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Murchison Minerals Announces Results from the AGM

May 13th, 2022 (Burlington, ON): Murchison Minerals Ltd. (“Murchison” or the “Company”) (TSXV: MUR, OTCQB: MURMF) is pleased to announce that it has added, Jacqueline Leroux, Troy Boisjoli (President & CEO of Murchison), and Cory Belyk to its Board of Directors. The number of eligible shares at the 2022 AGM was 169,941,335, of which a total of 81,697,511 were voted, representing 48.07% of the total issued and outstanding at the record date.

The results from the Q4 2021 regional exploration program confirms that Murchison’s exploration approach is effective at locating near-surface Ni-Cu-Co sulfide mineralization. This methodology consists of mapping conductive features based on airborne EM survey results, ground truthing EM conductors using a beep mat, then sampling using a backpack drill. Mineralization discovered using this process is inventoried and the best targets are ranked for drill-testing.

To build on the inventory of highly prospective EM anomalies identified in 2021, the Company is pleased to announce today the commencement of an Airborne Electromagnetic Survey that will cover the full extent of the HPM project area, which was increased from 139 km2 to 576 km2 in December 2021. The survey is being completed by Geotech Ltd. of Aurora, Ontario utilizing VTEM technology which has proven to be highly successful at detecting massive to semi-massive sulphide mineralization like that found at HPM.

Today’s results follow a recently completed comprehensive data compilation, verification and modelling program utilizing all the historic drill hole data from the Barre de Fer Zone (BDF) to build a preliminary 3D interpretation of the nickel mineralization (Figure 4). The model shows that the BDF Zone outcrops at surface, extends to a vertical depth of 295 m, has a strike length of 315 m, and is composed of multiple stacked lenses over a maximum surface projection of 150 m width. Individual lenses have a maximum thickness of 28 m. Mineralization has been intersected to a vertical depth of 440 m, and the Zone remains undrilled and open along strike and at depth. No resource estimates have been completed on the BDF Zone to date.

Existing Board of Directors (the “Board):

All existing Directors were re-elected to the Company’s Board namely Jean-Charles Potvin (Executive Chairman), Donald K. Johnson, David Pyper and Denis C. Arsenault.

Newly Elected Board of Directors:

Ms. Jacqueline Leroux, a metallurgical engineer was appointed to the Board at Murchison on May 26th, 2021. Currently, Ms. Leroux holds the position of Vice-President of Environment and Permitting at Troilus Gold, overseeing the permitting process, environmental compliance, environmental design input and social acceptability. Jacqueline is also the owner of JLeroux enr, an environmental consulting firm based in Quebec, Canada. She has had a successful career spanning more than 29 years in the Canadian mining sector having previously held positions with Blackrock Metals, Mason Graphite and Goldcorp, specializing in environmental compliance.

Mr. Troy Boisjoli first joined Murchison as President and CEO on October 12th, 2021. Mr. Boisjoli has led the Company through its initial drill program at the HPM property as well as the Preliminary Modelling of the high-grade nickel discovery at the Barre de Fer (“BDF”) Zone, where drilling this summer will focus on expansion and delineation of the Zone towards a maiden resource. Troy has previously held positions of Vice President Operations and Project Development and Vice President Exploration and Community for NexGen Energy Ltd. During the past five years, he led NexGen’s project team through the development of the Arrow Deposit in northern Saskatchewan and has been involved with major milestones such as multiple mineral resource estimates, the preliminary economic assessment, the prefeasibility study, the feasibility study, operations development, the environmental assessment work done to-date, and multiple discoveries along the Patterson Lake corridor. In addition, and foundational to mineral resource development, Troy maintained and established important local relationships with communities close to the Arrow project resulting in the successful signing of Impact Benefit Agreements with two Indigenous communities.

