Murchison Releases Assays for Remaining Holes Drilled at Barre de Fer Zone, Confirms High-Grade Near Surface Nickel-Copper- Cobalt Sulphide Mineralization
News Release
Murchison Releases Assays for Remaining Holes Drilled at Barre
de Fer Zone, Confirms High-Grade Near Surface Nickel-Copper-
Cobalt Sulphide Mineralization
January 17 th, 2023 ( Burlington, Ontario): Murchison Minerals Ltd. (“Murchison” or the
“Company”) (TSXV: MUR | OTCQB: MURMF ) is pleased to announce assay results for the
remaining eight diamond drillholes, from the Barre de Fer (“BDF”) Zone, drilled as part of the 2022
Summer Exploration Program on the 100% - owned HPM (Haut -Plateau de la Manicouagan)
Project, located in Quebec . The drillholes from today’s release successfully expanded
mineralization down dip as well as along strike to the north and south of the Barre de Fer (BDF)
Zone. The results confirm the previously released pXRF results and further demonstrate that the
BDF Zone remains open and unconstrained, along strike, and at depth. Future drilling will continue
to focus on systematically expanding and delineating the BDF Zone.
Highlights
• BDF22-010 intersected multiple strong intervals of massive to semi -massive
mineralization including:
o 19.92 m at 1.17% NiEq or 3.49% CuEq (29.71m to 49.63 m)
including 4.66 m at 2.55% NiEq or 7.59 CuEq (41.34 m to 46.0 m)
o 7.59 m at 1.78% NiEq or 5.31% CuEq (56.41 to 64.0 m)
including 4.03 m at 3.15% NiEq or 9.37% CuEq (56.41 m to 60.44 m)
• BDF22-003 intersected multiple shallow intervals of mineralization including:
o 5.5 m at 0.77% NiEq or 2.29% CuEq (8.5 m to 14.00 m)
o 2.3 m at 3.56% NiEq or 10.60% CuEq (25.37 m to 27.67 m)
o 4.31 m at 2.39% NiEq or 7.13% CuEq (36.69 m to 41.0 m)
• BDF22-007 intersected extensive amounts of disseminated to stringer mineralization
including:
o 55.98 m at 0.44% NiEq or 1.32% CuEq (256.5 m to 312.48 m)
including 16.0 m at 0.62% NiEq or 1.84% CuEq (258.5 m to 274.5 m)
o 39.05 m at 0.41% NiEq or 1.21% CuEq (366.5 m to 405.55 m)
including 9.31 m at 0.81% NiEq or 2.41% CuEq (379.60 m to 388.91 m)
• T
he results to date have successfully expanded the preliminary modelled mineralization,
the current dimensions of the BDF Zone are:
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MURCHISON MINERALS LTD. NEWS RELEASE
o Mineralization at depth has now been extended dow n to 475 m, versus the
preliminary model at 295 m
o Along strike, the zone of mineralization has been extended from 315 m to 370 m
o Mineralization was expanded along the width of the mineralized zone from 150
m to 200 m, with individual lenses now modelled up to 48 m in thickness,
compared to the 28 m in the preliminary version
Murchison Minerals President and CEO Troy Boisjoli comments:
“The 2022 Summer Exploration program had three main objectives: expansion and delineation of
the Barre de Fer Zone, di scovery of new nickel -sulphide showings on surface via prospecting, and
the identification of additional EM anomalies through property wide geophysics – with today’s
release I am pleased to report all objectives were achieved and have surpassed our expecta tions.
Today’s results from Barre de Fer demonstrate the Zone is near -surface and contains high -grade
nickel-sulphide mineralization throughout its footprint - furthermore, the Zone remains open and
unconstrained, and primed for future expansion. The opportunity at HPM is huge, with the BDF Zone
as HPM’s flagship, and a pipeline of de-risked nickel-sulphide showings, our aim is to make 2023 a
banner year for the Company. In an industry where nickel projects are scarce, and with Quebec being
one of the top mining jurisdictions globally, HPM is an emerging nickel district that should not be
overlooked.”
Murchison Minerals Vice-President of Exploration John Shmyr comments:
“Today’s results mark the finalization of ass ay data from our highly successfully expansion and
delineation program at the Barre de Fer Zone. Results from the assays continue to prove the
exceptional nature of BDF and expand our understanding of the geology and geometry of the Zone.
