Kingfisher Provides Update on Diamond Drilling at the Goldrange Project

VANCOUVER, September 2, 2021 - Kingfisher Metals Corp. (TSXV:KFR)(FSE:970)(OTCQB:KGFMF) ("Kingfisher" or the "Company") is pleased to provide an update on diamond drilling at the Goldrange Project as the Company awaits analytical results. Goldrange is located approximately 25 km south of the town of Tatla Lake in Southwest British Columbia.

The maiden diamond drill program consists of approximately 5,000 m over ~15 holes. Diamond drilling is testing the Cloud Drifter Trend which is defined by a 3 km long gold-in-soil anomaly including 50 samples over 1 g/t Au and rock samples grading up to 128.9 g/t Au. Outside of the Cloud Drifter Trend, regional exploration consisting of rock, stream, and soil sampling is being completed across the 367 km² project. To date, 9 drill holes have been completed totalling 3,289 m.

Highlights

• Drilling continues to encounter widespread zones of quartz-carbonate-sulfide veins, quartz-carbonate-sulfide breccias, and disseminated sulfides within all drill holes completed to date.
• The highest density zones of mineralized veins occur within broad bleached and sericite altered intervals proximal to intrusive-sedimentary contacts. Within bleached zones, disseminated fuchsite is common.
• The majority of drilling has focused on testing structurally-hosted mineralization at the contacts of the upper diorite. GR21-007 was drilled to 533 m to additionally test the lower quartz diorite which contained similar quartz-carbonate-sulfide breccias and veins as found within the upper intrusion.

Dustin Perry, CEO of Kingfisher states "Since the third drill hole (GR21-003) of the 2021 program we have been testing the contacts between the upper diorite and sedimentary rocks. These broad contact zones are proving to be favourable locations for hydrothermal alteration and sulfide mineralization. With GR21-007 we have also intersected similar styles of mineralization within the lower quartz diorite. The 2021 program is consistently encountering structurally-hosted sulfide mineralization within these contact zones and demonstrating the potential for the rest of the Cloud Drifter Trend."

Charlie Grieg, Advisor to Kingfisher states "Visuals from the first nine holes for the initial drill program at the Goldrange Project clearly match the systematic surface geochemistry and geology and together they are indicative of the existence of a large hydrothermal system. During my site visit, I was able to examine all the core from the Cloud Drifter Zone holes and was impressed not only with the extent, variety, and strength of the sulfide mineralization and hydrothermal alteration, but also with the exploration potential of this sizeable and relatively easily-accessed property-very exciting prospect for Kingfisher!"

The Goldrange Project covers a significant deformation zone with numerous precious metal veins across the project. Mineralization at Goldrange occurs within the orogenic Yalakom Gold Belt, which is host to the Bridge River District that includes the past producing Bralorne Mine. Several areas of historical hand mining are located within the project and date back to the 1930s.

Diamond Drilling Update

Diamond drilling at the Cloud Drifter Trend has been completed over 9 drill holes totalling 3289 m (table 1). Figure 1 outlines the drilling progress to date and remaining planned holes.

Mineralization encountered in drilling to date includes broad intercepts of quartz-carbonate veins and halo alteration of quartz-carbonate-sericite-clay.

Vein styles include laminated shear banded quartz-sulfide, open space fill veins with euhedral minerals and coarse sulfide, massive pyrite or arsenopyrite veins, and stockwork-style diffuse veins associated with strong halo alteration.

Breccia textures range from diffuse to brittle clast boundaries to diorite and sulfide clasts with cement of quartz-carbonate-sulfide. Disseminated mineralization is widespread with variable intensity throughout quartz-carbonate-sericite-clay alteration zones.

Disseminated sulfides range from fine grained to coarse grained massive and semi massive sulfides.

Table 1: 2021 Cloud Drifter Drill Collars

Hole Descriptions

GR21-004

GR21-004 (320/-64) collars from the same pad as GR21-003. The drill hole intersected volcaniclastic sandstone to conglomerate from surface to a depth of 43.5 m with Fe-oxide on fractures throughout. Quartz-carbonate-sulfide veins were intersected within in this interval with arsenopyrite, pyrrhotite, pyrite and chalcopyrite. Diorite (43.5 - 199.7 m) and siltstone (199.7-292.0 m, final depth) are overprinted by broad zones of quartz-carbonate-sericite-clay-sulfide vein and halo alteration. Sulfide minerals within the veins and halos include arsenopyrite, pyrite, pyrrhotite, chalcopyrite, molybdenite, and sphalerite.

