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Drilling at the Mary deposit in 2023 expanded the northerly strike length from 360 m to 450 m and increased the width to ~240 m (Figs. 1 and 2). No previous programs have drilled beneath the cover rock (Fig. 2) to determine the economic potential of geological units, and these drill holes demonstrate that alteration projects under cover in a large region. The cover unit represents a significant untested target area that measures 1 x 1 km and is flanked by a significant stockwork body at Cliff to the south, a broad flanking-type porphyry alteration pattern to the east at Mary Root Zone target, and a drill delineated Mary deposit to the north.

The Mary Root Zone target concept was based on a large coincident chargeability-resistivity geophysical anomaly, and two holes were able to identify that the scale and depth of the anomalies is consistent with a very large gold-bearing hydrothermal system (Figs. 1 and 2). Metal zonation patterns, particularly of zinc, are commonly distributed in a flanking (along-side) or a carapace (above) body relative to the copper zone at both nearby porphyry deposits (e.g., Williams and Goldstorm deposits).

The Cliff stockwork body was tested by two holes - one to test the width extent and a second to test the depth extent. Compared to the Mary deposit, drilling intercepted a unique and more felsic phase of intrusion with a higher quartz vein abundance, a low gold to copper ratio, and high relative molybdenum to gold. The Cliff porphyry is interpreted as a relatively small, younger phase emplaced at the margin of a km-scale, zoned porphyry system represented in part by the Mary deposit and the Mary Root Zone target.

Table 1: Drill highlights eastern HWY 37 Project

*Au equivalent (Eq.) and Cu equivalent (Eq.) values were calculated using the following metal prices: Au = $1900.00/oz, Cu = $4.00/lb, Ag = $25.00/oz, Mo = $24.38/lb, Pb = $1.03/lb, and Zn = $1.13/lb. No current or historical metallurgical work has been completed on the mineral deposits within the Project and as such recoveries are assumed to be 100%. The formula used to calculate the equivalent values for the Mary Target and Figure 2, 3 and 9 is Au Eq. g/t = Au g/t + (Cu % * 1.4436) + (Ag g/t * 0.0132) + (Mo % * 8.7988). The formula used to calculate the Au equivalent values for Root Zone Target and Figure 5 is Au Eq. g/t = Au g/t + (Cu % * 1.4436) + (Ag g/t * 0.0132) + (Mo % * 8.7988) + (Pb % * 0.3717) + (Zn % * 0.4078). The formula used to calculate the Cu equivalent values for Figure 10 and Cliff Target is Cu Eq. % = Cu % + (Au g/t * 0.6927) + (Ag g/t * 0.0091) + (Mo % * 6.095). Au Eq. and Cu Eq. are used for illustrative purposes and do not imply that the metals are economically recoverable.

Table 2: Diamond Drill Collars (NAD 83 - Zone 9), MRZ - Mary Root Zone

Mary Deposit Drilling

Hole M-23-006 successfully expanded both the strike-length and width of the Mary deposit with 0.43 Au Eq. over 438 m (Table 1) and also verified that significant exploration potential exists below the barren cover. Descriptions of the drill holes are available in a previous news release (November 2, 2023). The initial drill hole, M-23-005, was abandoned due to difficult drilling conditions and did not reach the interpreted location of the target copper body.

Drilling at the Mary deposit in 2023 expanded the northerly strike length from 360 m to 450 m and increased the width to ~240 m (Fig. 3). The Mary deposit dimensions are yet to be fully delineated, and significant potential exists under cover to the south and southeast.

Previous groups have been deterred from drilling below the barren cover unit due to the absence of geochemical anomalism. Holes M-23-005 and -006 are the first to collar in this geochemical ‘dead zone' and demonstrate that this draped cover conceals a large porphyry alteration system.

The very high gold to copper ratios and presence of narrow high-grade silver at Mary, with 811 g/t Ag over 3 m (Table 1), are unusual for a porphyry deposit. In the upper couple hundred meters of the deposit, the gold to copper ratio ranges 8:1 to 6:1 and at mid-levels the gold to copper ratio is slightly higher at around 2:1. The high-gold metal ratios and epithermal textures near surface at Mary reflect the highest reaches of a porphyry system. Such systems commonly grade vertically into copper-dominant domains at depth.

Significant exploration potential exists for vertical zonation down to a copper-rich body at Mary. There are many examples in the region where gold-rich or gold-only porphyry deposits were discovered at surface and copper-rich bodies were eventually drilled below those levels. Examples include the deeper levels of the Goldstorm deposit (Treaty Creek project) the Mitchell deposit below Snowfield (KSM project), the Lower Iron Cap deposit below Iron Cap (KSM project). The Company cautions the reader that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the HWY 37 Project.

