Kingfisher Hits 38.5 g/t Gold—but Says the Big Prize Is Still Ahead

0:19Mining Stock Daily: All right, moving right along here with day two of the Beaver Creek Precious Metals Summit, and we are getting an update here from Kingfisher Metals. They do trade on the venture with KFR and on the OTCQX with KGFMF. It's a long overdue update here from the Highway 37 project, but for good reason. And we'll more on that later. But they did put out a headline hole of 8.8 meters of 38.5 grams per ton gold equivalent. That was within 27 meters of 13.6 grams per ton gold equivalent. Happy to welcome in my buddy Dustin Perry. Dustin, welcome back to Colorado. Yeah, thanks Trevor. Yeah, a nice little arsenal of news here for you.

0:58Yeah, we need to get something out. So we rushed 27 meters out of about a 1 ,000-meter hole. Hard not to, when you see VG, you rush it. But yeah, I think we're at around probably 11 ,000 meters of drilling so far. Four rigs still turning, and only 27 meters of assays have been released.

1:19Mining Stock Daily: Yeah, so maybe talk about this hole. This hole 15, you rush the assays, the early part of the hole. But maybe what's the general target that you're going after? So we were following up on the porphyry discovery we made last year. So last year we made a blind discovery drilling underneath this large Hank epithermal system. We drilled 425 meters of 0.4 copper equivalent. And this hole was trying to get into the porphyry. So we drilled a couple hundred meters upslope of that discovery hole. And at depth it did get into the porphyry. but along the way there, we serendipitously hit this vein that we weren't targeting, which I think, like, as a geologist, explorationist, I think the significance of that, it's more significant than just the headline number.

2:08It's just, you don't, like, stumble across veins like that. And you don't stumble across veins like that in a mature district. But also, you know, it shows how underexplored the Hank area is and you can tell if you actually look at the scale bar on a map, the gaps between historical drilling. So it shows that, but it also shows the fertility of the system and strong systems impressed to the upside like that. So it's a very, very good indicator.

2:40Mining Stock Daily: I mean, I hate to, you know, I don't want to be completely naive about it, but sometimes in exploration, luck comes in. Do you feel a little bit of luck here? Yeah, yeah, no, luck definitely comes in. But like when you got a good project, you're going to get lucky more often. But luck enough to, is it worth following up? The grand prize continues to be the porphyry? No, no, no, no. You don't think so? No. And I know that I think most of our retail shareholders have latched on to that, which like fair enough. Like the porphyry is an incredible prize and we have incredible porphyry targets and we like what we're seeing right now.

3:16but we were very clear when we announced our program that we were not just targeting the porphyry, that we were also testing predominantly the high-solidation gold system. So let me just frame this a little bit. So we've got tons of porphyry targets across our massive landholding in the Golden Triangle, and we're focused within maybe a third of the Hank Mary district, so I guess the southern two-thirds of the Hank area. and Hank was always known as a gold system and then there was Williams was found it was outcropping in the creek in the valley bottom then we made this other discovery but there's a few other porphyry centers further along trend and like Mary's there's an intercept of 0.7 gold equivalent over about 300 meters from the surface so like there's a lot going on here it's going to take us years to follow up on this hopefully not that many years before we attract you know a bigger check than what Beric wrote for us but the one thing that excites them and other corporates is the preservation and the fact that you have just a skiff of the litho cap, the barren litho cap on the ridges, but then you transition into high sulfidation.

4:24So that would be a bulk tonnage disseminated gold target. And then you've got these intermediate sulfidation veins that would be more proximal to the porphyry. And when you're seeing more copper in them, which we did, so this is by far the highest, like high grade copper intercept, the 3 % copper in there. historical drilling was more lead zinc so this shows you're getting closer to porphyry but and then you've got the porphyry so for one the porphyry is obviously are going to be intact but actually everything is intact if you've got a bit of litho cap above it and that's really unusual in bc uh it's not just like the simple explanation is that uh in bc glaciers have eroded the softer tops of these systems and you know you've got a kilometer generally between one and the other In our situation, the preservation is not like there weren't glaciers here.

5:12It's just some, I'm not going to get into this, because it's a very complicated geological explanation that our chief geo knows. And that's partly why we were in this area, because we knew you could hide these things. And that's what's happening here, which is why this is still intact. And I don't know of another example in the Golden Triangle other than the area where you still have Bruce Jack and KSL.

