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High Grade Drilling Results Confirm New MW2 REE Discovery - Assay Results up to 6.70% TREO



Highlights


  • Assays from drilling at MW2 confirm the discovery of high grade continuous rare earth elements (REE) mineralisation. Significant intercepts include:

- 5m at 2.63% TREO (Total Rare Earth Oxides) and 0.54% Nd2O3 + Pr6O11 from 124m, including 3m at 4.11% TREO and 0.85% Nd2O3 + Pr6O11 from 124m. Includes 1m at 6.70% TREO and 1.39% Nd2O3 + Pr6O11 from 125m (MWRC067, Figure 1). - 4m at 3.24% TREO and 0.54% Nd2O3 + Pr6O11 from 46m. Includes 1m at 5.25% TREO and 0.84% Nd2O3 + Pr6O11 from 47m (MWRC035). - 5m at 1.54% TREO and 0.30% Nd2O3 + Pr6O11 from 75m, including 1m at 4.42% TREO and 0.84% Nd2O3 + Pr6O11 from 77m (MWRC068). - 4m at 1.90% TREO and 0.34% Nd2O3 + Pr6O11 from 65m, including 3m at 2.42% TREO and 0.43% Nd2O3 + Pr6O11 from 65m (MWRC059). - 3m at 2.52% TREO and 0.41% Nd2O3 + Pr6O11 from 46m. Includes 1m at 5.38% TREO and 0.88% Nd2O3 + Pr6O11 from 46m (MWRC033). - 6m at 0.98% TREO and 0.17% Nd2O3 + Pr6O11 from 89m, including 1m at 2.10% TREO and 0.36% Nd2O3 + Pr6O11 from 89m (MWRC067). - 9m at 0.66% TREO and 0.11% Nd2O3 + Pr6O11 from 38m, including 1m at 2.22% TREO and 0.34% Nd2O3 + Pr6O11 from 44m (MWRC049). - 4m at 1.07% TREO and 0.17% Nd2O3 + Pr6O11 from 93m, including 1m at 2.03% TREO and 0.33% Nd2O3 + Pr6O11 from 94m (MWRC041).


  • The drilling results confirm the Company’s 54km Chalba corridor as the next significant REE target in the emerging Gascoyne Mineral Field, with the intersections from MW2 being comparable to results from the Bald Hill deposit that is part of Hastings Technology Metal’s word-class Yangibana Project (see ASX:HAS 25 July 2022, Appendix 2).

  • The MW2 high grade monazite mineralisation occurs from surface and remains open along strike and at depth, with the planning for infill and extensional drilling already underway. A drill rig has been booked for follow-up drilling in April this year.

  • The drill program included 37 drill holes, with REE mineralisation intersected in 33 of the 37 holes and all assay results now received.

  • The high grade REE mineralisation is surrounded by extensive carbonatite associated fenite alteration, providing further support for the Company’s interpretation of the potential for a very large-scale REE system along the Company’s Chalba target corridor.

  • The drill results have added to the Company’s understanding of the geology of the Mick Well area, with significant potential extensions identified from geophysics for on-going exploration at the MW2 discovery and the area immediately surrounding the discovery.

  • MW2 is one of numerous targets identified from recent mapping and geophysical surveys along the Company's 54km Chalba and 30km Lockier target corridors.

Kingfisher Mining Limited (ASX:KFM) (“Kingfisher” or the “Company”) is pleased to announce the drill results from MW2 at its 100% owned projects in the Gascoyne Mineral Field in Western Australia. The results confirm the discovery of new high grade continuous REE mineralisation at MW2.


Kingfisher’s Executive Director and CEO James Farrell commented:


“The latest drill results have confirmed continuous high grade rare earth elements across the entire strike length of the drilled target and significantly, the target mineralisation remains open along strike and at depth. This is a great outcome and follows on from the initial discovery of outcropping mineralisation at MW2 just six months ago, and it is only 12 months since our initial break-through REE discovery in the Mick Well area.

The results confirm the Chalba Shear as the next large-scale REE target zone in the Gascoyne, which is a separate parallel shear approximately 100km south of the Lyons River Shear that hosts Hastings’ world-class Yangibana Project that is currently under construction and the exciting REE discoveries by Dreadnought Resources at their Mangaroon Project. Significantly, MW2 is only one of many identified targets along the Company’s extensive 54km Chalba corridor and there is potential for additional mineralisation discoveries and growth for the Company as our methodical exploration advances further along the shear.

The drilling program has provided a wealth of important geological information for our on-going exploration. The wide fenite alteration zones, associated with the intrusion of carbonatites, is an indication of a potentially very large mineral system.

We are now focused on finalising our exploration plan for 2023 ahead of the upcoming field season. Apart from our expansive on-going exploration activities in confirming additional mineralisation along our extensive target corridors, we have already booked a drill rig for infill and extensional drilling at MW2, particularly for the mineralisation in the southwest, where the current drilling is wide-spaced and there is potential to extend the mineralisation along strike and down-dip. Maiden drilling has also been planned at MW8 and in particular, MW7, where mapping and sampling has identified continuous mineralisation at surface over a strike length of 1.5km further to the northwest along the Chalba Shear”.





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