Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) is pleased to announce that, further to its news release dated March 18, 2024, it has closed the first tranche of its private placement financing (the “Offering”) through the issuance of4,521,214units of the Company (a “Unit”) at a price $0.175 per Unit and 511,111flow-through units of the Company (a “FT Unit”) at a price of $0.225 per FT Unit for aggregate gross proceeds of C$906,212.43. A second and final tranche of the Offering of up to an additional approximately C$1,093,787.57 remains open and is expected to close in May 2024.
Each FT Unit consists of one flow-through common share and one half of one transferable non-flow-through common share purchase warrant. Each Unit consists of one common share and one–half of one transferable common share purchase warrant. Each whole warrant will be exercisable to acquire one additional common share of the Company for 24 months from the closing date of the first tranche of the Offering at an exercise price of C$0.30.
The gross proceeds received by the Company from the sale of the FT Units will be used, pursuant to the provisions in the Income Tax Act (Canada) (the “Tax Act”) to incur, directly or indirectly, expenses (“Qualifying Expenditures”) related to the Company’s projects in British Columbia, on or before December 31, 2025, that are eligible “Canadian exploration expenses” (as defined in the Tax Act), which will qualify as “flow-through critical mineral mining expenditures” (as defined in the Tax Act) and “BC flow-through mining expenditures” as defined in the Income Tax Act (BC). The Company willrenounce all the Qualifying Expenditures in favour of the applicable subscribers of the FT Units effective December 31, 2024.
In connection with the first tranche of the Offering, the Company paid to Red CloudSecurities Inc. a finder’s fee of $1,050 in cash.
The Offering is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. All securities issued pursuant to the first tranche of the Offering, including common shares issuable upon the exercise of warrants or finderwarrants, are and will be subject to a hold period of four months and one day after the date of closing of the first tranche of the Offering.
Multilateral Instrument 61-101 – Related Party Transaction
Dustin Perry, CEO, is an insider of the Company andparticipated in the first tranche of the Offering by purchasing 114,286 Units for an aggregate subscription price of C$20,000.Richard Trotman, a director, is an insider of the Company and participated in the first tranche of the Offering by purchasing 30,000 Units for an aggregate subscription price of C$5,000.DCJL Management Ltd. (“DCJL”) is aninsider of the Company by virtue of David Loretto, a director, controlling DCJL. DCJL participated in the first tranche of the Offering by purchasing 30,000 Units for an aggregate subscription price of C$5,000. Alejandro Emiliano Gubbins Coxis an insider of the Company and participated in the first tranche of the Offering by purchasing 1,143,000 Units for an aggregate subscription price of C$200,025.Plethora Precious Metals Fund Managementis an insider of the Company and participated in the first tranche of the Offering by purchasing 750,000 Units for an aggregate subscription price of C$131,250. Accordingly, the Offering constitutes a “related party transaction” for the Company within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval under MI 61-101 as the fair market value of each of the insider’s participation in the Offering does not exceed more than 25% of the market capitalization of the Company, as set forth in Sections 5.5(a) and 5.7(1)(a) of MI 61-101.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 33,349,555shares outstanding.
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.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,”“plans,”“anticipates,”“believes,”“intends,”“estimates,”“projects,”“potential” and similar expressions, or that events or conditions “will,”“would,”“may,”“could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the expected closing date of the Offering, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
VANCOUVER, British Columbia – April 3, 2024 – Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) announces that it will complete a consolidation of the issued and outstanding shares of the Company at a ratio of five (5) pre-consolidation common shares for one (1) post-consolidation common share (the “Consolidation”). The Consolidation will take effect on opening of business on April 8, 2024.
The Consolidation will increase Kingfisher’s flexibility and competitiveness in the market, and to make the Company’s securities more attractive to a wider audience of potential investors.
As a result of the Consolidation, the Company’s currently issued and outstanding 141,586,151 common shares will be reduced to approximately 28,317,230 common shares. No fractional common shares will be issued as a result of the Consolidation. Instead, any fractional common shares will be rounded down to the nearest whole number of common shares. The Company’s new CUSIP number is 49571M503 and its new ISIN number is CA49571M5037.
