Kingfisher Mining Limited announce that it has made further new high grade REE mineralisation discoveries from rock chips at its 100% owned projects in the Gascoyne Mineral Field in Western Australia. On-going mapping and sampling at the Company's Mick Well project has led to the discovery of new high grade mineralisation at the MW7 and MW8. MW7 and MW8 are located 700m and 1900m northwest of the MW2 prospect, where drilling has returned high grade REE results of 5m at 3.45% TREO and where rock chips sampling has returned results of over 40% TREO.

Drilling of these areas are part of a drill program commencing in the coming weeks. Significantly, the new MW7 and MW8 discoveries occur in NE-trending structures (like MW2) and crosscut the WNW-trending target corridor which extends for over 54km in the Company's tenure. Mineralisation has also been identified in a laterally extensive WNW-trending lode which is parallel to the 54km target corridor.

The results from the single mineralisation sample collected include 2.33% TREO with 0.45% Nd2O3 + Pr6O11 (MWGS1240). 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 . 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.