Kingfisher Mining Discovers Rare Earth Elements in Gascoyne Area

Kingfisher Mining Ltd (KFM) has discovered high-grade rare earths at its 100% owned Mick Well rare earth elements (REE) project on the Gascoyne property in Western Australia.

Analysis of a 1-meter sample from discovery hole MWRC004 at this project identified 4 meters of 1.84% total rare earth oxides (TREO), including 1 meter of 3.87% TREO within a broader interval of the previous 12 meters of 1.12% TREO, which contained high values of neodymium (Nd) and praseodymium (Pr).

James Farrell, Kingfisher's Executive Director and Chief Executive Officer said: "Analysis of a 1-meter sample from the rare earth discovery drill hole at Mick Well shows high grades of light rare earth elements within the previously reported interval. The Company has commenced mineralogical studies of mineralization, which is now known to include dolomite and monazite containing rare earths. Follow-up drilling has been scheduled to commence in mid-April and will target the high-grade rare earth element mineralization encountered in MWRC004, as well as a number of other high priority targets in the adjacent Mick Well area."

Laboratory analyses were performed using laser ablation inductively coupled plasma mass spectrometry (ICP) and inductively coupled plasma (ICP) mass spectrometry for the total rare earth content of all the original 1 m drill samples that were analyzed.

Kingfisher has completed a review of past exploration work on its new application, and during 1999 and 2000, Cameco Australia Pty Ltd conducted exploration for non-stratigraphic related uranium mineralization in areas that partially cover the western portion of the Company's current tenure.

A diamond drill hole completed by Cameco intersected an anomalous REE and intersected 3.4 metres of 0.14% TREO over 2.6 metres downhole, located approximately 25 kilometers west of Mick Well in Kingfisher's target shear zone of REE mineralization - a shear zone that extends 54 kilometers over the company's extensive exploration tenure.

Kingfisher Mining believes these results are very encouraging for the exploration potential of the entire 54 km long structural corridor. Kingfisher has planned an extensive and targeted exploration program for its 2022 Gascoyne project. The planned exploration is designed to be cost-effective and is intended to develop and test drill targets through groundwork, including mapping, rock sampling, and radiometric surveys.

The company also plans to integrate geological knowledge from regional and airborne geophysical surveys with the company's groundbreaking rare earth element discovery at Mick Well.

Drilling programs are planned at the Mick Well, Kingfisher, and Arthur River, with an initial follow-up program at the Mick Well expected to begin in mid-April and a larger program planned for the September quarter.

The upcoming drill program will test five targets, including follow-up drilling at the MW2 and MW3 targets, and another target with a similar geophysical response to MW2 that has a conductor identified from the VTEM MaxTM survey and a coincident magnetic low.

The Kingfisher and Mick Well projects are located approximately 230 kilometers east of Carnarvon in the Gascoyne region of Western Australia. KFM holds exploration licenses covering 969 square kilometers and has recently increased its interest in the Gascoyne property by almost 40% through the targeted enclosure of additional lands interpreted to be prospective for rare earth elements.

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