Kingfisher Signs Definitive Option Agreements to Consolidate 362 Square km Copper-Gold Project in Golden Triangle, British Columbia
Kingfisher Signs Definitive Option Agreements to Consolidate 362
Square km Copper-Gold Project in Golden Triangle, British Columbia
VANCOUVER, British Columbia, March 7, 2023 – Kingfisher Metals Corp. (TSX -V: KFR) (FSE: 970)
(OTCQB: KGFMF) (“Kingfisher” or the “Company”) is pleased to announce that it has entered into two
option agreements on March 6, 2023 (the “Effective Date”) to consolidate a 362 km2 copper-gold project in
the Golden Triangle region of NW British Columbia, subject to the approval of the TSX Venture Exchange
(the “TSXV”).
Highlights
• Two 4-year options to earn 100% of the Ball Creek East Project and the Hank Project, now
referred to as the HWY 37 Project.
• Highway 37 and the Northern Transmission Line passes through the HWY 37 Project and
lies within 9–15 km of main historical zones of drilling.
• Multiple open ended mineral deposits including the Mary Cu-Au Porphyry, the Williams Cu-
Au Porphyry, and the Hank Au-Ag Epithermal deposits.
• Same mineralization age and scale of alteration as the tier one Treaty Creek-KSM-Brucejack
Trend.
• Limited historical drilling on project outside of known deposits despite widespread soil
anomalies and gossans over 17 x 9 km porphyry-epithermal footprint.
• Located within the traditional territory of the Tahltan First Nation , with a communications
agreement in place.
Dustin Perry, CEO of Kingfisher, states, “The consolidation of this porphyry -epithermal district represents
a significant opportunity for discovery of tier one deposits of critical and precious metals. The H WY 37
Project has a distinct advantage over much of the Golden Triangle given the proximit y to infrastructure
crucial to any future development. Our VP-Exploration, Gayle Febbo, and our technical advisor, Charlie
Greig, have both worked in the past at the comparable KSM project and Brucejack mine, as well as the
HWY 37 Project location, and have extensive knowledge of the area . We look forward to commencing
exploration at the HWY 37 Project in due course.”
Gayle Febbo, VP-Exploration of Kingfisher, states, “The Iskut region is host to an array of Au -rich deposit
types formed at various times throughout the Mesozoic, but the most productive of these was during the
emplacement of Early Jurassic Texas Creek intrusions. This suite of intrusions is known to have formed
the largest gold resource globally at KSM and one of the highest-grade operating gold mines at Brucejack.
The HWY 37 Project represents a rare and ideal land position with both a district-scale Cu-Au porphyry belt
and superimposed Au-Ag epithermal belt caused by the same suite of intrusions as KSM and Brucejack. ”
About the HWY 37 Project
The 362 km2 HWY 37 Project is in Northwest British Columbia’s Golden Triangle (Figure 1). The Stewart -
Cassiar Highway (37) and the 287 kV Northwest Transmission Line pass through the eastern portion of the
project. The project encompasses a broad area of porphyry Cu -Au and epithermal Au -Ag mineralization
and alteration.
Figure 1: HWY 37 Location
The HWY 37 Project is located (Figure 2) within the Stikine terrane of NW British Columbia and is underlain
by the Stuhini and Hazelton groups. Mineralization spans porphyry to epithermal deposit types and is
related to Early Jurassic Texas Creek Intrusions which are also responsible for mineralization at the Treaty
Creek-KSM-Brucejack District. The northeastern part of the project is underlain by Iskut River Formati on,
which also host the Eskay Creek past producing mine and are favourable for VMS mineralization.
Figure 2: HWY 37 Overview
Historical work on the project has delineated three advanced deposits with several other targets and
anomalies at earlier stages of exploration. Historical drilling on the project has outlined the Mary porphyry,
with 13,506 m of drilling, and Williams porphyry, with 6095 m of drilling. Mary and Williams porphyries are
both open in multiple directions and show distinct similarities with porphyry systems along the KSM-Treaty
porphyry belt. The Hank Au-Ag epithermal deposit has seen 21,623 m of exploration drilling, albeit mostly
focused within a small area within the larger 6 x 3 km gold-silver anomaly. Drilling at Hank has mostly been
confined to shallow depths (<200m).
The footprint of alteration on the project is at a similar scale to the Treaty -KSM-Brucejack district (Figure
3), although exploration maturity is much younger at HWY 37.
Figure 3: HWY 37 vs Treaty-KSM-Brucejack District
Mary Porphyry
The Mary Porphyry (Figure 4) was first worked in 1963 and was most recently drilled in 2019. The porphyry
deposit crops out on the north and northeast slopes of a relatively flat-topped mountain. Cu-Au patterns at
Mary define marked low angle trends open along trend (Fig. 4). Although unusual globally, this unique low
angle Cu -Au trend is common to porphyry systems in the region, such as the Goldstorm (Treaty) and
Sulphurets (KSM) deposits. Historical drilling was confined to a small percentage of the Mary porphyry
footprint and has not focused on low angle ore geometries. Along the Cu-Au trends at Mary is a ~1500 m
gap in drilling extending to the Cliff showing with an untested chargeability anomal y at depth (Fig 4). The
Mary Porphyry footprint spans 6 x 6 km and is cored by an untested chargeability anomaly. The dimensions
of this footprint are characteristic of multiple, coalesced porphyry centres and are likely too laterally
extensive to be caused by the Mary deposit alone. The area is fully permitted, and the Company is planning
to complete a program of detailed mapping, geophysics, and step out drilling to test a much larger area
than was historically drilled.
