CEO.CA Chairman's Briefing

Highlights

• Dr. Stephen J. Piercey, VMS expert, completed a lithogeochemical study of host rocks at the Company's BMK VMS Deposit and associated regional VMS targets situated on the 37 km long BMK Trend (Figure 1).
• The Study confirms that the volcaniclastic- and sedimentary-rich assemblages within the BMK Trend are typical of those hosting high tonnage VMS deposits and districts globally, such as those observed in the high-grade VMS Bathurst Mining Camp, New Brunswick
• New zone of precious metals, gold-silver-lead (Au-Ag-Pb) mineralization, has been identified at the BMK Deposit:
  • Assay results from a previously unsampled interval of drill hole BR07-39 - situated below the lower zone of VMS mineralization at the BMK Deposit - returned grades of 0.84 g/t Au, 95.05 g/t Ag, & 0.48% Pb over 5.75 metres including 7.17 g/t Au, 663 g/t Ag & 4.57% Pb over 0.5 metres.
  • The Company has identified similar lithological and alteration assemblages that are associated with the Au-Ag-Pb mineralization (Figure 3) in previously unsampled sections of other drill holes across the BMK Deposit - highlighting the prospectivity of growing the precious metals component of the Deposit in future resource updates.
• Regionally, the study confirmed host lithologies and alteration types found at Main Lake (along strike to the south of BMK) and the Betty Target (located on strike to the north) are well developed and consistent with that observed at the BMK Deposit, verifying the prospectivity of the BMK Trend to host additional VMS Deposits.

BURLINGTON, ON / ACCESSWIRE / May 14, 2024 / Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR)(OTC PINK:MURMF) is pleased to announce results from a comprehensive Lithogeochemical Study of the Host Rocks at the BMK Deposit and associated VMS showings (the "Study") along the 37 km BMK Trend at its 100%-owned Cu-Zn-Ag-Pb-Au Volcanogenic Massive Sulphide (VMS) BMK Project in Saskatchewan.

The Study was conducted by Dr. Stephen J. Piercey (SJPGeoConsulting, St. John's, NL.), University Research Professor in the Department of Earth Sciences at Memorial University, NL who is a globally recognized VMS expert. The Study focused on analyzing the geochemical signatures of the rock and alteration types at the BMK Project. Findings from the study are based on data collected from the Company's Spring 2023 re-logging and re-sampling program, which analyzed samples from a selection of drill holes from across the BMK Trend. The re-logging and sample selection was conducted by Dr. Piercey with support from Murchison's Exploration team. Results from the Study confirm the geological setting of the BMK Deposit and associated VMS showings as having formed in a volcaniclastic- and silicic-dominated dominated back-arc basin with mineralization associated with felsic volcaniclastic rocks, similar to other felsic-siliciclastic VMS districts globally, including the Bathurst Mining Camp (NB) and the Finlayson Lake district (Yukon). Results provides further evidence in support of the Company's thesis, that the BMK Project area is highly prospective to host additional VMS deposits.

As part of the Study, the Company selected drill hole BR07-39 for re-logging and re-sampling - the hole was drilled through the centre of the BMK Deposit. Assay results from an interval of BR07-39 located below the lower zone of mineralization at the BMK Deposit - an interval previously thought to be barren - returned high-grade Gold-Silver-Lead (Au-Ag-Pb) mineralization. The newly identified Au-Ag-Pb mineralization is associated with cryptic galena (Figure 3). Other drill holes across the BMK Deposit have intersected similar rock units, indicating a previously unidentified precious metals zone has been discovered. The Company is currently planning additional re-sampling to confirm the size and grade of the Gold-rich zone.

Figure 1: Plan Map showing the BMK Project Area, Prospective VMS Trends, and VMS Showings and Deposit

Figure 2- Long Section View of BMK Deposit Model, highlighting new precious metal mineralization discovered in BR07-39.

Table 1 - Assay Results from Hole BR07-39 with new and previous results highlighted

* Reported as core length, true thickness is approximately 90%.

Figure 3: Photo of BR07-39 historic drill core displaying the newly discovered cryptic galena (lead sulphide) which when sampled hosts significant gold-silver mineralization.

Murchison Minerals' Technical Advisor Dr. Stephen J. Piercey comments:

"It is nice to see the geochemistry verify what we anticipated based on the geological investigations of the drill core in 2023. The lithofacies and mineralization styles in the core are very similar to what we see in other metamorphosed felsic-siliciclastic VMS districts globally, and the lithogeochemical signatures of those rocks are also like signatures found in the host rocks in these districts. In addition, alteration signatures recorded in the host rock lithogeochemistry in the Main Lake and Betty prospects are similar to the Brabant-Mackenzie deposit illustrating that VMS alteration processes occurred elsewhere in the BMK Trend and that these areas are high-priority targets for further exploration and VMS targeting."

