Quarterly Activity Report for the Period Ending 31 March 2023
Highlights
Assays from drilling at MW2 received during the Quarter 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 (MWRC067).
4m at 3.24% TREO and 0.54% Nd₂O₃ + Pr₆O₁₁ from 46m (MWRC035).
3m at 2.52% TREO and 0.41% Nd₂O₃ + Pr₆O₁₁ from 46m (MWRC033).
The drilling results confirm the Company’s 54km Chalba corridor as the next significant REE corridor in the rapidly emerging Gascoyne region
Intersections from MW2 are comparable to Hastings Technology Metals Bald Hill deposit, part of word-class Yangibana Project (see ASX:HAS 25 July 2022, Appendix 2).
Mapping and rock chip sampling results significantly expanded upon the MW2 and MW7 discoveries.
The 300m wide mineralised zone at MW2 which includes multiple lodes has been extended to a strike length of 2.4km; with surface sample results from the newly identified extensions to MW2 that include:
30.83% TREO with 5.10% Nd₂O₃ + Pr₆O₁₁ (MWGS1491)
15.25% TREO with 2.49% Nd₂O₃ + Pr₆O₁₁ (MWGS1499)
14.59% TREO with 2.44% Nd₂O₃ + Pr₆O₁₁ (MWGS1498)
New high grade rock chip assays from MW7 extend the strike length of the mineralisation by 500m to over 1.5km, with two new lodes identified at the prospect. New assays from MW7 include:
14.60% TREO with 2.41% Nd₂O₃ + Pr₆O₁₁ (MWGS1443)
12.10% TREO with 2.04% Nd₂O₃ + Pr₆O₁₁ (MWGS1445)
11.68% TREO with 1.83% Nd₂O₃ + Pr₆O₁₁ (MWGS1587)
Identification of another high grade REE area at the KF3, 15km east of the initial Mick Well REE discoveries with a surface sample returning 32.16% TREO with 5.25% Nd2O3 + Pr6O11 further expanding the REE corridor.
Large-scale airborne radiometrics and magnetics surveys identified numerous potential carbonatite intrusions across the entire length of the 54km Chalba shear and along the 30km of the Lockier shear. A significant new large target, CH10, identified at Kingfisher South consists of a distinct circular magnetic feature 2km in diameter.
Multiple targets identified from the newly acquired geophysics at Arthur River. A large REE target LK1 features several circular (>2km diameter) magnetic and thorium responses, interpreted to be associated of carbonatites intrusions.
Kingfisher Mining Limited (ASX:KFM) (“Kingfisher” or the “Company”) is pleased to provide an update on its activities for the March 2023 Quarter.
Commenting on the Company’s activities during the Quarter, Kingfisher’s Executive Director and CEO James Farrell said: “The March Quarter saw the Company continue its rapid development of its rare earth elements discoveries across its extensive tenement holding in the Gascoyne region of Western Australia.
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