Mr. Troy Boisjoli reports

MURCHISON MINERALS ANNOUNCES 2023 EXPLORATION PLANS

Murchison Minerals Ltd. has released its exploration plans for 2023. The company will commence with a diamond drill program at its 100-per-cent-owned Zn-Cu-Pb-Ag-Au (zinc-copper-lead-silver-gold) volcanogenic massive sulphide (VMS) BMK project in Saskatchewan. The focus at BMK is aimed at the discovery of a copper-rich stockwork zone at the BMK deposit and the potential discovery of additional VMS-style deposits along the 37-kilometre (km) prospective BMK trend. The exploration program at BMK will kick off in mid-July and run through to September. The company has decided to resequence the BMK project over its 100-per-cent-owned Ni-Cu-Co (nickel-copper-cobalt) HPM project until this fall due to the continuing wildfire situation affecting Quebec.

BMK exploration program

Murchison intends to commence a drill campaign at the highly prospective BMK VMS project. The project hosts the high-grade polymetallic massive sulphide Brabant-McKenzie deposit with a current National Instrument 43-101 resource estimate of 2.1 million tonnes indicated at 0.69 per cent Cu, 7.08 per cent Zn, 0.49 per cent Pb, 39.6 grams per tonne (g/t) Ag and 0.23 g/t Au, and 7.6 million tonnes inferred at 0.57 per cent Cu, 4.46 per cent Zn, 0.19 per cent Pb, 18.42 g/t Ag and 0.1 g/t Au (see NI 43-101 dated Sept. 4, 2018). The deposit remains open along strike and at depth, and notably is missing a copper stockwork zone, which is typical of high-grade VMS deposits; locating this zone is the primary objective of the 2023 exploration program. There are several notable areas on the periphery of the deposit that contain significant copper intercepts such as hole BM18-011 drilled in 2018, which intersected 9.77 metres (m) at 1.12 per cent Cu. The company believes these intersections in an area that remains open and untested are a good vector toward the copper-rich stockworks zone of the deposit.

Recent reinterpretation of a 2017 Heli-SAM data (hybrid ground/airborne electromagnetic survey) has highlighted two target areas. The geophysical data suggest the deposit continues to significant depth past the current drill defined area. The Heli-SAM data also highlight a prospective deep EM (electromagnetic) target 400 metres south of the deposit at a depth of approximately 700 metres. This target, titled CST, is considered highly prospective and is top priority for Murchison to drill test as it on the same horizon as the deposit. The large size and close proximity of the anomaly to the deposit may indicate a copper stockwork zone or an additional lens of massive sulphide mineralization.

The company will also be focusing its efforts at the T2T target, which contains an isolated highly conductive and magnetic geophysical anomaly that remains unexplained. The T2T geophysical conductor was located during a 2018 ground EM survey and was tested with one hole in 2020, which did not intersect the conductor. Subsequent borehole EM survey interpretation has located a strong off-hole anomaly. Relogging of the 2020 T2T drill core identifies the core to have similar stratigraphy to the BMK deposit as well containing VMS-style alteration. Due to the strength and large size of the EM anomaly at T2T, this target is considered highly prospective as it could contain a significant body of massive sulphide mineralization.

HPM update

Due to the recent and continuing wildfire situation in Quebec, the company has decided to resequence its exploration plans, commencing with BMK rather than HPM. The high-grade Ni-Cu-Co HPM project will continue to be a priority for the company with continuing planning for a combined geophysics, prospecting and diamond drilling program, slated to begin this fall. The exploration program at HPM will focus on derisking of future drill targets through prospecting while the diamond drilling portion will look to expand the Barre de Fer (BDF) zone while also evaluating the nickel-bearing sulphide showings along the BDF trend, including the Syrah target.

Murchison Minerals' chief executive officer, president and director, Troy Boisjoli, comments:

"Over the previous 14 months, Murchison has systematically assessed the BMK project, including adding Dr. Piercy as a technical adviser. This work has culminated in an exploration plan aimed at unlocking the copper potential at BMK and well as the camp scale polymetallic VMS potential along the 37 km BMK trend."

Murchison Minerals' vice-president of exploration, John Shmyr, comments:

"The team is eager to continue work at the BMK project as we feel the project has enormous potential. With our understanding of VMS deposits, the likelihood that the BMK deposit is the only significant VMS deposit in the area is incredibly unlikely. The CST and T2T targets are both considerably sized geophysical anomalies directly on strike with the deposit and we couldn't be more excited to test these targets."

Qualifying statement

The foregoing scientific and technical disclosures on the BMK project have been reviewed by John 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. The qualified person has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information contained in this news 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.

We seek Safe Harbor.