Kingfisher Metals's RAB Drilling Program at Langara Zone Returns Highly Anomalous pXRF Results

VANCOUVER, August 8, 2022 - Kingfisher Metals Corp. (TSX-V:KFR)(FSE:970)(OTCQB:KGFMF) ("Kingfisher" or the "Company") is pleased to announce updates on rotary air blast ("RAB") drilling at the 100% owned 511 km² Goldrange Project. Goldrange is located approximately 25 km south of the town of Tatla Lake in the Chilcotin region of Southwest British Columbia.

Highlights

• Six RAB drill holes (399.28 m) have been completed at the Langara Zone, located in the eastern Cloud Drifter Trend.
• Portable X-Ray Fluorescence ("pXRF") analysis has delineated multi-element anomalism in all holes drilled from one pad to target a historical adit.
• Visual chip logs identified sulfide minerals and quartz veins typical of gold mineralization style observed on surface in all drill holes to date.
• GRR22-033 intercepted the historical Langara adit (1930s) at 9.14 m and visual chip logs identified geology typical of rocks from adit dump pile.
• Samples have been submitted for gold analysis at MSALABS' Chrysos PhotonAssay^TM for analysis and check fire assays with initial results expected in the coming weeks.

Dustin Perry, CEO, states "This first shallow drill test of the Langara Zone was successful at locating the historical adit that was obscured by talus cover. Additionally, drilling encountered highly anomalous pathfinder mineralization in areas of limited outcrop due to talus cover. Logging of RAB cuttings shows widespread quartz veins with associated sulfide minerals that is comparable to the high-grade Au-Ag veins at surface. Now that we have a better 3D understanding of this target, we can diamond drill this season. The diamond rig will test a much broader area of mineralization as well as potential feeder mineralization to these areas of surficial anomalism."

Overview

Kingfisher commenced the first-ever drill program at the Langara Zone (Figures 1 and 2) with a RAB drill rig in July 2022. The initial six holes (Table 1) were drilled from a single pad located adjacent to a historical adit from the 1930s. Drilling was completed to test the geometry of near surface mineralization including the talus obscured adit. The historical working is centered on an interference zone between northwest and east trending veins.

Figure 1. Langara Zone and RAB Drill Collars

Figure 2: Langara Zone Aerial View to East

Table 1. RAB Drill Hole Locations (NAD83, Zone 10)

RAB Drill Results

Drill cuttings were analyzed using an Olympus Vanta Handheld XRF (C Series) (pXRF) instrument for multiple elements. All RAB holes intercepted anomalous intervals of pathfinder elements (Figure 3, Table 2) consistent with Au-related pathfinder enrichments observed in surface geochemical samples previously collected at the Langara Zone.

Figure 3. Plan View of Langara Zone pXRF Results of RAB drilling

*True widths are not known at this time, all widths reported are drilled widths. Highlight intervals are selected based on >100 ppm As. Anomalous intervals with less than 5 m lengths are omitted from table, bold rows contain pathfinders > 1000 ppm.

Table 2. Highlight Table of XRF Results

Langara Adit Target Area

The Langara Adit and surrounding quartz-hosted mineralization is defined by surface grades up to 60.4 g/t Au and 1500 g/t Ag from grab samples. Dump samples from the Langara Adit grade up to 14.4 g/t Au and are associated with arsenopyrite (As), chalcopyrite (Cu), sphalerite (Zn), boulangerite (Pb, Sb), and Bi- and Te-bearing minerals.

The sulfide minerals identified in RAB holes (Figure 4) are comparable to gold-bearing rocks observed at surface. Hole GRR22-033 intercepted quartz and sulfide vein material from surface to 9.14 m, where the historical adit was intersected.

The precise location of historical mining obtained from hole GRR22-033 provides the key data required to plan for diamond drilling. A diamond drill pad will be built near the top of the slope at the Langara Zone (Figure 2) within the coming weeks. Drilling from this pad will test the depth potential of the Langara adit ore shoot.

Figure 4. Photos of RAB Chips of Adit Target Area

pXRF Sampling and Analytical Protocol

RAB drill holes at the Goldrange Project are NWJ sized (2 5/8"). Samples are collected continuously from surface from each 5 ft (1.52 m) rod length. Collected sample material is put through a 1:8 riffle splitter, with the smaller portion of the sample bagged to be sent to the lab for Au Chrysos PhotonAssay^TM and Au Fire Assay checks. From the riffle splitter reject ~500 grams of material are collected for pXRF analysis. The pXRF samples are returned to camp where they are dried prior to analysis. Once dry 15 ml of it is packed in a plastic XRF sample cup lined with prolene thin film. Care is taken to ensure that no material larger than 2 mm in diameter is packed into the sample cup. Once the sample cups have been packed, they are analyzed with an Olympus Vanta Handheld pXRF (C Series). Each sample is analyzed twice, adjusting the position of the sample on the pXRF detector between analyses. The two analyses are averaged to give a final result. Between each sample, the pXRF workstation is cleaned with pressurized air and paper towel. Certified reference materials and blanks are inserted into the sample sequence every 20^th sample.

About RAB Drilling

Kingfisher is using RAB drills as a cost effective and efficient first pass exploration tool. The RAB is a heli-portable, track mounted drill that can drill a wide range of dips (50-90°) to depths of up to 100 m. Rock cuttings from the drill hammer are returned to surface between the outside of the rods and the open hole. Under certain conditions, cross contamination between samples is a concern. The assay results from the RAB drill provide a strong indication of the grade and thickness of gold intercepted in a given hole. Kingfisher intends to follow up encouraging RAB assay results with a diamond drill to fully quantify the grade and thickness of these mineralized intercepts.

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.

Investor Relations

Kingfisher also announces that it has entered into an agreement with Adelaide Capital Markets Inc. ("Adelaide") dated August 1, 2022, for various investor relations services at an aggregate cost of C$8,000 per month, payable monthly. The services will commence on August 15, 2022 and will continue for a period of six (6) months. Adelaide is an arm's length consultant and was previously granted 50,000 stock options of the Company that are subject to deferred vesting over one year. To the knowledge of the Company, both Adelaide and Deborah Honig, President of Adelaide, own shares of Kingfisher. Neither the Company nor any of its directors, officers or employees have any interest, directly or indirectly, in Adelaide, or their securities, or any right or intent to acquire such an interest. Adelaide manages a marketing team headquartered in Toronto, Ontario, and has been successfully providing services for a broad range of companies listed on the TSX Venture Exchange.

About Kingfisher Metals Corp.

Kingfisher Metals Corp. (https://kingfishermetals.com/) 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 103,007,272 shares outstanding.

For further information, please contact:

Dustin Perry, P.Geo.
CEO and Director
Phone: +1 778 606 2507
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.