in 2021 and LBLC08-006 drilled by High River Gold in 2008. Intersections in CS22-RC003 included the following:

• CS22-RC003 40-60m, 20 metres @ 1.27 g/t Au and
• CS22-RC003 64-68m, 4 metres @ 2.1 g/t Au and
• CS22-RC003 94-96m, 2 metres @ 3.8 g/t Au and
• CS22-RC003 102-114m, 12 metres @ 3.38 g/t Au (all fire assay)

The highest-grade mineralisation in these intersections was 104-107m, 3 metres @ 12.52 g/t Au (from fire assays), occurs in a zone of quartz veining where the host metasediment unit transitions from sandstone to greywacke dominated lithology. DRA21-014 collared 60 metres to the north had previously intersected a maximum grade of 2.18 g/t Au (60-61 metres downhole). LBLC08-006 collared 55 metres to the south intersected a highest grade of 1.35 g/t Au. Preliminary modelling of the new results suggests likely continuity with the mineralised zone intersected in DRA-21-014 therefore a significant southerly continuation of the western zone at improved grades.

Other potentially significant intersections from the drilling at Daramandougou include:

• CS22-RC002 3-13m, 10 metres @ 0.94 g/t Au
• CS22-RC004 36-54m, 18 metres @ 1.36 g/t Au
• CS22-RC006 32-46m, 13 metres @ 1.31 g/t Au
• CS22-RC007 75 88m 13 metres @ 0.73 g/t Au
• CS22-RC010 67-71m 4 metres @ 1.53 g/t Au
• CS22-RC013 32-53m 21 metres @ 0.63 g/t Au
• CS22-RC018 34-36m 2 metres @ 3.03 g/t Au
• CS22-RC021 20-29m 9 metres @ 0.64 g/t Au

Exploration drilling

Two new targets in the newly acquired Wuo Land 2 licence area, TT-13 and Big South, were tested in a first pass drilling programme with an aggregate of 22 holes. Target generation work during 2021 defined 22 exploration targets across the Wuo Land and Wuo Land 2 concessions. Most of these targets, including TT-13 and Big South, have seen no previous drilling.

The TT-13 target is 6km south-southeast and 8km south-southeast of the Wuo Ne and Daramandougou zones respectively, where the bulk of mineral resources was reported in December 2021. At TT-13 a total of 9 holes tested a northeast-southwest trending shear structure where a 2022 field mapping programme had delineated a structure over a strike length exceeding 1.8 kilometres. The zone is characterised by near continuous artisanal workings at surface. The TT-13 structure has been mapped for a strike length of approximately 3,000 metres. It runs parallel and to the east of the Daramadougou/Wuo Ne structure. The sampling campaign during quarter 1 of this year confirmed ore-grade mineralisation in a number of artisanal working with grades up to 25.4 g/t Au.

Three holes in particular intersected significant mineralisation in what appears to be a westerly dipping mineralisation envelope up to 20-35 metres wide. Notable intersections are listed below. The samples for these three holes were initially assayed by fire assay (FA) and selected mineralised sections were also assayed using bottle roll LeachWELL (LW) analyses. Both the fire assay and bottle roll assays are quoted here, and it is noted that for each mineralised intercept the bottle roll assays returned a higher average grade than the fire assays.

• CS22-RC027 45-55m, 10m @ 1.55 g/t LW (1.38 g/t FA)
• CS22-RC028 25-29m, 4m @ 2.10 g/t LW (1.56 g/t FA)
• CS22-RC028 38-54m, 16m @ 1.26g/t LW (1.2 g/t FA)
• CS22-RC029 27-36m, 9m @ 1.08 g/t LW (0.93 g/t FA)
• CS22-RC029 56-66m, 10m @ 1.81g/t LW (1.39 g/t FA)

Drilling at the Big South target tested a new, but already extensive, artisanal mining zone. The structure crosses the southern boundary of the Wuo Land licence and into the Wuo Land 2 licence area and may be an offset southerly continuation of the TT-13 structure. As with TT-13 a short mapping and sampling programme in 2022 had confirmed high grade mineralisation in zones characterised by quartz veining and associated pyritization. 13 holes tested a 3km strike length of this shear structure at wide spacing. Thus far only two-metre composited samples have been assayed. Most of the holes in the northern half of the zone intersected some low-grade mineralisation within an envelop consistent with the area of the orpaillage workings . The primary one-metre samples from the mineralised envelope will be sent for LeachWELL bottle roll analysis during September.

