Murchison Minerals Confirms Broad Intervals of Ni-Cu-Co Sulphide Mineralization at the PYC Target on the HPM Project - Receives First Batch of Assay Results
News Release
Murchison Minerals Confirms Broad Intervals of Ni-Cu-Co
Sulphide Mineralization at the PYC Target on the HPM Project -
Receives First Batch of Assay Results
March 7th, 2022 (Burlington, ON): Murchison Minerals Ltd. (“Murchison” or the “Company”)
(TSXV: MUR, OTCQB: MURMF) is pleased to announce the first assay results from the inaugural
drill program at the PYC Target on the 100% - owned 576 km 2 HPM (Haut -Plateau de la
Manicouagan) Project, located in Quebec. The assay results for drill holes PYC21-007 & 008 come
from the PYC target – a large, 1.95 km EM anomaly that was identified in the summer of 2021 as
a target for bulk-tonnage low-grade magmatic sulphide mineralization. The results from the first
two holes confirm extensive shallow nickel, copper, and cobalt sulphide mineralization, the area
remains open at depth and along strike. Samples from the remaining six holes are still at the lab,
and the Company is eagerly awaiting the results.
Highlights
• Successful confirmation of Murchison’s systematic exploration approach utilizing
airborne electromagnetic (EM) survey methods to identify conductive anomalies that
potentially correspond to metal-rich sulphide, beep-mat surveying and backpack drilling
to evaluate anomalies for near-surface Ni-Cu-Co mineralization, followed by diamond
drilling to test the depth extent of mineralization
• Modern VTEM survey covers approximately 15% of the 576 km2 HPM Project from which
50 EM anomalies have been interpreted. These targets range from bulk-tonnage low-
grade targets like PYC through to high-grade showings like Barre de Fer, located only 1.5
km away (best historic results from HPM-08-03 of 43.15 m at 1.73% Ni, 0.90% Cu, and
0.09% Co)
• The PYC drilling results, when paired with those from the historical work and the
prospecting completed at Barre De Fer and Syrah, confirm the presence of an extensive
Ni-Cu-Co bearing magmatic sulphide system at the HPM Project
• Hole PYC21-007 drilled to a depth of 158 m intersected three broad zones of Ni-Cu-Co-
bearing sulphide mineralization totaling 62.21 m of composite thickness (Table 1),
including:
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o 25.5 m grading 0.30% Ni Eq (72.5 m to 98.0 m) including 8.6 m at 0.49% Ni Eq
(78.4 m to 87.0 m) and 0.96% Ni Eq over 1.57 m (85.43 m to 87.0 m at 0.57% Ni,
0.19% Cu, and 0.11% Co)
o 27.41 m grading 0.23% Ni Eq (3.24 m to 30.65 m) including 1.8 m at 0.52% Ni Eq
(3.8 m to 5.6 m)
• Hole PYC21-008 drilled to a depth of 182 m intersected five broad zones of Ni-Cu-Co
bearing sulphide mineralization totaling 69.9 m of composite thickness (Table 1),
including:
o 39.5 m grading 0.24% Ni Eq (5.5 m to 45.0 m) including 7.6 m at 0.37% Ni Eq (25.4
m to 33.0 m) and 1.26% Ni Eq over 0.58 m (43.08 m to 43.66 m at 0.76% Ni, 0.11%
Cu, and 0.16% Co)
o 13.0 m grading 0.27% Ni Eq (From 75.0 m to 88.0 m) including 1.47% Ni Eq over
0.7 m (76.6 m to 77.3 m at 0.88 Ni, 0.21% Cu, and 0.17% Co)
• The bulk of mineralization in holes PYC21-007 & 008 comprises two broad, parallel lens
of Ni-Cu-Co sulphide mineralization hosted in a fine-grained dark-coloured micro-gabbro,
separated by approximately 30 metres of unmineralized gabbro
• Assay results are pending for the remaining six holes which tested 0.55 km of the 1.95
km total strike length at the PYC target. Holes PYC21-007 & 008 were completed towards
south-east end of the VTEM anomaly
• The PYC Target is only one of multiple Ni -Cu-Co prospects on the 100% - owned HPM
Project, which is strategically located 8 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
Murchison Minerals President and CEO Troy Boisjoli comments:
“The price of nickel is at decade highs, and furthermore the compound annual demand for class one
nickel is projected to continue to strengthen throughout the decade . As a result, Murchison is very
well positioned to strengthen shareholder value through unlocking the mining-camp scale nickel-
copper-cobalt sulphide mineralization at HPM. Discovering responsibly-sourced energy metals from
stable jurisdictions – like those we are exploring for at the HPM Project in Quebec and BMK in
Saskatchewan – is our focus.”
Murchison Minerals Vice President of Exploration John Shmyr comments:
“The extensive size of the PYC mineralizing system is impressive, demonstrated by the considerable
drill intervals we see in the holes released today. The bulk tonnage potential is significant, and PYC
further demonstrates the exploration potential of the HPM property – there is nickel mineralization
on surface at many of our targets. We have only begun to explore HPM and are eager to continue
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working the project. Our plans for 2022 will help establish the potential at HPM with a second phase
of VTEM survey work commencing this spring followed by prospecting and drill programs - big things
are happening and we are excited about the 2022 program.”
