Vancouver, B.C. (February 7, 2018) – Diamond Fields Resources Inc. (TSX-V: DFR) (“DFR” or the “Company”) is pleased to confirm that it is undertaking re-assay, metallurgical and certain material processing work in relation to its recently acquired Beravina zircon project in Madagascar (“Beravina” or the “Project”).
The Project covers 625 hectares and is located approximately 220km east of the port of Maintirano along a state road that passes within 7km of the Project area. Previous work on the Project by Badger Mining and Consulting confirmed a pegmatite hosted hard rock zircon deposit with a JORC-compliant Indicated Mineral Resource of 1.8 million tons at 29.5% zircon (~530,000 tons of contained zircon) published in 2012.*
The current work program includes:
- re-assaying of all core samples to confirm prior results and to assess previously untested transitional material that shows evidence of zircon enrichment;
- testing of all core samples from across the ore body for metamictization (or fusion of uranium/thorium molecules with zircon molecules) to determine the possible distribution of metamictization across the orebody; and
- preliminary processing tests of representative composite samples to determine their amenability to heavy mineral separation and other processing techniques.
Once the results of the preliminary processing tests have been received, the Company intends to provide samples to selected potential customers for feedback on suitability and potential usage.
It is expected that this work will be completed by the end of Q2 2018. Assuming the results of this work program are favourable, the Company intends to complete a further drill program aimed at enabling the publication of a NI 43-101 resource statement later in 2018.
Sybrand Van Der Spuy, CEO of DFR, said: “Beravina is an exceptionally high-grade zircon deposit with significant development potential. This program will help shape the next phase of the Project, which will include further drilling, metallurgical and material processing tests.”
* The Company cautions that the resource estimate is historical in nature and the Company is not treating such resources as a current resource under NI 43-101. Investors are further cautioned that a qualified person has not yet completed sufficient work to be able to verify the historical resource estimate, and therefore these should not be relied upon. Data from a current DFR logging and assaying project, the historic diamond drill core produced from drilling campaigns in 2006 and 2012, and potentially a further drilling campaign, will be used to produce a NI 43-101 compliant resource statement.
The technical and scientific information in this press release has been reviewed and approved by Michael Cronright, Pr.Sci.Nat, FGSSA, who is a Qualified Person as identified by National Instrument 43-101.
DIAMOND FIELDS RESOURCES INC.
SIGNED: “Sybrand van der Spuy”
Sybrand van der Spuy, CEO and Director
Contact: Earl Young at +1 214 566 3709
Michael Oke/Andy Mills
Aura Financial LLP
+44 20 7321 0000
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.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in DFR’s periodic filings with Canadian Securities Regulators. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as otherwise required by law.