Kingfisher Commences RAB Drilling Program at Goldrange Project

VANCOUVER, BC / ACCESSWIRE / May 30, 2022 / Kingfisher Metals Corp. (TSX-V:KFR) (FSE:970) (OTCQB:KGFMF) ("Kingfisher" or the "Company") is pleased to announce the commencement of rotary air blast (RAB) drilling at the 100% owned 511 km² Goldrange Project. Goldrange is located approximately 25 km south of the town of Tatla Lake in the Chilcotin region of Southwest British Columbia.

Highlights

• The Company plans for a 35-day rotary air blast (RAB) drill program to test the Day Trip, Langara, and Standard zones. Production with the RAB drill averages one hole per day with a depth capability of up to 100 m.
• Proposed RAB holes at the Day Trip Zone will test several targets where highly anomalous geochemistry (up to 20.1 g/t Au in subcrop and up to 8.3 g/t Au in talus fines) coincides with very high IP chargeability (up to 97 mV/V) and conductivity.
• At the Langara Zone, planned holes will target below a historical adit and sheeted quartz-sulfide veins mapped on surface. Rock samples at Langara grade up to 60.4 g/t Au, 1500.1 g/t Ag, and 6.8 % Cu.
• Results from backpack drilling in 2020 at the Standard Zone of 10.84 g/t Au over 6.9 m will be followed-up with RAB, which will also target the Standard adit downslope.

Dustin Perry, CEO states "We are excited to be back at Goldrange for an expanded 2022 discovery-focused drill program. Initial RAB drilling will test high quality, shallow targets at the Day Trip, Langara, and Standard Zones, which have been substantially de-risked through structural mapping, IP geophysics and backpack drilling. The RAB drill provides us with a low-cost drill option for near-surface targets as an initial pass prior to diamond drilling."

Figure 1. Proposed RAB and Diamond Drilling

About Goldrange

The 511 km² Goldrange Project spans over 43 km along a complex structural zone within the Yalakom Gold Belt in southwest British Columbia. Goldrange was acquired to cover a broad area of widespread anomalous gold mineralization in streams, soils, and rocks. In 2021, Kingfisher completed the first-ever diamond drill program on the property which focused on approximately 10% of the Cloud Drifter Trend - the most advanced target on the property that includes the Cloud Drifter, Langara, Standard, Essential, and Waterfall Zones. Initial results returned highlights of 73.4 g/t Au over 1 m, 6.9 g/t Au over 9 m and 18.7 g/t Au over 2 m. Widespread anomalous gold mineralization was intercepted throughout the area of drilling which spanned ~600 m by ~350 m and tested over 550 m of vertical extent.

The RAB drilling program in 2022 is focusing on shallow targets at the Day Trip, Langara, and Standard zones shown on Figure 1 and each zone is explained in more detail below. The diamond drilling program in 2022 will focus on the lower elevation areas of the Cloud Drifter Zone and is scheduled to begin in mid-June. Details on diamond drill targets will be announced in future releases.

Figure 2. Day Trip Zone and Proposed RAB Drilling

Day Trip Zone

The Day Trip Zone covers a rounded to flat mountain top approximately 5 km southeast of the Cloud Drifter Trend (Figure 2). The target covers a minimum 900 x 500 m area of geophysical and geochemical anomalism that projects under talus cover on all sides The target is situated between two fault splays rooted in the regional Ottarasko Fault. Intrusive-hosted veins up to 2 m in width occur over an area ~100 m by 400 m. Quartz veins from this area returned grades from below detection limit to 6.7 g/t Au over 2 m. Adjacent to the intrusion is a ~70 m x 90 m area of arsenopyrite-cement breccia in subcrop. Approximately 20% of the subcrop material in this area consists of arsenopyrite-cement breccia and grades from 3.4 to 20.1 g/t Au (see release dated May 13, 2021). Talus fine sampling in 2020 and 2021 outlined a broad area of gold anomalism (>100 ppb Au) over ~100 m x 450 m and grades up to 8.4 g/t Au over the subcrop breccia area. Talus fine anomalies are coincident with areas of gold in outcrop and subcrop that graded up to 20.1 g/t Au. Rock and talus fine geochemistry both yield a strong multi-element signature of elevated As, Ag, Cu, Bi, Te, and Pb associated with Au.

