Mr. Troy Boisjoli reports

MURCHISON MINERALS COMMENCES DIAMOND DRILLING AT THE HPM HIGH-GRADE NICKEL-COPPER-COBALT PROJECT IN QUEBEC

Murchison Minerals Ltd. has begun its phase III diamond drilling of the summer exploration. The company is focused on drilling at the high-grade nickel-copper-cobalt zone called Barre de Fer (BDF), as well as the Syrah target, on the 100-per-cent-owned HPM (Haut-Plateau de la Manicouagan) project, located in Quebec. The company anticipates drilling a minimum of 7,500 metres (m) over the course of the program. The majority of the metres will be allocated toward expansion and delineation at BDF. The remaining drilling will be focused on the Syrah target -- a 600-metre-long EM (electromagnetic) anomaly located approximately 240 m from BDF. The company's current interpretation shows the possibility that Syrah and BDF are part of the same magmatic sulphide mineralizing system. As a result of the recently closed private placement (July 4, 2022, news release), the company is well financed to complete its objectives during the 2022 exploration program.

Objectives of summer drill program:

1. Expand the currently defined high-grade BDF zone;
2. Test the extent of subsurface mineralization at the Syrah target;
3. Define a near-surface high-grade nickel-copper-cobalt resource at BDF.

Barre de Fer zone:

• The BDF zone is currently defined by 25 diamond drill holes, with 5,564 m of drilling completed between 2001 and 2008.
• Based on the preliminary 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 width. 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 vertical depth of 440 m. The zone remains unconstrained along strike and at depth.
• The best intersection to date is in hole HPM-08-03, drilled to a depth of 345 m, which intersected five zones of nickel-bearing sulphide mineralization totalling 60.07 m of composite mineralization, including:
  • 52.15 m grading 2.04 per cent nickel equivalent (NiEq) (74.45 m to 126.60 m), including 12.04 m at 3.00 per cent NiEq (100.71 m to 112.75 m) and 10.56 m at 2.92 per cent NiEq (85.16 m to 95.72 m).

Syrah target:

• Syrah is located just 240 m from the BDF zone, displaying a similar geophysical and geochemical signatures.
• Nickel-bearing sulphide mineralization outcrops and subcrops over approximately 375 m strike length, within the footprint of an approximately 600-metre-long conductive geophysical anomaly.
• Grab samples from the spring 2021 prospecting program returned grades as high as 0.83 per cent NiEq (0.58 per cent nickel (Ni), 0.24 per cent copper (Cu) and 0.05 per cent cobalt (Co)).
• The company's current interpretation, based on the similarity in geochemical and geophysical signatures, indicates that BDF and Syrah may belong to the same mineralizing system and have similar economic prospectivity.

Drilling plans

During phase III diamond drilling, the company intends to drill approximately 6,000 m at BDF, comprising 15 to 20 drill holes. The focus of this portion of the program will be expansion of the current mineralized domains, followed by delineation or in-fill drilling designed to produce a maiden resource estimate.

Exploration at the adjacent Syrah target, will amount to approximately 1,500 m, comprising drill holes which are designed for optionality and flexibility based on results. Maxwell plate modelling from the recently completed 2022 VTEM (versatile time domain electromagnetic) and downhole borehole EM surveys indicates drill hole HPM-08-14 was drilled parallel or oblique to the newly interpreted plates, missing the prospective electromagnetic target. Consequently, drilling at Syrah will focus on following up on mineralization intersected in this hole and nickel-bearing sulphide mineralization outcropping on surface. Furthermore, the company will be testing the recently interpreted Maxwell plates, derived from the 2022 VTEM and borehole EM surveys.

Operations

Murchison has undertaken several initiatives that will provide real-time results and control expenditures. These initiatives include:

1. Acquiring a helicopter portable track-mounted diamond drill, allowing for quicker drill moves which are not dependent on helicopter support;
2. All samples collected at the core facilities will undergo portable X-ray fluorescence analysis (XRF) to provide accurate real-time assays results prior to being shipped to the lab. A Thermo Scientific direct rock sampler (DRS) will be used to provide representative samples for XRF analysis. XRF analysis will be completed on all drill core undergoing standard assay analysis at a geoanalytical lab. This will provide Murchison with the flexibility to target the most prospective areas at BDF and Syrah in real time;
3. A resource development team, from Understood Mineral Resources Ltd., has been integrated into the exploration process.

Murchison Minerals president and chief executive officer Troy Boisjoli comments:

"Murchison is extremely to excited to initiate the drilling phase for the 2022 summer exploration program at HPM and unlock the potential at the high-grade nickel, copper, cobalt at the BDF zone and Syrah target. The team is eager to drill test numerous prospective areas for expansion of the BDF zone in anticipation of producing a near-surface high-grade nickel mineral resource estimate later this year. With a minimum of 7,500 m of drilling planned, Murchison is well positioned to achieve this goal and truly unlock the potential of BDF and Syrah."

Murchison Minerals vice-president of exploration John Shmyr comments:

"Extensive data compilation and prospecting at BDF and Syrah over the last year have led to this exciting phase of the 2022 summer exploration program at HPM. The exploration methods applied to date, including geological mapping, Beep Mat surveying and backpack drilling, have identified exciting prospective target areas at BDF and Syrah that Murchison is keen to drill test this summer."

Qualifying statement

The foregoing scientific and technical disclosures on the HPM project have been reviewed by Mr. Shmyr, PGeo, vice-president of 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.

Murchison is a Canadian-based exploration company focused on nickel-copper-cobalt exploration at the 100-per-cent-owned HPM project in Quebec and the exploration and development of the 100-per-cent-owned Brabant Lake zinc-copper-silver project in north-central Saskatchewan. The company also holds an option to earn 100-per-cent interest in the Barraute VMS (volcanic massive sulphide) exploration project, also located in Quebec, north of Val d'Or.

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