Murchison Minerals’ Recent Modelling of Barre de Fer Zone Indicates Significant Potential for Expansion of High-Grade Ni- Cu-Co Zones
News Release
Murchison Minerals’ Recent Modelling of Barre de Fer Zone
Indicates Significant Potential for Expansion of High-Grade Ni-
Cu-Co Zones
April 4th, 2022 (Burlington, Ontario): Murchison Minerals Ltd. (“Murchison” or the “Company”)
(TSXV: MUR, OTCQB: MURMF) is pleased to announce the results from the recently completed
recompilation and modelling of holes drilled at the Barre de Fer (BDF) Zone on the 100% - owned
HPM (Haut-Plateau de la Manicouagan) Project, located in Quebec. Based on these results the
Company is advancing a strategy to expand and delineate the BDF Zone and surrounding
prospective areas during this summer’s planned drill program. In support of these plans, the
Company is also pleased to announce that it has awarded the summer drilling contract, on the
HPM property, to Logan Drilling.
The Company also wishes to invite interested parties to an Investor Webinar being hosted by CHF
Capital Markets on April 12th at 2:00 EST where Troy Boisjoli – President and CEO of Murchison
Minerals Ltd. – will be answering your questions on the HPM project. Questions can be submitted
a head of time to: [email protected] To register copy and paste the link below in a supported
browser:
https://tinyurl.com/MURWebinar0422
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Figure 1: Barre de Fer Zone Preliminary Nickel Mineralization Model, isometric view looking
Northeast
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Figure 2: Barre de Fer Zone Preliminary Nickel Mineralization Model, isometric view looking
Northward
BDF Zone and Hole Highlights
• The BDF Zone (the “Zone”) is currently defined by 25 diamond drill holes with 5,564 metres
of drilling completed between 2001 and 2008
• Based on the modelling, the Zone outcrops on surface, has a strike length of 315 m, and
is composed of multiple stacked lenses over a maximum 150 m wide zone. Individual
lenses h ave a maximum thickness of 28 m. The modelled mineralization extends to a
vertical depth of 295 m. Extensive mineralization has also been intersected outside the
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current model, up to a vertical depth of 440 m. The Zone remains undrilled and
unconstrained along strike and at depth.
• Modelling indicates the setting, style, and high-grade characteristics of the BDF Zone are
favourable for advancing a strategy to expand and delineate the Zone and surrounding
prospective areas during this summer’s planned drill program.
• The BDF Zone is one of multiple Ni- Cu-Co prospects on the 100% - owned HPM Project,
which is strategically located eight km from a rail line and within 30 km of Hart-Jaune
hydroelectric power generating facility – located in Quebec, one of the world’s most stable
and best mining jurisdictions.
• The fully compiled drill results for the Barre de Fer Zone are provided by Murchison in
(Table 2).
• Hole HPM-08-03 drilled to a depth of 345 m intersected five zones of Ni-bearing sulphide
mineralization totalling 60.07 m of composite mineralization (Table 1 & 2), including:
o 52.15 m grading 2.04% NiEq (74.45 m to 126.60 m) including 12.04 m at 3.00%
NiEq (100.71 m to 112.75 m) and 10.56 m at 2.92% NiEq (85.16 m to 95.72 m)
• Hole HPM-08-04 drilled to a depth of 171 m intersected five zones of Ni-bearing sulphide
mineralization totalling 35.5 m of composite mineralization (Table 1 & 2), including:
o 15.95 m grading 2.12% NiEq (47.73 m to 63.68 m) including 7.13 m at 2.92% NiEq
(55.66 m to 62.79 m)
• Hole 2002 drilled to a depth of 186 m intersected five zones of Ni-bearing sulphide
mineralization totalling 63.85 m of composite mineralization (Table 1 & 2), including:
o 10.60 m grading 1.90% NiEq (139.6 m to 150.20 m)
o 18.1 m grading 1.23% NiEq (from 35.15 m to 53.25 m) including 3.03% NiEq over
4.15 m (39.45 m to 43.60 m)
• Hole 151-02 drilled to a depth of 164 m intersected six zones of Ni-bearing sulphide
mineralization totalling 21.70 m of composite mineralization (Table 1 & 2), including:
o 16.45 m grading 1.60% NiEq (65.55 m to 82.00 m) including 2.60% NiEq over 3.95
m (65.55 m to 69.50 m)
• Hole 151-04 drilled to a depth of 287 m intersected three zones of Ni-bearing sulphide
mineralization totalling 61.00 m of composite mineralization (Table 1 & 2), including:
o 60.40 m grading 0.61% NiEq (148.60 m to 209.00 m)
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• Assay results for all highlighted holes can be found in Tables 1 and 2 below. Assays for
all holes can be found in Table 2.
