The Golden Triangle in northwestern British Columbia hosts a prolific endowment of copper, gold, and silver systems which have led to the development of over 150 mines since the early 1900s [1]. Currently operating mines in the region are the Brucejack (Newmont) and Red Chris (Newmont/Imperial Metals) Mines. Proposed mines include KSM (Seabridge Gold) which currently hosts reserves (proven and probable) and resources (measured, indicated, and inferred) totalling 207.5 million ounces, 65.4 billion pounds, and 1.038 billion ounces of gold, copper, and silver respectively [2]. KSM is the world’s largest undeveloped gold project based on reserves and resources [3]. Considering all these mines and discovered resources, are there still opportunities for exploration companies to find new mineralized areas? The short answer is yes. Kingfisher Metals (Kingfisher) (KFR on the TSX Venture Exchange (TSXV), KGFMF on the OTCQB, and the Frankfurt Stock Exchange under the symbol 970) has assembled an intriguing district-scale land package in the Golden Triangle and enters the 2024 season with the potential to drill later this year [4].
Background
The Kingfisher Metals story starts in March of 2021, where Kingfisher successfully listed on the TSXV through a reverse take over transaction of a capital pool company [5], [6]. Kingfisher went public with interests in the Ectstall, Thibert, and Goldrange properties all situated in British Columbia [7]. During the 2021 and 2022 exploration seasons, Kingfisher primarily focused on the Goldrange project and completed several drillholes intercepting gold, with highlighted intercepts of 2.86 g/t Au over 40 m from 141 m downhole and 1.93 g/t Au over 25 m from 32 m downhole [8], [9]. Geophysical and geochemical surveys were completed at both the Thibert and Ectstall properties [10], [11].
In March 2023, Kingfisher announced the acquisition of two properties in British Columbia’s Golden Triangle, consolidating a 362 square kilometre land package and creating the Hwy 37 copper-gold project (see Figure 1) [12].
Figure 1: Location of the Hwy 37 project in British Columbia [12].
Figure 2: Hwy 37 project geology and areas of historically defined deposits [12].
Within Hwy 37, are the Mary copper-gold porphyry, the Williams copper-gold porphyry, and the Hank gold-silver epithermal deposits. Hwy 37 also has soil anomalies and gossans spread over a 17 km by 9 km area with a porphyry-epithermal footprint (see Figure 2). The Mary, Williams, and Hank deposits have historically been drilled with 13,506 m, 6,095 m, and 21,623 m of drilling respectively. Historical intercepts at Mary include 0.49 g/t AuEq over 431 m from 4 m downhole and 0.7 g/t AuEq over 292 m from 16 m downhole. Historical intercepts at Williams include 0.94 g/t AuEq over 319 m from 217 m downhole and 0.81 g/t AuEq over 327 m from 72 m downhole. Historical intercepts at Hank include 11.82 g/t AuEq over 20 m from 116 m downhole and 2.24 g/t AuEq over 60 m from 53 m downhole. Kingfisher also noted that the age of mineralization and scale of alteration on the Hwy 37 project is similar to that of the Treaty-KSM-Brucejack District hosting Seabridge Gold’s KSM project and Newmont’s Brucejack mine (see Figure 3). For the 2023 exploration campaign, the Mary deposit was fully permitted for drilling, mapping, and geophysics. The Williams and Hank deposits required permitting and have the potential to be drilled in 2024.
Figure 3: Comparison of the Hwy 37 project in relation to the Treaty-KSM-Brucejack District [12].
Dustin Perry, CEO of Kingfisher, noted that the company’s goal was to make a world-class discovery and after drilling at Goldrange, the company downgraded the target at the property [13]. As a result, the company looked outward for a new property which would have a better opportunity to make a larger discovery as compared to the upside potential at Goldrange.
Hwy 37 – 2023 Exploration
In May, Kingfisher reported on plans for their 2023 exploration program where drilling was planned to occur between the Mary deposit and the Cliff gossan (see Figure 4) [14].
Figure 4: View of deposits (Mary, Hank, Williams) and targets (Cliff, Rainbow, ME) at the Hwy 37 project [14].
