Kingfisher Mining Limited announced that the drill program at its Mick Well REE project in the Gascoyne region of Western Australia has been completed. MW2 Drill Program: Drilling at MW2 has been completed, with the current program concluding with 37 drill holes for approximately 4,225m, approximately 500m more than originally planned. The drilling was designed to target the high grade REE mineralisation at MW2, where rock chip results over 40% TREO have been returned and where mapping and sampling has delineated five parallel lodes of outcropping mineralisation within a 300m wide mineralised zone.

The mineralisation targeted in the current program is located 500m northwest of Kingfisher's discovery drilling in the MW2 area, where previously reported high grade monazite mineralisation included 5m at 3.45% TREO, including 3m at 5.21% TREO as well as 12m at 1.12% TREO, with 4m at 1.84% TREO. The mineralisation is associated with broad zones of potassium, sodic and mafic fenite, which are alteration styles that are associated with the intrusion of carbonatites. Mapping and Drill Target Definition Fieldwork: Mapping and rock chipping work will continue in 2023.

The work is targeting a large number of laterally-extensive high priority targets in a broad area that extends 10km west-northwest from MW2. The targets in this area are also associated with carbonatite complexes as well as high thorium and magnetic responses - similar to what is seen from the newly identified outcropping mineralisation at MW2. Significantly, all of these targets within this 10km long area also lie within Kingfisher's target corridor, the Chalba Shear Zone, which extends for 54km across the Company's Gascoyne tenure.

The Chalba Shear Zone is a broad WNW-trending crustal-scale structure that has played an important role in providing a conduit for the intrusion of the carbonatites, as well as the associated alteration and late-stage mineralised veins and carbonatite dykes. Fenites (carbonatite-associated alteration) and potassium fenites, are well-developed in the Mick Well area and are an important host of the REE mineralisation. 2022 Gascoyne Exploration Program: Kingfisher carried out extensive and targeted exploration programs for its Gascoyne projects during 2022.

The Company's exploration is cost-effective and aims to develop and test drill targets from ground-based mapping and rock sampling. The Company is also simultaneously developing a pipeline of exploration opportunities through integrating current and scheduled tenement-scale airborne geophysical surveys with geological knowledge from the Company's breakthrough REE discovery at Mick Well.