Murchison Minerals Receives Remaining Assays from PYC Target and Commences Airborne Electromagnetic Survey Covering Full Extent of the HPM Ni-Cu-Co Project
News Release
Murchison Minerals Receives Remaining Assays from PYC
Target and Commences Airborne Electromagnetic Survey
Covering Full Extent of the HPM Ni-Cu-Co Project
April 21st, 2022 (Burlington, Ontario): Murchison Minerals Ltd. (“Murchison” or t he “Company”)
(TSXV: MUR OTCQB: MURMF) is pleased to announce results from the exploration program that
was completed in the fourth quarter of 2021 on the 100% - owned 576 km2 HPM (Haut-Plateau
de la Manicouagan) Project, located in Quebec. The assay resul ts reported here come from the
remaining six holes into the PYC target (see news release March 7th, 2022, detailing initial results
from PYC21-007 & 008 come from a 1.95 km - long electromagnetic (EM) anomaly that was
prospected in the summer of 2021). The results confirm the presence of broad zones of near
surface low-grade nickel, copper, cobalt mineralization across the drilled portion of the target.
The miner alization at the PYC target when paired with high -grade Ni -Cu-Co results from the
adjacent Barre de Fer Zone ( see news release Apr il 4 th, 2022 ) and numerous prospective EM
targets across the property, demonstrates the potential camp scale of the HPM Project.
The results from the Q4 2021 regional exploration program confirms that Murchison’s exploration
approach is effective at locating near-surface Ni-Cu-Co sulfide mineralization. This methodology
consists of mapping conductive features based on airborne EM survey results, ground truthing
EM conductors using a beep mat, then sampling using a backpack drill. Mineralization discovered
using this process is inventoried and the best targets are ranked for drill-testing.
To build on the inventory of highly prospective EM anomalies identified in 2021, the Company is
pleased to announce today the commencement of an Airborne Elect romagnetic Survey that will
cover the full extent of the HPM project area, which was increased from 139 km 2 to 576 km2 in
December 2021. The survey is being completed by Geotech Ltd. of Aurora, Ontario utilizing VTEM
technology which has proven to be highl y successfu l at detecting massive to semi -massive
sulphide mineralization like that found at HPM.
Today’s results follow a recently completed comprehensive data compilation, verification and
modelling program utilizing all the historic drill hole data from the Barre de Fer Zone (BDF) to build
a preliminary 3D interpretation of the nickel mineralization (Figure 4). The model shows that the
BDF Zone outcrops at 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 surface projection of 150 m width.
Individual lenses have a maximum thickness of 28 m . Mineralization has been intersected to a
vertical depth of 440 m, and the Zone remains undrilled and open along strike and at depth. No
resource estimates have been completed on the BDF Zone to date.
Highlights
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MURCHISON MINERALS LTD. NEWS RELEASE
• Commenced large -scale airborne geophysical survey to entirely cover the prospective
HPM claim block
• Previously flown VTEM survey covered only 15% of the total property and detected over
50 EM anomalies with follow up prospecting in 2021 detecting nickel bearing sulphide
mineralization at multiple locations
• EM conductors identified from the recently launched VTEM survey will be followed up by
an extensive ground prospecting program during the summer of 2022
• Hole PYC21-005 drilled to a depth of 170 m intersected multiple zones of Ni-Cu-Co-
bearing sulphide mineralization totaling 54.97 m of composite thickness (Table 1 & Figure
2 & 3), including:
• 9.38 m grading 0.51% Ni Eq (42.58 m to 51.96 m) including 2.68 m at 0.92% Ni Eq
(49.28 m to 51.96 m)
• 19.12 m grading 0.37% Ni Eq (84.25 m to 103.37 m)
• Hole PYC21-006 drilled to a depth of 285 m intersected multiple zones of Ni-Cu-Co
bearing sulphide mineralization totaling 66.93 m of composite thickness (Table 1 & Figure
2 & 3), including:
• 21.5 m grading 0.42% Ni Eq (125.30 m to 146.80 m) including 3.50 m at 0.80% Ni
Eq (137.0 m to 140.5 m)
• 12.68 m grading 0.31% Ni Eq (46.50 m to 59.18 m) including 0.86% Ni Eq over 1.27
m (53.63 m to 54.90 m)
• Hole PYC21-002 drilled to a depth of 257 m intersected multiple zones of Ni-Cu-Co
bearing sulphide mineralization totaling 36.86 of composite thickness (Table 1),
including:
• 15.12 m grading 0.51% Ni Eq (167.50 m to 182.62 m) including 1.0 m at 1.12% Ni
Eq (169.0 m to 170.0 m) and 2.0 m at 0.84% Ni Eq (177.0 m to 179.0 m)
Murchison Minerals President and CEO Troy Boisjoli comments:
“The results to date support our assessment that the HPM project is an emerging Ni-Cu-Co district,
and our value accretive exploration strategy has Murchison well positioned to significantly advance
the project. This comes at a time when the 2022 Federal Budget contains $3.8 billion in funding for
critical minerals over the next eight years, there is bro ad bipartisan support for critical minerals in
the United States and commodity prices are at decades-highs.”
