* 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 Sept 12, 2022: $10.84/lb Nickel, $3.63/lb Copper, and $23.56/lb Cobalt. PXRF NiEq.% values are from the September 12th, 2022, news release. 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%).

During the 2022 summer exploration program at HPM (Haut-Plateau de la Manicouagan) Project in Quebec, a total of thirteen (13) diamond drillholes were completed, comprising 4,316 metres. This includes ten (10) drillholes at BDF, and an additional three (3) holes at Syrah. The pXRF results for the ten holes drilled at BDF were previously released and lab assays are pending for the remaining holes.
Today’s release of lab assay results from BDF22-001 validates the rigorous Direct Rock Sampling (DRS) Portable X-Ray Fluorescence (pXRF) process that the Company developed in advance of the 2022 Summer Exploration Program. The DRS process allowed the Company to produce near laboratory quality results in the field. In turn, this process enabled the Company to model zones of mineralization in real time, creating a dynamic exploration process which was unaffected by laboratory delays faced by many industry peers.

Figure 1: Location map of Barre de Fer, showing drillhole BDF22-001

Figure 2: Barre de Fer Zone Cross-Section. A) Displays Preliminary Nickel Mineralization Model (April 2022) and pXRF results from BDF22-001. B) Displays Preliminary Nickel Mineralization Post 2022 Summer Exploration program with assay results from BDF22-001

The mineralization observed in BDF22-001 occurs within three separate zones. The upper intersection consists of multi-metre (Figure 3) massive sulphide mineralization. Subsequent zones of mineralization occur primarily as disseminated and stringer vein sulphides, over broad zones (tens of metres) with intermittent and localized zones of semi-massive to massive sulphide which range in scale from decimetre to metre.
The sulphide mineralization consists of pyrrhotite with observable pentlandite and chalcopyrite (Figure 4). The mineralization is variably hosted in a dark moderately serpentinized peridotite, olivine gabbronorites as well as a dark fine grained norite.

Figure 3: Massive sulphide mineralization in BDF22-001 at 97.80 m to 105.90 m.

Figure 4: Zoom in on Massive Sulphide in BDF22-001 displaying observable pentlandite (nickel sulphide) and chalcopyrite (copper sulphide) with pyrrhotite (iron sulphide) mineralization.

Murchison has implemented and is adhering to a strict Quality Assurance/Quality Control program. NQ-size core was drilled, and mineralized intervals were marked by geologists during core description. The marked intervals were sampled using a core saw, one-half is kept as a witness sample at core facility in Saguenay, Quebec and the other assigned a unique number and placed within a plastic bag. The specific gravity of every 10th sample was measured using the mass-in-air / mass-in-water method. Samples were shipped directly to SRC Geoanalytical Labs in Saskatoon, Saskatchewan. The samples were ground and prepared for analysis by the lab using total digestion. Analyzes were performed using ICP-OES for nickel, copper, and cobalt. Every 25th sample sent to the lab was a field duplicate (quarter core), blanks and certified reference material were also submitted approximately every 25th sample.

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. 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 is historical in nature. Neither the Company nor a qualified person has yet verified this 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.