Murchison Expands BDF Zone Along Strike; Intersects Massive Sulphide Near Surface with 20.42 m Estimated at 1.27% pXRF NiEq or 3.78% pXRF CuEq Including 4.66 m Estimated at 2.93% pXRF NiEq or 8.72% pXRF CuEq

BURLINGTON, ON / ACCESSWIRE / October 17, 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 the final three 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 drillholes from today's release successfully tested for mineralization along strike to the north and south of the Barre de Fer (BDF) Zone, intersecting shallow high-grade nickel-sulphide mineralization and extending the overall strike length of known mineralization to 370 m. The results further demonstrate that the BDF Zone remains open and unconstrained, along strike, and at depth. Future drilling will continue to focus on systematically expanding and delineating the BDF Zone. The Company intends to produce a maiden resource for the BDF Zone in early 2023.

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 5) to produce reasonably representative preliminary results (see pXRF Sample Procedures and QA/QC below).

Highlights

• BDF22-010 extended mineralization ~45 m along strike to the South of the BDF Zone and BDF22-008 extended mineralization ~75 m along strike to the North
• The results to date have successfully expanded the preliminary model, the current dimensions of the BDF Zone are:
  • Mineralization at depth has now been extended down to 475 m, versus the preliminary model at 295 m
  • Along strike, the zone of mineralization has been extended from 315 m to 370 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
• BDF22-010 intersected multiple strong intervals of mineralization including:
  • 20.42 m estimated at 1.27% pXRF NiEq or 3.78% pXRF CuEq (between 29.21 and 49.63 m)
    • including 4.66 m estimated at 2.93% pXRF NiEq or 8.72 CuEq (between 41.34 m and 46.0 m)
  • 7.59 m estimated at 1.68% pXRF NiEq or 5.02% pXRF CuEq (between 56.41 to 64.0 m)
    • including 4.03 m estimated at 2.98% pXRF NiEq or 8.88% pXRF CuEq (between 56.41 to 60.44 m)

Figure 1: Close-up of massive sulphide mineralization in BDF22-010 displaying pentlandite and chalcopyrite mineralization.

Murchison Minerals President and CEO Troy Boisjoli comments:

"The Company is extremely excited about the overall results from our first diamond drill program at Barre de Fer. The drilling Phase of the 2022 Summer Exploration program was designed to expand and delineate the zone of mineralization at BDF, in support of the upcoming maiden resource. The technical team - using a systematic geoscience first approach - achieved all objectives, and the preliminary results have exceeded our expectations. Today's results show that we've greatly expanded known mineralization at BDF, yet the Zone remains open and unconstrainted. They also continue to demonstrate the fact the Company is just scratching the surface at HPM. When you're exploring a 648 km² package land package, with advanced existing infrastructure, and you're seeing results like these in our first program - it's why we are confident in calling HPM an emerging nickel district. With the state of play in the Class I nickel space, people should take notice of HPM."

Murchison Minerals Vice-President of Exploration John Shmyr comments:

"Murchison's first drill campaign at BDF is a significant milestone and has greatly exceeded our expectations. The drill campaign has demonstrated clearly to the technical team the impressive scale of the sulphide mineralizing system. Today'sresults have successfully extended the Zone along strike and confirm it remains open. The results from hole BDF22-010 are great and considering the intercept is at the southernmost point of the modelled Zone, it has us excited for the potential immediately south of the Zone for further expansion."

Figure 2: Location map of Barre de Fer looking down, showing drill holes BDF22-001 to BDF22-010 with the updated preliminary 2022 mineralized Ni model.

Figure 3: Long Section View of the Barre de Fer Zone mineral zone looking South-west showing the previous model (left) and updated model (right) of the nickel mineralization domains and pXRF results from BDF22-008, and BDF22-010, 2022 drill holes highlighted in black on the right.

Table 1: BDF22-008, & 010 pXRF Highlighted Results

Hole	 	From (m)	To (m)	Length* (m)	pXRF Ni %	pXRF Cu %	pXRF Co %	pXRF NiEq. %**	pXRF CuEq. %**
BDF22-008		52.9	53.4	0.5	1.05	0.34	0.05	1.27	3.79
		118.5	152	33.5	0.22	0.10	0.00	0.27	0.79
	Includes	118.5	120.52	2.02	0.49	0.26	0.01	0.60	1.79
	Includes	142.85	147.72	4.87	0.46	0.14	0.02	0.55	1.65
	Includes	150	152	2	0.51	0.26	0.01	0.62	1.84
		163.25	164.75	1.5	0.57	0.19	0.02	0.68	2.03
BDF22-010		29.21	49.63	20.42	0.96	0.61	0.04	1.27	3.78
	Includes	41.34	46	4.66	2.27	1.28	0.10	2.93	8.72
	Includes	47.95	49.63	1.68	2.22	1.21	0.14	2.95	8.78
		56.41	64	7.59	1.38	0.58	0.05	1.68	5.02
	Includes	56.41	60.44	4.03	2.44	1.02	0.09	2.98	8.88
		70.32	71.03	0.71	2.53	0.80	0.12	3.08	9.18

* 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 %).

