Murchison intersects 1.36% NiEq over 121.2 metres at HPM project, Quebec

Murchison Minerals Ltd. [MUR-TSXV; MURMF-OTCQB] reported assay results from BDF22-002, the second diamond drill hole completed at the Barre de Fer (BDF) zone, as part of the 2022 summer exploration program on the 100%-owned HPM (Haut-Plateau de la Manicouagan) project 180 km northwest of Sept Isles, Quebec.

Results demonstrate the near-surface, high-grade nature of Barre de Fer and the potential for future expansion of the zone. In advance of the maiden resource, slated to be released in Q1 of 2023, the company will continue to release assay results from the summer drill program as they become available.

BDF22-002 highlights: The hole was drilled to a depth of 452 m and intersected two broad zones of nickel-copper-cobalt (Ni-Cu-Co) sulphide-bearing mineralization totalling 175.15 m of composite thickness, including 121.2 metres grading 1.36% NiEq (nickel equivalent), or 4.07% CuEq (copper equivalent) (123.8 to 245 m), including 10.1 metres at 2.78% NiEq, or 8.31% CuEq (134.1 to 144.2 m), including 21 metres at 3.21% NiEq, or 9.59% CuEq (152.5 to 173.5 m), including 10.5 mteres at 1.76% NiEq, or 5.27% CuEq (207.5 to 218 m).

The best drill hole intersection to date on the HPM property, drilled 120 metres along strike to the north of HPM-08-003, the previous best hole which intersected 52.15 metres grading 2.04% NiEq (1.52% Ni, 0.79% Cu and 0.08% Co starting at 74.45 m).

The hole successfully confirmed mineralization approximately 85 metres down-dip from DH-151-02 and approximately 55 metres up-dip of DH-151-05EX.

The bulk of the mineralization was intersected outside of the previously modelled zone. Results continue to show a strong correlation between previously released pXRF results and lab assays.

Troy Boisjoli, President and CEO, commented: “Today’s results speak for themselves, BDF22-002 is one of the top nickel-sulphide intersections made at a pre-resource project globally over the last several years. These results demonstrate the significance of the BDF Zone and overall potential of the HPM Project, which is a clearly one of the few new emerging nickel-sulphide districts globally.

“Our HPM Project is developing at a time when worldwide nickel demand is slated to increase significantly over the coming years. The opportunity is compounded for Murchison by the fact there is significant pre-existing infrastructure like a maintained highway, rail, and available hydropower all within kilometers of our site. Those fundamentals, along with the fact the Government of Quebec is implementing a vertically integrated critical minerals strategy have us very excited about the future.”

 John Shmyr, Vice-President of Exploration, said,”The scale of mineralization observed in BDF22-002 is exceptional and confirms BDF is part of a major magmatic nickel sulphide mineralizing system. The results from BDF22-002 are significant milestone for the company and demonstrate that we are only scratching the surface of the exploration potential at the HPM property. The team is eagerly progressing on the maiden resource at the BDF Zone, and today’s results will be a substantial contributor to that initial resource estimate.”

During the 2022 summer exploration program at HPM , a total of 13 diamond drill holes were completed, comprising 4,316 metres. This includes 10 drill holes at BDF, and an additional three holes at Syrah. The pXRF results for the 10 holes drilled at BDF were previously released and lab assays are pending for the remaining 11 holes.

Today’s release of lab assay results from BDF22-002 as well as the previously released assay results from BDF22-001 validate the Direct Rock Sampling (DRS) Portable X-Ray Fluorescence (pXRF) process that the company developed in advance of the 2022 Summer Exploration Program.

The DRS process allowed the company to produce near laboratory quality results in the field. In turn, this process enabled the company to model zones of mineralization in real time, creating a dynamic exploration process which was unaffected by laboratory delays faced by many industry peers.

Murchison is focused on nickel-copper-cobalt exploration at the HPM Project in Quebec and the exploration and development of the 100%-owned Brabant Lake zinc-copper-silver project in north-central Saskatchewan. The company also holds an option to earn 100% interest in the Barraute VMS exploration project also located in Quebec, north of Val d’Or. Murchison currently has 218.2 million shares issued and outstanding.