Field crews mobilized to the Hwy 37 project in July and Kingfisher confirmed plans to complete approximately 2,500 m of drilling [15]. In August, drilling started at the Cliff porphyry target where Kingfisher announced results of surface sampling including 1.70% Cu, 0.04 g/t Au, 26.93 g/t Ag, and 58.4 ppm Mo (see Figure 5) [16]. Of note, one historical drillhole was completed at the Cliff porphyry which returned 0.11% Cu over 80.62 m bottoming out the hole.
Figure 5: Overview of the Cliff porphyry drill target [16].
Kingfisher also provided details on the Mary Root Zone geophysical target with coincident chargeability-resistivity anomalies (see Figure 6).
Figure 6: Mary Root Zone geophysical target to be drilled during the 2023 program [16].
Kingfisher also planned to drill a step out hole at the Mary deposit to test south of the deposit for copper-gold mineralization and to follow up on a drillhole completed in 2019 which intersected 0.5 g/t Au and 0.1% Cu over 291.5 m from 15.5 m downhole. The drilling program at Hwy 37 was completed in November where 2,150 m across 6 holes were drilled [17]. In addition to drilling, geological mapping was completed on the Hank and Rojo Grande areas in preparation for future drilling. Kingfisher also identified a new prospective area based on geophysics and structural features and completed soil grid sampling in this area (Target 4). Both drillholes and Target 4 are depicted in Figure 7.
Figure 7: Hwy 37 project 2023 drillhole locations in relation exploration targets [17].
Drill results were released in January 2024 where mineralized intercepts were intersected at each of the three drill targets [18]. These intercepts include 0.43 g/t AuEq over 438 m from 9 m downhole from a 100 m south step out hole at the Mary deposit, 0.31 g/t AuEq over 241.7 m from 79.3 m downhole at the Mary Root Zone target, and 0.2% CuEq over 114 m from 267 m downhole at the Cliff target (see Figure 8).
Figure 8: Historical and 2023 drilling results from the Mary deposit area [18].
2023 drilling at Mary increased the strike length to the north and width to 450 m and 240 m respectively and is open to south and southeast. Commentary from the press release noted that intercepts of gold and copper from the holes completed at Mary indicate the upper area of a porphyry system (high gold to copper ratios close to surface) where at depth, copper usually becomes copper dominant, indicating the exploration potential for a copper discovery. Comparable deposits in the Golden Triangle with gold-rich mineralization close to surface and copper-rich mineralization at depth include the Goldstorm deposit (Treaty Creek project, Tudor Gold) and the Mitchell and Lower Iron Cap deposits (KSM project, Seabridge Gold).
Holes at the Mary Root Zone target returned wide zones of gold and zinc mineralization, including 0.16 g/t Au and 0.13% Zn over 241.7 m. Zinc mineralization is known to occur adjacent to copper-gold porphyry deposits locally (the Williams deposit at Hwy 37) and regionally (the Goldstorm deposit) proximal to the Hwy 37 project. Kingfisher reported that their upcoming 2024 exploration plans would focus on the Mary porphyry and Hank epithermal areas as key targets.
2024 – Exploration Plans
In April 2024, Kingfisher completed a reverse split share consolidation [19]. In May, over $2.1 million was raised through a non-brokered private placement including both flowthrough and hard dollar units [20].
In June, Kingfisher announced the acquisition of the drill-permitted LGM project situated south and contiguous with the Hwy 37 project (see Figure 9) [21].
Figure 9: Regional map of Kingfisher’s Hwy 37 and LGM projects [21].
The LGM project is noted to have characteristics of copper-gold porphyry mineralization based on historical results. The Grizzly target is situated on a trench grading 0.74% copper and 1.09 g/t gold over 38 m, is within a 1 square kilometre Cu-Au-Ag-Mo soil geochemical anomaly, and has rock sampling results up to 5.91% copper and 13 g/t gold. The Lucifer target is a 4 km by 5 km region with a Cu-Au-Ag-Mo soil geochemical anomaly with values up to 3383 ppb Au, 787 ppm Cu, 5.6 ppm Ag, and 216 ppm Mo. Limited historical drilling has been completed at Lucifer and the source of copper-gold mineralization has not been determined. Additionally, Kingfisher highlighted the potential for the Hank-Williams Trend to continue onto the LGM project which is to the southwest of Hank and Williams. Glaciers have regressed significantly in this region since work was last completed in the area in 1990. One glacier has retreated 1,500 m since historical sampling was conducted at the toe with samples grading up to 0.9% Cu, 0.27 g/t Au, and 6.8 g/t Ag.
