Goldrange – Kingfisher Metals

The project covers broad area of high-grade orogenic gold mineralization similar in style to the Bralorne Gold Mine which produced 4.2M oz gold at 17.7 g/t. The project sits ~140km northwest of Bralorne along the same regional fault network host to numerous gold occurrences. The Goldrange Project covers a broad area of highly anomalous gold and arsenic in stream sediment samples with limited historic exploration, hand mining activities dating back to the 1930s and two drill programs – 2021 and 2022 – completed by Kingfisher to date.

The project is located within 12km of forest service roads and ~35km from transmission lines that pass through the nearby community of Tatla Lake.

The area receives moderate precipitation with a working season of May to October.

1911

Gold was discovered on the Argo-Langara showings by early prospectors, accessed by horse trails from Tatlayoko lake

1930s

Significant exploration and adit workings on what is now the Cloud Drifter Trend (Argo, Langara and Standard showings)

1940s - early 1980s

Exploration activity hiatus, only small prospecting campaigns on the Goldrange property

1983-1984

Discovery of gold veins by Homestake Mineral Development Company in the A zone, and results of gold grades of up to 2.6 oz/t in float, and discovery of multi-ounce gold in float in the ‘Three Ounce Valley

1987-1988

Equinox Resources Inc. discovers large alteration trend on Argo claims (now Cloud Drifter trend) and several new Au-Ag zones were identified. Prospectors identified new mineralization on the HW showings, with values > 1 oz/ton Au

1987

Prospectors discovered the HW showings and identified > 1 oz/t gold veins

1990-1991

The Lotus gold prospect was discovered with Au values up to 0.664 oz/ton Au, as well as the Champagne vein to the north

1997

Black Horn Gold Mines discovered the Galena, Hunting Lodge and Milk Can showings on the Nuit claims

2003

Skeena Resources Ltd. completed reconnaissance prospecting and sampling program including results with > 6 oz/t Au in float near the HW showings

2003-2020

Hiatus in exploration, only small sampling programs conducted

2020

Goldrange property assembled by Kingfisher Metals

2021

Kingfisher’s first drill program at the Cloud Drifter Trend identifies a significant gold system with anomalous gold mineralization surrounding high-grade structures; hole GR21-007 returns 9 metres of 6.88 g/t Au, 13.6 g/t Ag and 0.28% Cu.

2022

Second diamond drill program at Goldrange, following up on initial 2021 drilling at the Cloud Drifter zone and testing the Langara zone within the Cloud Drifter Trend soil anomaly for the first time, intercepts shallow gold mineralization at both targets; hole GR22-018 returns 40 metres of 2.86 g/t Au.

The Goldrange Project is located within the Coast Belt, adjacent to a major NW-striking structural boundary with the Intermontane Belt to the northeast. In the area of the project, the Coast Belt includes the pre-accretion Stikine terrane (Stuhini and Hazelton groups), post-accretion metamorphic rocks (Triassic to Cretaceous), volcanic rocks (Ottarasko Formation; Lower Cretaceous) and sedimentary rocks (Cloud Drifter Formation; Lower Cretaceous). These rocks are overprinted by mid-Cretaceous fold-and-thrust contractional deformation, which is in turn cut by a Late Cretaceous to Paleocene granodiorite (Bendor suite) and overlain unconformably by Powell Creek Formation (upper Cretaceous) volcanic rocks to the east.

The Goldrange Project includes both pre- and post-accretion layered rocks (upper Triassic to upper Cretaceous) as well as intrusions of Cretaceous age. Boundaries between layered rocks are either thrust or strike-slip faults. The southern extent of the project is underlain by sedimentary and volcanic rocks of the Mount Moore and Cloud Drifter formations, and a very small domain of the Powell Creek Formation along the southeastern margin of the claims. The southern project is partially bound to the south and north by two northeast-elongate Bendor suite intrusions. The northern Goldrange project is underlain by the Cloud Drifter Formation to the east, and a series of thrust fault-bound panels of volcanic rocks of the Ottarasko Formation and limestone and volcanic rocks of the Stuhini Group.

