Murchison Minerals Confirms Extensive High-Grade Nickel Sulphide Mineralization at the HPM Property with Assays Returning 121.2 metre Interval at 1.36% NiEq. (or 4.07% CuEq.) – Including 21.0 metre at 3.21% NiEq. (or 9.59% CuEq.)
Murchison Minerals Confirms Extensive High-Grade
Nickel Sulphide Mineralization at the HPM Property
with Assays Returning 121.2 metre Interval at
1.36% NiEq. (or 4.07% CuEq.) – Including 21.0
metre at 3.21% NiEq. (or 9.59% CuEq.)
BURLINGTON, ON / November 29, 2022 / Murchison Minerals Ltd.
("Murchison" or the "Company") (TSXV:MUR)(OTCQB:MURMF) is pleased to
announce assay results from BDF22-002, the second diamond drillhole completed at the
Barre de Fer ("BDF") zone, as part of the 2022 Summer Exploration Program on the
100% - owned HPM (Haut-Plateau de la Manicouagan) Project, located in Quebec. The
results demonstrate the near-surface, high-grade nature of Barre de Fer and the
potential for future expansion of the zone. In advance of the maiden resource, slated to
be released in Q1 of 2023, the Company will continue to release assay results from the
summer drill program as they become available.
BDF22-002 Highlights
• The hole was drilled to a depth of 452 m and intersected two broad
zones of Ni-Cu-Co sulphide bearing mineralization totalling 175.15 m
of composite thickness (Table 1) including:
• 121.20 m grading 1.36% NiEq. or 4.07% CuEq. (123.80 to 245.0 m)
o Including 10.10 m at 2.78% NiEq. or 8.31% CuEq. (134.1 to
144.20 m)
o Including 21.00 m at 3.21% NiEq. or 9.59% CuEq. (152.5 to
173.5 m)
o Including 10.50 m at 1.76% NiEq. or 5.27% CuEq. (207.5 to
218.0 m)
• Best drillhole intersection to date on the HPM Property, drilled 120 m
along strike to the north of HPM-08-003, the previous best hole which
intersected 52.15 m grading 2.04% NiEq. (1.52% Ni, 0.79% Cu,
0.08% Co starting at 74.45m)
• The hole successfully confirmed mineralization approximately 85 m
downdip from DH-151-02 and approximately 55 m up dip of DH-151-
05EX
• The bulk of the mineralization was intersected outside of the
previously modelled zone (Figure 1 & 2)
• Results continue to show a strong correlation between previously
released pXRF results and lab assays (Table 2)
Table 1: BDF22-002 Assay Results
Hole
From
(m)
To
(m)
Length
* (m)
Ni
%
Cu
%
Co
%
NiEq
.
%**
CuEq
.
%**
BDF22
-002
123.8 245 121.20 1.02 0.56 0.07 1.36 4.07
Includes 134.1 144.
2
10.10 2.0
8
1.1
7
0.1
4
2.78 8.31
Includes 152 196 44.00 1.5
8
0.7
1
0.1
1
2.05 6.14
Includin
g
152 180.
8
28.80 2.2
1
0.9
9
0.1
5
2.86 8.55
Includin
g
152.5 173.
5
21.00 2.4
5
1.2
2
0.1
6
3.21 9.59
Includin
g
177.0
5
180.
8
3.75 2.8
5
0.5
7
0.1
9
3.45 10.3
0
Includes 207.5 218 10.50 1.3
0
0.8
0
0.0
9
1.76 5.26
303.55 357.5 53.95 0.22 0.10 0.02 0.30 0.88
* Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq.) &
Copper Equivalent (CuEq.) values were calculated using the following USD metal prices
from Sept 12, 2022: $10.84/lb Nickel, $3.63/lb Copper, and $23.56/lb Cobalt.
Table 2: BDF22-002 NiEq. pXRF Comparison to Lab Assay Results
Hole From
(m)
To
(m)
Length
(m)*
pXRF
NiEq. %**
Assay
NiEq. %**
BDF22-
002
123.8 245 121.20 1.39 1.36
Includes 134.1 144.2 10.10 2.75 2.78
Includes 152 196 44.00 2.18 2.05
Including 152 180.8 28.80 3.03 2.86
Including 152.5 173.5 21.00 3.43 3.21
Including 177.05 180.8 3.75 3.43 3.45
Includes 207.5 218 10.50 1.97 1.76
303.55 357.5 53.95 0.25 0.30
* Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq.) &
Copper Equivalent (CuEq.) values were calculated using the following USD metal prices
from Sept 12, 2022: $10.84/lb Nickel, $3.63/lb Copper, and $23.56/lb Cobalt. NiEq.%
was calculated using Ni%+((Cu Price/Ni Price) *Cu %)+((Co Price/Ni Price) *Co %).
