Kingfisher Mining : Boolaloo Copper and Gold Drilling Results

ASX Announcement: 27 January 2022

onlyASX CODE: KFM

Shares on issue: 42,250,001

Cash: $4.0M (30 September 2021)

Debt: Nil

usePROJECTS

Boolaloo: Copper-Gold

Kingfi her: Rare Earth Elements

Mick Well: Rare Earth Elements

Arth r River: Copper

personalCORPORATE DIRECTORY WARREN HALLAM

Non-Executive Chairman

JAMES FARRELL

Executive Director and CEO

ADAM SCHOFIELD

Non-Executive Director

SCOTT HUFFADINE

Non-Ex cutive Director

STEPHEN BROCKHURST

Com any Secretary

MEDIA & INVESTOR ENQUIRIES

ForPeter Taylor, NWR Communications P: [phone]

E: [e-mail]

ABN: 96 629 675 216

P: [phone]

1. [e-mail]

1. www.kingfishermining.com.au

Unit 2, 106 Robinson Avenue

Belmont WA 6104 AUSTRALIA

GPO Box 2517 Perth

WA 6831 AUSTRALIA

Copper and Gold Results Confirm

Mineralisation Associated with

Geophysical Targets at Boolaloo

• First drill hole from Green Hills Prospect returns 12m at 0.72% Cu and 0.14 g/t Au, including 4m at 1.16% Cu and 0.27 g/t Au.
• Drilling of the Erny Bore EM conductor intersects parallel mineralised zones with 2m at 0.95% Cu and 0.40 g/t Au, including 1m at 1.73% Cu and 0.78 g/t Au and a separate broad zone of 11m at 0.38% Cu.
• Significant potential across the tenements is highlighted by anomalous copper results that have now been returned from drilling at five of the Boolaloo prospects, K15, K16, Copper Strike, Erny Bore and Green Hills.
• Follow-upexploration planned, including on-going assessment of airborne electromagnetic targets that have been identified on recently granted tenements east of Copper Strike.

Kingfisher Mining Limited (ASX:KFM) ("Kingfisher" or the "Company") is pleased to provide drill results from the on-going exploration at its 100% owned Boolaloo Project in the Ashburton region of Western Australia.

The Company has received results from the reverse circulation (RC) drilling of the Green Hills, Erny Bore and EM1 targets at its Boolaloo Project. The results include:

Green Hills

• BLRC002: 12m at 0.72% Cu and 0.14 g/t Au from surface, including 4m at 1.16% Cu and 0.27 g/t Au from 4m.
• BLRC001: 8m at 0.25% Cu from 20m.

Erny Bore

• BLRC009: 11m at 0.38% Cu from 79m.
• BLRC009: 2m at 0.95% Cu and 0.40g/t Au from 59m, including 1m at 1.73% Cu and 0.78g/t Au from 59m.
• BLRC008: 2m at 0.39% Cu from 45m.
• BLRC007: 6m at 0.24% Cu from 121m.
• BLRC006: 2m at 0.85% Cu from 28m, including 1m at 1.55% Cu from 29m.

Kingfisher's Executive Director and CEO James Farrell commented: "Drilling at

Boolaloo has now returned copper and gold results from five prospects, K15, K16, Copper Strike, Erny Bore and the Green Hills Prospect, which was discovered by the Company last year.

The new results highlight the potential for the discovery of new mineralisation at surface associated with the mapped structures and laterally extensive alteration

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corridors which, individually, extend for up to 12km and occur as multiple parallel zones in a mineralised corridor that extends for over 30km within the Company's tenure.

Our on-going exploration at Boolaloo will continue to define these new mineralisation zones, and in particular, we will be looking for opportunities laterally along strike and opportunities at depth. We will also focus on additional areas which includes a strong conductor from the recent VTEM survey on the recently granted exploration licence E08/3247.

Following the recent discovery of rare earth mineralisation at the Company's Mick Well Project, the Company has commenced a review of the exploration activities planned for 2022. The discovery intercept from Mick Well together with the identification of significant areas of carbonatite intrusions, which are associated with rare earth elements, has highlighted the significant potential of the project. Together with the on-going work at Boolaloo, the Company will also be focussing significant effort on rare earths exploration in the Gascoyne region during 2022."

The RC drilling program at Boolaloo has successfully tested three separate targets; Erny Bore, Green Hills and EM1 (Figure 1).

