Mr. Troy Boisjoli reports

MURCHISON MINERALS COMMENCES SUMMER EXPLORATION PROGRAM AT HPM NICKEL-COPPER-COBALT PROJECT

Murchison Minerals Ltd. has commenced its 2023 summer exploration program at its 100-per-cent-owned nickel-copper-cobalt Haut-Plateau de la Manicouagan (HPM) project in Quebec. The program is two-pronged with both prospecting on high-priority anomalies and a deep-penetrating ground electromagnetic (EM) survey being conducted. The prospecting component of the summer exploration program will identify additional targets with nickel-bearing sulphide mineralization on or near surface, adding derisked high-priority targets. The ground EM component will target nickel-bearing sulphide mineralization at depth within the BDF zone and the Syrah target. Anomalies identified during prospecting and the SQUID (superconducting quantum interference device) survey will be used to prioritize exploration and expansion targets, respectively, during future diamond drill programs at the HPM project.

HPM prospecting program

During the winter of 2023, Murchison's technical team, with the assistance of Dr. Peter Lightfoot, completed a detailed review of all relevant structural, geochemical and geophysical data collected at the HPM project. The review identified 34 high-priority targets for follow-up testing with prospecting crews. All geophysical anomalies present on the property were classified using multiple criteria which included conductive strength, magnetic correlation, interpreted depth, lack of historic exploration and rock type, if available. Prospecting has proven effective at discovering high-grade nickel-copper-cobalt mineralization at the HPM project. The BDF zone along with additional nickel-bearing sulphide showings were first discovered via prospecting commencing in 1999. The newly identified targets share similar geophysical characteristics with those previous discoveries. Murchison's helicopter-supported prospecting campaign consists of two teams of two. The teams will utilize a Beep Mat, which is a geophysical tool that is dragged along surface by an operator, which can locate nickel-bearing sulphide mineralization (a conductor) at depths of up to five metres. Once the operator identifies the source of the anomaly on surface, the outcrop or boulder is sampled using a backpack drill.

HPM geophysical survey

Discovery Geophysics out of Saskatoon, Sask., is contracted to complete a ground EM survey over key areas on the highly prospective BDF trend. The survey will utilize a low-temperature (liquid helium cooled) superconductor technology called Jessy Deep SQUID. The Jessy Deep SQUID system is considered to be the most sensitive currently in use and Discovery Geophysics has exclusive rights to the technology in North America. This type of EM system is an ideal survey type to identify so called superconductors which are electromagnetic anomalies that are too conductive to be effectively measured and identified by airborne EM systems. This superconductive phenomenon is typical in many of the world's magmatic nickel mining camps such as Voisey's Bay or Sudbury. The recent geophysical modelling at the BDF zone from borehole EM data demonstrates that this zone is indeed superconductive such as last year's intercept in hole 2 which intercepted 121.2 metres of 1.02 per cent Ni, 0.56 per cent Cu and 0.07 per cent Co (BDF22-002, see release dated Nov. 29, 2022). Murchison strongly suspects a similar superconductor is being observed at the Syrah target and this geophysical survey will be critical for drill targeting.

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

"With the recent turmoil in Niger causing uncertainty in the uranium supply, it's a reminder as to why the Western world needs to discover and develop its own supplies of critical and strategic minerals. At Murchison's HPM project in Quebec we've identified the high-grade Ni-Cu-Co BDF zone, and the -five-kilometre-long BDF trend that hosts numerous mineralized showings. It's a property with a substantial metal endowment that has true camp-scale potential. Additionally, there is advanced infrastructure such as heavy rail and hydro power within kilometres of the project site, lowering the hurdle rate for any future development. In the context of worldwide projected nickel and copper supply deficits appearing quickly on the horizon, and the need for stable supplies within North America, the HPM project is one of only a few nickel sulphide projects that can help fill that gap."

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

"We couldn't be more eager to get back to the HPM project; after last summer's success the project is shaping up to be one of the premier nickel exploration projects in North America. The sheer number of high-priority targets we have identified, paired with the lack of historic exploration, clearly demonstrated the huge potential of the HPM project."

Qualifying statement

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

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