Mary Root Zone Target Drilling

Two holes at the Mary Root Zone Target were drilled at a spacing of ~170 m (Fig. 2). Broad anomalous gold and zinc were intercepted, such as 241.7 m of 0.16 g/t Au, and 0.13% Zn (Table 1, Figs. 5 and 6). A third hole was planned and a drill pad built to test the highest value chargeability anomaly, ~260 m north of M-23-002, but slow drilling conditions at the Mary deposit (holes M-23-005 and -006) prevented the completion of the planned third hole during the 2023 program. For hole descriptions, see previous news release (November 2, 2023). The Mary Root Zone target tests a large coincident chargeability-resistivity geophysical anomaly that is mostly positioned below the barren cover rock (Fig. 7).

The area of drilling tests the margin of the barren cover rock and reflects a geochemical signature consistent with a flanking (alongside) or overlying domain to a gold-bearing porphyry. Broad zinc anomalism was intercepted throughout both holes (Fig. 8), such zinc anomalism is known both locally and regionally to be situated proximal to Cu-Au porphyry deposits. The width of the anomalous zinc intercepts (Fig. 8) at the Mary Root Zone is on par with those at the Goldstorm deposit, at the Treaty Creek Project. Zinc zonation is also present at the nearby Williams deposit, within HWY 37 Project, where anomalous zinc intercepts flank and overlie the porphyry deposit. The Company cautions the reader that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the HWY 37 Project.

Copper values at the Mary Root Zone are low, not exceeding 0.3% Cu throughout the broad anomalous zinc intercept. Many regional porphyry examples reflect a similar decoupled distribution of metal - low or no copper in the zinc zone, and very low zinc in the copper zone. See Goldstorm and Williams porphyry examples (Fig. 8) where very low zinc exists in the copper body and very little copper is delineated in the zinc zones.

The Company interprets the Mary Root Zone results to delineate the flanks or tops to a porphyry system with a much larger zonation scale than the known Mary deposit ~1 km to the NW. The presence of anomalous gold in the flanking alteration is a likely predictor of the presence of gold in the conceptual copper core as well.

Cliff Target Drilling

Two holes were drilled at the Cliff porphyry and were the first-ever test of a significant quartz stockwork body that measures 300 by 150 m on surface (Fig. 10). The stockwork body is located >1400 m to the south-southwest of the Mary deposit across a drape of barren cover. For a description of the holes see previous news release (November 2, 2023). Initial tests of the stockwork returned 114 m of 0.2% Cu Eq. (0.114% Cu, 0.04 Au, 67 ppm Mo; hole M-23-001).

Compared to the Mary deposit, drilling intercepted a unique and more felsic phase of intrusion with a higher quartz vein abundance (Fig. 11) and a low gold to copper ratio yet high relative molybdenum to gold. The Cliff porphyry is interpreted as a younger phase emplaced at the margin of a km-scale, zoned porphyry system represented in part by the Mary deposit and the Mary Root Zone target.

Future Plans

The Company is currently evaluating the extensive database of historical exploration and geological information in addition to our 2023 exploration results at the HWY 37 Project. Kingfisher is working toward the first-ever geological and structural 3D model for both the Mary and Hank-Williams regions. In 2023, Kingfisher completed the first-ever project-scale 3D inversion of historical airborne magnetic data and the first-ever 3D IP inversion of the Mary area. These new valuable datasets are currently being integrated with new 2023 geological surface mapping at Mary and at Hank areas for target generation and refinement.

In the summer of 2023, Kingfisher applied for a 5-year multi-year area-based permit (MYAB) covering the Hank portion of the HWY 37 Project. Hank is host to the Hank epithermal Au-Ag deposit with intercepts including 11.63 g/t Au over 20 m (HNK-18-010) across a ~6 km long trend of mineralization. The Hank area is also host to the 2017 discovery of the Williams porphyry deposit with intercepts including 0.34% Cu and 0.42 g/t Au over 318.73 m (HNK-18-013). The Company believes that there is significant discovery potential for both Brucejack-type intermediate sulfidation epithermal Au-Ag as well as Cu-Au porphyry deposits in the Hank portion of the project. It is anticipated that the Company will receive the 5-year drill permit in advance of the 2024 drill program and Kingfisher intends to focus on exploring both the Mary porphyry and Hank epithermal area targets with drilling in 2024.

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, including the Golden Triangle region. Kingfisher has three 100% owned district-scale projects and an option to earn 100% of the HWY 37 Project, that offer potential exposure to gold, copper, silver, and zinc. The Company currently has 130,586,151 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 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.sedarplus.ca). 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.

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