Kingfisher’s phase 1 exploration plan for 2024 was released in June detailing work for both their Hwy 37 and Thibert projects [22]. In late June, a ZTEM survey would be conducted on the Hwy 37 and LGM projects. CEO of Kingfisher Dustin Perry noted “…the goal of the ZTEM survey is to fingerprint the known porphyry centers at Hwy 37 and LGM projects and discover new systems… Following this survey, we will rate and rank targets and follow up with focused mapping and IP surveys. This will all lead into drill targeting for potential new discoveries…”. The ZTEM survey will cover the Mary, Williams, and Hank deposits and Rainbow system where historical drilling has intercepted 0.76 g/t Au and 0.05% Cu over 91 m starting at the surface.
At the Thibert project, a gold prospectivity assessment was completed during the winter of 2023-2024 where the resulting model identified new regions which are prospective for gold discovery in bedrock [22]. In June, Kingfisher planned to complete a soil sampling campaign over two areas (see Figure 10) that overlap regions of gold prospectivity. Kingfisher’s overall goal is to identify areas with gold anomalies for a future Rotary Air Blast (RAB) drilling program.
Figure 10: Thibert project prospectivity model and June 2024 soil sampling map [22].
Looking Forward
As of March 31, 2023, Kingfisher had a working capital position of approximately $330,392 [23]. Kingfisher closed a private placement in May 2024, raising $2,108,462 of predominantly hard dollar units with some flow-through units. As of July 12, 2024, Kingfisher had a market capitalization of approximately $8.8 million.
As the 2024 exploration season in British Columbia’s Golden Triangle commences, Kingfisher Metals is actively mobilizing their personnel to refine exploration targets further. With promising developments in the commodity markets as gold and copper reach near all-time highs, shortages of copper on the horizon, and geopolitical risks, new discoveries of metallic deposits are imperative. Given the location and limited historical exploration of the Hwy 37 and LGM projects, Kingfisher has oriented themselves to potentially be able to drill for a discovery later this year.
Disclosure: I have a beneficial long position in the shares of one or more of the companies discussed in this article, either through stock ownership, options, or other derivatives. I wrote this article without external assistance and it expresses my personal opinions. I was not compensated for this article and I have no business relationship with any company whose stock is mentioned in this article. I am not a registered investment advisor; readers are encouraged to complete their own due diligence and to contact their own licensed investment advisor(s) before making any investment decisions.
References
[1] British Columbia Geological Survey, “The Golden Triangle of northwestern British Columbia,” 2018. [Online]. Available: https://cmscontent.nrs.gov.bc.ca/geoscience/publicationcatalogue/InformationCircular/BCGS_IC2018-05.pdf.
[2] KSM Mining ULC, a Subsidiary of Seabridge Gold Inc., “Mineral Resources,” 2024. [Online]. Available: https://ksmproject.com/project-overview/mineral-resources/.
[3] Seabridge Gold, “Kerr-Sulphurets-Mitchell,” 2024. [Online]. Available: https://www.seabridgegold.com/projects/kerr-sulphurets-mitchell.
[4] Adelaide Capital, “Curious about Kingfisher Metals’ Next Steps?,” Adelaide Capital, 25 June 2024. [Online]. Available: https://www.youtube.com/watch?v=NXzEyR1G_Zs.
[5] Seashore Resource Partners Corp., “SEASHORE SIGNS DEFINITIVE AGREEMENT WITH KINGFISHER RESOURCES LTD.,” 30 September 2020. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=10a18955c132ed6f8891dcb236960521828afd830f8367f2cdd44a3a86a6a1bc.
[6] Kingfisher Metals Corp., “Kingfisher Metals Corp. Commences Trading on TSX Venture Exchange, Completes Transition under New CPC Policy,” 18 March 2021. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=f3fb5861e7fc19d2a1578aade8d1515ccc8b07c02bb7c54500aeb29e1c9f4f74.
[7] Seashore Resource Partners Corp., “Filing Statement,” 3 March 2021. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=543998f53157692a18c5a1061a7a7f154498647ae3c43735c1cc1bb696038015.
