Murchison Minerals Commences Summer Exploration Program and Completes Large Scale VTEM Survey on it’s 100% Owned HPM Ni-Cu-Co Project Identifying a Significant Number of New EM Anomalies
News Release
Murchison Minerals Commences Summer Exploration Program
and Completes Large Scale VTEM Survey on it’s 100% Owned
HPM Ni-Cu-Co Project Identifying a Significant Number of New
EM Anomalies
July 7 th, 2022 (Burlington, Ontario): Murchison Min erals Ltd. (“Murchison” or the “ Company”)
(TSXV: MUR OTCQB: MURMF) is pleased to announce the commencement of its summer
exploration program with crews mobilizing to site mid -June, and the start of the prospecting
phase of the program on the 100% - owned HP M (Haut- Plateau de la Manicouagan) Project,
located in Quebec. Furthermore, the Company has also begun the process of probing previous
drill collars at the Barre de Fer (BDF) Zone with a downhole borehole electromagnetic (EM) survey.
The borehole EM survey s will help refi ne and target areas o f expansion and delineation for the
upcoming drilling phase of the summer program. Additionally, the Company also recently
completed the initial 3212 line-km airborne EM survey, at 200 metre spacing, which commenced
in April of 2022, and covers t he remaining 85% o f the HPM claim block . The preliminary results
from the VTEM survey have detected a significant number of new prospective geophysic al
anomalies. Due to the newly detected anomalies , the Company has staked an additional 72 km2
of claims contiguous to the currently defined HPM property; HPM’s property area is now 648 km2.
The Company has also begun flying an additional 980 line-km near the newly located prospective
anomalies at 100 metre line spacing.
HPM Regional Prospecting Program
The Company has com pleted mobil ization of a temporary work camp that will support the
diamond drilling phase of the summer exploration program as well as the currently ongoing
prospecting program. The prospecting program c onsists of 3 teams which are utilizing GDD’s
“Beep Mat” technology to locate near surface nickel- bearing sulphide mineralization associated
with the newly identified geophysical anomalies. Any anomalies that are detected using the Beep
Mat are then sampled using a small backpack diamond drill. Preliminary work at the BDF Zone
has been successful in locating multiple new areas of surface mineralization, assays are pending
for those samples (Figure 1).
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Figure 1: Example of the recently collected backpack drill core from newly located surface BDF
mineralization with observable pyrrhotite (iron sulphide), chalcopyrite (copper sulphide) and
pentlandite (nickel sulphide).
Advancing Exploration at BDF
In concurrence with the ongoing prospecting program, the Company has commenced borehole
EM surveying on previously drilled holes at the BDF Zone. Additionally, the lone hole previously
drilled at the nearby Syrah Target – which is interpreted to have missed the geophysical target –
has also been surveyed. The borehole EM survey at Syrah has detected an off-hole EM response
which is indicative of potential nickel bearing sulphide mineralization . The borehole EM work is
ongoing, and the Company will use the results to better refine areas for expansion at the BDF
Zone as well as to assist in drill targeting at the prospective Syrah Target.
The Company has also recently compiled the drill core from the 2008 exploration program – at
the BDF Zone – to a core storage facility in Saguenay, QC. The 2008 exploration program was
operated by Murchison Minerals’ predecessor company, Manicouagan Minerals, that completed
13 of the 25 drill holes that currently make up the BDF Zone. The mineralized portions of the drill
core were stored indoors and remain in great condition (Figure 2). Additionally, the 2008 drill core
is now undergoing relogging and geochemical sampling, which will be used to update the current
geological interpretation. Those results will also assist in targeting expansion areas at BDF during
the summer drill program.
Figure 2: Drill core from BDF with observable pyrrhotite (iron sulphide), chalcopyrite (copper
sulphide) and pentlandite (nickel sulphide) mineralization from an interval in Hole HPM08-04 which
assayed 1.74% Ni, 0.66% Cu and 0.09% Co over 15.06 metres.
Preliminary HPM VTEM Results
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MURCHISON MINERALS LTD. NEWS RELEASE
Murchison is also pleased to announce the preliminary results from the 2022 Airborne VTEM
survey. The survey was designed to cover the remaining 85% of the HPM claim block which was
not previously tested with modern airborne geophysics. The survey consisted of 3212 line-km
flown at a 200-metre spacing, and successfully detected a significant number of new prospective
EM anomalies (Figure 3). The new anomalies are currently being flown with VTEM at 100 metre
line spacing for increased spatial resolution. The additional VTEM survey will consist of a further
980 line-km being flown.
The newly identified anomalies will then be followed up with detailed ground prospecting to
identify the source on surface. The prospecting work will be used to prioritize the anomalies for
future exploration drill targeting. Many of the newly located anomalies have a similar response to
the high-grade Ni-Cu-Co BDF Z one, with high conductivity and magnetic responses; these
anomalies will be prioritized for prospecting. Once the Company receives final VTEM data, the
most prospective anomalies will be selected for 3D geophysical modelling.