Mr. Cory Belyk first joined Murchison as a strategic advisor to the Board on July 2nd, 2021. Mr. Belyk currently holds the position of CEO and Executive Vice-President for CanAlaska Uranium Ltd (TSXV: CVV), a uranium, nickel, copper and diamond explorer. Cory is a geologist with nearly 30 years of experience in exploration and mining operations, project evaluation and business development. Cory was previously employed by COGEMA (now Orano), Uranerz Exploration and Mining Ltd, and Cameco Corporation in the Athabasca Basin, Saskatchewan. With Cameco, his recent focus was on global activities related to project evaluation, business development, and international exploration activity with direct oversight and accountability for offices in Mongolia and Australia. Mr. Belyk was a member of Cameco’s exploration management team during the recent Fox Lake and West McArthur uranium discoveries. From 2019 to 2021, Mr. Belyk was Chief Operating Officer for CanAlaska.

Stock Option Plan and Appointment of Auditors:

The Company stock option plan was re-approved by the shareholders as per Policy 4.4 of the TSX Venture Exchange (“TSXV”) whereby a listed company on the TSXV is required to obtain the approval of its shareholders for a “rolling” stock option plan at each annual meeting of shareholders.  The stock option plan resolution received the support of 99.22% of the total votes cast, while the re-appointment of the auditor McGovern Hurley LLP received the support of 100% of total votes cast.

About HPM Project

The HPM Project is located east of the Manicouagan structure, the site of a major 215 Ma impact event. The extensive reservoir at Manicouagan supports five hydro-power plants. The existing Quebec Cartier rail line, located eight kilometers west of the PYC project area, links Labrador City to Port Cartier and Sept Iles, two major iron ore port facilities.

The HPM Project is located within the Haut-Plateau de la Manicouagan area. The claims host prospective gabbroic, ultramafic and anorthositic bodies within the Manicouagan metamorphic complex and are associated with significant nickel-copper-cobalt sulphide mineralization first identified by Falconbridge in 1999, where they discovered extensive nickel-bearing sulphide mineralization at BDF during drilling in 2001 – 2002. Murchison Minerals Ltd.’s predecessor – Manicouagan Minerals – drilled in the area in 2008 and 2009. The majority of the past drilling at the HPM Project targeted the BDF geophysical conductor and confirmed the presence of nickel-copper-cobalt sulphide mineralization over approximately 300-metres strike length to a depth of 280 metres. The mineralization remains open at depth and partially along strike.

HPM Chart2rev
Figure 1: HPM Location Map.
Murchison Minerals Fig5 NR Apr21 2022
Figure 2: Barre de Fer Zone Preliminary Nickel Mineralization Model, isometric view looking Northeast.

The Company recently completed a comprehensive data compilation, verification and modelling program, comprising all drill hole data from the BDF Zone. The modelling program consisted of developing a preliminary 3D interpretation of nickel mineralization at BDF (Figure 5). Based on the modelling, the Zone outcrops on surface, extends to a vertical depth of 295 m, has a strike length of 315 m, and is composed of multiple stacked lenses over a maximum Zone footprint width of 150 m. Individual lenses have a maximum thickness of 28 m. However, extensive mineralization has been intersected to a vertical depth of 440 m, and the Zone remains undrilled and unconstrained along strike and at depth. No resource estimates have been completed on the Zone to date.

After Murchison Minerals Ltd. acquired 100% ownership of the property in 2019, the Company focused exploration work on the camp-scale potential of the region. Aerial EM surveys completed in the spring of 2021 identified more than 50 anomalous conductors. Prospecting crews were able to traverse three (3) of the more than 50 anomalies, and discovered new outcrops of nickel-bearing sulphide mineralization in the process. The prospecting program was followed by an inaugural drill program at the PYC Target area – an EM anomaly with a 1.95-km strike length. Subsequent to the completion of the drill program at PYC, the Company increased its dominant land position in the Haut-Plateau region from 139 km2 to 576 km2.

Qualifying Statement

The foregoing scientific and technical disclosures on the HPM Project have been reviewed by John Shmyr, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan and current holder of a special authorization with the Ordre des Géologues du Québec. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101.

About Murchison Minerals Ltd. (TSXV: MUR)

Murchison is a Canadian‐based exploration Company focused on nickel-copper-cobalt exploration at the 100% – owned HPM Project in Quebec and the exploration and development of the 100% – owned Brabant Lake zinc‐copper‐silver project in north‐central Saskatchewan. The Company also holds an option to earn 100% interest in the Barraute VMS exploration project also located in Quebec, north of Val d’Or. Murchison currently has 170.5 million shares issued and outstanding.

Murchison Minerals