CuEq.% was calculated using Cu%+((Ni Price/Cu Price)* Ni %)+((Co Price/Cu
Price)*Co %).
Figure 1: Location map of Barre de Fer, showing drillhole BDF22-002 & BDF22-001
Figure 2: Barre de Fer Zone Cross-Section. A) Displays Preliminary Nickel
Mineralization Model (April 2022) and pXRF results from BDF22-002. B) Displays
Preliminary Nickel Mineralization Post 2022 Summer Exploration program with assay
results from BDF22-002
Murchison Minerals President and CEO Troy Boisjoli comments:
"Today's results speak for themselves, BDF22-002 is one of the top nickel-sulphide
intersections made at a pre-resource project globally over the last several years. These
results demonstrate the significance of the BDF Zone and overall potential of the HPM
Project, which is a clearly one of the few new emerging nickel-sulphide districts
globally. Our HPM Project is developing at a time when worldwide nickel demand is
slated to increase significantly over the coming years. The opportunity is compounded
for Murchison by the fact there is significant pre-existing infrastructure like a maintained
highway, rail, and available hydropower all within kilometers of our site. Those
fundamentals, along with the fact the Government of Quebec is implementing a
vertically integrated critical minerals strategy have us very excited about the future."
Murchison Minerals Vice-President of Exploration John Shmyr comments:
"The scale of mineralization observed in BDF22-002 is exceptional and confirms BDF is
part of a major magmatic nickel sulphide mineralizing system. The results from BDF22-
002 are significant milestone for the Company and demonstrate that we are only
scratching the surface of the exploration potential at the HPM property. The team is
eagerly progressing on the maiden resource at the BDF Zone, and today's results will be
a substantial contributor to that initial resource estimate."
BDF22-002 Mineralization
The mineralization observed in BDF22-002 occurs within two separate zones. The upper
zone comprises multi-metre intervals of massive and breccia sulphide within zones of
stringer and disseminated sulphide mineralization hosted in peridotite and gabbronorite
(Figure 3 & 4).
The lower zone of mineralization (303.55 m to 357.50 m) comprises primarily
disseminated sulphide, over a broad 53.95m wide zone hosted within a gabbronorite.
The sulphide mineralization consists of pyrrhotite with granular pentlandite and
chalcopyrite loops with pentlandite. The massive sulphide mineralization is
predominantly hosted in a dark, moderately serpentinized peridotite and lesser olivine
gabbronorites and a dark, fine grained norite. The primary magmatic sulphide mineral
textures coupled with the development of disseminated sulphide mineralization and
magmatic breccias indicate that the mineralization is similar to chonolith style deposits
like Voisey's Bay. Work progresses to define the stratigraphic controls of the intrusive
rocks on the distribution of massive, breccia, and disseminated sulphide types; these
controls will guide future exploration in the extension and discovery of additional
mineral zone along strike and at depth.
Table 3: 2022 Drill Campaign Assay Results to Date
Hole
From
(m)
To
(m)
Length
* (m)
Ni
%
Cu
%
Co
%
NiEq
.
%**
CuEq
.
%**
BDF22
-001
89.95 108 18.05 1.44 0.44 0.10 1.86 5.00
Includes 96.5 108 11.5
1.9
8
0.5
6
0.1
3
2.53 6.80
Includes 97.8 105.9 8.1
2.6
9
0.6
9
0.1
8
3.41 9.16
122
132.8
5
10.85 0.29 0.24 0.03 0.44 1.18
180.5 189 8.5 0.62 0.37 0.05 0.88 2.36
196.5 219.2 22.7 0.23 0.11 0.02 0.32 0.85
267 336.9 69.9 0.50 0.23 0.04 0.68 1.83
Includes 283.4 299.5 16.1
0.9
2
0.4
3
0.0
7
1.26 3.38
BDF22
-002
123.8 245 121.2 1.02 0.56 0.07 1.36 4.07
Includes 134.1 144.2 10.1
2.0
8
1.1
7
0.1
4
2.78 8.31
Includes 152 196 44
1.5
8
0.7
1
0.1
1
2.05 6.14
Includin
g
152 180.8 28.8
2.2
1
0.9
9
0.1
5
2.86 8.55
Includin
g
152.5 173.5 21
2.4
5
1.2
2
0.1
6
3.21 9.59
Includin
g
177.0
5
180.8 3.75
2.8
5
0.5
7
0.1
9
3.45
10.3
0
Includes 207.5 218 10.5
1.3
0
0.8
0
0.0
9
1.76 5.26
303.55
357.5
0
53.95 0.22 0.10 0.02 0.30 0.88
Table 4: Drillhole Information
Hole Easting Northing
Elevation
(m)
Depth
(m)
Azimuth
(°)
Dip
(°)
BDF22-
001
614922 5722901 886 404 229 -61
BDF22-
002 614991 5722902 891 452 233 -57