DFR Gold Inc. Announces Commencement of Kalaka drilling programme

VANCOUVER, July 10, 2023 - DFR Gold Inc. (TSXV: DFR) ("DFR" or the "Company") is pleased to announce, with its joint venture partner Panthera Resources plc (AIM: PAT), the commencement of a drilling programme on the Kalaka Gold Project in Mali (the "Drilling Programme").

Kalaka is a large gold system where multiple intersections exceeding 150 metres at greater than 0.5 g/t have been identified by previous diamond and RC drilling. The Drilling Programme will include:

• Approximately 1,500 metres of RC drilling to complement existing diamond and reverse circulation drilling at the K1A target which is intended to be utilised to define a Maiden Mineral Resource estimate
• Step-out drilling to the north will target an untested interpreted geophysical mineral trend
• Collection of samples for a metallurgical test programme.

A broad soil anomaly above 30 ppb Au covers most of the metasediments on the tenement area and offers significant opportunity for further discovery and extension to known mineralisation. Historical drilling has consistently demonstrated significant wide gold intercepts at the K1A target, including diamond hole K1AD002 (191.8m @ 0.52 g/t Au) and reverse circulation drill hole K1ARC028 (117m @ 0.59 g/t Au including 41m @ 1.02 g/t Au).

John McGloin, CEO of DFR, commented:

"While DFR has primarily focussed on the exciting pre-feasibility Cascades Gold Project in Burkina Faso, the Kalaka Project represents an exciting opportunity in Mali with large scale bulk-mineable gold potential.

"It is hoped that the metallurgical test work programme will demonstrate the positive economics of the project. The drilling programme is expected to be completed this month with results in the third quarter of 2023."

Background

Panthera and DFR each have 40% interest in Kalaka held through their interest in Maniger Ltd. The remaining 20% interest is owned by a local partner, Golden Spear Mali SARL. Panthera is the operator of the project.

The Kalaka gold project is situated in southern Mali, 260 km southeast of Bamako. It lies approximately 80 km south of the 8 Moz Au Morila Mine and 85 km northwest of Resolute's 6Moz Au Syama Mine.

Historical work in the area has included airborne geophysical surveys, soil sampling, structural interpretations, geological mapping, and preliminary drilling activities focussed on the metasediments. This has included 20,952m of diamond, air core (AC), reverse circulation (RC) and Rotary Air Blast (RAB) drilling in 372 holes. During 2021 Panthera completed 2,430m of AC drilling in 94 holes. On the K1A prospect multiple intersections exceeding 150m at 0.5 g/t have been identified by diamond and RC drilling.

The primary mineralisation at the K1A prospect, is associated with an intrusive tonalite / micro granodiorite with metasediments in contact with the intrusive. The alteration envelope is dominantly characterised by silica-feldspar flooding and sulphide mineralisation. Elsewhere there are also numerous artisanal workings within the Kalaka tenement, mainly targeting eluvial gold.

David J Reading, M.Sc., FIMM, Fellow SEG, a director of DFR and a Qualified Person as defined under 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.

Notes to Editors:

DFR Gold is a TSX Venture Exchange listed exploration and mine development company focused on gold in West Africa. DFR Gold holds interests in a portfolio of West African gold exploration projects including the highly prospective Cascades gold project ("Cascades") in Burkina Faso. Cascades has a Mineral Resource* prepared in accordance with NI 43-101 comprising 5.41 million tonnes of indicated resources at an average grade of 1.52g/t Au for a total 264,000 ounces of gold: and 6.93 million tonnes of inferred resources at an average grade 1.67g/t Au for a total of 371,000 ounces of gold. Please see the Company's technical report titled "Amended and Re-stated Technical Report on the Labola Project Burkina Faso" dated April 2, 2022, with an effective date of April 20, 2022 for further information regarding Cascades. This report can be located at www.dfrgold.com.

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

Neither the TSX-V 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.

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.

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 Gold expects or anticipates will or may occur in the future are forward-looking statements or information. Forward-looking statements in this news release include statements regarding the Debenture Offering and the completion thereof; and the intended use of proceeds of the Debenture Offering. 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 Gold. 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.

There are a number of important factors that could cause DFR Gold'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; the ability to finance the drilling campaign; 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 Gold cautions that the foregoing list of material factors is not exhaustive. When relying on DFR Gold's forward-looking statements and information to make decisions, shareholders should carefully consider the foregoing factors and other uncertainties and potential events. DFR Gold 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 Gold 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 Gold may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

SOURCE DFR Gold Inc. (formerly Diamond Fields Resources Inc.)