SYMBOL: DFI
CAPE TOWN, May 30 /CNW/ - Diamond Fields International Ltd. (DFI:TSX)
("DFI" or the "Company") is working in Liberia on diamond and gold concessions
covering more than 181,000 hectares of prospective Archean and Proterozoic
aged terrains. The company is greatly encouraged by a continuing stream of
positive gold results from both the Grand Gedeh and Grand Cape properties.
Stream sediment samples commonly report visible gold and the presence of
medium to large scale artisanal workings over insitu mineralization provides a
focus for advanced exploration leading to a near term drilling program.
Grand Cape
On the Grand Cape property, host to DFI's kimberlite discoveries and
targets, the Henry Town gold camp, as defined by DFI's mapping and sampling to
date extends for at least 10km along a northeast strike and for 5km across
strike within the property boundaries. Of the 43 stream samples collected so
far 50% have returned greater than 0.2 gms/tonne gold. Visible gold is present
in heavy mineral concentrates from 10 of these samples as well as in samples
of quartz veins within the Point Point artisanal mining site. Channel samples
across the target mineralization returned 13 gms/tonne over widths of 1.5m.
Step out soil samples have picked up the gold anomaly for 250m along strike
and 78m across strike, returning values between 0.2gms/tonne and 2.83 gms/tone
gold. Grid soil sampling is underway to determine the full along and across
strike extent of the target.
Bedrock geology in the area is dominated by upright folded gneissic rocks
enveloping what appear to be remnant greenstones (amphibolites) with cores of
oxide facies iron formation. Ultramafic intrusions are also mapped in the
area. Gold appears to be associated with quartz veins intruding the folded
gneissic rocks, alteration zones in tremolite schists at the contact with
gneiss and in the contact aureoles of ultramafic intrusions.
The camp is host to both in situ artisanal mining sites as well as
numerous alluvial gold diggings Positive gold results from DFI's regional
sampling will be followed up with further stream sediment work and grid based
soil sampling to define further discreet in situ anomalies. The preponderance
of visible gold in stream sediment samples and the artisanal activity in many
of the drainages in the restricted area so far defined gives the company
encouragement that a significant gold deposit can be defined within a short
period of time.
Grand Gedeh
Reconnaissance work has located a second prospect adjacent to the Cestos
shear along the western side of the property. Of 16 stream sediment samples
collected from 8 small streams in a restricted drainage all contain visible
gold. The sampling defines a 2km by 500m area of high ground striking parallel
to the Cestos shear zone as the location of the mineralized structures. The
host rock appears to be amphibolite grade mafic volcanic rock intruded by
porphyritic gabbro plugs creating small hills throughout the area. Grid based
soil sampling is underway over the target. This work should identify the
bedrock source of the coarse gold leading to a first pass drilling program
On the Grand Gedeh property initial work was focused on the artisanal
working in the Barteajam area. A soil grid completed over the known workings
showed a semicontinuous gold anomaly over more than 1km but was not
sufficiently definitive to establish drill targets. Sampling normal to the
east west strike direction shows the anomaly is present over a wider area than
is currently being mined. Sampling of pits dug by artisanal miners will
provide a picture of the gold anomaly in profile while further soil sampling
along and across strike will be carried out to sharpen understanding of the
mineralization. The host rock is mapped as a mafic volcanic although tropical
weathering to a depth of more than 20m has so far precluded recovery of
unaltered rock.
Exploration Plans
The reconnaissance effort continues on both properties with approximately
60% of Grand Cape and 50% of the Grand Gedeh property receiving first pass
stream sediment and soil sampling. Follow up of samples exhibiting visible
gold or returning elevated gold values from fire assay is ongoing.
Qualified Person and Assay Lab
Stream sediment and soil samples for gold are screened to remove oversize
material, dried and shipped to the Anglo American Research Laboratory in
Johannesburg where they are pulverized and analyzed via ICP and Fire Assay
with an Au detection limit of 20ppb. The results of the sampling programs have
been reviewed, verified (including sampling, analytical and test data) and
compiled by the Diamond Fields' geological staff supervised by Mr. Randal
Cullen, P.Geol., a "Qualified Person" as indicated under NI 43-101.
Financing
The Company is considering alternatives for securing additional financing
required for continuation and expansion of the exploration programmes in
Liberia as well as for the June /July dry docking, maintenance and refit
programme for the Company's mining vessel MV DF Discoverer as announced in a
news release dated May 16, 2006.
Diamond Fields International Ltd. and Moydow Mines International Inc.
(TSX: MOY)(AIM: MOY) ("Moydow") announced in press releases dated March 1,
2006 that they had reached an agreement effective February 28th, 2006 pursuant
to which Moydow security holders will exchange their Moydow securities for
securities of Diamond Fields (the "Acquisition"). The Acquisition remains
subject to various conditions as previously announced. Moydow, like Diamond
Fields, is engaged in mineral exploration and development worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
"Roger J. Daniel"
Forward-Looking Statements:
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors
identified in Diamond Fields' 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.
Diamond Fields does not assume the obligation to update any forward-looking
statement.