In accordance with the Articles of the Company, the Consolidation does not require approval of the shareholders of the Company.
Registered shareholders will receive a letter of transmittal from the Company’s transfer agent, Computershare Investor Services Inc. (“Computershare”), with information on how to exchange their old share certificates representing pre-Consolidation common shares with the new share certificates representing post-Consolidation common shares. Computershare will forward to each registered shareholder who has provided the required documents a new share certificate representing the number of post-Consolidation common shares to which the shareholder is entitled. Until surrendered, each share certificate representing pre-Consolidation common shares of Kingfisher will be deemed for all purposes to represent the number of whole post-Consolidation common shares to which the holder is entitled as a result of the Consolidation.
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.
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.
Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Kingfisher. In making the forward-looking statements, Kingfisher has applied certain assumptions that are based on information available, including Kingfisher’s strategic plan for the near and mid-term. 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 statements. Accordingly, readers should not place undue reliance on forward-looking information. Kingfisher does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
VANCOUVER, British Columbia – March 26, 2024 -Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) announces that further to its previous release on March 18, 2024, to complete a non-brokered private placement (the “Offering”) for gross proceeds of up to $2 million that the Company intends to complete a consolidation of its common shares on the basis of one (1) post-consolidation Common Share for each five (5) pre-consolidation Common Shares (the “Consolidation”).
The Offering
The Offering will consist of a non-brokered private placement of flow-through units (the “FT Units”) at a post-Consolidation price of $0.225 per FT Unit($0.045 per FT Unit on a pre-Consolidation basis)and units (the “Units”) at a post-Consolidation price of $0.175 per Unit ($0.035 per Unit on a pre-Consolidation basis) for aggregate gross proceeds of up to $2.0 million.
Each FT Unit will consist of one flow-through common share and one half of one transferable non-flow-through common share purchase warrant. Each Unit will consist of one common share and one-half of one transferable common share purchase warrant. Each whole warrant will be exercisable to acquire one additional common share of the Company for 24 months from the closing date of the Offering at an exercise price of $0.06 ($0.30 on a post-Consolidation basis).
The Offering will be made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada) (the “Tax Act”) to incur, directly or indirectly, expenses (“Qualifying Expenditures”) related to the Company’s projects in British Columbia, on or before December 31, 2025, that are eligible “Canadian exploration expenses”(as defined in the Tax Act), which will qualify as “flow-through critical mineral mining expenditures”(as defined in the Tax Act) and “BC flow-through mining expenditures” as defined in the Income Tax Act (BC). The Company will renounce all the Qualifying Expenditures in favour of the applicable subscribers of the FT Units effective December 31, 2024.
The Offering is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. The FT Units and the Units will be subject to a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws.
In connection with the Offering, certain arm’s-length parties may receive a cash finder’s fee payment and/or warrants to purchase common shares in the capital of the Company in consideration of securities that are sold to subscribers introduced by suchparties. Any cash finder’s fee payment and/or warrants will be subject to the approval of and will be issued in accordance with the rules of, the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Consolidation
The Company currently has 141,586,151 common shares issued and outstanding and following the completion of the Consolidation will have approximately 28,287,230 common shares issued and outstanding, without taking into account the Offering. The number of post-Consolidated common shares to be received will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5.
Pursuant to the provisions of the Business Corporations Act (British Columbia) and the Articles of the Company, the Consolidation was approved by way of resolution passed by the board of directors of the Company.
The Company will apply to the TSXV for approval of the Consolidation. The common shares will commence trading on a post-consolidated basis on a date to be determined in consultation with the TSXV, which date will be announced in a subsequent news release once confirmed, but is expected to occur prior to the closing of the Offering. The Company’s name and trading symbols will remain unchanged.
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 141,586,151 shares outstanding.
For further information, please contact:
Dustin Perry, P.Geo. CEO and Director Phone:+1 236 358 0054 E-Mail: [email protected]
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.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,”“plans,”“anticipates,”“believes,”“intends,”“estimates,”“projects,”“potential” and similar expressions, or that events or conditions “will,”“would,”“may,”“could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the expected closing date of the Offering, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
VANCOUVER, British Columbia – March 18, 2023 – Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) is pleased to announce a non-brokered private placement of flow-through units (the “FT Units”) at a price of $0.045 per FT Unit and units (the “Units”) at a price of $0.035 per Unit for aggregate gross proceeds of up to $2.0 million (the “Offering”).
