VANCOUVER, BC / ACCESSWIRE / November 2, 2023 / Kingfisher Metals Corp. (TSXV:KFR)(FSE:970)(OTCQB:KGFMF) ("Kingfisher" or the "Company") is pleased to announce the completion of diamond drilling at the HWY 37 Project with 2150 m drilled over 6 holes. The project is located in Northwest British Columbia within the Golden Triangle.

Summary

The 2023 diamond drill program focused on three target areas: the Cliff porphyry, the Mary Root Zone, and the Mary deposit southern step-out (Fig. 1). Two holes (M-23-001 and M-23-004) tested the Cliff porphyry, one from upslope that crossed the stockwork to test the width extent and one that collared at a lower elevation in the stockwork to test the changes with depth. Two holes were completed at the Mary Root Zone at the central (M-23-002) and southern target (M-23-003), with the strongest alteration and metal content intercepted in the northern hole. A single hole was originally planned at the Mary deposit, but difficult drilling conditions caused the loss of the hole prior to target depth. So, a second hole was drilled from the same pad to test the deeper extents of the area. Drill core samples are currently being assayed and results will be released once available.

Figure 1: Surface Map of Drill Collar Locations

Table 1: Diamond Drill Collars (NAD 83 - Zone 9), MRZ - Mary Root Zone

Cliff Porphyry Target

Two diamond holes tested a ~200 x 100 m chalcopyrite-bearing quartz stockwork body at surface, located in the core of a Cu-Au-Ag-Mo soil anomaly and coincident magnetic high. The initial hole (M-23-001) collared above the stockwork body, drilling across the stockwork body to the southeast. The second hole (M-23-004) collared in the stockwork body and drilled to the northwest, to cross the stockwork body and drill at-depth below it.

Lithology in the two holes comprises sub-horizontal layers of volcaniclastic to coherent basalt with lesser rhyolite and multiple phases of cross-cutting hornblende monzonite to monzodiorite porphyry and biotite hornfels in the contact zones. Three broad alteration domains were identified within the two drill holes:

1. An ‘inner propylitic' alteration panel overlies the stockwork body with quartz, actinolite, chlorite, epidote, white mica, carbonate, galena, sphalerite, and pyrite (0-72 m; M-23-001).
2. A principle ‘potassic' stockwork alteration body with 5-35% quartz veins, secondary K-feldspar, biotite, magnetite, pyrite, chalcopyrite and trace covellite (72-264 m, M-23-001; 0-126 m, M-23-004).
3. A deeper level ‘sodic-potassic' alteration domain with secondary K-feldspar, quartz, albite, magnetite, diopside, actinolite, chlorite, epidote, pyrite, chalcopyrite and molybdenite; (264-384 m, M-23-001; 126-300 m, M-23-004).

Mary Root Zone Target

Two diamond holes targeted a coincident chargeability-resistivity anomaly starting at depth in holes M-23-002 and M-23-003. Host lithology includes a matrix-supported, volcaniclastic andesite and multiple phases of hornblede monzonite to hornblende monzodiorite porphyry. The holes intersected three vertically zoned alteration domains:

1. An upper panel of ‘inner propylitic' alteration with secondary albite, actinolite, chlorite, epidote, pyrite, and carbonate stringers (0-80 m, M-23-002).
2. A mid-level ‘phyllic' alteration, with stringers and disseminations of pyrite (average 8%), white mica, carbonate, pervasive quartz, green fluorite, clay, disseminations, and stringers throughout of sphalerite, galena, chalcopyrite and pyrrhotite (80-270 m, M-23-002; 145-308 m, M-23-003).
3. A deeper level, higher temperature ‘sodic' to ‘sodic-potassic' alteration domain includes pervasive secondary K-feldspar, albite flooding, white mica, quartz, fluorite, anhydrite, disseminated pyrite (average 5%), and disseminations of sphalerite, galena, chalcopyrite, and pyrrhotite (270-417 m, M-23-002; 308-372 m, M-23-003).

Mary Deposit Step-Out

The planned hole is a ~100 m step-out that follows-up on a drillhole from 2019, which intersected 0.5 g/t Au, 0.1% Cu over 291.5 m from 15.5 m (BCK-MZ-19-01). The initial hole (M-23-005) faced difficult drilling conditions and the hole was lost at 189 m. The second hole (M-23-006) was drilled from the same pad with a change in azimuth and dip. Both holes collar in a coherent to volcaniclastic basalt:

1. An upper ‘potassic' alteration assemblage with secondary K-feldspar, biotite, quartz with disseminated pyrite, chalcopyrite and molybdenite) in a basalt host (0-189 m, M-23-005; 0-199 m; M-23-006).
2. A mid-level chlorite-magnetite alteration with pervasive chlorite, quartz, albite and disseminated magnetite, pyrite, chalcopyrite and molybdenite in host of basalt, diorite, and monzonite (199-449 m, M-23-006).

Additional Field Work

Surface geological mapping was undertaken by geological mapping expert Dr. Stephanie Sykora with a focus on the Hank and Rojo Grande map areas. The map study focused on identifying structural, stratigraphic and alteration patterns in the area in preparation for future drilling in 2024.

Target 4 (Fig. 1) is a new area of interest identified by geophysical and structural patterns. Kingfisher carried out prospecting and identified chalcopyrite in quartz stockwork in a region with no previous rock or soil samples. Prospecting was followed-up with a soil grid of 47 samples conducted over the area with results pending.

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, including the Golden Triangle region. Kingfisher has three 100% owned district-scale projects and an option to earn 100% of the HWY 37 Project, that offer potential exposure to gold, copper, silver, and zinc. The Company currently has 130,586,151 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 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.sedarplus.ca). 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.

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