Crucially, as we expand ou r understanding at BDF, this is helping guide our planning for the 2023 ,
with respect to future expansion of the Zone and regionally along trend . We are just scratching the
surface, and what we are seeing has excited that the best is yet to come.”
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Figure 1: Location map of Barre de Fer looking down, showing drill holes BDF22-001 to BDF22-010
with the updated preliminary mineralized domain model.
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Figure 2: Long Section View of the Barre de Fer Zone mineral zone looking South-west showing
the previous model (left) and updated model (right) of the nickel mineralization, 2022 drill holes
highlighted in black on the right.
Table 1: BDF22-003 to 010 Highlighted Results
Hole ID From
(m)
To
(m)
Interval
(m) Ni % Cu % Co % Ni Eq.% Cu Eq.%
BDF22-003
8.5 14 5.5 0.51 0.52 0.04 0.77 2.29
25.37 27.67 2.3 2.78 1.02 0.19 3.56 10.60
36.69 41 4.31 1.72 1.16 0.12 2.39 7.13
44.28 49.68 5.4 1.02 0.19 0.07 1.25 3.71
75 79 4 0.35 0.22 0.03 0.49 1.46
Includes 75 76 1 0.76 0.69 0.06 1.12 3.35
154 162 8 0.22 0.07 0.02 0.29 0.87
188.67 189.21 0.54 0.73 0.25 0.06 0.96 2.86
BDF22-004
13.5 30 16.5 0.34 0.13 0.03 0.45 1.35
Includes 13.5 16 2.5 0.44 0.24 0.03 0.60 1.79
Includes 20.5 21 0.5 0.61 0.04 0.05 0.73 2.16
Includes 25 30 5 0.72 0.29 0.05 0.94 2.80
Including 25 27 2 1.15 0.54 0.08 1.53 4.56
BDF22-005
66 91.68 25.68 0.21 0.08 0.02 0.28 0.82
96 98 2 0.42 0.10 0.03 0.52 1.54
110.7 149.29 38.59 0.23 0.13 0.02 0.31 0.93
163 175 12 0.13 0.05 0.01 0.17 0.50
194.25 209.6 15.35 0.32 0.14 0.03 0.43 1.27
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Includes 205.76 207.67 1.91 1.57 0.61 0.11 2.03 6.04
BDF22-006
136.78 137.82 1.04 0.51 0.18 0.04 0.65 1.95
213 214.95 1.95 0.88 0.34 0.06 1.12 3.33
248.4 251.9 3.5 0.86 0.32 0.06 1.09 3.25
278.51 305 26.49 0.22 0.10 0.02 0.30 0.89
Includes 284 289.1 5.1 0.52 0.23 0.04 0.68 2.04
356.5 368 11.5 0.15 0.07 0.01 0.21 0.61
376.42 415 38.58 0.18 0.09 0.02 0.25 0.74
Includes 408.5 410.5 2 0.49 0.25 0.04 0.66 1.97
BDF22-007
176.25 177.25 1 0.76 0.53 0.05 1.06 3.17
232.48 233.98 1.5 0.36 0.20 0.03 0.49 1.45
238.8 240.8 2 0.45 0.53 0.04 0.71 2.11
245.34 248.84 3.5 0.59 0.20 0.04 0.75 2.24
256.5 312.48 55.98 0.33 0.17 0.02 0.44 1.32
Includes 258.5 274.5 16 0.46 0.25 0.03 0.62 1.84
335.73 358.23 22.5 0.12 0.06 0.01 0.17 0.51
366.5 405.55 39.05 0.30 0.15 0.03 0.41 1.21
Includes 379.6 388.91 9.31 0.60 0.31 0.05 0.81 2.41
BDF22-008
52.9 58 5.1 0.23 0.13 0.01 0.29 0.88
118.5 153.5 35 0.20 0.07 0.02 0.26 0.78
Includes 142.85 147.72 4.87 0.44 0.13 0.03 0.55 1.65
163.25 164.75 1.5 0.41 0.19 0.02 0.52 1.56
BDF22-010
29.71 49.63 19.92 0.83 0.60 0.06 1.17 3.49
Includes 41.34 46 4.66 1.83 1.26 0.13 2.55 7.59
56.41 64 7.59 1.39 0.48 0.10 1.78 5.31
Includes 56.41 60.44 4.03 2.46 0.84 0.17 3.15 9.37
68 71.03 3.03 0.64 0.23 0.05 0.83 2.47
* 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 Oct 7, 2022: $10.145/lb Nickel, $3.4067/lb Copper, and
$23.566/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 %).
