Lithoquest Diamonds Announces Early Triassic Age for 1804 Kimberlite

VANCOUVER, March 4, 2019 - Lithoquest Diamonds Inc. (TSX-V: LDI) ("Lithoquest", or the "Company") today announced that it has determined an age of approximately 211 million years ("Ma") for the emplacement of the 1804 Kimberlite discovered in 2018 on its 100% owned North Kimberley Diamond Project.

"The emplacement date of 211 Ma is distinctly different from other kimberlites in the region which have been dated to approximately 800 Ma, providing further evidence that a new field of kimberlites is present on the North Kimberley Diamond Project", stated Bruce Counts, President & CEO of Lithoquest Diamonds. "The 1804 kimberlite is not only 600 Myr younger, it also displays volcanoclastic characteristics which indicates the potential for larger bodies. In addition, the distribution and chemical composition of kimberlite indicator minerals recovered on the property, including diamond, suggests that there are diamond bearing kimberlites present over a wide area on the North Kimberley Diamond Project".

The geochronology work was completed at the University of Alberta using TIMS 238U/206Pb radiometric methods on perovskite mineral grains recovered from the 1804 kimberlite. A date of 210.9 Ma ±3.0 (95% confidence) Ma was observed. Additional methods are being used to confirm the age; however, it is not expected that the date will vary by more than 10 Ma.

Qualified Person

The technical contents of this news release have been reviewed and approved by Bruce Counts, P. Geo., President, CEO and a Director of Lithoquest Diamonds Inc. and Qualified Person under National Instrument 43-101.

About Lithoquest Diamonds Inc.

Lithoquest is a Canadian diamond exploration company focused on the discovery and development of economic diamond deposits on its 100%-owned North Kimberley Diamond Project located in Western Australia, approximately 65km east of the community of Kalumburu.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING INFORMATION

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company's strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

For further information, please contact:

Lithoquest Diamonds Inc.
+1 (778) 373-1485
info@lithoquest.com

SOURCE: Lithoquest Diamonds Inc.