Mr. Troy Boisjoli reports

MURCHISON MINERALS APPOINTS DR. STEPHEN PIERCEY AS TECHNICAL ADVISOR AND PROVIDES AN UPDATE ON THE BMK ZINC-COPPER-SILVER-LEAD-GOLD PROJECT

Murchison Minerals Ltd. has appointed renowned volcanogenic massive sulphide (VMS) deposits expert Dr. Stephen Piercey as technical adviser for the 100-per-cent-owned Brabant-McKenzie (BMK) project located in Saskatchewan, Canada. Based on the work Dr. Piercey and Murchison's technical team completed this spring the company believes that the BMK deposit area is prospective to host a copper-rich stockwork zone, similar in style to Foran Mining's Mcllvenna Bay project. Additionally, Murchison's technical team has identified a 37-kilometre trend (BMK trend) which has numerous showings of VMS mineralization, leading to the high potential of discovering further VMS deposits along strike of the BMK deposit. Accordingly, Murchison has staked an additional 75 square km of mineral claims encompassing the entire BMK trend.

Dr. Piercey

Dr. Piercey has conducted extensive research and fieldwork, internationally and across Canada, focusing on VMS deposits and their origins. Dr. Piercey is university research professor in the department of Earth sciences at Memorial University as well as a part-time consultant with SJPGeoConsulting out of St. John's, Nfld. He is a previous winner of the Lindgren Medal (SEG), W.H. Gross Medal (MDD-GAC), Howard Street Robinson Medal (MDD-GAC), Hutchison Medal (GAC) and the Duncan Derry Medal (MDD-GAC). Presently, Dr. Piercey is the president-elect of the Society of Economic Geologist, is a professional geoscientist (PGeo) in Newfoundland and Labrador, Ontario, and Saskatchewan, and was awarded Fellow of Geoscientists Canada for his contributions to the geoscience profession in Canada.

Brabant-McKenzie VMS project review

During the spring of 2023 Murchison Minerals, with the assistance of Dr. Piercey, completed the systematic relogging and sampling of historic drill core at the BMK deposit, as well as at the regional targets called Main Lake, Betty, T2T and TOM2. The work has successfully identified the BMK deposit as a felsic volcaniclastic type of VMS deposit, which is similar to those in the past-producing, high-tonnage Bathurst VMS mining camp in New Brunswick. These sediment-rich VMS environments host some of the highest-tonnage VMS deposits globally. The Bathurst-type VMS deposits typically have abundant zinc-rich sulphides that are underlain by a copper-rich stockwork feeder zones. It is inferred that one may exist proximal to the BMK deposit or within the region. A top priority for the company is locating the copper-rich zone at the BMK deposit.

The relogging work has also identified the volcaniclastic stratigraphy (37 km strike length) that hosts the BMK deposit, termed the BMK trend. Murchison currently has multiple targets along the BMK trend which include the Betty and Main Lake targets. At the Main Lake and Betty targets, Murchison discovered initial VMS mineralization in 2020 and 2021. The BMK deposit and the Betty and Main Lake targets remain open and are ideally located adjacent to a provincial highway and power. The company has staked an additional 7,487 hectares of claims, encompassing the entire prospective BMK trend. The BMK project now has area comprising 65,501 hectares or 655 square km.

Murchison Minerals president and chief executive officer Troy Boisjoli comments:

"I would like to welcome Dr. Stephen Piercy as a technical adviser to Murchison Minerals. Dr. Piercy recently visited our BMK project in Saskatchewan, where he has helped to further our technical team's understanding and approach to unlocking the copper potential at BMK. Polymetallic VMS deposits, like BMK, are some of the world's most important sources of key critical minerals. These deposit types tend to occur in clusters, where on the average Canadian VMS camp contains nine deposits. The BMK deposit is the first zone of mineralization that's been discovered and delineated along the 37 km BMK trend; however, our technical team has already discovered numerous additional showings of VMS mineralization within the BMK trend. As the world continues to transition away from fossil fuels, critical minerals projects, like BMK, will help source the metals needed to power that future. "

Dr. Piercey comments:

"The geological setting of the BMK deposit is similar to other volcaniclastic-hosted deposits globally, including deposits in the Bathurst mining camp in New Brunswick. In many cases, volcaniclastic- and sediment-rich environments host high-tonnage VMS deposits. Moreover, the high zinc grades found at BMK are common to zone-refined VMS deposits, where zinc-rich zones are frequently underlain by copper-rich stockwork/feeder zones. That these copper-rich zones have yet to be identified in the Brabant Lake region is interesting, but not surprising given the structural/metamorphic setting of the belt. Nevertheless, it suggests that such zones be present in the region and should be considered high priority exploration targets."

Qualifying statement

The foregoing scientific and technical disclosures on the BMK project have been reviewed by John Shmyr, PGeo, vice-president, 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. 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 these 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 Haut-Plateau de la Manicouagan 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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