Mr. Troy Boisjoli reports

MURCHISON MINERALS COMMENCES DRILLING AT BMK PROJECT TARGETING COPPER-RICH STOCKWORK ZONE

Murchison Minerals Ltd. has commenced the 2024 winter exploration program at its 100-per-cent-owned copper-zinc-silver-lead-gold volcanogenic massive sulphide (VMS) BMK project in Saskatchewan. The program comprises diamond drilling totalling approximately 3,500 metres and is expected to be completed by mid-March. Cyr Drilling of Sunnyside, Man., was selected as the drill contractor. The objective of the program is the discovery of the copper-rich stockwork zone predicted -- due to the high-grade nature -- to be associated with the formation of the of the BMK VMS deposit. The program will focus on testing three target areas: CST, BMK North and BMK South extensions.

2024 winter exploration program:

The program will focus on diamond drill exploration, utilizing one drill. Murchison maintains a year-round core processing facility, and accommodations within the nearby -- 2.5 kilometres -- community of Brabant Lake, Sask. The BMK project site is easily accessible with maintained road access within 1.8 km of the deposit, while exploration target areas have well-established drill trails. The company has secured all necessary permits and approvals for the program.

The BMK deposit has a 2018 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 of 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) and remains open along strike and at depth. Recent work completed by subject matter expert Dr. Stephen J. Piercy, professor at Memorial University of Newfoundland, has aided in an updated geological interpretation of the BMK deposit. The updated geological interpretation indicates that the BMK deposit should have an associated copper stockwork zone (see release dated June 7, 2023) which is typical in most VMS deposits, and has yet to be discovered at BMK. The copper stockwork zone represents a target which could considerably add to the BMK resource, and its identification is of top priority for Murchison.

During the program, the company will drill test three high-priority areas: i) The CST target, a large geophysical anomaly, reidentified in a 2017 HeliSAM survey (hybrid ground/airborne electromagnetic survey). The target is considered prospective due to its similar conductance to that of the BMK deposit, as well as being only 400 metres south of the BMK deposit directly along strike. 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; ii) BMK South extension target, located south of the current extents of the defined BMK deposit. The target area is along strike from multiple high-grade copper intercepts at the southern edge of BMK; iii) BMK North extension target, located north of the current extents of the defined BMK deposit. The target area is along strike from multiple high-grade copper intercepts at the northern edge of BMK deposit.

2023 fall exploration program at BMK:

Murchison has recently received geophysical data from the fall 2023 ground electromagnetic (EM) survey over the CST target (see release dated Nov. 8, 2023). The EM survey consisted of two lines, one line was two km long and the other one km long with 50-metre spaced reading stations oriented perpendicular over the CST anomaly. The survey was used as confirmation of the 2017 geophysical data, and the survey successfully confirmed a strong EM response coincident with the previously modelled anomaly. This geophysical survey provided confidence in the robustness of the previous geophysical anomaly and confirmed it as high-priority drill target for Murchison.

One hole drilled in 2021 was also selected for a borehole EM survey. This hole detected a significant off-hole anomaly but unfortunately the hole was plugged at the 400-metre level which is approximately where the anomaly was located, and where mineralization had been encountered in the hole. The blocked hole was a hindrance to be able to provide full resolution to the borehole EM results; however, there are still sufficient data to highlight a significant response directly west of the hole. This off-hole anomaly is located at the far southern extent of the BMK deposit and is planned to be drill tested during the winter program.

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

"The 2024 exploration program at the BMK project is the culmination of many months of planning and preparation. The team has spent months updating our geologic interpretation of the BMK deposit and it has reinforced our views on the high potential of the project. The work that Dr. Piercy has done gives us a tremendous amount of confidence in our thesis that a copper stockwork zone should be associated with the BMK deposit. Additionally, the team is particularly excited about the CST target since it is only 400 metres away from the deposit, directly on strike. The 2024 program is the first step in unlocking the potential of the BMK project, and we are thrilled to be back here exploring."

OTC Venture Market

The company wishes to announce that its last day of trading on the OTC Venture Market (OTCQB) will be on Jan. 31, 2024. For February, 2024, onward, U.S. investors will still be able to trade the common shares of the company via OTC's pink sheet.

Qualifying statement

The foregoing scientific and technical disclosures on the BMK project have been reviewed by Mr. 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 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 a 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 260.8 million shares issued and outstanding.

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