Murchison Minerals Commences Diamond Drilling at the HPM High-Grade Nickel-Copper-Cobalt Project in Quebec
Murchison Minerals Commences Diamond Drilling at the
HPM High-Grade Nickel-Copper-Cobalt Project in Quebec
BURLINGTON, ON / August 5, 2022 / Murchison Minerals Ltd. ("Murchison" or the
"Company") (TSXV:MUR | OTCQB:MURMF) is pleased to announce Phase III - diamond
drilling - of the summer exploration has commenced. The Company is focused on drilling at the
high-grade nickel, copper, cobalt zone called Barre de Fer ("BDF") as well as the Syrah Target,
on the 100% - owned HPM (Haut-Plateau de la Manicouagan) Project, located in Quebec. The
Company anticipates drilling a minimum of 7,500 m over the course of the program. The
majority of the metres will be allocated towards expansion and delineation at BDF. The
remaining drilling will be focused on the Syrah Target - a 600 m long EM anomaly located
approximately 240 m from BDF. The Company's current interpretation shows the possibility that
Syrah and BDF are part of the same magmatic sulphide mineralizing system. As a result of the
recently closed private placement (July 4th, 2022 news release) the Company is well funded to
complete its objectives during the 2022 exploration program.
Objectives of Summer Drill Program
1. Expand the currently defined high-grade BDF Zone
2. Test the extent of subsurface mineralization at the Syrah Target
3. Define a near surface, high-grade nickel-copper-cobalt resource at BDF
Barre de Fer Zone
• The BDF Zone (the "Zone") is currently defined by 25 diamond drill holes, with 5,564 m
of drilling completed between 2001 and 2008
• Based on the preliminary 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 width.
Individual lenses have 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
current model, up to a vertical depth of 440 m. The Zone remains unconstrained along
strike and at depth.
• The best intersection to date is in hole HPM -08-03, drilled to a depth of 345 m, which
intersected five zones of Ni-bearing sulphide mineralization totalling 60.07 m of composite
mineralization, 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)
(Table 1)
Table 1: HPM-08-03 Highlight Assay Results
Hole From
(m)
To
(m)
Length
(m)
Ni
%
Cu
%
Co
%
Ni Eq.
%**
HPM-08-
03 52.54 54.96 2.42 0.5 0.19 0.03 0.61
70.86 71.36 0.5 0.4 0.29 0.02 0.54
74.45 126.6 52.15 1.5 0.79 0.08 2.04
includes 79.82 82.94 3.12 2.2 1.31 0.11 3.05
includes 82.43 82.94 0.51 2.3 4.81 0.12 4.44
136.07 139.4 3.35 0.3 0.14 0.02 0.44
174.75 176.4 1.65 0.3 0.2 0.02 0.45
* 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.
Syrah Target
• Syrah is located just 240 m from BDF Zone, displaying a similar geophysical and
geochemical signatures
• Nickel-bearing sulphide mineralization outcrops and sub -crops over an ~375 m strike
length, within the footprint of an ~600-metre-long conductive geophysical anomaly
• Grab samples from the spring 2021 prospecting program returned grades as high as 0.83%
Ni Equivalent* (0.58% Ni, 0.24% Cu, 0.05% Co) (Sept 1st, 2021 news release)
• The Company's current interpretation, based on the similarity in geochemical and
geophysical signatures, indicates that BDF and Syrah may belong to the same mineralizing
system and have similar economic prospectivity
Drilling Plans
During Phase III - diamond drilling - the Company intends to drill approximately 6,000 m at BDF,
comprising 15-20 drill holes. The focus of this portion of the program will be expansion of the
current mineralized domains (Figure 1), followed by delineation - or in-fill drilling - designed to
produce a maiden resource estimate.
Exploration at the adjacent Syrah Target, will amount to approximately 1,500 m, comprising drill
holes which are designed for optionality and flexibility based on results. Maxwell plate modelling
from the recently completed 2022 VTEM and downhole borehole EM surveys, indicates drill hole
HPM-08-14 was drilled parallel or oblique to the newly interpreted plates, missing the prospective
electromagnetic target. Consequently, drilling at Syrah will focus on following up on
mineralization intersected in this hole and nickel -bearing sulphide mineralization outcropping on
surface. Furthermore, the Company will be testing the recently interpreted Maxwell plates, derived
from the 2022 VTEM and borehole EM surveys.
