Kingfisher Metals begins diamond drilling at Goldrange

Jun 14, 2022

2022-06-14 09:45 ET – News Release

Mr. Dustin Perry reports

KINGFISHER COMMENCES DIAMOND DRILLING PROGRAM AT GOLDRANGE PROJECT

Kingfisher Metals Corp. has commenced diamond drilling at the 100-per-cent-owned, 511-square-kilometre Goldrange project. Goldrange is located approximately 25 km south of the town of Tatla Lake in the Chilcotin region of Southwest British Columbia.

Highlights

An expanded and fully funded program of up to 10,000 m of diamond drilling.
Step out drilling of near-surface breccia targets in the Cloud Drifter Zone that graded up to 73.4 g/t Au over 1 m and 6.9 g/t Au over 9 m in the Pad 400 target area.
First-ever drilling of robust multi-element geochemical anomalies at the Cloud Drifter Zone on exploration trend with high-grade Au intercepts from 2021.
Day Trip, Langara, and Standard zones will see first-ever diamond drill holes contingent upon positive RAB drill results.

Dustin Perry, CEO states “Our second drill program will begin at the Cloud Drifter Zone and see shallow target follow-up drilling as well as the very first drill tests of two exciting gold targets within the zone. Drill results from last year identified high-grade gold along these easterly and north-easterly exploration trends in the lower (northern) mountain. This year, our drill targeting will focus on delineating feeder structures in the lower mountain responsible for widespread gold anomalism intercepted in the upper (southern) Cloud Drifter drill holes. Additionally, we are allocating about a third of our program to follow up on results at Day Trip, Langara, and Standard zones from our ongoing RAB drill program.”

Overview

Last year Kingfisher drill tested approximately 10% of the Cloud Drifter Trend in the first-ever drill program on the 511 km2 project. The 2021 drill results indicated the presence of a large hydrothermal system with broad gold anomalism throughout and multiple high-grade intervals discovered by drilling in areas of forest cover.

Geological interpretations identify four target types at Cloud Drifter: 1) high-grade gold in steep shears, such as 73.40 g/t Au over 1 m in hole GR22-014; 2) complex structural zones and associated high-grade feeder breccia bodies, such as 6.88 g/t over 9 m in hole GR22-007; 3) quartz diorite hosted homogenous (disseminated and stockwork) mineralization styles that are yet to be tested with drilling; and 4) broad gold anomalism along subhorizontal lithological boundaries, such as 16 m of 0.60 g/t Au in GR22-004.

The 2022 drill strategy at Cloud Drifter is two-part: with both step out holes and new exploration holes planned. Step out drill holes will follow-up on high-grade intervals (e.g., 6.88 g/t Au in hole GR22-007 and 73.40 g/t Au in hole GR22-014; Figure 2). Structural interpretations indicate a common structural trend along these two intercepts that also coincides with a surface sample of 128.9 g/t Au.

Pad 400 Target Area

An important structural trend in the lower Cloud Drifter Zone correlates with multiple high-grade Au intercepts in 2021 drill holes. The structure strikes easterly and dips moderately south (Figure 2). The structural expression is more than 25 m true thickness, which also coincides with a coincident chargeability-conductivity geophysical anomaly. The high-grade Au intercepted along the structure (see Figure 2) is separated by 100 m and 60 m of true distance along the structure, and the there are no holes which test the deeper extents. Drilling in this area will test the potential for lateral and down-dip continuity of high-grade gold along the structure.

Eastern Target Area

Initial exploration holes outboard of the Pad 400 Target Area will target previously untested geochemical, and geophysical anomalies located up to 450 m east (Figure 4) and 650 m west (Figure 6) from 2021 drill collars. At the Eastern Target Area (Figure 4), mapping and rock sampling of limited rock exposures in forest cover indicate the presence of both a high sulfide and a high vein density domain with homogeneous mineralization textures (Figure 5). Stockwork and disseminated mineralization styles in rocks in this area grade up to 9.7 g/t Au and coincide with strong multi-element (Au, Ag, As, Cu, Bi, Te, Sb, Zn, Mo, W) anomalism in soil geochemistry. Based on the homogeneous textures and consistent vein densities, there is potential for continuity of grade laterally between outcrops and vertically at depth.

Western Target Area

Planned holes at the Western Target Area (Figure 6) will target the highest multi-element soil geochemical anomaly (Au, Ag, Cu, Zn, Pb, Sb, Bi, Te, W) in the Cloud Drifter Zone coupled with a coincident conductivity and chargeability anomaly. Geological mapping in 2020 identified an Fe-oxide alteration body uphill of this soil anomaly (Figure 6). This alteration domain hosts abundant Fe-oxide veins (Figure 7) interpreted to reflect the reaction of sulfide minerals with meteoric water and air. One of the samples with the least Fe-oxide and most primary sulfide graded 21.4 g/t Au. The Western Target Area has seen little exploration to date due to the steep nature of the terrain, yet it is large in scale and exploration potential. It will be initially tested with relative long drill holes to transect the broad Fe-oxide alteration on the slope.

Options Grant

The Company also announces the grant of 2,000,000 stock options exercisable for a period of five years at a price of C$0.30 per share to various directors, officers, and employees. The options will be subject to deferred vesting over one year and is part of Kingfisher’s ongoing strategy of granting stock options to attract and retain talent.

Qualified Person

Dustin Perry, P.Geo., Kingfisher’s CEO, is the Company’s Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has prepared the technical information presented in this release.

About Kingfisher Metals Corp.

Kingfisher Metals Corp. (https://kingfishermetals.com/) is a Canadian based exploration company focused on underexplored district-scale projects in British Columbia. Kingfisher has three 100% owned district-scale projects that offer potential exposure to high-grade gold, copper, silver, and zinc. The Company currently has 103,007,272 shares outstanding.

We seek Safe Harbor.

https://kingfishermetals.com/