While the extent and intensity of the artisanal workings in this target area, supported by DFR's own mapping and sampling, points to a potentially important large, mineralised zone at Big South, geological field mapping of the mineralised structure will be needed here before the next round of drilling is planned by the company for this area.

Note on Metallurgy
As part of QA/QC programme from the drilling and sampling a total of 499 one-metre primary samples were re-assayed using the LeachWELL accelerated bottle roll technique. An additional fire assay was done on each of the bottle roll tails. The average percentage recovery from the bottle roll (versus the bottle roll + tail fire assay) for the 499 samples was 86.8%. Applying a cut-off grade of 0.3 g/t Au the average recovery bottle recovery is 89.5% (183 samples). This data further supports our previously stated view that the material is essentially free milling, in line with the regional metallurgy.

GENERAL UPDATES

Environmental Baseline Studies
The company has commenced the process of acquiring new and collating available historical environmental data for the project area. We have engaged with an Ouagadougou based environmental consultancy to assist with the scoping of a baseline monitoring programme.

CSR
DFR enjoys good relations with the local communities and stakeholders in the Cascades Project area. The Company's policy is to use local service providers and exploration personnel wherever possible, supported by experienced exploration personnel from outside the community who are able to lead and train local personnel where necessary. Completion of the drilling programme without any lost time injuries and no drilling downtime is testament to the professional implementation of Company policies by the in-country management team.

Exercise of Options
During the month of July 2022, option holders exercised 2,730,631 share options with an exercise price of C$0.145 per option, such that, as of the date of this press release, an aggregate of 181,670,852 common shares of the Company are issued and outstanding.

Note on the quoted assay intersections
As stated above, all drilling samples have been collected at one metre intervals and some samples were composited for assay, using a variety of assay techniques. Where results from more than one assay technique are available the quoted intervals are annotated with FA or LW indicating fire assay or LeachWELL bottle roll assays respectively. When calculating intercepts, a cut-off of 0.3g/t has been used and an internal dilution of up to 3m allowed. All intercepts represent downhole widths and true widths may be less than the downhole widths.

Fire assay analyses were carried out at SGS Burkina SA Laboratory, Ouagadougou, which is independent of the Company.

LeachWELL bottle roll analyses were carried out at Biggs Global Burkina Sarl, Ouagadougou, which is independent of the Company.

Additional Mineral Resource Estimate Disclosures**

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 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 US$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.

David J Reading, M.Sc., FIMM, Fellow SEG, 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 is satisfied that the data have been properly verified by the DFR geological team. 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.

Notes to Editors:

DFR is a TSX Venture Exchange listed exploration and mine development company focused on gold and other commodities in Africa. Following the acquisition of Moydow Holdings Limited, DFR holds interests in a portfolio of West African gold exploration projects including the highly prospective Cascades Gold Project in Burkina Faso. The Cascades Project has a Mineral Resource prepared in accordance with NI 43-101 comprising 5.41 million tonnes of indicated resources at an average grade of 1.52 g/t Au for a total 264,000 ounces of gold; and 6.93 million tonnes of inferred resources at an average grade 1.67 g/t Au for a total of 371,000 ounces of gold, (Diamond Fields Resources Labola Gold Project 2021-10, Effective Date: 25 October 2021, Report Date: 3 December 2021))

In Madagascar, DFR has 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.

Website: www.diamondfields.com

The Company's public documents may be accessed at www.sedar.com

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 by the use of 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 regarding: the existence of a significant new gold zone within the Wuo Land 2 area; the Company's ability to upgrade more than twenty new geological targets to drill ready status and the timing thereof; the existence of free milling gold at Cascades; the potential for further discovery at Cascades; additional drilling by the Company at TT-13; the ability to map and model higher grade zones at Big South; drilling data at Daramandougou strengthening the Company's geological model and its impact on resource classification at Daramandougou; and the southerly continuation of the western zone of Daramandougou at improved grades. 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 a number of 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 obtain requisite regulatory approvals; commodity prices; the gold exploration and mining industry in general; the potential impact of the announcement 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; and compliance with extensive government regulation. 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 particular time except as required in accordance with applicable laws.

SOURCE Diamond Fields Resources Inc.