Mr. Troy Boisjoli reports

MURCHISON MINERALS IDENTIFIES NICKEL-BEARING SULPHIDE MINERALIZATION ALONG A 5 KM TREND AND SIGNIFICANTLY EXPANDS THE HPM PROJECT AREA

Murchison Minerals Ltd. has completed a detailed review of data collected during the 2022 exploration program on the 100-per-cent-owned HPM (Haut-Plateau de la Manicouagan) project, located in Quebec. The review culminated in the identification of the BDF magmatic Ni-Cu-Co (nickel-copper-cobalt) trend (BDF trend). The BDF trend extends along a five km strike length to the northwest of the Barre de Fer deposit (BDF deposit) and contains numerous showings of nickel-bearing sulphide mineralization, and seven high-priority target areas.

Additionally, Dr. Peter Lightfoot -- technical adviser for Murchison Minerals -- has reviewed whole rock geochemistry from samples taken during the 2022 exploration program and has identified the geochemical signature of the intrusive rocks that host high-grade Ni-Cu-Co mineralization at the BDF deposit. Based on his findings, the company has identified a significant number of high-priority targets that have a similar signature to BDF. Furthermore, the identification of the intrusive host rock has led the company to stake an additional 313.7 square kilometres of mineral tenements. The newly expanded claim block covers a large area of prospective mafic-ultramafic rocks identified to the east of the previous HPM claim area.

Highlights

• All seven identified high-priority targets correspond with nickel sulphide mineralization identified on surface;
• Detailed interpretation of whole rock geochemistry has identified the key host rocks (norite and peridotite) and expanded the prospectivity of discovering new zones of nickel-bearing sulphide mineralization beyond the BDF trend;
• Company has expanded the HPM claim block to cover an additional 313.7 square km of prospective geology. The HPM project area now totals 971.8 square km.

Murchison Minerals president and chief executive officer Troy Boisjoli comments:

"HPM is an exceptional project anchored by access to mature infrastructure, including heavy rail with direct access to ports, road access and hydroelectricity all proximal to the project. High-grade near surface nickel-copper-cobalt mineralization remains completely unconstrained and open at BDF which is located at the start of a five km trend containing multiple analogous targets. The growth potential at BDF coupled with the discovery potential along the trend has Murchison positioned to define the next North American nickel district."

Qualifying statement

The foregoing scientific and technical disclosures on the HPM project have been reviewed by John Shmyr, PGeo, vice-president of exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan and current holder of a special authorization with the Ordre des Geologues du Quebec. 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 are historical in nature. Neither the company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. In some cases, the data may be unverifiable due to lack of drill core. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company's properties.

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. Murchison currently has 218.2 million shares issued and outstanding.

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