Diamond Drilling At HPM High-Grade Nickel-Copper-Cobalt Project

BURLINGTON, ON - Murchison Minerals Ltd. reported on the commencement of Phase III - diamond drilling - for the summer exploration. The Company is focused on drilling at the high-grade nickel, copper, cobalt zone called Barre de Fer ("BDF") as well as the Syrah Target, on the 100% - owned HPM (Haut-Plateau de la Manicouagan) Project, located in Quebec. The Company anticipates drilling a minimum of 7,500 m over the course of the program. The majority of the meters will be allocated towards expansion and delineation at BDF. The remaining drilling will be focused on the Syrah Target - a 600 m long EM anomaly located approximately 240 m from BDF. The Company's current interpretation shows the possibility that Syrah and BDF are part of the same magmatic sulphide mineralizing system. As a result of the recently closed private placement the Company is well funded to complete its objectives during the 2022 exploration program.

Objectives of Summer Drill Program are to expand the currently defined high-grade BDF Zone, test the extent of subsurface mineralization at the Syrah Target, and define a near surface, high-grade nickel-copper-cobalt resource at BDF.

The Barre de Fer Zone is currently defined by 25 diamond drill holes, with 5,564 m of drilling completed between 2001 and 2008. Based on the preliminary modeling, the Zone outcrops on surface, has a strike length of 315 m, and is composed of multiple stacked lenses over a maximum 150 m width. Individual lenses have a maximum thickness of 28 m. The modeled mineralization extends to a vertical depth of 295 m. Extensive mineralization has also been intersected outside the current model, up to a vertical depth of 440 m. The Zone remains unconstrained along strike and at depth. The best intersection to date is in hole HPM-08-03, drilled to a depth of 345 m, which intersected five zones of Ni-bearing sulphide mineralization totaling 60.07 m of composite mineralization, including: 52.15 m grading 2.04% NiEq (74.45 m to 126.60 m), and 12.04 m at 3.00% NiEq (100.71 m to 112.75 m) and 10.56 m at 2.92% NiEq (85.16 m to 95.72 m).

During Phase III - diamond drilling - the Company intends to drill approximately 6,000 m at BDF, comprising 15-20 drill holes. The focus of this portion of the program will be expansion of the current mineralized domains, followed by delineation - or in-fill drilling - designed to produce a maiden resource estimate. Exploration at the adjacent Syrah Target, will amount to approximately 1,500 m, comprising drill holes which are designed for optionality and flexibility based on results. Maxwell plate modeling from the recently completed 2022 VTEM and downhole borehole EM surveys, indicates drill hole HPM-08-14 was drilled parallel or oblique to the newly interpreted plates, missing the prospective electromagnetic target. Consequently, drilling at Syrah will focus on following up on mineralization intersected in this hole and nickel-bearing sulphide mineralization outcropping on surface. Furthermore, the Company will be testing the recently interpreted Maxwell plates, derived from the 2022 VTEM and borehole EM surveys.

Murchison has undertaken several initiatives that will provide real-time results and control expenditures. These initiatives include: Acquiring a helicopter portable track-mounted diamond drill, allowing for quicker drill moves which are not dependent on helicopter support; All samples collected at the core facilities will undergo portable x-ray fluorescence analysis (XRF) to provide accurate, real-time assays results prior to being shipped to the lab. A Thermo Scientific direct rock sampler (DRS) will be used to provide representative samples for XRF analysis. XRF analysis will be completed on all drill core undergoing standard assay analysis at a geoanalytical lab. This will provide Murchison with the flexibility to target the most prospective areas at BDF and Syrah in real time; and A resource development team, from Understood Mineral Resources Ltd., has been integrated into the exploration process.

President and CEO Troy Boisjoli, said, “Murchison is extremely to excited to initiate the drilling phase for the 2022 summer exploration program at HPM, and unlock the potential at the high-grade nickel, copper, cobalt at the BDF Zone and Syrah Target. The team is eager to drill test numerous prospective areas for expansion of the BDF Zone in anticipation of producing a near surface high-grade nickel mineral resource estimate later this year. With a minimum of 7,500 m of drilling planned, Murchison is well positioned to achieve this goal and truly unlock the potential of BDF and Syrah."