[8] Kingfisher Metals Corp., “Kingfisher Intersects 2.86 g/t Au over 40 m and 58.88 g/t Au over 1 m at Cloud Drifter Trend,” 13 October 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=55d5f4f00535e1074013a81df86d625bf8f032f3246e7501f0da360b34597cf6.
[9] Kingfisher Metals Corp., “Kingfisher Reports Final Diamond and RAB Drill Results from Cloud Drifter Trend,” 22 February 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=2c3a0f5a90d10ec17ac8af4fe7d99605ac1f830246056ee4de5810c94c00d3db.
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[11] Kingfisher Metals Corp., “Kingfisher Highlights High-Grade Gold Potential at Thibert Project with Airborne Geophysical and Property-Wide Stream Sediment Surveys Returning Anomalies up to 1535.5 ppb Gold,” 29 March 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=e265697bf2b7e5713bc4116959b71aecd8aeaa828f7ec3cd9aa2b2f610157bc9.
[12] Kingfisher Metals Corp., “Kingfisher Signs Definitive Option Agreements to Consolidate 362 Square km Copper-Gold Project in Golden Triangle, British Columbia,” 7 March 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=20f43e26aecac5d44e69f0fdeb06584dd695882828b7721f6c42020a52b7b603.
[13] Adelaide Capital, How Kingfisher Metals is Shaking Up the Golden Triangle!, Adelaide Capital, 31 March 2023. [Online]. Available: https://www.youtube.com/watch?v=OYcsl3IPDyA.
[14] Kingfisher Metals Corp., “Kingfisher Provides Technical Update on HWY 37 Project,” 4 May 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=925e4929bf5dd7cd65482e6eaf8388003dee0597d752f4532bb99fddc12a8f5e.
[15] Kingfisher Metals Corp., “Kingfisher Announces Update to Operations at HWY 37 Project and Private Placement,” 17 July 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=e0bceaea6c370a454ced8857a9b771bee6c9f114017249f2dc42aa8079d313db.
[16] Kingfisher Metals Corp., “Kingfisher Announces Commencement of Drill Program at HWY 37 Project in the Golden Triangle, BC,” 14 August 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=c4bc73993db071828e5e03a5daf24bd01dfbf2c008f46dfaa6d1a5fc6d776d44.
[17] Kingfisher Metals Corp., “Kingfisher Announces Completion of Drill Program at HWY 37 Project in the Golden Triangle, BC,” 2 November 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=4bc38b928ecd83dba8ef62bfe3bda1cfb403fb74fa2fd5f357b982a0973da0b7.
[18] Kingfisher Metals Corp., “Kingfisher Drills 438 m of 0.43 g/t Au Eq. From Surface at HWY 37 Project in the Golden Triangle, BC,” 10 January 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=448b4c486489ff50a5d5c00e4c3d9b9c7b8597a7215f61f9dc8ba2cffcd0872b.
[19] Kingfisher Metals Corp., “Kingfisher Provides Update on Share Consolidation,” 3 April 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=f965e7e9a3a89bd4bf8d203596b57753d37ecafd9eeab98e6d8f68ad79dc448a.
[20] Kingfisher Metals Corp., “Kingfisher Announces Closing of Final Tranche of Oversubscribed Private Placement,” 28 May 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=7fa9b364ac6034c82b49cc64b2bb90244c200ca520a1bf1348adea6bdbb2ce29.
[21] Kingfisher Metals Corp., “Kingfisher Signs Definitive Agreement to Acquire the LGM Project in the Golden Triangle, British Columbia,” 6 June 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=0630311bf6a7bf1b350824dfcd680a1ec40819db8a2605477ab2039b8e2883b7.
[22] Kingfisher Metals Corp., “Kingfisher Provides 2024 Phase 1 Exploration Update,” 13 June 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=06febfc80bb86fa57c25e85b7049bd667cdd52aa9ce279551b133b9048edf00d.
[23] Kingfisher Metals Corp., “MANAGEMENT’S DISCUSSION AND ANALYSIS FORM 51-102F1,” 31 December 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=c8c7d6f44aaa769c50f8a07c06c5419f987c0dc9dc7393ba183956694a8e6e22.