Murchison Releases Assays for Remaining Holes Drilled at Barre de Fer Zone, Confirms High-Grade Near Surface Nickel-Copper-Cobalt Sulphide Mineralization

BURLINGTON, ON / ACCESSWIRE / January 17, 2023 / Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR)(OTCQB:MURMF) is pleased to announce assay results for the remaining eight diamond drillholes, from the Barre de Fer ("BDF") Zone, drilled as part of the 2022 Summer Exploration Program on the 100% - owned HPM (Haut-Plateau de la Manicouagan) Project, located in Quebec. The drillholes from today's release successfully expanded mineralization down dip as well as along strike to the north and south of the Barre de Fer (BDF) Zone. The results confirm the previously released pXRF results and further demonstrate that the BDF Zone remains open and unconstrained, along strike, and at depth. Future drilling will continue to focus on systematically expanding and delineating the BDF Zone.

Highlights

• BDF22-010 intersected multiple strong intervals of massive to semi-massive mineralization including:
  • 19.92 m at 1.17% NiEq or 3.49% CuEq (29.71m to 49.63 m)
    • including 4.66 m at 2.55% NiEq or 7.59 CuEq (41.34 m to 46.0 m)
  • 7.59 m at 1.78% NiEq or 5.31% CuEq (56.41 to 64.0 m)
    • including 4.03 m at 3.15% NiEq or 9.37% CuEq (56.41 m to 60.44 m)
• BDF22-003 intersected multiple shallow intervals of mineralization including:
  • 5.5 m at 0.77% NiEq or 2.29% CuEq (8.5 m to 14.00 m)
  • 2.3 m at 3.56% NiEq or 10.60% CuEq (25.37 m to 27.67 m)
  • 4.31 m at 2.39% NiEq or 7.13% CuEq (36.69 m to 41.0 m)
• BDF22-007 intersected extensive amounts of disseminated to stringer mineralization including:
  • 55.98 m at 0.44% NiEq or 1.32% CuEq (256.5 m to 312.48 m)
    • including 16.0 m at 0.62% NiEq or 1.84% CuEq (258.5 m to 274.5 m)
  • 39.05 m at 0.41% NiEq or 1.21% CuEq (366.5 m to 405.55 m)
    • including 9.31 m at 0.81% NiEq or 2.41% CuEq (379.60 m to 388.91 m)
• The results to date have successfully expanded the preliminary modelled mineralization, the current dimensions of the BDF Zone are:
• Mineralization at depth has now been extended down to 475 m, versus the preliminary model at 295 m
• Along strike, the zone of mineralization has been extended from 315 m to 370 m
• Mineralization was expanded along the width of the mineralized zone from 150 m to 200 m, with individual lenses now modelled up to 48 m in thickness, compared to the 28 m in the preliminary version

Murchison Minerals President and CEO Troy Boisjoli comments:

"The 2022 Summer Exploration program had three main objectives: expansion and delineation of the Barre de Fer Zone, discovery of new nickel-sulphide showings on surface via prospecting, and the identification of additional EM anomalies through property wide geophysics - with today's release I am pleased to report all objectives were achieved and have surpassed our expectations. Today's results from Barre de Fer demonstrate the Zone is near-surface and contains high-grade nickel-sulphide mineralization throughout its footprint - furthermore, the Zone remains open and unconstrained, and primed for future expansion. The opportunity at HPM is huge, with the BDF Zone as HPM's flagship, and a pipeline of de-risked nickel-sulphide showings, our aim is to make 2023 a banner year for the Company. In an industry where nickel projects are scarce, and with Quebec being one of the top mining jurisdictions globally, HPM is an emerging nickel district that should not be overlooked."

Murchison Minerals Vice-President of Exploration John Shmyr comments:

"Today's results mark the finalization of assay data from our highly successfully expansion and delineation program at the Barre de Fer Zone. Results from the assays continue to prove the exceptional nature of BDF and expand our understanding of the geology and geometry of the Zone. Crucially, as we expand our understanding at BDF, this is helping guide our planning for the 2023, with respect to future expansion of the Zone and regionally along trend. We are just scratching the surface, and what we are seeing has excited that the best is yet to come."

Figure 1: Location map of Barre de Fer looking down, showing drill holes BDF22-001 to BDF22-010 with the updated preliminary mineralized domain model.

Figure 2: Long Section View of the Barre de Fer Zone mineral zone looking South-west showing the previous model (left) and updated model (right) of the nickel mineralization, 2022 drill holes highlighted in black on the right.

Table 1: BDF22-003 to 010 Highlighted Results