Kingfisher Mining Limited announced that it has received the results from its recent tenement-scale magnetics and radiometrics airborne geophysics surveys at its 100% owned projects in the Gascoyne Mineral Field in Western Australia. Numerous high-quality targets have been revealed across the survey area, which covered the Company's 54km target corridor. The survey adds another leg in discovery journey which has led to the identification of numerous additional potential carbonatite intrusions along the 54km Chalba mineralised corridor.

This is an enormously encouraging early development in the project generation, expanding footprint beyond the Mick Well area, where the company made first breakthrough high grade REE discovery only 12 months ago. All of the selected targets have geophysical responses similar to Mick Well, where the company have so far identified more than 5km of outcropping high grade REE mineralisation strike, delineated by surface samples and drill results which includes 5m at 3.45% TREO. Airborne geophysics are highly effective tools for the identification of carbonatite intrusions and associated mineralisation.

The carbonatite intrusion model has a central carbonatite pipe which is comprised of multiple phases of carbonatite intrusion that is surrounded by ring dykes which form around and radial dykes which radiate out from the central intrusion. The carbonatite exploration model envisages alteration of the host country rock into which the carbonatites intrude, with development of Sodic (Na) and Potassic (K) fenites around the intrusions which often hosts the REE mineralisation. Each part of the carbonatite system has characteristics which can be detected by geophysics, such as high iron content in ferrocarbonatites which is apparent in the magnetics or potassium fenite alteration and thorium associated with the mineralisation which are apparent in the radiometrics.

The combination of these geophysical responses to the carbonatite geology make it a very powerful tool for early stage targeting and project generation. Ten high priority target areas have been identified from the interpretation of the geophysics surveys, with each target selected from a combination of magnetic, potassium and thorium features. The target areas are spaced along the entire length of the 54km Chalba target corridor and are large scale, ranging in size from 0.7km2 to 18km2.

A significant new large-scale target has been delineated at Kingfisher South (C H1 0), where geological mapping has already confirmed the presence of ferrocarbonatite intrusions. The target includes a central area defined by a distinct circular magnetic feature with a diameter of approximately 2km which is surrounded by an area of high thorium and potassium which extends over a length of more than 6km along the Chalba target corridor. High priority targets C H2, CH5, CH6 and CH8 have already been selected for immediate surface mapping and sampling due to the presence of interpreted carbonates and circular or oval-shaped features which are indicative of intrusion pipes.

The identification of the targets from geophysics is an important early part of the discovery process, with all of the targets to be ranked and included in the Company's project generation activities in 2023 and beyond. Kingfisher carried out extensive and targeted exploration programs for its Gascoyne projects during 2022. The Company's exploration work is cost-effective and is aiming to develop and test drill targets from ground-based mapping and rock sampling.

The Company is also simultaneously developing a pipeline of exploration opportunities through integrating tenement-scale airborne geophysical surveys with geological knowledge from the Company's breakthrough REE discovery at Mick Well. The geophysical survey from the 54km Chalba corridor is an important part of this generative work. Planning is well advanced for the Company's exploration activities for 2023 at its Gascoyne projects.

It is envisaged the 2023 exploration activities will include drilling at MW2, MW7, MW8 as well as substantial project generation work across the 54km target corridor, including the C H1 to CH 10 targets as well as the Arthur River and Mooloo projects. The 2023 exploration activities are also likely to include airborne geophysics across the Mooloo project. The Company's exploration plans for 2023 will be announced shortly.