Diamond Fields Resources Inc. announced 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. 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.

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, 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. 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.

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 high 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. 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. 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.