Figure 4: Mary Porphyry Cu-Au
Williams Porphyry
The Williams Porphyry (Figure 5) was discovered by Golden Ridge Resources Ltd. (TSX.V: GLDN)
(“Golden Ridge”) in 2017 and drilled from 2018-2019. Potassic alteration crops out at surface and
mineralization has been traced to a depth of ~550 m. A large continuous chargeability anomaly extends
from the area of drilling to the east and southeast for over 1.5 km and is yet to be drill tested. The Williams
Porphyry is considered to be the high-level porphyry feeder to the Hank Au-Ag epithermal system although
based on the 6 km lateral extent to the epithermal system, it is likely that more porphyry centers exist in this
area. Future drilling at Williams will focus on defining the lim its of the system and vectoring towards a
copper-rich core zone. Low angle metal patterns at Williams and the presence of a chargeability anomaly
lateral to the Williams porphyry reflect a similar pattern as the Mary deposit and those at KSM and Treaty.
These patterns suggest that future drilling will favour lateral, same elevation targeting rather than vertically
deeper targets. Permitting is underway with drilling anticipated in 2024.
Figure 5: Williams Porphyry Cu-Au
Hank
The Hank epithermal Au-Ag system was first discovered in 1980 and spans over 6 x 3 km. The epithermal
system has seen considerable drilling (21,663m) which has been mostly confined to shallow depths
(<200m). The majority of drilling has focused on bed -parallel shallow targets with limited testing for
structural feeders and st eeper gold zones. The most recent drilling at Hank (2017 -2019) tested deeper
holes and intercepted higher grades than seen before including visible coarse gold. Of the 120 historical
diamond drill holes at Hank, all were drilled in a narrow northwest-southeast geometry, and none have
targeted the potential for feeders along cross -structures. Future work at Hank will focus on infill drilling
across the historical areas of drilling with the goal of producing a complaint resource as well as testing
additional targets and exploration concepts throughout the 6 x 3 km trend. Permitting is underway for 2024
drilling.
Figure 6: Hank Epithermal Au-Ag System
Summary of Option Agreements
Ball Creek East Project
The Company has entered into a property option agreement (the “Ball Creek East Option Agreement”) with
Evrim Exploration Canada Corp., a subsidiary of Orogen Royalties Inc. (TSX.V: OGN) (“Orogen”), whereby
Orogen has granted Kingfisher the right to acquire a 100% interest in a series of mineral claims located in
the province of British Columbia commonly referred to as the “Ball Creek East Project” (Figure 2), subject
to a 2% net smelter return to be retained by Sandstorm Gold Ltd. (the “Ball Creek East NSR Royalty”) and
the right to up to $4,100,000 in milestone payments.
Pursuant to the terms of the Ball Creek East Option Agreement, Kingfisher has the right to earn a 100%
ownership interest in the Ball Creek East Project as follows:
• issuing common shares with a value of $300,000 on the date that the TSXV approve the Ball Creek
East Option Agreement;
• issuing additional common shares with a value of $400,000 on or before the date which is the 1 st
anniversary of the Effective Date;
• issuing additional common shares with a value of $500,000 on or before the date which is the 2 nd
anniversary of the Effective Date;
• issuing additional common shares with a value of $1,000,000 on or before the date which is the 3rd
anniversary of the Effective Date;
• issuing additional common shares with a value of $1,300,000 on or before the date which is the 4th
anniversary of the Effective Date;
• granting a 1% net smelter returns royalty to Orogen in respect of the Company’s Ecstall Property
on the Effective Date; and
• in order to maintain the Ball Creek East Option Agreement in good standing until exercised to earn
a 100% ownership interest in the Ball Creek East Project, Kingfisher must carry out mining work
on the Ball Creek East Project incurring aggregate expenditures of $7,500,000 on or before the 4th
anniversary of the Effective Date.
The Ball Creek East NSR Royalty may be bought down by Oroge n at any time by one half with a cash
payment of $1,000,000.
Hank Project
The Company has entered into a property option agreement (the “Hank Option Agreement”) Golden Ridge
whereby Golden Ridge has granted Kingfisher the right to acquire a 100% interest in a series of mineral
claims located in the province of British Columbia commonly referred to as the “Hank Project” (Figure 2),
subject to a 3% net smelter return to be retained by Orogen (the “Hank NSR Royalty”) and the right to
US$2,500,000 in milestone payments by Golden Ridge.
Pursuant to the terms of the Hank Option Agreement, Kingfisher has the right to earn a 100% ownership
interest in the Hank Project as follows:
• cash payment of $25,000 and issuing common shares with a value of $75,000 on the date that the
TSXV approve the Hank Option Agreement;
• issuing additional common shares with a value of $150,000 on or before the date which is the 1 st
anniversary of the Effective Date;
• issuing additional common shares with a value of $300,000 on or before the date which is the 2 nd
anniversary of the Effective Date;
• cash payment of $100,000 and issuing additional common shares with a value of $1,000,000 on or
before the date which is the 3rd anniversary of the Effective Date;
• cash payment of $125,000 and issuing additional common shares with a value of $1,475,000 on or
before the date which is the 4th anniversary of the Effective Date; and
• in order to maintain the Hank Option Agreement in good standing until exercised to earn a 100%
ownership interest in the Hank Project, Kingfisher must carry out mining work on the Hank Project
incurring aggregate expenditures of $3,000,000 on or before the 4 th anniversary of the Effective
Date.
Pursuant to the Hank NSR Royalty, 1% may be purchased by Golden Ridge at any time w ith a cash
payment of US$3,000,000. Also, if the Company acquires earn a 100% ownership interest in the Hank
Project, then Sandstorm will be entitled to a 2% net smelter return on the Hank Project, which may be
bought down by the Company by one half with a cash payment of $1,000,000.
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 , including the Golden Triangle region .