On Friday, Kingfisher Metals Corporation (OTCQB: KGFMF) saw its share price rise by 549.92% to $2.388. In contrast to its outstanding share count of 72.75M shares, KGFMF recorded 7.59K volume while its float stands at 35.42M shares. KGFMF stock rose after announcing an update.
In which project did KGFMF provide an update?
A Calgary-based company that operates district-scale exploration projects in British Columbia, Kingfisher Metals is a Canadian company specializing in underexplored districts. In addition to three district-scale projects owned by KGFMF, the organization also holds three 100% owned projects that hold gold, copper, silver, and zinc deposits.
A report from KGFMF on Goldrange drilling was provided on Thursday, and the company is awaiting results from their analysis. Goldrange is situated in the southwest of British Columbia, approximately 25 km south of Tatla Lake.
- A total of 4,925.3 m were drilled by KGFMF over 14 holes in the first diamond drill program.
- An anomaly in soil that extends 3 km long and includes 50 samples with gold grades greater than 1 g/t Au as well as rock samples with gold grades greater than 128.1 g/t Au was tested by diamond drilling.
- The Goldrange Project’s 367 km was explored, but not for the Cloud Drifter Trend, through sampling of rocks, streams, and soil.
- Throughout 2021, 14 diamond drill holes totaling 4,925.3 m have been completed by KGFMF at the Cloud Drifter Trend.
- It also is characterized by broad veins of quartz carbonate-sulfide, and halo alteration of quartz-sulfide-carbonate-sericite-clay.
- Despite limited outcrop data, KGFMF completed the bedrock mapping in 2020 which was verified by diamond drilling and remained relatively unchanged.
- Prior to drilling in 2022, the cloud drifter trend will be 3D modeled using data from oriented core logging.
- The initial drill program encountered a number of vein, breccia, and alteration styles.
- Laminates, shear bands, cataclastic, and open spaces fill the veins.
- There are many different types of sulfur deposits, ranging in size from large crystals to very fine layers of soot.
- Drill core from hole GR21-014 demonstrated the largest quartz vein found in the program at 11.2 m.
- Stockwork of quartz-sulfide occurs in association with a broad, coalescing halo alteration and disseminated sulfides in the halo.
- In a cement of quartz-carbonate-sulfide, breccia textures consist of diffuse to brittle clast boundaries, and clast types include diorite and sulfide.
- Disseminated mineralization occurs throughout alteration zones rich in silica.
Where does KGFMF go from here?
According to Kingfisher (KGFMF), it is waiting to receive the analytical results from the drill program in 2021, and it will release these results to the market as soon as possible. KGFMF will begin 3D modeling of auriferous structural corridors once the assay results are received. By performing this study, KGFMF will be able to plan its drilling program for 2022, as well as help promote a highly promising trend known as the Cloud Drifter trend.