5:34Mining Stock Daily: I do want to try to simplify it a little bit for us naive, non-technical, non-geology people. But is it, learning more about these high-grade vein systems, how is it genetically connected to the porphyry system that you have multiple targets of? Do you have an understanding of that? Yeah, so the porphyry forms first. Sure. and as it's cooling uh you know when it comes in it actually fractures a lot of the rock and as it's cooling it's kicking off these veins that are going to have concentrated minerals in it so like higher higher gold grades but closer to the porphyry the higher temperature veins will have more copper and as they get further there'll be more zinc um and and then even later higher up you're going to get the high sulfidation system and generally yeah they're eroded and if you look in some area or the other thing is often that if you have the high sulfidation neurization like in a few places in the tutagon it might be too deep to actually get to the porphyry but we've got this process of telescoping so as the porphyry was being formed it was being uplifted and and kind of erosion was happening as the epithermal system so that distance is compressed and we see epithermal veins within potastic alteration in the porphyry environment and so that's a good indicator for that there's a bunch of other geological indicators for that as well but it effectively they're all connected yeah they happened over time and theoretically you could chase these veins down towards the porphyry but we've already found the porphyry right now what we're doing from a targeting standpoint on the porphyry is we always drill oriented drill core which basically means you get the drill core you get measurements on it which allow you to know exactly where that core sit in in 3d space like it's not you know you can take a measurement you know what way the veins are going so we're modeling 3d in 3d the porphyry veins and we're trying to chase them in the direction that they're going to find like the you know the bornite core yeah yeah that's that's how it works so it's you know it's very iterative and you got to be doing a lot of stuff on the fly with all this and you know like our chief geo uh isn't on site all the time.

7:57But luckily in today's day and age, we've got Starlink. So you're getting data daily, you're modeling in 3D and operators in the 80s didn't have, they didn't even have 3D modeling. I guess they didn't have computers.

8:09Mining Stock Daily: Yeah. It's a shocker. They had pencil crayons. Yeah. So you've discovered this high grade target, it demands follow up. Pardon me? The veins, this discovery demands follow up, yeah? Yeah, it does. We're not following up on it this year because we're sticking to our plan and also uh with all the alt like every hole we've drilled has been in altered material that doesn't mean every hole is going to be yeah like an intercept let alone a banger intercept but everything is it's difficult drilling like if you see a company put out a ridiculous amount of meterage in a short period of time it's probably drilling a bunch of tombstone so it's it's challenging drilling and because of that often the holes will deviate and it's risky to drill you know it's down over 400 meters it's risky to be targeting a vein like that when you can't guarantee where the hole's going so we are looking at getting a directional drill for next year so we can with a directional drill you can actually you have an operator who's steering the drill so you can actually get it within five meters in 3d space of where you want it so i think that would be the way to to follow up on that but i will note though that that vein like there's I don't know 20-30 meters of intense veining below it.

9:21It doesn't have the same mass of sulfide but we know that from that vein that there's coarse gold so who knows? Like there's still disseminated sulfides but it's not as blingy. It hasn't been acid yet. No, no. And then above it we're seeing some pretty wild jasperoid bretches which is something you see in a few places in Nevada like the Silicon Project has those but also notably the K92 has those and they also have like the Judd veins they're actually a pretty similar mineralogy to what we just drilled so there's yeah there's yeah there's some interesting analogs that are kind of coming up from this somebody uh was chatting with Neil Adshad in a meeting here and he brought up the the uh the Magna vein at resolution and he thought it might be an analog um like obviously we have the KSM analog because our rocks are the same age but no two deposits are identical yeah listen I

10:12Mining Stock Daily: I think, and I want to preface what I'm about to say with like complexity in geology is not a bad thing. No, it's good. It's good. Like the more complicated, the more, the more phases, the more pulses, like even just within that vein, we saw iron rich sphalerite and then iron porous sphalerite. So blackjack sphalerite, which is dark black, and then honey sphalerite, which is light colored. And you don't get those from the same pulse. They have to be two pulses. So we know that that vein, that structure has had minimum two pulses. And that's what you want. You want these systems that have just been like through like multiple divorces.

10:49Mining Stock Daily: But does this complicate the exploration strategy? Or does it more or less complicate the story? You know, the Kingfisher story to, you know, you're here having meetings for a day and a half. Like has the story been a little bit more complicated to tell in the last day and a half? for, you know, because it is such a complex system, right? There's a lot going on here. So for like novices like myself who are trying to get a grasp on things, you know, how do you go about approaching the complexity as a good thing while also, you know, you and I could have hours long conversation about the technical geology of Highway 37, but we don't have all day.

11:30Mining Stock Daily: We've got like 15 minutes. Yeah. So just, you know, a general story. Like, you know, obviously complexity in geology is a good thing, but does it create complexity in the story? I'll get to that from the exploration standpoint. Yes, it does make it more complicated, but then you also get surprises like this. So it's like, and luckily we've got an exceptional technical team with six full-time geos, not including me. So like, and we're cashed up. So it's good. Like, I'm happy with that. I'd rather it be complicated. And it also means there's opportunities to find things. In terms of the story, I'm not going into crazy technical detail on this story unless there's a geologist who wants to learn about it.

