The proposed drill program is designed to test the subsurface continuation of the significant nickel-copper-cobalt surface mineralization discovered at the PYC target (see Aug 16th, 2021 news release). Murchison is eager to complete the helicopter-supported drill program as the Company strongly feels that the results of the program will clearly demonstrate the large nickel-copper-cobalt tonnage potential of the project.

Murchison is completing simultaneous prospecting of a number of significant geophysical anomalies that were identified on the project in the recently completed 655 line-kilometre airborne electromagnetic survey (see June 03, 2021 news release). While the program has just commenced the field teams have already successfully located significant additional surface sulphide at the Syrah target. The crews have now mapped sulphide mineralization over a strike length of approximately 370 metres (Map 2) and early analysis of the sulphide mineralization using a handheld XRF indicates the presence of nickel-copper- cobalt mineralization and assays are pending. The Syrah target is considered highly prospective as it is located approximately 350 metres away from the Barre De Fer prospect with a similar geophysical signature. Previous drilling at Barre De Fer in 2008 and 2009 intersected up to 43.15 metres grading 1.74% Ni, 0.90% Cu and 904 ppm Co (Hole HPM-08-03).

The 2021 fall HPM drill campaign consists of one helicopter-supported drill supplied by Logan Drilling Limited with the work crews based at the nearby Station Uapishka. The program is focused on testing the subsurface of the PYC mineralized body that assayed as high as 1.28% NiEq or 0.79% Ni, 0.14% Cu, and 0.15% Co from grab samples collected during the spring 2021 prospecting program. The surface mineralization at PYC has been observed on surface over a strike length of 1.7 km with potential 1.95km or greater strike length indicated by recent electromagnetic airborne geophysics. The mineralization on surface has been systemically sampled to confirm a 42 metre-width in two parallel lens (28 metres- and 14 metres-wide) that were separated by ~30 metres of unmineralized gabbro in one location.

Geophysical modelling of the PYC target from the 2021 airborne electromagnetic geophysical data has produced maxwell plate models that approximate the sulphide mineralization and extend to a depth of 300 metres (potential depth limit of the modelling for a vertical conductor). The planned drill holes are designed to test the geophysical modelling.

The prospecting will be utilizing Murchison’s successful technique of identifying airborne geophysical anomalies on surface using “beep mat” technology. The beep mat is a small plastic sleigh that is pulled behind a prospector that emits an audible beep anytime the sleigh is passed over any electromagnetically conductive material. The beep mat can detect buried conductive material up to a potential depth of five (5) metres. Once an anomaly is located it is then exposed using shovels and picks to reach the source outcrop. The outcrop is then sampled using a small back drill that cores the outcrop up to a metre deep.

The April 2021 airborne geophysical survey located a substantial number of geophysical anomalies with the majority completely unexplored. The prospecting program will focus on determining the source of these anomalies.

Murchison has now received all assays from the June 2021 two-hole drill program designed to test a borehole electromagnetic geophysical anomaly located during the winter of 2021 at the Betty Target, about 1 km northeast of the Brabant-McKenzie Deposit. Of the two holes drilled, hole BZ21-004 successfully intersected VMS-style sphalerite mineralization that assayed 1.93% ZnEq over 2.70 metres including 3.88% ZnEq over 0.66 metres. The mineralization encountered is considered prospective and requires follow-up drilling along strike to fully test VMS mineralization potential.

The sulphide mineralization encountered is not conductive and did not respond to the borehole geophysical survey. Both drill holes, BZ21-003 and BZ21-004 encountered graphite mineralization that fully explained the targeted geophysical anomaly. The lack of geophysical response of the zinc mineralization is attributed to a very-high amount of sphalerite (zinc sulphide) that is not conductive. The presence of VMS-style sphalerite mineralization demonstrates a fertile system warranting future exploration that will be guided by updated geologic modelling.

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.

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 153.2 million shares issued and outstanding.