2022 Summer Diamond Drilling
During the 2022 summer exploration program at HP M, a total of 1 3 diamond drillholes were
completed, comprising 4,316 metres. This includes 1) drill holes at BDF, and an additional 3 holes
at Syrah. The pXRF results for the ten holes drilled at BDF were previously released and lab assays
have now been released for all drilling completed at BDF.
Today’s release of lab assay results as well as the previously released assay results from BDF22-
001 & 002 validate the rigorous Direct Rock Sampling (DRS) Portable X-Ray Fluorescence (pXRF)
process that the Company developed in advance of the 2022 Summer Exploration Program. The
DRS process allowed the Company to produce near laboratory quality results in the field. In turn,
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this process enabled the Company to model zones of mineralization in real time, creating a
dynamic exploration process which was unaffected by laboratory delays faced by many industry
peers.
Murchison expects to release the assay results from the remaining 3 drillholes completed at the
Syrah target once results have been finalized and interpreted.
Table 2: Drill Hole Information
Hole Easting UTM* Northing UTM* Elevation (m) Azimuth (°) Dip (°) Length (m)
BDF22-003 614872 5722814 889 232 -63 251
BDF22-004 614818 5722774 884.6 232 -45 176
BDF22-005 614892 5722930 886 232 -55 351
BDF22-006 614976 5722990 891 223 -65 461
BDF22-007 614976 5722990 891 232 -55 409
BDF22-008 614949 5723031 885 239 -52 350
BDF22-009 614914 5722608 890 260 -45 221
BDF22-010 614977 5722751 896 195 -46 280
*UTM Projected Coordinate System: NAD83 UTM Zone 19N
BDF Mineralization
The mineralization observed at BDF occurs predominantly as two different types: i) Meter to multi-
metre intervals of massive and brecciated sulphide within zones of stringer and disseminated
sulphide mineralization, hosted in gabbronorite and peridotite, ii) Disseminated sulphide with
lesser stringer to net sulphide, over broad intervals, hosted within a gabbronorite. The sulphide
mineralization consists of pyrrhotite with granular pentlandite and stringer chalcopyrite, or as
chalcopyrite loops with pentlandite within massive pyrrhotite.
QA/QC
Murchison has implemented and is adhering to a strict Quality Assurance/Quality Control
program. NQ-size core was drilled, and mineralized intervals were marked by geologists during
core description. The marked intervals were sampled using a core saw, one -half is kept as a
witness sample at core facility in Saguenay, Quebec and the other assigned a unique number and
placed within a plastic bag. The specific gravity o f every 10th sample was measured using the
mass-in-air / mass-in-water method. Samples were shipped directly to SRC Geoanalytical Labs in
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Saskatoon, Saskatchewan. The samples were ground and prepared for analysis by the lab using
total digestion. Analyzes were performed using ICP-OES for nickel, copper, and cobalt. Every 25th
sample sent to the lab was a field duplicate (quarter core), blanks and certified reference material
were also submitted approximately every 25th sample.
About the HPM Project
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 extensive reservoir at
Manicouagan supports five hydro -power plants. The existing Quebec Car tier rail line, located
within the HPM Project area, links Labrador City to Port Cartier and Sept Iles, two major iron ore
port facilities.
Figure 3: HPM Location Map
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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 2 95 metres. The mineralization remains open at depth and partially along
strike.
In March of 2022, the Company completed a comprehensive data compilation, verification and
modelling program, comprising all previous drill hole data from the BDF Zone. The modelling
program consisted of developing a preliminary 3D interpretation of nickel mineralization at BDF.
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 stac ked lenses over a maximum footprint
width of 150 m. Individual lenses have a maximum thickness of 28 m. During the 2022 Summer
Exploration Program, diamond drilling focused on the expansion and delineation of mineralization
at BDF. Those results are currently being evaluated and the Preliminary model will be updated as
results become available. No resource estimates have been completed on the Zone to date.
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 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 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. 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 and current holder of a special authorization with the Ordre des
Géologues du Québec. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101.
The Qualified Person has verified the data disclosed in this release, including sampling, analytical
and test data underlying the information contained in this release. Mr. Shmyr consents to the
inclusion in the announcement of the matters based on his information in the form and context
in which it appears.
Some data disclosed in this News Release relating to sampling and drilling results is historical in
nature. Neither the Company nor a qualified person has yet verified this data and therefore