Each FT Unit will consist of one flow-through common share and one half of one transferable non-flow-through common share purchase warrant. Each Unit will consist of one common share and one-half of one transferable common share purchase warrant. Each whole warrant will be exercisable to acquire one additional common share of the Company for 24 months from the closing date of the Offering at an exercise price of $0.06.
The Offering will be made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada) (the “Tax Act”) to incur, directly or indirectly, expenses (“Qualifying Expenditures”) related to the Company’s projects in British Columbia, on or before December 31, 2025, that are eligible “Canadian exploration expenses”(as defined in the Tax Act), which will qualify as “flow-through critical mineral mining expenditures”(as defined in the Tax Act) and “BC flow-through mining expenditures” as defined in the Income Tax Act (BC). The Company will renounce all the Qualifying Expenditures in favour of the applicable subscribers of the FT Units effective December 31, 2024.
The Offering is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. The FT Units and the Units will be subject to a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws.
In connection with the Offering, certain arm’s-length parties may receive a cash finder’s fee payment and/or warrants to purchase common shares in the capital of the Company in consideration of securities that are sold to subscribers introduced by suchparties. Any cash finder’s fee payment and/or warrants will be subject to the approval of and will be issued in accordance with the rules of, the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 130,436,151 shares outstanding.
For further information, please contact:
Dustin Perry, P.Geo. CEO and Director Phone: +1 236 358 0054 E-Mail: [email protected]
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.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the expected closing date of the Offering, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) is pleased to announce the full results of the 2023 diamond drilling program at the HWY 37 Project with 2,150 m drilled over six holes (Fig. 1). The project is located in northwest British Columbia within the Golden Triangle.
Highlights
A ~100 m southern step-out at the Mary porphyry deposit returned 0.43 g/t Au Eq over 438 m (0.26 g/t Au, 0.043% Cu, and 36 ppm Mo; hole M-23-006) and is the first-ever hole into barren cover rocks that significantly expands the prospective area.
A high-level setting, indicated by epithermal veins at Mary (3 m of 811 g/t Ag; M-23-006), suggest potential for an increase in disseminated porphyry copper grades at deeper levels.
A ~1,000 m southeastern step-out from Mary delineated a large alteration body below the barren cover at the Mary Root Zone target consistent with a flanking zinc-rich ‘pyrite halo’ position to a porphyry core including 241.7 m of 0.31 g/t Au Eq. (0.16 g/t Au, 4.6 g/t Ag, 0.039% Pb, 0.126% Zn; hole M-23-002).
Drilling at Cliff Porphyry is the first to test a sizeable 300 by 150 m quartz stockwork body separated from the Mary deposit by >1,400 m to south-southwest across a drape of barren cover rock. Initial test of stockwork returned 114 m of 0.2% Cu Eq. (0.114% Cu, 0.04 Au, 67 ppm Mo; hole M-23-001).
Dustin Perry, CEO states “Our modestly sized first ever drill program at HWY 37 successfully delivered results supporting our thesis that the Mary area has significant room to grow and that there is potential for the discovery of large porphyry systems comparable to other deposits within the Golden Triangle. We look forward to continued drilling in 2024 at this underexplored porphyry district within the prolific Golden Triangle of British Columbia.”
Gayle Febbo, VP Exploration states “The large vertical and lateral scale of alteration is reminiscent of other notable Au-Cu districts in the region such as KSM and Treaty Creek. This program has shown us that the Mary area has kilometer scale lateral exploration opportunities with a high-level porphyry setting ideal for the potential discovery of a lower-level copper body comparable to those delineated at KSM.”
Summary
The Mary deposit is one of three advanced targets on the HWY 37 Project in addition to the Williams Cu-Au porphyry deposit and the Hank Au-Ag epithermal deposit. The Mary porphyry system is located 9 km from Highway 37 and the Northwest Transmission Line.