12:08It's a pretty simple story in my mind for what we're doing. It's an incredible team, and it's not just the technical team. We've brought in people with indigenous experience. We just added Jasper Burdensen, who was at RCF for 25 years, one of your neighbors in Golden. Great guy. Yeah, great guy. um we met him he teaches at colorado school of mines uh more for fun in retirement we met him after class on the way here to beaver creek um so great team like an unusually strong team for the stage we're at an incredible tenure package and it's not just the prospectivity it's in a very strategic location with what's happening in canada right now and what's happening in bc like a ton of infrastructure is going there we've tied up such an enviable land position so we've got that we've got that and then the capital structure like like really strong capital structure and the vote of confidence from barrack like this is their first investment in bc in as long as i know and like they did two years of dd like there's very few investors out there they're doing two years of dd at that level with that big of a team on it's like if it's good enough for them

13:14Mining Stock Daily: well that's usually a follow-up question like i want to know like after their 20 million dollar Canadian investment, strategic investment, indicating Fisher. Watching this whole, what was the feedback from them, you know, from this vein hit? Basically the same as what I've been saying. It's like a good indication. And, you know, they like a lot of things going on. Probably one of the biggest things is like highly prospective ground and a very capable team that is honest and is doing things in the right way that they would, if they were funding a JV, they would be dictating it being done the same way we're doing it effectively.

13:46There might be some changes. They might be more geology holes and whatnot, and there has to be a balance as a junior versus a major. But they really like just the preservation. The whole thing's intact. The gold system at surface is the barrier for that being economic is actually not that, like given the proximity of the road and the fact that it is actually at surface is a pretty low barrier. And yeah, like say you find an amazing deposit there and you build that first that could fund the other things. But you don't even need to find something else if it's a big deposit with a good, you know, a good enough grade.

14:27And just the shape of it. Like you look at we got a photo on our deck looking down at the ridge. It's like a pretty perfect shape for there to be mineralization at surface. So they were pleased that we were doing a lot of testing in that area. And there's a few targets they look at. the big gosson you see looking at our photos would be on the right hand side uh it was always called rojo grande historically they you know they're all a bunch of latin american joes and they laughed at that but they're like how has this never been drilled like that would have been grid drilled if it was in the andes so um yeah like we all kind of share the same feeling it's just incredible perspective it's just it hasn't had capital now it does yeah and like we have we will have 20 A, we've got all these assays yet to come, and we like what we're seeing, but we also have 20 ,000 meters minimum.

15:14Like, if we don't raise between now and next year, we have 20 ,000, a bigger program next year, and we've done everything to set ourselves up to be able to do that.

15:23Mining Stock Daily: Yeah. There was a little bit of retail pushback online, I would say, you know, kind of reclassifying Kingfisher, what it is, and I'll leave that for interpretation. But you and I have chatted about your work for a number of years now here, Dustin. And we've talked about, you know, repeatedly about making the Discovery at Highway 37. This whole, incredibly great, you know, good hit, but it just doesn't feel like the Discovery yet that really put this thing on the map. What do you think? Is this the Discovery? This doesn't seem like the prize you're going after, despite how good it is. no and i got on monday i looked at uh i looked at one of those feeds that shows the top intercepts globally i think we're the third best intercept globally on the monday of beaver creek like that's a hell of a hole but but but no like we want uh we're looking for something huge and that it's not to say that that couldn't turn into something huge but uh like we think there's a huge deposit underneath this hydrothermal system and and is it are there more porphyries or are we going to find like an incredible bornite stock work zone at uh at the hank porphyry or is this gold system going to have continuity across a huge like a two by two kilometer like we don't know yet we don't have assays and honestly we're really just getting going on this uh i've always said to people when i started this like i told a lot of people and they kind shrugged it off of me and they're like you're not going to do that like you're not going to consolidate all that ground i'm like we're going to consolidate all this ground and we're going to go make give us 20 million we'll make it discovery we made one last year with a lot less than 20 million and but it's like this takes time and we've set ourselves up to be able to do this because we've got good funding you know we've got the support of barrick now and we've got the team to execute so it's an unusual story and i could understand how it might be complicated to somebody But at the end of the day, it's not that complicated.

17:24And the best, like the mic drop thing is we just got the first investment by Barrick in the region. And mining is booming in the region. So it's not, yeah. All right.

17:34Mining Stock Daily: So we will have a lot more exploration results to be discussing here in the next coming months and into the winter. Dustin, now that you are a new family, congratulations. Girl dad. Girl dad. I can share that shirt with you if you wanted to. What's harder? managing a young family or managing an exploration project yeah it's hard to say like my wife and i have had when we were in the trenches at the beginning we were talking about uh how difficult it was and i was like i think we can get through this there's probably been i don't know like 75 100 billion people in the history of earth and like like there's more kids than there are people with driver's licenses yeah yeah so yeah that's challenging but uh you know life's tough well well she she's perfect in every way man so congratulations my wife's great too yeah very good all right my friend uh good to connect with you thanks for the update a lot more to come here from king fisher as we continue to cover the story in the coming months so have a great rest of your week dustin thanks rep the information presented should not be considered investment advice mining stock dailians affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein.

18:51Mining Stock Daily: Please do your own research or speak with a licensed financial representative before making any investment decisions.