Murchison Expands BDF Zone; Intersects Shallow High-Grade Nickel-Sulphide Mineralization Including 3.67 m Estimated at 3.74% pXRF NiEq or 11.14% pXRF CuEq

BURLINGTON, ON / ACCESSWIRE / October 12, 2022 / Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR)(OTCQB:MURMF) is pleased to announce results analysed using portable x-ray fluorescence (pXRF) from an additional five diamond drillholes, at the Barre de Fer ("BDF") Zone, as part of the 2022 Summer Exploration Program on the 100% - owned HPM (Haut-Plateau de la Manicouagan) Project, located in Quebec. The holes from today's release focused on expansion and delineation of the known zone of mineralization - designed to support work for the future maiden resource on BDF. The results to date have significantly expanded both the depth and width of the modelled nickel-bearing sulphide mineralization, while further demonstrating the potential for any future development at BDF to be open-pit amenable.

The Company completed a total of 13 diamond drillholes during the diamond drilling Phase of 2022 Summer Program, comprising 4,316 metres. Ten of the thirteen holes were drilled at BDF, with the remaining three being drilled at the Syrah target. Results from the first two holes at BDF were previously released (BDF22-001 and BDF22-002). After today's release the Company has pXRF results pending from six holes - three of which were drilled at BDF. The next release will focus on the remaining holes drilled at BDF which targeted areas along strike of the currently modelled zone of mineralization.

It should be noted that pXRF results provide only an indication of the amount of Ni, Cu, and Co present, certified assaying of the core samples is still required to accurately determine the amount of mineralization (Nickel-Copper-Cobalt). The Company has implemented rigorous QA/QC procedures utilizing a direct rock sampler (Figure 6) to produce reasonably representative preliminary results (see pXRF Sample Procedures and QA/QC below).

Highlights

• Drilling intersected semi-massive sulphide mineralization as shallow as 8.50 m in BDF22-003
• The results to date (inclusive of BDF22-001 and 002) have successfully expanded the preliminary model, with respect to both depth and width:
• Mineralization at depth has now been modelled down to 450 m, versus the preliminary model at 295 m
• Mineralization was expanded along the width of the mineralized zone from 150 m to 200 m, with individual lenses now modelled up to 48 m in thickness, compared to the 28 m in the preliminary version
• BDF22-003 intersected 3.67 m estimated at 3.74% pXRF NiEq or 11.14% pXRF CuEq (between 24.0 and 27.67 m) and 4.31 m estimated at 2.37% pXRF NiEq or 7.08 CuEq (between 36.69 m and 41.0 m)
• BDF22-004 intersected 9.5 m estimate at 0.79% pXRF NiEq or 2.34% pXRF CuEq (between 20.5 and 30.0 m), including 3.5 m estimated at 1.50% pXRF NiEq or 4.48 CuEq

Figure 1: Massive sulphide mineralization in BDF22-003 at 36.69 m to 41.00 m.

Murchison Minerals President and CEO Troy Boisjoli comments:

"Today's results continue to demonstrate the robust fundamentals of the HPM project. At Barre de Fer we continue to intersect near surface, high-grade nickel-copper-cobalt mineralization, that is an indication BDF would be amenable to open pit extraction. When you couple that with results from our prospecting program that discovered multiple new mineralized sulphide showings on surface, it adds to our confidence that we are exploring in an emerging nickel-sulphide district with advanced infrastructure. The HPM project has road, hydroelectric facilities, and rail, all within kilometres of the site and all within the province of Quebec - one of the best mining jurisdictions globally. With the projected deficit in the nickel space, and the lack of viable projects globally - in the development and exploration pipelines - have Murchison well positioned with HPM's great fundamentals, to move the project forward."

Murchison Minerals Vice-President of Exploration John Shmyr comments:

"The results we are receiving from the 2022 Barre de Fer drill campaign are encouraging from the shear scope and scale of the sulphides intersected particularly when paired with grade of the Ni, Cu and Co. The technical team is optimistic and we look forward to advancing BDF towards a maiden resource as the drill results continue to exceed our expectations."

Table 1: BDF22-003, 004, 005, 006 & 007 pXRF Highlighted Results

* Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq) & Copper Equivalent (CuEq) values were calculated using the following USD metal prices from Oct 7, 2022: $10.145/lb Nickel, $3.4067/lb Copper, and $23.566/lb Cobalt. NiEq.% was calculated using Ni%+((Cu Price/Ni Price) *Cu %)+((Co Price/Ni Price) *Co %). CuEq.% was calculated using Cu%+((Ni Price/Cu Price)* Ni %)+((Co Price/Cu Price)*Co %).

Table 2: Drill Hole Information

Hole	Easting UTM*	Northing UTM*	Elevation (m)	Azimuth (°)	Dip (°)	Length (m)
BDF22-003	614872	5722814	889	232	-63	251
BDF22-004	614818	5722774	884.6	232	-45	176
BDF22-005	614892	5722930	886	232	-55	351
BDF22-006	614976	5722990	891	223	-65	461
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