Layered rocks (Triassic to upper Cretaceous) of the Goldrange project have undergone deformation (D₁) and metamorphism related to the formation of the East Waddington fold-and-thrust belt, active between 82-87 Ma. Thrust faults carried Triassic and Cretaceous rocks to the northeast along W-dipping thrust faults, which are subparallel to bedding. Beds in the Cloud Drifter Formation include both right-side-up as well as overturned, separated by E- and W-dipping axial planes to overturned, thrust-bounded, isoclinal folds. Metamorphism is syn- to post-kinematic and metamorphic grade increases from northeast to southwest with a series of NW-striking, SW-dipping isograds. Metamorphic grade ranges from sub-greenschist in the Powell Creek Formation to greenschist and amphibolite in the Ottarasko Formation. A second deformation event (D₂) is associated with gentle, NW-trending folds.

Cloud Drifter Trend

The 3-km long Cloud Drifter Trend in the southern part of the property has been the focus of the Company’s exploration efforts in 2021 and 2022. The trend is covered by an extensive gold-in-soil anomaly and includes the Cloud Drifter, Standard and Langara zones.

In 2022, Kingfisher’s 7,545-metre diamond drill program tested the lower (northern) Cloud Drifter zone, as well as one pad at the Langara zone. This program followed up on the initial 14-hole, 4,925-metre 2021 diamond drill program that tested across the Cloud Drifter zone. The inaugural 2021 drill program targeted high-grade gold vein and breccia in the upper (southern) Cloud Drifter zone. In 2021 drilling, the Pad 400 area returned 6.88 g/t Au over 9 m in GR21-007 and continued to return high-grade intercepts and infill gaps in 2022 drilling. Structural corridors were identified in 2022 breccia and stockwork hosted gold, such as 2.9 g/t Au over 40 m in GR22-018. Gold is structurally controlled and is also focused along contacts of diorite (see Eastern Target Section).

Drill highlights from the 2021 and 2022 drill programs at the Cloud Drifter zone are shown in the table below.

Kingfisher completed seven line-km of IP surveys over the eastern portion of the Cloud Drifter zone in 2022. The survey highlights two large chargeability anomalies at depth – one below the area of drilling and another below a historical adit at the Standard zone, south of the Cloud Drifter zone.

The Langara zone is located in the eastern portion of the Cloud Drifter Trend. In 2022, the first-ever diamond drill holes were completed, with four holes drilled from one pad location. Drilling intersected sulfide breccia, such as in GR22-033 below, and structurally-controlled gold.

The Standard zone, in the southern Cloud Drifter Trend, was mined in the 1930s for gold. The Company completed one backpack drillhole in 2020 that returned 10.84 g/t Au over 6.9 m.

Day Trip

The Day Trip zone was discovered by Kingfisher in 2020, is located approximately 5 km southeast of the Cloud Drifter Trend. In 2022, the Company completed 32 initial rotary air blast (RAB) holes at Day Trip. This initial shallow drilling returned highly anomalous pathfinders in XRF and anomalous gold over an area of 300 x 200 m. Ground geophysical work extended the target area 2 km to the west, where strong chargeability and conductivity anomalies were identified.

Lost Fiddle

The Lost Fiddle showing was described in previous reports, but the first-ever results were reported by Kingfisher. The prospect is located ~2 km northeast of the Cloud Drifter Trend and hosts similar sulfide-rich vein and breccia. New results from Kingfisher include 42.8 g/t Au over 0.45 m in backpack drill hole and a more than 200 x 200 m soil geochemical anomaly in forest cover. Surface sampling focused on a limited area of historical trenching, the lateral extent of the anomaly is not yet known. Future ground geophysical and soil geochemical surveys are required to delineate the anomaly.