Murchison Minerals' Vice-President of Exploration John Shmyr comments:

"Findings from the Study demonstrate the continuation of prospective lithological and alteration assemblages along the 37 km BMK Trend, indicating the geological setting is right to host additional VMS deposits. Additionally, the new precious metals discovery at the BMK Deposit is extremely exciting and has the potential to add significant value to future resource updates. The Company is planning a robust relogging and resampling program on all off its historic drill holes at the BMK Deposit. The objective of which will be to determine the size and scale of the new zone and the potential identification of additional zones."

Table 2 - Collar Information for Hole BR07-39

*UTM Projected Coordinate System: NAD83 UTM Zone 13N

QA/QC

Murchison has implemented and is adhering to a strict quality assurance/quality control program. NQ-size core 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 Brabant Lake, Saskatchewan and the other assigned a unique number and placed within a plastic bag. 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 inductively coupled plasma optical emission spectroscopy (ICP-OES) for copper, zinc, lead and silver. Gold was analyzed by fire assay. 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. All analyses were undertaken at SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan.

Qualifying Statement

The foregoing scientific and technical disclosures on the BMK Project have been reviewed by John Shmyr, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. 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.

About the BMK Project

The Brabant-McKenzie Project is located 175 kilometres northeast of La Ronge, Saskatchewan and approximately three kilometres from the community of Brabant Lake. The area is accessed year-round via provincial Highway 102 and is serviced by grid power. The project hosts the Brabant-McKenzie VMS Deposit, and the mineral claims total 664 square kilometres, that cover approximately 37 kilometres of strike length of the favourable BMK trend.The project contains multiple known mineralized showings such as the Main Lake and Betty Showings and with many identified geophysical conductors that have yet to be drill tested.

Figure 4: Location map of BMK Project.

Table 3 - Mineral Resource Summary for BMK VMS Deposit

The above mineral resource estimate for the Brabant-McKenzie VMS Deposit was prepared by an independent qualified person ("QP") Finley Bakker, P. Geo., and has an effective date of September 4, 2018. The NI 43-101 Technical Report named Technical Report on the Resource Estimate Update for the Brabant-McKenzie Property, Brabant Lake, Saskatchewan is available on the Company's website and on SEDAR. The Mineral Resource of the Brabant-McKenzie VMS Deposit was estimated based on metal prices of USD $1.20/lb Zn, $2.50/lb Cu, $1.00/lb Pb, $16.00/Oz. Ag, and $1,200/Oz. Au, and a USD exchange rate of $1.25. A Net Smelter Return (NSR) cut-off of $90/tonne and a 3.5% zinc equivalent based on above metal prices and an average recovery of 75% for all metals.

About Murchison Minerals Ltd. (TSXV:MUR)(OTC PINK:MURMF)

Murchison is a Canadian‐based exploration Company focused on the exploration and development of the 100% - owned Brabant Lake zinc‐copper‐silver project in north‐central Saskatchewan and on nickel-copper-cobalt exploration at the 100% - owned HPM Project in Quebec.

Additional information about Murchison and its exploration projects can be found on the Company's website at www.murchisonminerals.ca. For further information, please contact:

Troy Boisjoli, President and CEO,
Erik H Martin, CFO, or
Justin LaFosse, Director Corporate Development
Tel: (416) 350‐3776
info@murchisonminerals.com

Forward‐Looking Information

The content and grades of any mineral deposits at the Company's properties are conceptual in nature. There has been insufficient exploration to define a mineral resource on the property and it is uncertain if further exploration will result in any target being delineated as a mineral resource.

Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. FLI herein includes, but is not limited to: future drill results; stakeholder engagement and relationships; parameters and methods used with respect to the assay results; the prospects, if any, of the deposits; future prospects at the deposits; and the significance of exploration activities and results. FLI is designed to help you understand management's current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this press release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except as may be required by law. Unless otherwise noted, this press release has been prepared based on information available as of the date of this press release. Accordingly, you should not place undue reliance on the FLI or information contained herein. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI. Assumptions upon which FLI is based, without limitation, include: the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the deposits; the accuracy of key assumptions, parameters or methods used to obtain the assay results; the ability of the Company to obtain required approvals; the results of exploration activities; the evolution of the global economic climate; metal prices; environmental expectations; community and nongovernmental actions; and any impacts of COVID-19 on the deposits, the Company's financial position, the Company's ability to secure required funding, or operations. Risks and uncertainties about the Company's business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Murchison Minerals Ltd.