Murchison Minerals drills 0.42% NiEq over 21.5 metres at HPM Project, Quebec

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Murchison Minerals Ltd. [MUR-TSXV; MURMF-OTC; 3TF-FSE] reported results from the exploration program that was completed in Q4 2021 on the 100%-owned 576 km2 HPM (Haut-Plateau de la Manicouagan) Project 180 km northwest of Sept Isles, Quebec.

Assay results reported come from the remaining six holes into the PYC target (see news release March 7, 2022, detailing initial results from PYC21-007 and 008 come from a 1.95 km-long electromagnetic (EM) anomaly that was prospected in the summer of 2021). The results confirm the presence of broad zones of near surface low-grade nickel, copper, cobalt mineralization across the drilled portion of the target. The mineralization at the PYC target when paired with high-grade Ni-Cu-Co results from the adjacent Barre de Fer Zone and numerous prospective EM targets across the property, demonstrates the potential camp scale of the HPM Project.

The results from the Q4 2021 regional exploration program confirms that Murchison’s exploration approach is effective at locating near-surface Ni-Cu-Co sulfide mineralization. This methodology consists of mapping conductive features based on airborne EM survey results, ground truthing EM conductors using a beep mat, then sampling using a backpack drill. Mineralization discovered using this process is inventoried and the best targets are ranked for drill-testing.

To build on the inventory of highly prospective EM anomalies identified in 2021, the company has began an airborne EM survey that will cover the full extent of the HPM project area, which was increased from 139 km2 to 576 km2 in December 2021.

Today’s results follow a recently completed comprehensive data compilation, verification and modelling program utilizing all the historic drill hole data from the Barre de Fer Zone (BDF) to build a preliminary 3D interpretation of the nickel mineralization. The model shows that the BDF Zone outcrops at surface, extends to a vertical depth of 295 metres, has a strike length of 315 metres, and is composed of multiple stacked lenses over a maximum surface projection of 150 metres width. Individual lenses have a maximum thickness of 28 metres. Mineralization has been intersected to a vertical depth of 440 metres, and the Zone remains undrilled and open along strike and at depth. No resource estimates have been completed on the BDF Zone to date.

Mucrhison has begun a large-scale airborne geophysical survey to entirely cover the prospective HPM claim block. Previously flown VTEM survey covered only 15% of the total property and detected over 50 EM anomalies with follow up prospecting in 2021 detecting nickel bearing sulphide mineralization at multiple locations. EM conductors identified from the recently launched VTEM survey will be followed up by an extensive ground prospecting program during the summer of 2022.

Hole PYC21-005 drilled to a depth of 170 metres intersected multiple zones of Ni-Cu-Co-bearing sulphide mineralization totaling 54.97 metres of composite thickness, including 9.38 metrres grading 0.51% NiEq (nickel equivalent) (42.58-51.96 m), including 2.68 metres at 0.92% NiEq (49.28-51.96 m) and 19.12 metres at 0.37% NiEq (84.25-103.37 m).

Hole PYC21-006 drilled to a depth of 285 metres intersected multiple zones of Ni-Cu-Co bearing sulphide mineralization totaling 66.93 metres of composite thickness, including 21.5 metres grading 0.42% NiEq (125.30-146.80 m), including 3.50 metres at 0.80% NiEq (137.0-140.5 m) and 12.68 metres at 0.31% NiEq (46.50-59.18 m), including 0.86% NiEq over 1.27 metres (53.63-54.90 m).

Hole PYC21-002 drilled to a depth of 257 metres intersected multiple zones of Ni-Cu-Co bearing sulphide mineralization totaling 36.86 metres of composite thickness, including 15.12 metres grading 0.51% NiEq (167.50-182.62 m, including 1.0 metre at 1.12% NiEq (169.0-170.0 m) and 2.0 metres at 0.84% NiEq (177.0-179.0 m).

Murchison Minerals President and CEO, Troy Boisjoli, commented: “The results to date support our assessment that the HPM project is an emerging Ni-Cu-Co district, and our value accretive exploration strategy has Murchison well positioned to significantly advance the project. This comes at a time when the 2022 Federal Budget contains $3.8 billion in funding for critical minerals over the next eight years, there is broad bipartisan support for critical minerals in the United States and commodity prices are at decades-highs.”

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