Kingfisher Reports Drill Results from Western Boundary of Cloud Drifter Trend

VANCOUVER, January 10, 2023 - Kingfisher Metals Corp. (TSXV:KFR)(FSE:970)(OTCQB:KGFMF) ("Kingfisher" or the "Company") announces drill results from 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

• The Western Target Area has limited surface exploration due to steep terrain and returned up to 2 m of 4.4 g/t Au
• The highest concentration and grade of intercepts in the Western Target Area appear to vector to the Pad 400 Target Area, with a more than 200 m gap in drilling
• Similar to other drilled regions of the Cloud Drifter Trend, broad anomalous gold was intercepted often centered on focused high-grade structures

Dustin Perry, CEO states "Drilling of the Western Target Area returned anomalous gold mineralisation that increases in strength towards the center of the soil anomaly where our best results have come to date. We await results from the Eastern Target Area, the Langara Zone, and the four final holes of the program drilled near the highlight intercept of 2.9 g/t Au over 40 m in GR22-018."

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 that date back to the 1930s.

The 2022 drill program (Figure 1) at the Goldrange Project was designed to follow up on the initial 2021 program as well as test a much broader area across the Cloud Drifter Trend. The five drill holes of the 2022 program (Tables 1 and 2) included within this release are located at the western boundary of the Cloud Drifter Trend soil anomaly. Remaining drill hole results from the Cloud Drifter and Langara zones are pending.

Western Target Area

Drill holes at the Western Target Area, located 200-400 m west of the Pad 400 Target Area, focused on domains of high multi-element soil geochemical anomaly coupled with a coincident conductivity and chargeability anomaly. Geological mapping in 2020 identified an Fe-oxide alteration body uphill of this soil anomaly that contains Fe-oxide veins interpreted to reflect the reaction of sulfide minerals with meteoric water and air. The Western Target Area has seen little exploration to date due to the steep nature of the terrain.

Highlight intercepts from the Western Target Area are listed in Table 1 and plotted on Figure 2.

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­*True widths are not known at this time. All widths reported are drilled widths.

Table 1: Highlight Drill Intercepts, Western Target Area

Table 2: Diamond Drill Collars (NAD 83 - Zone 10)

Exploration Update

A total of 29 diamond drill holes, over 7,545 m, have been completed in the Cloud Drifter Trend. Drilling at the Western Target Area included 5 holes over 1,884 meters and drilling at the Eastern Target Area included ten holes over 1,986 meters. Drilling at the Pad 400 Target Area included 2,082 m over 10 holes. Four drill holes at the Langara Zone have been completed over 1,594 meters. Results are pending for the Eastern Target Area, the Langara Zone, and four remaining holes at the Pad 400 Target Area.

Deep penetrating induced polarization (IP) geophysical surveys were completed at the Eastern Target Area at the Cloud Drifter Zone as well as at the Day Trip Zone. These surveys expand both the lateral and depth extents from previous survey coverage. Geophysical and RAB drill results will be released once final data is received.

Quality Assurance/Quality Control (QAQC)

All drillholes in this release are NQ sized (47.6 mm diameter). A continuous series of one-metre-long half-split core samples was taken down the entire length of each drill hole. Sample lengths were reduced to a minimum of half a meter to avoid crossing lithologic contacts or other features deemed important by Kingfisher's geologists.

Unlabelled certified reference materials (CRM) were inserted systematically throughout the sample sequence along with blanks and duplicate samples. In addition to the systematic insertion of duplicates, duplicates were also collected from conspicuously mineralized samples. Half-split core samples for duplicates were further split into quarter core samples before submission for analysis. Upon receipt of duplicate analyses, the results from each of the quarter cores were averaged before integration into the assay database. The total number of blanks, duplicates and CRM samples equals approximately 5% of the total samples taken.

Core samples were shipped to MSALABS, located in Langley, British Columbia for preparation and analysis. MSALABS is an ISO17025 and ISO9001 accredited laboratory and is independent of Kingfisher and its Qualified Person. Samples were prepped using the SPL430, CRU-220 and analyzed for 48 major and trace elements with ICP-MS after a four-acid digestion (method code IMS-230). Following sample preparation, a 500 g split from each sample was sent to MSALABS Val-D'Or location for Au analysis using Chrysos PhotonAssay^TM (method code CPA-Au1). Selected samples were also subjected to Au fire assay and gravimetric check assays. A 30 g split from each check assay sample was analyzed for Au using a lead collection fire assay fusion that was digested and analyzed using AA (method code FAS-111). A 30g split from the check assay samples that assayed >10 ppm Au was analyzed using a lead collection fire assay fusion with a gravimetric finish (method code FAS-415).

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. (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 103,057,272 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.