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.
Figure 1: Surface Geology Map and Drill Collar Locations, HWY 37 ProjectFigure 2: Mary Area Drill Highlights, see Table 1 for Au Eq.
Table 1: Drill highlights eastern HWY 37 Project
Target
Hole
From (m)
To (m)
Interval (m)
Au Eq. g/t*
Cu Eq. %*
Au g/t
Ag g/t
Cu %
Mo ppm
Pb %
Zn %
Cliff
M-23-001
267
381
114
0.20
0.04
1.3
0.114
67
–
–
Incl.
330
345
15
0.35
0.07
0.9
0.151
228
–
–
M-23-004
229.1
294
64.9
0.11
0.01
0.4
0.092
13
–
–
Mary Root Zone
M-23-002
79.3
321
241.7
0.31
0.16
4.6
0.012
6
0.039
0.126
Incl.
106.1
131.7
25.6
0.59
0.26
11.3
0.005
3
0.135
0.277
Incl.
171
237
66
0.51
0.30
6.2
0.022
10
0.037
0.161
M-23-003
128
189.5
61.5
0.30
0.11
3.5
0.008
3
0.102
0.233
M-23-003
270
322
52
0.43
0.20
6.4
0.028
12
0.028
0.190
Mary
M-23-005
10.5
123.3
112.8
0.19
0.13
0.2
0.016
35
–
–
M-23-006
9
447
438
0.43
0.26
6.0
0.043
36
–
–
Incl.
42
219
177
0.62
0.30
14.3
0.056
56
–
–
Incl.
105
108
3
11.36
0.12
811
0.360
44
Incl.
300
330
30
0.67
0.54
0.8
0.075
13
–
–
*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
Hole
Area
Easting
Northing
Elev. (m)
Depth (m)
Azimuth
Dip
M-23-001
Cliff
413935
6347918
1445
384
130
55
M-23-002
MRZ
414822
6348312
1460
417
310
65
M-23-003
MRZ
414768
6348163
1401
372
300
57
M-23-004
Cliff
414036
6347812
1340
339
327
67
M-23-005
Mary
414330
6349201
1608
189
105
80
M-23-006
Mary
414330
6349201
1608
449
86
62
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.
Figure 3: Mary Deposit Plan Map and Section A-A’, see Table 1 for Au Eq. Figure 4: Shallow-level textured quartz (qz)-rhodochrosite (rd)-pyrite (py) veins in chlorite (chl)-biotite (bt) altered diorite, Mary deposit (M-23-006, 262.5 m)Figure 5: Mary Root Zone Cross Sections, Holes M-23-002 and -003, see Table 1 for Au Eq.
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.
Figure 6: A) Pervasive and disseminated porphyry-style secondary quartz (qz), sericite (ser), pyrite (py), and sphalerite (sph) with late carbonate stringers (cb) in diorite; B) Volcaniclastic andesite altered to quartz (qz), carbonate (cb), sphalerite (sph), pyrite (py) and galena (gal), Mary Root Zone (M-23-002, 123.2 m)
Figure 6: A) Pervasive and disseminated porphyry-style secondary quartz (qz), sericite (ser), pyrite (py), and sphalerite (sph) with late carbonate stringers (cb) in diorite; B) Volcaniclastic andesite altered to quartz (qz), carbonate (cb), sphalerite (sph), pyrite (py) and galena (gal), Mary Root Zone (M-23-002, 123.2 m)Figure 7: Mary Area IP Chargeability Anomalies (900 m el.) Projected to SurfaceFigure 8: Zinc and Copper Distribution at Goldstorm and Williams Deposits Compared to Mary Root Zone Target. Figure 9: Mary Area Interpretation, see Table 1 for Au Eq.Figure 10: Cliff Section, see Table 1 for Cu Eq.
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.
Figure 11: High volume sheeted veins of quartz (qz), chlorite (chl), pyrite (py), chalcopyrite (cpy) and carbonate (cb), Cliff porphyry (M-23-001, 165.5 m)
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: [email protected]
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.
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.
Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) is pleased to announce the completion of diamonddrilling at the HWY 37 Project with 2150 m drilledover 6 holes. The project is located in Northwest 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 step-out (Fig. 1). Two holes (M-23-001 and M-23-004) tested the Cliff porphyry, one from upslope 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.
Table 1: Diamond Drill Collars (NAD 83 – Zone 9), MRZ – Mary Root Zone
Cliff Porphyry Target
Two diamond holes tested a ~200 x 100 m chalcopyrite-bearing quartz stockwork body at surface, located in the core of a Cu-Au-Ag-Mo 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 sub-horizontal layers of volcaniclastic to coherent basalt with lesser rhyolite and multiple phases of cross-cutting 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 (0-72 m; M-23-001).
2. A principle ‘potassic’ stockwork alteration body with 5-35% quartz veins, secondary K-feldspar, biotite, magnetite, pyrite, chalcopyrite and trace covellite (72-264 m, M-23-001; 0-126 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; (264-384m, M-23-001; 126-300 m, M-23-004).
Mary Root ZoneTarget
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 (0-80 m, M-23-002).
2. A mid-level ‘phyllic’ alteration, with stringers and disseminations of pyrite (average 8%), white mica, carbonate, pervasive quartz, green fluorite, clay, disseminations, and stringersthroughout of sphalerite, galena, chalcopyrite and pyrrhotite (80-270 m, M-23-002; 145-308 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%), anddisseminations of sphalerite, galena, chalcopyrite, and pyrrhotite (270-417 m, M-23-002; 308-372 m, M-23-003).
Mary Deposit Step-Out
The planned hole is a ~100 m step-out that follows-up on a drillhole from 2019, which intersected 0.5 g/t Au, 0.1% 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 andmolybdenite) in a basalt host (0-189 m, M-23-005; 0-199 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 (199-449 m, M-23-006).
Additional Field Work
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 (Fig. 1) 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, 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.
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.
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.
VANCOUVER, British Columbia, August 14, 2023 – Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) is pleased to announce diamond drilling has begun at the HWY 37 Project for the planned ~2500 m drill program. The project is located in Northwest British Columbia within the Golden Triangle.
Highlights
Drill test of the Cliff porphyry target follows-up on untested significant stockwork on surface adjacent to a single historical drill hole that bottomed in 0.11 % Cu over 81 m (Hole BC06-01) in flanking alteration.
Sampling by Kingfisher in 2023 returned 1.70% Cu from the Cliff porphyry stockwork body.
Drilling south along trend from the Mary deposit targets open mineralization adjacent to hole BCK-MZ-19-01 with 0.48 g/t Au and 0.14% Cu over 291.5 m.
Dustin Perry, CEO states “We are beginning an exciting drill program at the relatively underexplored HWY 37 Project within the prolific Golden Triangle. This program is focused on new copper-rich porphyry discoveries with drilling at the untested Cliff stockwork body and the Mary Root Zone which are part of a large 6×6 km alteration zone that includes the Mary deposit. Drilling will also focus on expanding the footprint of the Mary deposit.”
The ~2500 m diamond drill program at the HWY 37 Project is currently underway with initial drilling at the Cliff porphyry target. The drill contractor is Konaleen Drilling, a Tahltan based company.
Cliff Porphyry Drill Target
The Cliff porphyry is part of a ~4 km-long Cu-Au-Ag-Mo soil anomaly on trend with the Mary deposit and is the first drill target of the program. Two creek gullies in the core of the soil anomaly (Figure. 1) provide narrow exposures of copper-bearing stockwork. Mapping delineated a >200 m trace in the western gully and >100 m trace in the eastern creek. The stockwork body is host to 5-30% by volume veins of magnetic K-feldspar-biotite-magnetite-quartz-chalcopyrite-pyrite-galena. Kingfisher sampled the stockwork on surface (Sample C0144155, Figure 1) returning 1.70% Cu, 0.04 g/t Au, 26.93 g/t Ag, 58.4 ppm Mo. Historical rocks in the stockwork grade up to 0.7% Cu.