Murchison Minerals Vice-President of Exploration John Shmyr comments:
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MURCHISON MINERALS LTD. NEWS RELEASE
“We are pleased with today’s results as the HPM project now includes i) PYC with Ni -Cu-Co
mineralization confirmed over the 550 m drilled portion of the 1.95 km strike length, ii) BDF Zone
with high-grade Ni-Cu-Co mineralization completely unconstrained, iii) multiple exploration targets
with Ni -Cu-Co mineralization confirmed by surface sampling, and iv) numerous EM conductors
interpreted to represent near surface Ni-Cu-Co mineralization. All these results are within only 15%
of the total HPM project are a and we are eager to receive the results of the VTEM survey being
completed over the other 85% of the claim area which falls in the footprint of similar prospective
mafic rocks”
2022 VTEM Survey
The VTEM survey will consist of 200 metre spaced fligh t lines for a minimum of approximately
3,200 line kilometres; however, it is expected that additional lines will be flown at a tighter spacing
of 100 metres where conductive targets are identified during the program.
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Figure 1: Map of 2022 Geophysical Survey Area showing the results of the 2021 program in the
small block comprising 15% of the claim block
The Company has completed the compilation of data available from the Geological Survey of
Quebec, where extensive areas of noritic and gabbroic rocks similar the BDF and PYC Zones were
highlighted across the property (Figure 1). These intrusive rocks form a large domain of mixed
mafic to ultramafic intrusive complex known as the Hart -Jaune terrane which define a broad
gravity anomaly across the property. These rocks are considered favourable for the development
of magmatic sulphide mineralization and exhibit similarities to the host intrusion of the Voisey’s
Bay deposits in Labrador. The entirety of the claim area is considered prospective and has the
potential to yield prospective geophysical anomalies corresponding to magmatic nickel sulphide
mineralization. Murchison is very eager to receive the results from the 2022 survey.
2021 Fall HPM Drill Campaign and PYC Assay Results
Murchison has now received all remaining assay results from the 2021 exploration drill campaign
focused on testing the PYC targe t. In total eight drill holes were completed in October and
November of 2021 with the initial assays from the first holes PYC21-007 and PYC21-008 released
on March 7, 2022. Murchison has now received and reviewed the assays from hole PYC21-001 to
PYC21-006 and is able to confirm that all holes intersected nickel-bearing sulphide mineralization
(Table 1).
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 16 th, 2021 release) . The assays establish the
mineralization as a prospective target for potential bulk tonnage nickel-copper- cobalt. The PYC
results alongside the recently re-released assays from the BDF Zone indicate the project area is
prospective for both low-grade high tonnage and high-grade mineralization.
The min eralization observed at PYC 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 gabbro. The sulphide mineralization forms two steeply
dipping broad parallel zones, separated by approximately 30 metres of unmineralized gabbro.
