Kingfisher Mining Limited announced that it has received further rock chip results from the high grade REE mineralisation discoveries at its 100% owned projects in the Gascoyne Mineral Field in Western Australia, confirming the discovery of mineralisation at MW7. Rock chip sampling results from the recently discovered MW7 prospect have confirmed the discovery of a new lode with an additional strike length of more than 1000m of outcropping mineralisation. On-going mapping has also identified a second target at MW7; the target is interpreted to merge with the initial MW7 discovery.

The MW7 prospect is located 700m northwest of MW2, where drilling earlier this year returned high grade REE results of 5m at 3.45% TREO and where rock chips sampling has returned results of over 40% TREO. Results from rock chip sampling at MW7 include: 31.82% TREO with 5.99% Nd2O3 + Pr6O11 (MWGS1378); 20.11% TREO with 3.40% Nd2O3 + Pr6O11 (MWGS1347); 15.42% TREO with 2.71% Nd2O3 + Pr6O11 (MWGS1355); 15.29% TREO with 2.31% Nd2O3 + Pr6O11 (MWGS1360); 15.11% TREO with 2.57% Nd2O3 + Pr6O11 (MWGS1361); 15.10% TREO with 2.29% Nd2O3 + Pr6O11 (MWGS1350); 14.17% TREO with 2.49% Nd2O3 + Pr6O11 (MWGS1377); 13.81% TREO with 2.55% Nd2O3 + Pr6O11 (MWGS1376); 13.15% TREO with 2.18% Nd2O3 + Pr6O11 (MWGS1346); 13.05% TREO with 2.27% Nd2O3 + Pr6O11 (MWGS1364); 12.14% TREO with 1.91% Nd2O3 + Pr6O11 (MWGS1371); 11.28% TREO with 2.08% Nd2O3 + Pr6O11 (MWGS1358); 10.87% TREO with 1.83% Nd2O3 + Pr6O11 (MWGS1368); 9.29% TREO with 1.53% Nd2O3 + Pr6O11 (MWGS1334); 8.40% TREO with 1.42% Nd2O3 + Pr6O11 (MWGS1348); 8.23% TREO with 1.53% Nd2O3 + Pr6O11 (MWGS1367); 8.22% TREO with 1.4% Nd2O3 + Pr6O11 (MWGS1379); 7.03% TREO with 1.25% Nd2O3 + Pr6O11 (MWGS1366); 7.00% TREO with 1.26% Nd2O3 + Pr6O11 (MWGS1356); 6.71% TREO with 1.24% Nd2O3 + Pr6O11 (MWGS1321); 6.17% TREO with 0.89% Nd2O3 + Pr6O11 (MWGS1339); 5.83% TREO with 1.05% Nd2O3 + Pr6O11 (MWGS1276); 5.54% TREO with 0.88% Nd2O3 + Pr6O11 (MWGS1336); 5.06% TREO with 0.93% Nd2O3 + Pr6O11 (MWGS1279). Additional rock chip results from samples collected prior to the current drilling program at MW2 have led to the identification of an additional mineralised lode.

New high grade results from the recently identified REE lode as well as other results received from MW2 include: 20.78% TREO with 3.31% Nd2O3 + Pr6O11 (MWGS1399); 17.65% TREO with 2.54% Nd2O3 + Pr6O11 (MWGS1402); 17.55% TREO with 2.57% Nd2O3 + Pr6O11 (MWGS1417); 9.96% TREO with 1.66% Nd2O3 + Pr6O11 (MWGS1400); 8.57% TREO with 1.41% Nd2O3 + Pr6O11 (MWGS1414); 6.23% TREO with 1.02% Nd2O3 + Pr6O11 (MWGS1398); 5.36% TREO with 0.94% Nd2O3 + Pr6O11 (MWGS1393); 4.94% TREO with 0.89% Nd2O3 + Pr6O11 (MWGS1418). The current mapping and rock chipping work is targeting a large number of laterally-extensive high priority targets in a broad area that extends 10km west-northwest from MW2 (Figure 3). The targets in this area are also associated with carbonatite complexes as well as high thorium and magnetic responses ­ similar to what is seen from the newly identified outcropping mineralisation at MW2.

Significantly, all of these targets within this 10km long area also lie within Kingfisher's target corridor, the Chalba Shear Zone, which extends for 54km across the Company's Gascoyne tenure. The Chalba Shear Zone is a broad WNW-trending crustal-scale structure that has played an important role in providing a conduit for the intrusion of the carbonatites, as well as the associated alteration and late-stage mineralised veins and carbonatite dykes. Fenites (carbonatite-associated alteration) and potassium fenites, are well-developed in the Mick Well area and are an important host of the REE mineralisation.

Kingfisher is carrying out extensive and targeted exploration programs for its Gascoyne projects during 2022. The planned exploration is cost-effective and aims to develop and test drill targets from ground-based mapping and rock sampling. The Company also plans to simultaneously develop a pipeline of exploration opportunities through integrating current and scheduled tenement-scale airborne geophysical surveys with geological knowledge from the Company's breakthrough REE discovery at Mick Well.

The Kingfisher and Mick Well Projects are located approximately 230km east of Carnarvon, in the Gascoyne region of Western Australia. The Company holds exploration licences covering 969km 2 and has recently increased its interests in the Gascoyne Mineral Field by nearly 40% through the targeted pegging of additional tenure interpreted to be prospective for rare earth elements (Figure 6). The tenure includes rocks of the Proterozoic Durlacher Suite that hosts the world-class Yangibana Deposit which includes 29.93Mt at 0.93% TREO# as well as the Archaean Halfway Gneiss.

The recently discovered REE mineralisation at Mick Well is associated with carbonatite intrusions discovered by Kingfisher. Historic exploration in the area had focused on outcrops of quartz reef and gossanous ironstones which are up to 10m in width. Past exploration returned rock chip sample results of up to 10.6% Cu over a strike length of 1km within a laterally extensive geological horizon.

Four historical drill holes were completed in the Mick Well area, with the best result being 11m at 0.25% Cu from 118 m (MWDD001). Historical exploration also identified copper at the Kingfisher Project, with mineralisation exposed in a series of shallow historical mining pits over a strike length of 2km. Previous exploration at the project has included geophysical surveys, surface geochemical sampling and limited reverse circulation drilling, with drilling intercepts including 3m at 0.6% Cu (KFRC10) and rock chip results of 15.3% Cu, 6.3% Cu, 6.2% Cu, 5.9% Cu and 3.4% Cu.