GR21-005

GR21-005 (348/-54) collars 60 m grid east of GR21-003 and GR21-004. The drill hole intersected siltstone with Fe-oxide on fractures to a depth of 17.1 m. Quartz-carbonate veins were intersected within in this interval with pyrrhotite, pyrite and chalcopyrite. Diorite (17.1 - 233.1 m) and siltstone (233.1-330 m, final depth) are overprinted by broad zones of quartz-carbonate-sericite-clay-sulfide vein and halo alteration. Sulfide minerals within the veins and halos include arsenopyrite, pyrite, pyrrhotite, sphalerite, molybdenite, tetrahedrite-tennantite, and chalcopyrite.

GR21-006

GR21-006 (348/-74) collars from the same pad as GR21-005. The drill hole intersected siltstone with Fe-oxide on fractures to a depth of 16.5 m. In areas with less Fe-oxide, quartz-carbonate-arsenopyrite veins were identified with trace pyrrhotite and pyrite. Diorite (16.5- 218.5 m) and siltstone (218.5 - 317 m, final depth) are overprinted by broad zones of quartz-carbonate-sericite-clay vein and halo alteration. Sulfide minerals within the veins and halos include arsenopyrite, pyrite, pyrrhotite, bismuthinite, tetrahedrite-tennantite, and chalcopyrite.

GR21-007

GR21-007 (330/-57) collars from the same pad as GR21-005 and GR21-006. The drill hole intersected siltstone with Fe-oxide on fractures to a depth of 18.4 m. In areas with less Fe-oxide, quartz-carbonate-arsenopyrite veins were identified. Between 18.4 m and a final depth of 533 m is a mixed unit of siltstone and diorite transitioning into siltstone and quartz-diorite. The length of the hole is overprinted with vein and halo alteration of quartz-carbonate-sericite-clay-sulfide. Sulfide minerals within the veins and halos include arsenopyrite, pyrite, pyrrhotite, chalcopyrite, boulangerite, and molybdenite.

GR21-008

GR21-008 (280/-62) collars 50 m grid west of GR21-003, 004 and 005. The drill hole intersected siltstone and volcaniclastic sandstone and conglomerate to a depth of 64.7 m. Veins within this upper interval are associated with quartz-carbonate alteration and pyrite, pyrrhotite and chalcopyrite. A mixed unit of diorite, siltstone, and volcaniclastic sandstone to conglomerate was intersected from 64.7 to a final depth of 514.4 m. The lower interval is overprinted with broad zones of quartz-carbonate-sericite-clay-sulfide vein and halo alteration. Sulfide minerals within the veins and halos include arsenopyrite, pyrite, chalcopyrite, and pyrrhotite.

GR21-009

GR21-009 (300/-55) collars from the same pad as GR21-008. Drill core logging has not been completed at the time of this news release.

Figure 1: Cloud Drifter Zone - Drill Update

The 2021 diamond drill program is guided by detailed surface geochemical and structural data collected in 2020 in addition to the 2021 IP geophysical survey. Initial drilling is focused on a ~500 m segment of the Cloud Drifter Trend, within the Cloud Drifter Zone, and is defined by the best bedrock exposure and geological confidence. Initial results from the IP geophysical survey indicate the presence of strong chargeability anomalies associated with high-tenor soil geochemical anomalies, strongly anomalous rock chip samples, and mapped mineralization at surface. Analytical results will be released as they become available.

Dustin Perry, CEO will be discussing the details of this news release as well as what to expect in the near term in a webinar hosted by Adelaide Capital at 11AM PST today (September 2, 2021). Registration can be completed through the following link:

https://us02web.zoom.us/webinar/register/WN_VMmImP2iSaSMf7f1WBaS6g

Qualified Person

Dustin Perry, P.Geo., Kingfisher's CEO, is the Company's Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has prepared the technical information presented in this release.

About Kingfisher Metals Corp.

Kingfisher Metals Corp. is a Canadian based exploration company focused on underexplored district-scale projects in British Columbia. Kingfisher has three 100% owned district-scale projects that offer potential exposure to high-grade gold, copper, silver, and zinc. The Company currently has 78,988,500 shares outstanding.

For further information, please contact:

Dustin Perry, P.Geo.
CEO and Director
Phone: +1 236 358 0054
E-Mail: info@kingfishermetals.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property. This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: formulation of plans for drill testing; and the success related to any future exploration or development programs.

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include; success of the Company's projects; prices for gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour- related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks related to the COVID-19 pandemic; fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business of mineral exploration; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; legal restrictions relating to mineral exploration; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

SOURCE: Kingfisher Metals Corp.