Table 1: Highlight Holes Assay Results*
Hole From
(m) To (m) Length*
(m) Ni % Cu % Co % Ni Eq.
%**
HPM-08-03
52.54 54.96 2.42 0.47 0.19 0.03 0.61
70.86 71.36 0.5 0.37 0.29 0.02 0.54
74.45 126.6 52.15 1.52 0.79 0.08 2.04
includes 79.82 82.94 3.12 2.24 1.31 0.11 3.05
includes 82.43 82.94 0.51 2.3 4.81 0.12 4.44
includes 85.16 95.72 10.56 2.15 1.17 0.11 2.92
includes 100.71 112.75 12.04 2.35 0.88 0.11 3
includes 118.14 123 4.86 2.17 1.04 0.12 2.92
136.07 139.42 3.35 0.33 0.14 0.02 0.44
174.75 176.4 1.65 0.33 0.2 0.02 0.45
HPM-08-04
47.73 63.68 15.95 1.64 0.63 0.08 2.12
includes 55.66 62.79 7.13 2.31 0.76 0.11 2.92
125.4 130.5 5.1 1.23 0.47 0.06 1.59
136.75 139.4 2.65 2.08 1.24 0.11 2.85
144.17 154.92 10.75 1.05 0.63 0.06 1.44
includes 144.17 148.22 4.05 2.31 1.35 0.11 3.15
162.95 164 1.05 0.12 0.54 0.01 0.36
2002
24.2 24.6 0.4 0.94 0.52 0.07 1.33
35.15 53.25 18.1 0.93 0.28 0.07 1.23
includes 39.45 43.6 4.15 2.34 0.54 0.17 3.03
98.9 112.15 13.25 0.57 0.42 0.05 0.86
139.6 150.2 10.6 1.29 0.9 0.09 1.9
includes 143.15 149.05 5.9 2.06 1.15 0.15 2.92
includes 146.7 149.05 2.35 2.76 2.19 0.2 4.15
153.1 165.7 12.6 0.35 0.16 0.03 0.49
172.55 181.45 8.9 0.25 0.1 0.02 0.35
151-02
20.9 21.1 0.2 1.14 0.5 0.07 1.55
23.7 24.55 0.85 0.59 0.26 0.04 0.8
52 53.45 1.45 0.76 0.13 0.06 0.98
65.55 82 16.45 1.16 0.49 0.09 1.6
includes 65.55 69.5 3.95 1.88 0.87 0.14 2.6
137.7 138 0.3 0.34 3.8 0.03 1.85
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143.95 146.4 2.45 0.36 0.14 0.03 0.49
151-04
68.25 68.35 0.1 0.38 0.08 0.03 0.51
86.2 86.7 0.5 1.92 0.54 0.14 2.54
148.6 209 60.4 0.44 0.21 0.03 0.61
includes 181.6 192.6 11 0.72 0.2 0.04 0.9
* Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq) values were calculated using the
following USD metal prices from Mar 23, 2022: $12.76/lb Nickel, $4.76/lb Copper and $37.20/lb Cobalt.
*Assays predate Murchison Minerals Ltd.; and were not subject to Murchison’s QA/QC Procedures. Assays are as
reported by Falconbridge, Rockwell Ventures Inc, and Manicouagan Minerals.
Murchison Minerals President and CEO Troy Boisjoli comments:
“The compilation and modelling by Murchison’s technical team of previous exploration
completed at the HPM project further demonstrates the mining-camp scale potential of the HPM
project. The potential at Barre de Fer to grow a significant high -grade near-surface mineral
resource, likely amenable to open-pit mining, is exceptional. The planned 2022 exploration
program, based on the work of the technical team, will leverage previous exploration at BDF with
the objective to materially advance the project.”