Figure 3: Map of Preliminary 2022 VTEM Data.
Summer Drilling Update
The Company is planning to drill at least 7,500 m over the course of the summer program. Most
of those metres are expected to be drilled at BDF for the purpose of expansion and delineation,
the objective of which is to produce a maiden resource by Q4 of this year, or early Q1 of 2023.
The remaining metres will be drilled at the Syrah T arget, a 600 m long EM anomaly that lies just
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MURCHISON MINERALS LTD. NEWS RELEASE
350 m from BDF - the Company’s current interpretation shows the possibility that BDF and Syrah
are connected at depth. The drilling phase of the summer pr ogram will commence once the
downhole borehole EM surveys , relogging, and structural analysis have been completed and
interpreted.
Barre de Fer Zone
• 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 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 verti cal depth of 440 m. The Zone remains u ndrilled and
unconstrained along strike and at depth.
• Best intersection to date is 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
(Tables 1 & 2), including:
o 52.15 m grading 2.04% NiEq ( 1.52% Ni, 0.79% Cu, 0.08% Co from 7 4.45 m to
126.60 m) including 12.04 m at 3.00% NiEq (2.35% Ni, 0.88% Cu, 0.11% Co from
100.71 m to 112.75 m) and 10.56 m at 2.92% NiEq (2.15% Ni, 1.17% Cu, 0.11% Co
from 85.16 m to 95.72 m)
Murchison Minerals President and CEO Troy Boisjoli comments:
“With the recent closing of the Private Placement Murchison is well positioned to execute the 2022
HPM exploration program. The objectives for the program are i) expand and define high-grade nickel,
copper, cobalt mineralization at BDF and Syrah ii) continue to build a portfolio of highly prospective
de-risked exploration targets. The early results have us well placed to achieve these objectives which
will significantly advance the HPM project.”
Murchison Minerals Vice-President of Exploration John Shmyr comments:
“Murchison is very pleased with the preliminary VTEM results demonstrating multiple new areas
which are responding similar to the BDF Zone and we are eager to begin prospecting in these areas.
The early prospecting results which have been concentrated at BDF has been very encouraging
where the Zone now crops out in several locations across it’s strike le ngth demonstrating good
continuity, previously historic prospecting had only found mineralization in one location.”
About the HPM Project
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MURCHISON MINERALS LTD. NEWS RELEASE
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 extensi ve 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 4: 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.
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MURCHISON MINERALS LTD. NEWS RELEASE
The Company recently completed a comprehensive data compilation, verification and modelling
program, comprising all drill hole data from the BDF Zone. The modelling program c onsisted of
developing a preliminary 3D interpretation of ni ckel mineralization at BDF ( Figure 5). 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 lenses over a maximum 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 4 40 m, and the Zone remains undrilled and
unconstrained along strike and at depth. No resource estima tes have been completed on the
Zone to date.
Figure 5: 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.)
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MURCHISON MINERALS LTD. NEWS RELEASE
After Murchison acquired 100% ownership of the property in 2019, the Company focused
exploration work on the camp- scale potential of the region. Aerial EM surveys completed in the
spring of 2021 i dentified 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 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.
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‐ba sed 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 Saskatc hewan. 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 an d 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 or
Erik H Martin, CFO
Justin LaFosse, Director Corporate Development
Tel: (416) 350‐3776
Forward‐Looking Information
Certain information set forth in this news release may contain forward -looking information that involves substanti al known and unknown risks and
uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company,
including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. FLI herein
includes, but is not limited to: future drill results; stakeholder engagement and relationships; parameters and methods used with respect to the assa y
results; the prospects, if any, of the deposits; future prospects at the deposits; and the significance of exploration activities and results. FLI is designed
to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their
nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future results, performance or achievements e xpressed or implied by such FLI.
Although the FLI contained in this press release is based upon what management believes, or believed at the time, to be reasonable assumptions, the
Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as
there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes
responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no
obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except as may be required by law. Unless otherwise
noted, this press release has been prepared based on information available as of the date of this press release. Accordingly, you should not place undue
reliance on the FLI or information contained herein. Furthermore, shou ld one or more of the risks, un certainties or other factors materialize, or should
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MURCHISON MINERALS LTD. NEWS RELEASE
underlying assumptions prove incorrect, actual results may vary materially from those described in FLI. Assumptions upon whic h FLI is based, without
limitation, include: the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company
to complete further exploration activities; the legitimacy of title and property interests in the deposits; the accura cy of key assumptions, parameters or
methods used to obtain the assay results; the ability of the Company to obtain required approvals; the results of exploration activities; the evolution of
the global economic climate; metal prices; environmental expectations; community and nongovernmental actions; and any impacts of COVID-19 on the
deposits, the Company’s financial position, the Company’s ability to secure required funding, or operations. Risks and uncertainties about the Company’s
business are more full y discussed in the disclosure m aterials filed with the securities regulatory authorities in Canada, which are available at
www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Vent ure Exchange)
accepts responsibility for the adequacy or accuracy of this release.