Mr. Troy Boisjoli reports

MURCHISON MINERALS COMMENCES GEOPHYSICAL SURVEYS TARGETING PROSPECTIVE COPPER STOCKWORK ZONE AT BMK PROJECT

Murchison Minerals Ltd. has commenced fixed-loop transient electromagnetic (FLTEM) and borehole electromagnetic (BHEM) surveys at its 100-per-cent-owned copper-zinc-silver-lead-gold volcanogenic massive sulphide (VMS) BMK project in Saskatchewan. The focus of these surveys is to provide high-resolution geophysical data to aid in the potential discovery of a copper-rich stockwork zone and additional lenses of sulphide mineralization at the BMK deposit. The surveys are being completed by Discovery International Geophysics of Saskatoon, Sask., a wholly owned division of Dias Geophysical of Saskatoon, Sask.

BMK geophysical program

The BMK VMS 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 Ag and 0.23 g/t Au and 7.6 Mt 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 at the BMK project. Reinterpretation of a 2017 Heli-SAM survey (hybrid ground/airborne electromagnetic survey) has highlighted a high-conductance, deep EM target, 400 metres south of the BMK deposit. The CST target is considered highly prospective and is top priority for Murchison to drill test. The large size and proximity of the anomaly to the BMK deposit may indicate a copper stockwork zone or an additional lens of massive sulphide mineralization. The FLTEM survey will utilize an EMIT SMART Fluxgate sensor and is designed to further refine this target in advance of anticipated drilling in winter 2024.

In addition to FLTEM, a BHEM survey will be completed on the open drill hole BM21-001, located approximately 185 m southwest of the BMK deposit, which intersected 0.35 m of VMS-style mineralization at 1.13 per cent Pb, 0.26 per cent Zn and 58.8 g/t Ag (see April 13, 2021, release). Murchison infers that this mineralization indicates additional VMS mineralization may be proximal. The area remains highly prospective for expansion of the BMK deposit, and results from the BHEM and FLTEM surveys will be used as vectors toward identifying additional lenses of sulphide mineralization. Past BHEM surveys have been successful in identifying VMS-style mineralization at the BMK project.

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

"Murchison is eagerly anticipating the results of the FLTEM survey at the CST target area. This area has been identified as being highly prospective to host the potential copper stockwork zone typical of high-grade VMS deposits. The survey results will be incorporated into Murchison's targeting model in anticipation of a winter 2024 drill program at BMK."

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

"The team is excited to collect additional data at the CST target to get it ready for drill testing. The fact that the geophysical anomaly appears to be of similar size and conductance to the BMK deposit and is only 400 metres away is highly compelling. The discovery of the copper stockwork zone proximal to BMK deposit has the potential to add a significant amount to the resource estimate and is our highest priority."

Qualifying statement

The foregoing scientific and technical disclosures on the BMK 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. 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 the BMK project

The Brabant-McKenzie project is located 175 kilometres northeast of La Ronge, Sask., and approximately three kilometres from the community of Brabant Lake. The area is accessed year-round via provincial Highway 102 and is serviced by grid power. The project hosts the Brabant-McKenzie VMS deposit, and the mineral claims total 664 square kilometres that cover approximately 37 kilometres of strike length of the favourable BMK trend. The project contains multiple known mineralized showings such as the Main Lake and Betty showings and with many identified geophysical conductors that have yet to be drill tested.

The mineral resource estimate herein for the Brabant-McKenzie VMS deposit was prepared by an independent qualified person, Finley Bakker, PGeo, and has an effective date of Sept. 4, 2018. The NI 43-101 technical report, named "Technical Report on the Resource Estimate Update for the Brabant-McKenzie Property, Brabant Lake, Saskatchewan," is available on the company's website and on SEDAR+. The mineral resource of the Brabant-McKenzie VMS deposit was estimated based on metal prices of $1.20 (U.S.)/pound Zn, $2.50/lb Cu, $1/lb Pb, $16/ounce Ag and $1,200/oz Au, and a U.S.-dollar exchange rate of $1.25. A net smelter return (NSR) cut-off of $90/tonne and 3.5 per cent zinc equivalent based on above metal prices and an average recovery of 75 per cent for all metals.

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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