Mr. Dustin Perry reports

KINGFISHER ANNOUNCES COMPLETION OF DRILL PROGRAM AT HWY 37 PROJECT IN THE GOLDEN TRIANGLE, BC

Kingfisher Metals Corp. has completed diamond drilling at the HWY 37 project with 2,150 metres drilled over six holes. The project is located in northwestern British Columbia within the Golden Triangle.

Summary

The 2023 diamond drill program focused on three target areas: the Cliff porphyry, the Mary Root zone and the Mary deposit southern stepout. Two holes (M-23-001 and M-23-004) tested the Cliff porphyry, one from up slope that crossed the stockwork to test the width extent and one that collared at a lower elevation in the stockwork to test the changes with depth. Two holes were completed at the Mary Root zone at the central (M-23-002) and southern target (M-23-003), with the strongest alteration and metal content intercepted in the northern hole. A single hole was originally planned at the Mary deposit, but difficult drilling conditions caused the loss of the hole prior to target depth. So, a second hole was drilled from the same pad to test the deeper extents of the area. Drill core samples are currently being assayed and results will be released once available.

Cliff porphyry target

Two diamond holes tested an approximately 200 by 100 m chalcopyrite-bearing quartz stockwork body at surface, located in the core of a copper-gold-silver-molybdenum soil anomaly and coincident magnetic high. The initial hole (M-23-001) collared above the stockwork body, drilling across the stockwork body to the southeast. The second hole (M-23-004) collared in the stockwork body and drilled to the northwest, to cross the stockwork body and drill at depth below it.

Lithology in the two holes comprises subhorizontal layers of volcaniclastic to coherent basalt with lesser rhyolite and multiple phases of crosscutting hornblende monzonite to monzodiorite porphyry and biotite hornfels in the contact zones. Three broad alteration domains were identified within the two drill holes:

1. An inner propylitic alteration panel overlies the stockwork body with quartz, actinolite, chlorite, epidote, white mica, carbonate, galena, sphalerite and pyrite (zero to 72 m, M-23-001);
2. A principle potassic stockwork alteration body with 5 to 35 per cent quartz veins, secondary K-feldspar, biotite, magnetite, pyrite, chalcopyrite and trace covellite (72 to 264 m, M-23-001; zero to 126 m, M-23-004);
3. A deeper-level sodic-potassic alteration domain with secondary K-feldspar, quartz, albite, magnetite, diopside, actinolite, chlorite, epidote, pyrite, chalcopyrite and molybdenite (264 to 384 m, M-23-001; 126 to 300 m, M-23-004).

Mary Root zone target

Two diamond holes targeted a coincident chargeability-resistivity anomaly starting at depth in holes M-23-002 and M-23-003. Host lithology includes a matrix-supported, volcaniclastic andesite and multiple phases of hornblede monzonite to hornblende monzodiorite porphyry. The holes intersected three vertically zoned alteration domains:

1. An upper panel of inner propylitic alteration with secondary albite, actinolite, chlorite, epidote, pyrite and carbonate stringers (zero to 80 m, M-23-002);
2. A mid-level phyllic alteration, with stringers and disseminations of pyrite (average 8 per cent), white mica, carbonate, pervasive quartz, green fluorite, clay, disseminations and stringers throughout of sphalerite, galena, chalcopyrite and pyrrhotite (80 to 270 m, M-23-002; 145 to 308 m, M-23-003);
3. A deeper-level, higher-temperature sodic to sodic-potassic alteration domain includes pervasive secondary K-feldspar, albite flooding, white mica, quartz, fluorite, anhydrite, disseminated pyrite (average 5 per cent), and disseminations of sphalerite, galena, chalcopyrite and pyrrhotite (270 to 417 m, M-23-002; 308 to 372 m, M-23-003).

Mary Deposit stepout

The planned hole is an approximately 100 m stepout that follows up on a drill hole from 2019, which intersected 0.5 gram per tonne Au, 0.1 per cent Cu over 291.5 m from 15.5 m (BCK-MZ-19-01). The initial hole (M-23-005) faced difficult drilling conditions and the hole was lost at 189 m. The second hole (M-23-006) was drilled from the same pad with a change in azimuth and dip. Both holes collar in a coherent to volcaniclastic basalt:

1. An upper potassic alteration assemblage with secondary K-feldspar, biotite, quartz with disseminated pyrite, chalcopyrite and molybdenite in a basalt host (zero to 189 m, M-23-005; zero to 199 m, M-23-006);
2. A mid-level chlorite-magnetite alteration with pervasive chlorite, quartz, albite, and disseminated magnetite, pyrite, chalcopyrite and molybdenite in host of basalt, diorite and monzonite (199 to 449 m, M-23-006).

Additional fieldwork

Surface geological mapping was undertaken by geological mapping expert Dr. Stephanie Sykora with a focus on the Hank and Rojo Grande map areas. The map study focused on identifying structural, stratigraphic and alteration patterns in the area in preparation for future drilling in 2024.

Target 4 is a new area of interest identified by geophysical and structural patterns. Kingfisher carried out prospecting and identified chalcopyrite in quartz stockwork in a region with no previous rock or soil samples. Prospecting was followed up with a soil grid of 47 samples conducted over the area with results pending.

Qualified person

Dustin Perry, PGeo, Kingfisher's chief executive officer, 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 is a Canadian-based exploration company focused on underexplored district-scale projects in British Columbia, including the Golden Triangle region. Kingfisher has three 100-per-cent-owned, district-scale projects and an option to earn 100 per cent of the HWY 37 project that offer potential exposure to gold, copper, silver and zinc. The company currently has 130,586,151 shares outstanding.

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