E08/3246 E08/3067

Legend

RC drill hole

Diamond drill hole

Mineralised structure

Erny Bore

EM1

Tenement boundaries

Target conductors

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	Green Hills
K15	Copper Strike

K16	Conductor target

Eagles Rest

2kmE08/3247

Figure 1: Boolaloo prospects and drill holes. The airborne electromagnetic survey (channel 30) results are shown, with a late-time conductor in the recently granted E08/3247.

The Erny Bore Prospect appears as a series of shears and quartz veins and outcrops over a strike length of 150m. The prospect has been defined by historic rocks chip samples which include 8.06 g/t Au, 2.10 g/t Au, 1.81 g/t Au and 1.21 g/t Au1 and is associated with a strong conductor, which lies approximately 100m along strike from the rock chip samples. The historic rock chips, together with the strong conductor and

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interpreted airborne electromagnetic (EM) survey results suggest a potential target zone of over 1km at Erny Bore (see ASX announcement 21 July 2021).

Green Hills was identified as a potential target from the reprocessing of the airborne hyperspectral survey and the Company's structural interpretation, with first pass mapping and sampling in the area returning rock chip sample results with over 24% Cu and more than 1 g/t Au (Figure 2 and ASX announcements 17 February 2021 and 9 September 2021).

The third target tested during the Boolaloo RC drilling program was EM1, a bedrock conductor identified from the airborne EM survey which is approximately 3km west of Erny Bore and on the interpreted extensions of the Erny Bore structure.

Figure 2: Outcropping mineralisation at the newly discovered Green Hills Prospect and rock chip sample BLGS0240 which returned results of 24.30% Cu and 0.59 g/t Au.

The RC drilling completed at Boolaloo included nine holes for 1,483 metres. Drill holes BLRC001 and BLRC002 were completed at the Green Hills Prospect, with the most significant result returned from BLRC002 which included 12m at 0.72% Cu and 0.14 g/t Au from surface, including 4m at 1.16% Cu and

0.27 g/t Au from 4m downhole (Figure 3). Both of the Green Hills drill holes intersected the target structure, which remains open along strike and down-dip at depth (Figure 4).

The Erny Bore drilling included drill holes BLRC005 to BLRC009. All of the drill holes at Erny Bore intersected the target structure with the most significant results returned from BLRC009, which included 2m at 0.95% Cu and 0.40g/t Au from 59m, including 1m at 1.73% Cu and 0.78g/t Au from 59m downhole. A second interval in BLRC009 returned 11m at 0.38% Cu from 79m downhole. Drill hole BLRC009 was completed on the eastern-most section at Erny Bore and the mineralisation remains open to the east and at depth (Figure 5).

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Drill holes BLRC003 and BLRC004 were completed at the EM1 target and did not return anomalous results. The target conductor from the VTEMTM electromagnetic survey appears to be related to carbonaceous sediments.

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Figure 5

Erny Bore

BLRC006: 2m at 0.85% Cu, including 1m at 1.55% Cu.

BLRC007: 6m at 0.24% Cu.

BLRC008: 2m at 0.39% Cu.

BLRC009: 2m at 0.95% Cu and 0.40g/t Au, including 1m at 1.73% Cu and 0.78g/t Au. Second interval of 11m at 0.38% Cu.

Legend RC drill hole Mineralised structure Rock Chips - Cu%

1. - 0.1
2. - 0.5

1. - 1.0

1. - 5.0 >5.0

Green Hills
BLRC001:	8m at 0.25% Cu.
BLRC002:	12m at 0.72% Cu
and 0.14 g/t Au, including 4m
at 1.16% Cu and 0.27 g/t Au.

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Figure 4

Figure 3: Green Hills and Erny Bore RC drill hole locations and sample results. Results for previously announced rock chip samples are also shown.

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SW

NE

12m at 0.72% Cu and 0.14 g/t Au, including 4m at 1.16% Cu and 0.27 g/t Au.

Open

Legend Drill hole - Cu% 0.1 - 0.2 0.2 - 1.0 >1.0

Figure 4: Cross-section showing BLRC002 at Green Hills. The section location is shown on Figure 3.

SW

NE

2m at 0.95% Cu and 0.40g/t Au, including

1m at 1.73% Cu and 0.78g/t Au.

11m at 0.38% Cu.

	6m at 0.24% Cu.
	Open
		Legend
Open		Drill hole - Cu%
	0.1 - 0.2
		0.2 - 1.0
		>1.0

Figure 5: Cross-section showing BLRC007 and BLRC009 at Erny Bore. The section location is shown on Figure 3.

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