BDF Mineralization and 2022 Delineation Drillhole Results

The mineralization observed at BDF occurs predominantly as two different types: i) Meter to multi-metre intervals of massive and brecciated sulphide within zones of stringer and disseminated sulphide mineralization, hosted in gabbronorite and peridotite, ii) Disseminated sulphide with lesser stringer to net sulphide, over broad intervals, hosted within an olivine gabbronorite. The sulphide mineralization consists of pyrrhotite with granular pentlandite and stringer chalcopyrite, or as chalcopyrite loops with pentlandite within massive pyrrhotite.

Hole BDF22-008 was drilled to a depth of 350 m and was designed to test for sulphide mineralization along strike to the North of the modelled zone of mineralization at BDF. The hole intersected a significant 33.5 m interval of mineralization, extending the zone 75 m to the north.

BDF22-010 was drilled to a depth of 280 m and was designed to test for sulphide mineralization along strike to the south of preliminary model at BDF. The drillhole was oriented at an oblique azimuth to avoid a shallow pond. BDF22-010 intersected significant massive and semi-massive mineralization at a shallow depth, and extended mineralization intersected in HPM-08-003, 45 m along strike to the south.

Hole BDF22-009 was drilled to a depth of 221 m and was designed to test an adjacent airborne EM anomaly south of BDF. The drillhole did not intersect the geophysical anomaly. It is inferred that the geophysical target is either beneath the shallow drilled hole or immediately east behind the hole and remains prospective.

Figure 4: Massive sulphide mineralization in BDF22-010 at 56.41 m to 60.44 m.

Table 2: Drill Hole Information

Hole	Easting UTM*	Northing UTM*	Elevation (m)	Azimuth (°)	Dip (°)	Length (m)
BDF22-008	614949	5723031	885	239	-52	350
BDF22-009	614914	5722608	890	260	-45	221
BDF22-010	614977	5722751	896	195	-46	280

*UTM Projected Coordinate System: NAD83 UTM Zone 19N

2022 Summer Diamond Drilling

During the 2022 summer exploration program, a total of 13 diamond drill holes were completed, comprising 4,316 metres. This includes ten drillholes at BDF, and an additional three holes at Syrah. The drill core processing has now concluded, and all pXRF analyzed samples have also been submitted to the Saskatchewan Research Council's Geoanalytical Laboratory for commercial certified assaying, results are pending. The Company is expecting final lab assay results in the coming weeks and will release final assay results once the data becomes available.

The three remaining holes from the drilling Phase of the 2022 Summer Exploration Program were drilled at the Syrah Target. The Company reserved DRS sampling for BDF, prioritizing the development of a mineralized model. For this reason, no DRS samples were taken at Syrah, however, samples were submitted for assay analysis at SRC, and the Company expects to receive results in the coming weeks.

Table 3: 2022 Drill Campaign pXRF Results to date

Hole	 	From (m)	To (m)	Length* (m)	pXRF Ni %	pXRF Cu %	pXRF Co %	pXRF NiEq %**	pXRF CuEq %**
BDF22-001		89.95	108	18.05	1.58	0.56	0.08	1.95	5.82
	Includes	96.5	108	11.5	2.13	0.64	0.1	2.58	7.67
	Includes	97.8	105.9	8.1	2.82	0.78	0.13	3.38	10.08
		122	132.85	10.85	0.29	0.24	0.02	0.42	1.24
		180.5	189	8.5	0.63	0.3	0.03	0.8	2.38
		196.5	219.2	22.7	0.2	0.1	0	0.23	0.7
		267	336.9	69.9	0.5	0.24	0.04	0.67	2.01
	Includes	283.4	299.5	16.1	1.03	0.48	0.08	1.38	4.1
BDF22-002		123.8	245	121.2	1.08	0.59	0.05	1.39	4.15
	Includes	134.1	144.2	10.1	2.19	1.02	0.1	2.76	8.23
	Includes	152	196	44	1.72	0.84	0.08