IP surveying was completed in 2021 and consisted of 5 lines spanning 4.2 km (see release dated January 12, 2022). The survey delineated three domains with significant high chargeability values (>32 mV/V), the largest of which is broadly coincident with areas of known mineralization and talus fine anomalies. The strongest chargeability values (>60 mV/V) within the survey area are coincident with high conductivity responses on survey lines 3500, 3600, and 3700. Anomaly 3600E (Figure 5) coincides with a 90 x 70 m subcrop of sulfide-cement breccia. The geophysical anomalies are open to the south, north, and southwest as well as at depth. No rock or soil samples have been collected in the western chargeable zones to date.

Proposed RAB drill holes at Day Trip will target multiple at-surface and near-surface coincident geophysical and geochemical anomalies. The proposed holes will drill below mapped mineralization hosted in sheeted veins on surface (see Figure 4) as well as below a sulfide-cement body mapped in subcrop (see Figure 5). The chargeability targets each demonstrate an excellent correlation with known structural features projected to depth, such as faults, intrusive contacts or projection of breccia body. One chargeability anomaly (3600E, Figure 5) does not continue to surface despite a spatial association with surface mineralization. This low chargeability area is interpreted to reflect a loss of sulphide near surface due to oxidation, which is also identified in rocks on the surface (e.g., Figure 3).

Figure 3: Oxidized Sulfide-Cement Breccia Grading 20.1 g/t Au

Figure 4: Day Trip Section 3700

Figure 5: Day Trip Section 3600

Langara Zone

The Langara Zone (Figure 6) is located at the eastern extent of Cloud Drifter Trend, a ~3 x 2 km gold anomaly. The Langara target is centered on a diorite intrusion that is part of the Bendor suite, emplaced into fossil-rich sandstone of the Cloud Drifter Formation. Quartz-sulfide veins are focused along northerly lithological contacts and easterly dextral-reverse faults. Hydrothermal breccia bodies lie in structural intersection domains and were the focus of hand mining activities in the 1930s. Previous assay results from 2020 work at Langara can be found in the release dated April 14, 2021.

Figure 6. Langara Zone Proposed RAB Drilling

RAB drill targets at Langara were selected from detailed surface structural mapping coupled with surface geochemical results. An IP geophysical survey was not employed at Langara due to the presence of chargeable geology in the background rocks. The principal target at Langara is below the historical adit, which is located in a major structural interference zone (Figure 6) between a northerly vein swarm and an easterly brittle fault and shear vein corridor. The planned RAB holes will target both the northerly sheeted veins (Figure 7) and easterly shear veins and the Langara adit breccia-style mineralization, projected to plunge steeply to the south (Figure 8).

Figure 7: Langara Section 1

Figure 8: Langara Section 2

Standard Zone

The Standard Zone is the site of a historical adit (1930s) and is located on a steep cliff band to the south of the Cloud Drifter Zone (Figure 9). Mineralization occurs along a north-trending fold corridor that projects under cover to the north. Mineralization is focused within gentle to moderately dipping veins as well as sulfide-cement breccia within the fold hinge. The planned RAB hole will target the projection of the ore shoot mined in the 1930s and a backpack hole drilled in 2020, which included 10.84 g/t Au over 6.9 m in breccia (see core photo Figure 10 and release dated April 21, 2021). Drill and surface sampling results have confirmed that arsenopyrite-rich, breccia-style mineralization at Goldrange is associated with the highest-grade gold intercepts.

Figure 9: Standard Zone

Figure 10: BP-ST-20-01

Future Plans

Diamond drill pad construction is currently underway, and the Company anticipates the arrival of a diamond drill on or about June 10, 2022. Diamond drill targets at the Cloud Drifter Zone will be outlined in future releases.

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 85,173,300 shares outstanding.

For further information, please contact:

Dustin Perry, P.Geo.
CEO and Director
Phone: +1-778-606-2507
E-Mail: info@kingfishermetals.com

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

Cautionary Note Regarding Forward-Looking Statements

Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property. This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: formulation of plans for drill testing; and the success related to any future exploration or development programs.

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include; success of the Company's projects; prices for gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks related to the COVID-19 pandemic; fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business of mineral exploration; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; legal restrictions relating to mineral exploration; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

SOURCE: Kingfisher Metals Corp.