Kingfisher Reports 1.39% TREO and 21.6% Copper Assays in Latest Drilling

Significant Rare Earth Discoveries at Mick Well

Kingfisher Mining Limited (ASX: KFM) has reported a series of encouraging exploration results from its Gascoyne Mineral Field projects in Western Australia. The recently completed co-funded drilling program at the Mick Well Project has confirmed two new rare earth element (REE) mineralised lodes approximately 250 metres from previously known zones. These findings expand the known extent of REE mineralisation within a large carbonatite alteration halo, reinforcing the project's potential as a regional-scale REE system.

Diamond drill hole MWDD001 intersected 0.85 metres at 1.39% Total Rare Earth Oxide (TREO) and 0.20% Nd2O3 + Pr6O11 from 74.1 metres within a structurally controlled carbonatite dyke. Another intersection of 0.5 metres at 0.89% TREO and 0.14% Nd2O3 + Pr6O11 from 485 metres was also recorded within a broader alteration zone indicative of proximity to a carbonatite source. These results not only confirm significant REE mineralisation but also provide valuable geological insights to guide further exploration.

High-Grade Base Metals Highlight Multi-Commodity Potential

Beyond rare earths, Kingfisher's exploration has revealed promising base metal mineralisation. At the Ring Well Prospect, located over 12 kilometres from Mick Well, rock chip assays returned copper values as high as 21.6%, predominantly as malachite with trace azurite and bornite. This high-grade copper mineralisation remains untested by drilling, prompting plans for detailed mapping, sampling, and geophysical surveys to refine future drill targets.

Additionally, drill core from Mick Well intersected 0.2 metres at 1.70% copper and 0.22 g/t gold, underscoring the multi-commodity nature of the mineralising system. These findings suggest Kingfisher's portfolio could support a diversified resource base, enhancing its appeal amid fluctuating commodity markets.

Innovative Analytical Techniques and Government Support

Kingfisher has leveraged advanced technology by submitting drill core samples for HyLogger spectral scanning at the Department of Mines, Industry Regulation and Safety (DEMIRS) Core Facility. This state-of-the-art analysis provides detailed mineralogical and spectral data, improving understanding of alteration mineralogy and mineral associations. Such insights are critical for vectoring towards higher-grade mineralisation and refining exploration models.

The company has also benefited from the Western Australian Government's Exploration Incentive Scheme (EIS), receiving a total refund of $194,728 for its co-funded drilling program. This financial support has been pivotal in advancing exploration activities and accelerating discovery potential.

Strategic Review and Financial Position

Kingfisher is conducting a strategic review aimed at expanding and diversifying its asset base beyond rare earth elements and lithium. The company is actively assessing opportunities, particularly in gold and copper, to complement its existing portfolio. This approach reflects a pragmatic response to the current market environment, where significant funding for REE and lithium projects remains challenging.

Financially, Kingfisher closed the quarter with $1.194 million in cash and listed investments valued at approximately $565,000, including holdings in Black Cat Syndicate Ltd. Exploration and evaluation expenditures for the quarter totaled $374,000, with director fees amounting to $40,000. The company’s capital structure positions it to continue advancing its projects and evaluating new opportunities.

Outlook in a Complex Market

Kingfisher’s discoveries at Mick Well and Ring Well underscore the potential for a multi-commodity mining operation in the Gascoyne region. The combination of rare earth and base metal mineralisation, supported by innovative exploration techniques and government funding, provides a solid foundation for future growth. However, the company acknowledges that a meaningful recovery in the global REE and lithium markets may be several years away, necessitating a cautious yet opportunistic approach to portfolio development.