Figure 1: Cliff Porphyry Drill Target
Only one historical drillhole at Cliff porphyry (Hole BC06-01) collared east of the stockwork body (Figures 1&2). The hole bottomed in 0.11% Cu over 80.62 m, where quartz-sulfide veins increase to 2-5% by volume. The stockwork body mapped on surface hosts a higher volume of veins (5-30%) and was not tested by hole BC06-01.
This stockwork body lies above a large, untested magnetic anomaly (Figure 2). Hole BC06-01 bottomed in 0.11% Cu over 80.62 m but did not intersect the intense zone of stockwork outlined in Figure 1. The bottom of BC06-01 is ~170 m from a large magnetic anomaly.
Between the Mary and Cliff porphyry centres is an untested large alteration expression cored by a coincident chargeability-resistivity geophysical anomaly (Figure 3). Gold grade at Mary is coincident with a resistivity high, draped around a subvertical chargeability anomaly. Highest relative copper grade is hosted along the upper boundary and within the core of the chargeability anomaly. The Mary Root Zone target similarly hosts a subvertical chargeability anomaly enclosed by a resistivity anomaly with continuity to the Mary deposit.
A conceptual root zone is inferred to have high relative copper compared Mary due to the deeper level. The geophysical anomaly indicates that the root zone target is larger in vertical and lateral scale than Mary.
Figure 3: Mary Root Zone Target
Mary Deposit Step-out
The upper levels of the Mary deposit are marked by open-ended low angle metal patterns in Au and Cu. Deeper drill delineation below the Mary deposit is limited to one hole along the northeastern flanks of the deposit. The projection of the low angle metal patterns remains untested to the west, south and east. The at-depth extent of the system below the low angle metal pattern is tested by just one hole (BC12-47) that drilled ~130 m to the north of the top three intercepts, all located in the southern drilled extent.
One step-out hole is planned to test the southern continuation of the Cu-Au intercepts. Delineating the full lateral extent of the upper metal patterns is key to future targeting of the at-depth projection of metal patterns. The planned hole follows-up on a drillhole from 2019, which intersected 0.5 g/t Au, 0.1% Cu over 291.5 m from 15.5 m (BCK-MZ-19-01).
Options Issuance
Kingfisher also announces the grant of 3,650,000 stock options that are exercisable for a period of five years at a price of $0.12 per share to its directors, officers, various staff members, and an investor relations consultant (Adelaide Capital Markets Inc.).
Quality Assurance/Quality Control (QAQC)
Rock samples were shipped to MSALABS, located in Langley, British Columbia for preparation and analysis. MSALABS is an ISO17025 and ISO9001 accredited laboratory and is independent of Kingfisher and its Qualified Person. Samples were prepped using the PRP-915 and analyzed for 48 major and trace elements with ICP-MS after a four-acid digestion (method code IMS-230). A 30 g split from assay sample was analyzed for Au using a lead collection fire assay fusion that was digested and analyzed using AA (method code FAS-111). Overlimit (>10,000 ppm) copper was determined using a 0.2 gram sample, four-acid digestion and ICP-AES finish (method core ICF-230).
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.
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.
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.
VANCOUVER, British Columbia – August 3, 2023 – Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) is pleased to announce that, further to the Company’s news releases dated May 15, 2023 and July 17, 2023, it has closed its private placement financing (the “Offering”) for gross proceeds of approximately C$2.8 million through the issuance of 21,632,450 charity flow-through units at a price of C$0.12 per charity flow-through unit and 2,325,000 flow-through units at a price of C$0.10 per flow-through unit of the Company (collectively, the “Offered Units”).
Each Offered Unit is comprised of one common share of the Company (each, a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”), each of which will qualify as “flow-through shares” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”). Each Warrant is exercisable for one Common Share at an exercise price of C$0.15 per Common Share at any time up to 24 months following the closing date of the Offering.
The aggregate gross proceeds raised from the Offering will be used, pursuant to the provisions in the Tax Act to incur, directly or indirectly, expenses (“Qualifying Expenditures”) related to the Company’s projects in British Columbia, on or before December 31, 2024, that are eligible “Canadian exploration expenses” (as defined in the Tax Act), which will qualify as “flow-through critical mineral mining expenditures” (as defined in the Tax Act) and “BC flow-through mining expenditures” as defined in the Income Tax Act (BC). The Company will renounce all the Qualifying Expenditures in favour of the applicable subscribers of the Offered Units effective December 31, 2023.
