Kingfisher Closes Acquisition of the Ball Creek West (BAM) Project in the Golden Triangle, British Columbia

Rhea-AI Summary

Kingfisher Metals Corp. (KGFMF) has completed the acquisition of the Ball Creek West (BAM) Project from P2 Gold Inc. The transaction involved issuing 1,515,151 common shares and paying C$950,000 in cash. The BAM Project, comprising 54 claims over 18,893 hectares, is located in British Columbia's Golden Triangle and is adjacent to Kingfisher's HWY 37 Project.

The acquisition expands Kingfisher's consolidated HWY 37 Project to 819 km², making it the largest contiguous project held by a non-producing company in the Golden Triangle. The BAM Project includes three grassroots, large-scale target areas: Northmore, Mess Creek, and Hickman, and is considered highly prospective for Cu-Au porphyry systems.

The project is subject to royalty agreements including a 1% net smelter return to Evrim Exploration Canada Corp. and a 2% net smelter return to Sandstorm Gold , with provisions for buydown and milestone payments up to C$4,100,000.

Positive

• Acquisition expands territory to become largest contiguous project (819 km²) in Golden Triangle among non-producers
• New tenure of 189 km² is fully assessed with no holding costs until 2032
• Addition of three large-scale porphyry Cu-Au targets enhances exploration potential

Negative

• Initial cash outlay of C$950,000 and share dilution through issuance of 1,515,151 new shares
• Project subject to multiple royalty obligations (1% and 2% net smelter returns)
• Additional potential payment obligations up to C$4,100,000 in milestone payments

VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / Kingfisher Metals Corp. (TSXV:KFR)(FSE:970)(OTCQB:KGFMF) ("Kingfisher" or the "Company") is pleased to announce that it has closed the acquisition of the Ball Creek West project (the "BAM Project") from P2 Gold Inc. ("P2 Gold") (the "Transaction"), which was previously announced on December 5, 2024. Under the terms of the definitive agreement, the Company issued 1,515,151 common shares in the capital of Kingfisher to P2 Gold and paid C$950,000 in cash to P2 Gold in exchange for the transfer of the BAM Project claims on closing of the Transaction.

The BAM Project is comprised of 54 claims totaling 18,893 hectares and is located immediately west and contiguous with Kingfisher's HWY 37 Project, in Northwest British Columbia within the Golden Triangle. The BAM Project is highly prospective for Cu-Au porphyry systems with three grassroots, large-scale target areas: Northmore, Mess Creek, and Hickman. The Transaction will bring the Company's consolidated HWY 37 Project to 819 km² making it the largest contiguous project held by a non-producing company in the Golden Triangle.

In addition, the BAM Project is subject to underlying royalty agreements over the project that includes a 1% net smelter return to be retained by Evrim Exploration Canada Corp., a subsidiary of Orogen Royalties Inc. ("Orogen"), and a 2% net smelter return to be retained by Sandstorm Gold Ltd. ("Sandstorm"), as well as a provision for Orogen to buy down 1% of the Sandstorm net smelter return for C$1,000,000 and the right to up to C$4,100,000 in milestone payments.

Consolidation of the Golden Triangle

• The Golden Triangle is the most endowed region in Canada for large Cu-Au porphyry systems where neighbouring major miners Teck and Newmont hold Red Chris, Galore Creek, and Schaft Creek

• Kingfisher entered the Golden Triangle in 2023 and has rapidly consolidated the largest contiguous non-producer held project in the region with 819 km²

• The addition of three large-scale porphyry Cu-Au targets furthers the strategy of positioning Kingfisher as the premier Cu-Au explorer in the region

• New tenure addition of 189 km² is fully assessed with no holding costs until 2032

Qualified Person

Dustin Perry, P.Geo., Kingfisher's CEO, is the Company's Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has prepared the technical information presented in this release.

About Kingfisher Metals Corp.

Kingfisher Metals Corp. (https://kingfishermetals.com/) is a Canadian based exploration company focused on copper-gold exploration in the Golden Triangle, British Columbia. The Company has quickly consolidated one of the largest land positions in the region at the contiguous 819 km² HWY 37 Project. Kingfisher also owns (100%) two district-scale orogenic gold projects in British Columbia that total 641 km². The Company currently has 56,198,734 shares outstanding.

For further information, please contact:

Dustin Perry, P.Geo.
CEO and Director
Phone: +1 778 606 2507
E-Mail: info@kingfishermetals.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property. This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE: Kingfisher Metals Corp.

View the original press release on ACCESS Newswire

FAQ

What is the total size of Kingfisher's consolidated HWY 37 Project after the BAM acquisition?

After the BAM Project acquisition, Kingfisher's consolidated HWY 37 Project spans 819 square kilometers, making it the largest contiguous project held by a non-producing company in the Golden Triangle.

How much did Kingfisher (KGFMF) pay for the BAM Project acquisition?

Kingfisher paid C$950,000 in cash and issued 1,515,151 common shares to P2 Gold Inc. for the BAM Project acquisition.

What are the royalty obligations for the BAM Project?

The BAM Project is subject to a 1% net smelter return to Evrim Exploration Canada Corp. and a 2% net smelter return to Sandstorm Gold , with provisions for buydown rights.

What are the three target areas included in the BAM Project acquisition?

The BAM Project includes three grassroots, large-scale target areas: Northmore, Mess Creek, and Hickman, which are prospective for Cu-Au porphyry systems.

How long are the holding costs waived for the new BAM Project tenure?

The new tenure addition of 189 km² is fully assessed with no holding costs until 2032.