Figure 1: Barre de Fer Zone & Syrah Target, zones of expansion, Oblique view with VTEM
overlay
Operations
Murchison has undertaken several initiatives that will provide real -time results and control
expenditures. These initiatives include:
1. Acquiring a helicopter portable track -mounted diamond drill, allowing for quicker drill
moves which are not dependent on helicopter support
2. All samples collected at the core facilities will undergo portable x-ray fluorescence analysis
(XRF) to provide accurate, real -time assays results prior to being shipped to the lab. A
Thermo Scientific direct rock sampler (DRS) will be us ed to provide representative
samples for XRF analysis. XRF analysis will be completed on all drill core undergoing
standard assay analysis at a geoanalytical lab. This will provide Murchison with the
flexibility to target the most prospective areas at BDF and Syrah in real time.
3. A resource development team, from Understood Mineral Resources Ltd., has been
integrated into the exploration process
Murchison Minerals President and CEO Troy Boisjoli comments:
"Murchison is extremely to excited to initiate the dr illing phase for the 2022 summer exploration
program at HPM, and unlock the potential at the high -grade nickel, copper, cobalt at the BDF
Zone and Syrah Target. The team is eager to drill test numerous prospective areas for expansion
of the BDF Zone in anticipation of producing a near surface high -grade nickel mineral resource
estimate later this year. With a minimum of 7,500 m of drilling planned, Murchison is well
positioned to achieve this goal and truly unlock the potential of BDF and Syrah."
Murchison Minerals Vice-President of Exploration John Shmyr comments:
"Extensive data compilation and prospecting at BDF and Syrah over the last year have led to this
exciting phase of the 2022 summer exploration program at HPM. The exploration methods applied
to date including geological mapping, Beep Mat surveying, and backpack drilling have identified
exciting prospective target areas at BDF and Syrah that Murchison is keen to drill test this
summer."
About the HPM Project
The HPM Project is located within the Hau t-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 eight
kilometres west of the PYC target area, links Labrador City to Port Cartier and Sept Iles, two major
iron ore port facilities.
Figure 2: HPM Location Map
The claims host prospective gabbroic, ultramafic and anorthositic bodies within the Manicouagan
metamorphic complex and are associated with significant nickel -copper-cobalt sulphide
mineralization first identified by Falconbridge in 1999, where they discovered extensive nickel -
bearing sulphide mineralization at BDF during drilling in 2001 - 2002. Murchison Minerals Ltd.'s
predecessor - Manicouagan Minerals - drilled in the area in 2008 and 2009. The majority of the
past drilling at the HPM Project targeted the BDF geophysical conductor and confirmed the
presence of nickel -copper-cobalt sulphide mineralization over approximately 300 -metres strike
length to a depth of 280 metres. The mineralization remains open at depth and partially along
strike.
The Company recently completed a comprehensive data compilation, verification and modelling
program, comprising all drill hole data from the BDF Zone. The modelling program consisted of
developing a preliminary 3D interpretation of nickel mineralization at BDF (Figure 3). Based on
the modelling, the Zone outcrops on sur face, extends to a vertical depth of 295 m, has a strike
length of 315 m, and is composed of multiple stacked lenses over a maximum footprint width of
150 m. Individual lenses have a maximum thickness of 28 m. However, extensive mineralization
has been int ersected to a vertical depth of 440 m, and the Zone remains undrilled and
unconstrained along strike and at depth. No resource estimates have been completed on the
Zone to date.
Figure 3: Barre de Fer Zone Preliminary Nickel Mineralization Model, isometric view looking
Northeast
(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.)
After Murchison acquired 100% ownership of the property in 2019, the Company focused
exploration work on the camp -scale potential of the reg ion. Aerial EM surveys completed in the
spring of 2021 identified more than 50 anomalous conductors. Prospecting crews were able to
traverse three (3) of the more than 50 anomalies, and discovered new outcrops of nickel -bearing
sulphide mineralization in t he 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.
Qualifying Statement
The foregoing scientific and technical disclosures on the HPM Project have been reviewed by John
Shmyr, P.Geo., VP Exploration, a registered member of the Professional Engineers and
Geoscientists of Saskatchewan. Mr. Shmyr is a Qualified Person as defined by National Instrument
43-101.
About Murchison Minerals Ltd. (TSXV:MUR, OTCQB:MURMF)
Murchison is a Canadian‐based exploration company focused on nickel-copper-cobalt exploration
at the 100% - owned 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.
Additional information about Murchison and its exploration projects can be found on the
Company's website at www.murchisonminerals.ca . For further information, please contact:
Troy Boisjoli, President and CEO,
Erik H Martin, CFO, or
Justin LaFosse, Director Corporate Development
Tel: (416) 350‐3776
CHF Capital Markets
Thomas Do, IR Manager
Tel: (416) 868-1079 x 232
Forward‐Looking Information