Table 1 Fall 2021 HPM Drill Hole Assays
Hole From (m) To (m) Length**
(m) Ni % Cu % Co % Ni Eq. %*
PYC21-001
75.80 81.15 5.35 0.19 0.08 0.04 0.31
86.00 92.00 6.00 0.24 0.11 0.05 0.40
PYC21-002
14.75 15.35 0.60 0.18 0.07 0.03 0.28
19.20 22.00 2.80 0.12 0.12 0.02 0.22
136.42 149.00 12.58 0.16 0.08 0.03 0.28
167.50 182.62 15.12 0.31 0.15 0.06 0.51
includes 169.00 170.00 1.00 0.64 0.54 0.12 1.12
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includes 177.00 179.00 2.00 0.54 0.10 0.11 0.84
202.00 207.76 5.76 0.13 0.08 0.03 0.23
PYC21-003
74.00 82.05 8.05 0.36 0.20 0.07 0.60
includes 78.85 81.28 2.43 0.69 0.33 0.14 1.14
93.93 100.73 6.80 0.16 0.07 0.03 0.27
103.00 108.22 5.22 0.11 0.06 0.02 0.19
PYC21-004
316.50 320.22 3.72 0.17 0.13 0.03 0.30
322.45 323.30 0.85 0.27 2.17 0.06 1.12
328.51 329.87 1.36 0.13 0.11 0.03 0.24
365.08 386.00 20.92 0.17 0.09 0.03 0.29
394.00 397.45 3.45 0.16 0.07 0.03 0.26
PYC21-005
9.17 20.50 11.33 0.14 0.07 0.03 0.24
34.50 40.23 5.73 0.20 0.12 0.04 0.34
42.58 51.96 9.38 0.31 0.15 0.06 0.51
includes 49.28 51.96 2.68 0.57 0.21 0.11 0.92
84.25 103.37 19.12 0.23 0.11 0.04 0.37
117.85 127.26 9.41 0.13 0.06 0.03 0.21
PYC21-006
17.90 31.00 13.10 0.16 0.09 0.03 0.27
34.45 39.00 4.55 0.16 0.05 0.03 0.26
41.50 44.00 2.50 0.20 0.07 0.04 0.32
46.50 59.18 12.68 0.18 0.07 0.04 0.31
includes 53.63 54.90 1.27 0.54 0.15 0.11 0.86
63.08 72.73 9.65 0.19 0.09 0.04 0.33
119.93 122.88 2.95 0.09 0.04 0.02 0.15
125.30 146.80 21.50 0.25 0.12 0.05 0.42
includes 137.00 140.50 3.50 0.50 0.18 0.10 0.80
includes 145.35 145.85 0.50 0.56 0.10 0.11 0.87
*Nickel Equivalent (Ni Eq.) values were calculated using the following USD metal prices from Apr 13, 2022: $14.72/lb Nickel,
$4.703/lb Copper and $37.195/lb Cobalt. No cutoffs or metal recoverability were factored into Ni Eq calculations. Ni Eq was
calculated using the formula Ni Eq = Ni% + ((Cu%*Cu Price*22.0462) + (Co%*Co Price*22.0462)) / (Ni price*22.0462).
**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 (⁰) Dip (⁰) EOH (m)
PYC21-001 613090 5722052 908 46 -49 152
PYC21-002 613090 5722052 908 46 -75 257
PYC21-003 613024 5722126 898 43 -51 128
PYC21-004 613024 5722126 898 57 -79 449
PYC21-005 613445 5721845 902 216 -46 170
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PYC21-006 613445 5721845 902 216 -70 285
*UTM Projected Coordinate System: NAD83 UTM Zone 19N.
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Figure 2: Cross-section of PYC21-005 & 006 with Ni Eq. displayed.
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Figure 3: Map of PYC EM geophysical anomaly with location of drill holes.
2022 Exploration Campaign
In addition to the prospecting program, Murchison is moving forward with preparations for a
summer drill program on the HPM property . Drilling at BDF will focus on expansion and
delineation of mineralization, where assays have returned grades up to 52.15 metres of 2.04% Ni
Equivalent (1.52% Ni, 0.79% Cu, 0.08% Co) in previous drill programs ( see April 4 th, 2022 news
release). E xplora tion drilling will centre on the highly prospective Syrah target which is located
approximately 300 metres from BDF and is situated above a 600-metre-long conductive area with
a similar EM signature to BDF. Assays from outcrops at Syrah have returned grade s as high as
0.83% Ni Equivalent (0.58% Ni, 0.24% Cu, 0.05% Co) during previous prospecting programs (Sept
1st, 2021 release).
This information, along with the expanded VTEM survey, will assist in planning for the upcoming
summer prospecting program to be conducted across the property.