2021 Fall HPM Drill Campaign
Today’s assay results demonstrate the depth-continuity of mineralization observed on surface
during the summer prospecting program, and the mineralization correlates with a 1.95 km -long
electromagnetic anomaly (EM) (see August 16th, 2021 release).
The mineralization consists of half metre- to metre-scale semi-massive to massive sulphides - as
well as intermittent sulphide breccias and disseminated sulphides over tens of metres within a
dark fine-grained gabbros.
The Company has assays pending from the remaining six holes at the PYC target, which tested
0.55 km of the 1.95 km strike length of the VTEM conductor. The mineralization at the PYC target
when paired with results from the adjacent Barre de Fer prospect located 1.5 km to the ESE
demonstrates the camp -scale potential of the HPM Project to host high -grade Ni-Cu-Co
mineralization at shallow depth.
The results from the fall 2021 drill campaign have demonstrated that Murchison’s exploration
methodology is effective in locating Ni-Cu-Co mineralization at the HPM Project. This
methodology consists of airborne EM survey work, following-up on the airborne anomalies using
a beep mat, then sampling using a backpack drill. Mineralization discovered using the backpack
drill provides an inventory of ranked targets that can be tested in 2022.
Table 1 Fall 2021 HPM Drill Hole Assays
Hole From (m) To (m) Length** (m) Ni % Cu % Co % Ni Eq. %*
PYC21-007
3.24 30.65 27.41 0.13 0.06 0.03 0.23
includes 3.8 5.6 1.8 0.29 0.12 0.06 0.52
72.5 98 25.5 0.17 0.09 0.03 0.3
includes 72.5 76.85 4.35 0.26 0.19 0.05 0.49
includes 78.4 87 8.6 0.28 0.13 0.06 0.49
includes 85.43 87 1.57 0.57 0.19 0.11 0.96
103.5 112.8 9.3 0.07 0.03 0.02 0.13
PYC21-008
5.5 45 39.5 0.13 0.06 0.03 0.24
includes 25.4 33 7.6 0.21 0.1 0.04 0.37
includes 41 45 4 0.2 0.06 0.04 0.34
includes 43.08 43.66 0.58 0.76 0.11 0.16 1.26
75 88 13 0.16 0.05 0.03 0.27
includes 76.6 77.3 0.7 0.88 0.21 0.17 1.47
includes 85 86 1 0.54 0.14 0.11 0.91
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91 95 4 0.11 0.06 0.02 0.2
114.5 119.52 5.02 0.11 0.04 0.02 0.19
122 125.38 3.38 0.21 0.12 0.04 0.38
includes 122 124 2 0.31 0.18 0.06 0.56
includes 122 122.89 0.89 0.51 0.33 0.1 0.93
143 148 5 0.08 0.03 0.02 0.14
*Nickel Equivalent (Ni Eq.) values were calculated using the following USD metal prices from Feb 22, 2022: $11.43 lb Nickel, $4.47 lb
Copper and $33.24 lb Cobalt.
**Reported as core length, true thickness is not known.
Table 2 Fall 2021 HPM Drill Hole Collar Information
DDH Easting UTM* Northing UTM* Elevation (m) Azimuth (°) Dip (°) Length (m)
PYC21-007 613494 5721806 905 193.61 -45.47 158
PYC21-008 613494 5721806 905 190.54 -66.11 182
*UTM Projected Coordinate System: NAD83 UTM Zone 19N.
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Figure 1: Cross-section of PYC21-007 & 008 with Ni Eq. displayed.
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Figure 2: Map of PYC EM geophysical anomaly with location of drill holes.
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Figure 3: Location map showing PYC, Barre de Fer, and drill holes PYC21-007 & 008. Historic and
2021 surface assay results are shown by Ni equivalent. Backdrop shows conductive response
from the 2021 VTEM survey.
About the HPM Project
The HPM Project is located 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 project area, links Labrador City to Port Cartier and Sept
Iles, two major iron ore port facilities.
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Figure 4: HPM Location Map
The Project is located within the Haut- Plateau de la Manicouagan area. The claims host
prospective gabbroic, ultramafic and anorthositic rock bodies within the Manicouagan
metamorphic complex and are associated with significant nickel -copper-cobalt sulphide
mineralization first identified by Falconbridge in 1999, and discovered extensive nickel -bearing
sulphide mineralization at Barre de Fer during drilling in 2001 - 2002. Pure Nickel and Murchison
Minerals Ltd.’s predecessor – Manicouagan Minerals – continued drilling in the area until 2008.
The majority of the past drilling at the HPM P roject targeted the Barre de Fer 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.
After Murchison Minerals Ltd. acquired 100% ownership of the property in 2019, the Company
has 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 conductor s. Prospecting