Murchison Minerals drills 1.39% NiEq over 121.2 metres at HPM, Quebec

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Murchison Minerals Ltd. [MUR-TSXV; MURMF-OTCQB] reported results analyzed using portable X-ray fluorescence (pXRF) from the second diamond drill hole, 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 in Quebec.

It should be noted that pXRF results provide only an indication of the amount of Ni, Cu, and Co present (nickel equivalent). Certified assaying of the core samples is still required to accurately determine the amount of mineralization (Nickel-Copper-Cobalt). The company has implemented rigorous QA/QC procedures utilizing a direct rock sampler to produce reasonably representative preliminary results.

BDF22-002 highlights: The hole was drilled to a depth of 452 metres and intersected two broad zones of Ni-Cu-Co sulphide bearing mineralization totaling 175.15 metres of composite thickness, including 121.20 metres estimated at 1.39% pXRF NiEq (123.80 to 245.0 m), including 10.10 metres at 2.75% pXRF NiEq (134.1 to 144.20 m), including 44.00 metres at 2.18% pXRF NiEq (152.00 to 196.00 m), including 28.80 metres at 3.03% pXRF NiEq (152.00 to 180.80 m), including 21.00 metres at 3.43% pXRF NiEq (152.5 to 173.5 m), including 3.75 metres at 3.43% pXRF NiEq (177.05 to 180.8 m), including 10.50 metres at 1.97% pXRF NiEq (207.5 to 218.0 m) and 53.95 metres of  disseminated sulphide zone estimated at 0.25% pXRF NiEq (303.55 to 357.50 m).

This is the best intersection drilled to date on the HPM Property. The hole successfully confirmed mineralization down dip from DH-151-02, exceeding expectations. The hole also confirmed mineralization up dip of DH-151-05EX. The majority of the mineralization is outside of the previously modelled zone.

Troy Boisjoli, President and CEO commented: “The objective of the 2022 drill program was to expand near-surface high-grade nickel, copper, cobalt mineralization at the Barre de Fer Zone and the holes to date are delivering on that objective. The pXRF results from BDF22-002 have exceeded our expectations in terms of estimated grade and thickness – 121.20 metres estimated at 1.41% pXRF NiEq (or 4.14% CuEq) is a very significant nickel bearing magmatic sulphide intersection and I congratulate Murchison’s technical team. The 2022 drilling results will enable to company to materially advance the Ni-Cu-Co HPM Project, at a time when the world is desperate for future supply of critical minerals.”

John Shmyr, Vice-President of Exploration, said, “The results from BDF22-002 are exceptional and further indicate the size and scale of the sulphide mineralizing system that is present at BDF. Our geologic understanding has grown significantly throughout the drill campaign. Our work further confirms BDF as magmatic chonolith type system and other chonolith type deposits like Voisey’s Bay are composed of multiple zones, which has the technical team excited about the exploration potential.”

During the 2022 summer exploration program, a total of 13 diamond drill holes were completed, comprising 4,316 metres. This includes 10 drillholes at BDF, and an additional three holes at Syrah. The drill core is currently undergoing processing and pXRF results are being determined. The previously released pXRF results from BDF22-001 demonstrated significant expansion below the current modeled mineral zones. These results paired with the results from BDF22-002, highlights significantly potential for expansion of the BDF mineral zone and the company considers these results exceptional.

The Company is progressing towards establishing a maiden resource on BDF by early Q1 of 2023.

The HPM Project is located within the Haut-Plateau de la Manicouagan area, east of the Manicouagan structure, the site of a major 215 Ma impact event. The extensive reservoir at Manicouagan supports five hydro-power plants. The existing Quebec Cartier rail line, located within the HPM Project area, links Labrador City to Port Cartier and Sept Iles, two major iron ore port facilities.

After Murchison acquired the property in 2019, it focused exploration work on the camp-scale potential of the region. Aerial EM surveys completed in the spring of 2021 identified more than 50 anomalous conductors. Prospecting crews were able to traverse three of the more than 50 anomalies and discovered new outcrops of nickel-bearing sulphide mineralization in the process. The prospecting program was followed by an inaugural drill program at the PYC Target area – an EM anomaly with a 1.95-km strike length. Subsequent to the completion of the drill program at PYC, the company increased its dominant land position in the Haut-Plateau region from 139 km2 to 576 km2. Finally, as a result of the spring 2022 VTEM survey, completed over the remaining 85% of the HPM property area, the company further increase its land holdings at HPM to 648 km2.

Murchison Minerals has 218.2 million shares issued and outstanding.

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