Dr. Peter C. Lightfoot comments:
“The style of mineralization at Barre de Fer comprises both disseminated interstitial and net -
texture sulfide as well as massive sulfide stringers and breccia sulfides. The consistent
concentrations of Ni recalc ulated into 100% sulfide (~3%Ni in 100% sulfide) together with the
complex textural relationships between the sulfides and the country rocks are all very
encouraging features found in other magmatic sulfide mineral systems that are currently in
production. These relationships together with the conductive signal of the higher grade
mineralization provides a robust foundation on which exploration strategies can be based.”
BDF Compilation and Modelling
The Company recently completed a comprehensive data compilation, verification and modelling
program, comprising all drill hole data from the Barre de Fer Zone . The mode lling program
consisted of developing a preliminary 3D interpretation of nickel mineralization at BDF (Figure 1
and 2). Based on the modelling, the Zone outcrops on surface, extends to a vertical depth of 295
m, has a strike length of 315 m, and is composed of multiple stacked lens es over a maximum
Zone footprint width of 150 m. Individual lenses have a maximum thickness of 28 m. However,
extensive mineralization has been intersected to a vertical depth of 440 m, and the Zone remains
undrilled and unconstrained a long strike and at depth. No resource estimate s have been
completed on the Zone to date.
Hole 151-05 is the deepest hole in the Zone, originally drilled to a depth of 180 m, then extended
to 473 m in 2002 (151- 05EX). The final 293 meters of the hole intersected 93.45 m of nickel
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MURCHISON MINERALS LTD. NEWS RELEASE
mineralization; there are currently no adjacent holes to this zone of mine ralization, indicating
significant potential within the Zone below 295 m (Figure 1 and 2).
Figure 3: Location map of Barre de Fer Zone and Syrah Target Area superimposed on
conductivity response from the 2021 VTEM survey
BDF Mineralization and History
The nickel -copper-cobalt mineralization at the BDF Zone consists of steeply dipping
disseminations, stringers, net textured breccias and massive intervals of sulphide (pyrrhotite,
chalcopyrite and pentlandite) hosted within a complex assemblage of norite, gabbronorite and
peridotite. The Zone has been highly metamorphosed, and the sulphide mineralization is inferred
to have been remobilized, indicating significant bodies of mineralization may yet be discovered.
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MURCHISON MINERALS LTD. NEWS RELEASE
The BDF Zone was first discovered in 1999 by Falconbridge through reconnaissance prospecting.
It was first drill tested in 2001 with five diamond drill holes totalling 1,132 metres , intersecting
significant high-grade Ni-Cu-Co bearing sulphide mineralization in four of the five holes. In 2002,
the property was optioned to Rockwell Ventures Inc. who then completed seven holes, plus the
extension of drill hole 151-05 (151-05EX) totalling 1,771 m of drilling . All seven holes, plus the
extension hole 151-05EX intersected Ni-Cu-Co bearing sulphide mineralization.
In 200 6, Pure Nickel Inc. purchased 100% of the property from Xstrata Nickel ( formerly
Falconbridge). In 2007 Manicou agan Minerals Inc. (Murchison Minerals Ltd. ’s predecessor
company) entered into an option agreement to earn up to 50% of the property from Pure Nickel
Inc. In 2008, Manicouagan Minerals Inc. completed 13 holes totalling 2,661 metres of drilling at
BDF, of which 11 holes intersected significant zones of Ni-Cu-Co bearing sulphide mineralization.
Since the completion of the 2008 diamond drill program at the Barre de Fer Zone – which
coincided with the beginning of a global recession – no further drilling has been completed. In
2019, Murchison Minerals Ltd. acquired 100% of the HPM project by purchasing the remaining
50% from Pure Nickel Inc.
Subject to the purchase agreement between Pure Nickel Inc. and Xstrata Nickel, Glencore retains
certain rights with respect to the original mining claims area (Figure 4) including (i) a 2% NSR on
each property (the Company has the right to re -acquire 1% thereof for C AD$1,000,000); (ii) off-
take and marketing rights for all concentrate or product produced from the properties; and (iii) a
one-time back-in right to 50% for any mining project with an economic threshold of 15,000,000
tonnes of resources by a) funding a feasibility study up to C$20,000,000, and b) making payment
equal to two times the aggregate exploration expenditures to date.