In connection with the Offering, commissions on the sale of the Offered Units were paid to eligible finders (the “Finders”) in accordance with the policies of the TSX Venture Exchange and applicable securities law. The Company paid an aggregate of C$9,059.45 in cash commissions and issued 45,000 finder warrants (the “Finder Warrants”) to the Finders. Each Finder Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.15 at any time prior up to 24 months following the closing date of the Offering.
All securities issued pursuant to the Offering, including Common Shares issuable upon the exercise of Warrants or Finder Warrants, are and will be subject to a hold period of four months and one day after the date of closing of the Offering.
Certain insiders of the Company subscribed for an aggregate of 4,255,960 Offered Units for gross proceeds of $513,115.20 under the Offering. Participation by insiders of the Company in the Offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as the Common Shares are listed on the TSXV. The issuance of securities is also exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value was less than $2,500,000.
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.
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.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
VANCOUVER, British Columbia – July 17, 2023 – Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) announces that, further to its news release dated May 15, 2023, it has received an extension from the TSX Venture Exchange (“TSX-V”) to close its non-brokered private placement of charity flow-through units (the “Charity FT Units”) at a price of $0.12 per Charity FT Unit and flow-through units (the “FT Units” and, collectively with the Charity FT Units, the “Offered Units”) at a price of $0.10 per FT Unit for aggregate gross proceeds of up to $3.0 million (the “Offering”).
The Offering is expected to close on or about August 3, 2023, and is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX-V. All terms of the Offering remain the same.
Field crews have mobilized to the HWY 37 Project area and have commenced preparations for camp and drill pad construction for the proposed ~2,500 m diamond drill program, which is expected to start after closing of the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 106,628,701 shares outstanding.
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.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the expected closing date of the Offering, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
VANCOUVER, British Columbia – May 15, 2023 -Kingfisher Metals Corp. (TSX-V: KFR) (FSE: 970) (OTCQB: KGFMF) (“Kingfisher” or the “Company”) is pleased to announce a non-brokered private placement of charity flow-through units (the “Charity FT Units”) at a price of $0.12 per Charity FT Unitand flow-through units (the “FT Units” and, collectively with the Charity FT Units, the “Offered Units”) at a price of $0.10 per FT Unit for aggregate gross proceeds of up to $3.0 million (the “Offering”).
Each Offered Unit will consist of one flow-through common share and one half of one transferable non-flow-through common share purchase warrant (each whole such common share purchase warrant, a “Warrant”). Each Warrant will be exercisable to acquire one additional non-flow-through common share of the Company for 24 months from the closing date of the Offering at an exercise price of $0.15.
The Offering will be made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the Offered Units, pursuant to the provisions in the Income Tax Act (Canada) (the “Tax Act”) to incur, directly or indirectly, expenses (“Qualifying Expenditures”) related to the Company’s projects in British Columbia, on or before December 31, 2024, that are eligible “Canadian exploration expenses”(as defined in the Tax Act), which will qualify as “flow-through critical mineral mining expenditures”(as defined in the Tax Act) and “BC flow-through mining expenditures” as defined in the Income Tax Act (BC). The Company will renounce all the Qualifying Expenditures in favour of the applicable subscribers of the Offered Units effective December 31, 2023.
The Offering is expected to close on or about June 8, 2023 and is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. The Offered Securities will be subject to a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws.
In connection with the Offering, certain arm’s-length parties may receive a cash finder’s fee payment and/or warrants to purchase common shares in the capital of the Company in consideration of securities that are sold to subscribers introduced by suchparties. Any cash finder’s fee payment and/or warrants will be subject to the approval of, and will be issued in accordance with the rules of, the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 106,628,701 shares outstanding.
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.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,”“plans,”“anticipates,”“believes,”“intends,”“estimates,”“projects,”“potential” and similar expressions, or that events or conditions “will,”“would,”“may,”“could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the expected closing date of the Offering, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
