Murchison Minerals Commences Diamond Drilling at the HPM High-Grade Nickel-Copper-Cobalt Project in Quebec

BURLINGTON, August 5, 2022 - Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR)(OTCQB:MURMF) is pleased to announce Phase III - diamond drilling - of the summer exploration has commenced. The Company is focused on drilling at the high-grade nickel, copper, cobalt zone called Barre de Fer ("BDF") as well as the Syrah Target, on the 100% - owned HPM (Haut-Plateau de la Manicouagan) Project, located in Quebec. The Company anticipates drilling a minimum of 7,500 m over the course of the program. The majority of the metres will be allocated towards expansion and delineation at BDF. The remaining drilling will be focused on the Syrah Target - a 600 m long EM anomaly located approximately 240 m from BDF. The Company's current interpretation shows the possibility that Syrah and BDF are part of the same magmatic sulphide mineralizing system. As a result of the recently closed private placement (July 4^th, 2022 news release) the Company is well funded to complete its objectives during the 2022 exploration program.

Objectives of Summer Drill Program

1. Expand the currently defined high-grade BDF Zone
2. Test the extent of subsurface mineralization at the Syrah Target
3. Define a near surface, high-grade nickel-copper-cobalt resource at BDF

Barre de Fer Zone

• The BDF Zone (the "Zone") is currently defined by 25 diamond drill holes, with 5,564 m of drilling completed between 2001 and 2008
• Based on the preliminary modelling, the Zone outcrops on surface, has a strike length of 315 m, and is composed of multiple stacked lenses over a maximum 150 m width. Individual lenses have a maximum thickness of 28 m. The modelled mineralization extends to a vertical depth of 295 m. Extensive mineralization has also been intersected outside the current model, up to a vertical depth of 440 m. The Zone remains unconstrained along strike and at depth.
• The best intersection to date is in hole HPM-08-03, drilled to a depth of 345 m, which intersected five zones of Ni-bearing sulphide mineralization totalling 60.07 m of composite mineralization, including:
  • 52.15 m grading 2.04% NiEq (74.45 m to 126.60 m) including 12.04 m at 3.00% NiEq (100.71 m to 112.75 m) and 10.56 m at 2.92% NiEq (85.16 m to 95.72 m) (Table 1)

Table 1: HPM-08-03 Highlight Assay Results

* Reported as core length, true thickness is not known.?**Nickel Equivalent (NiEq) values were calculated using the following USD metal prices from Mar 23, 2022: $12.76/lb Nickel, $4.76/lb Copper and $37.20/lb Cobalt.

Syrah Target

• Syrah is located just 240 m from BDF Zone, displaying a similar geophysical and geochemical signatures
• Nickel-bearing sulphide mineralization outcrops and sub-crops over an ~375 m strike length, within the footprint of an ~600-metre-long conductive geophysical anomaly
• Grab samples from the spring 2021 prospecting program returned grades as high as 0.83% Ni Equivalent* (0.58% Ni, 0.24% Cu, 0.05% Co) (Sept 1^st, 2021 news release)
• The Company's current interpretation, based on the similarity in geochemical and geophysical signatures, indicates that BDF and Syrah may belong to the same mineralizing system and have similar economic prospectivity

Drilling Plans

During Phase III - diamond drilling - the Company intends to drill approximately 6,000 m at BDF, comprising 15-20 drill holes. The focus of this portion of the program will be expansion of the current mineralized domains (Figure 1), followed by delineation - or in-fill drilling - designed to produce a maiden resource estimate.

Exploration at the adjacent Syrah Target, will amount to approximately 1,500 m, comprising drill holes which are designed for optionality and flexibility based on results. Maxwell plate modelling from the recently completed 2022 VTEM and downhole borehole EM surveys, indicates drill hole HPM-08-14 was drilled parallel or oblique to the newly interpreted plates, missing the prospective electromagnetic target. Consequently, drilling at Syrah will focus on following up on mineralization intersected in this hole and nickel-bearing sulphide mineralization outcropping on surface. Furthermore, the Company will be testing the recently interpreted Maxwell plates, derived from the 2022 VTEM and borehole EM surveys.

Figure 1: Barre de Fer Zone & Syrah Target, zones of expansion, Oblique view with VTEM overlay

Operations

Murchison has undertaken several initiatives that will provide real-time results and control expenditures. These initiatives include:

1. Acquiring a helicopter portable track-mounted diamond drill, allowing for quicker drill moves which are not dependent on helicopter support
2. All samples collected at the core facilities will undergo portable x-ray fluorescence analysis (XRF) to provide accurate, real-time assays results prior to being shipped to the lab. A Thermo Scientific direct rock sampler (DRS) will be used to provide representative samples for XRF analysis. XRF analysis will be completed on all drill core undergoing standard assay analysis at a geoanalytical lab. This will provide Murchison with the flexibility to target the most prospective areas at BDF and Syrah in real time.
3. A resource development team, from Understood Mineral Resources Ltd., has been integrated into the exploration process

Murchison Minerals President and CEO Troy Boisjoli comments:

"Murchison is extremely to excited to initiate the drilling phase for the 2022 summer exploration program at HPM, and unlock the potential at the high-grade nickel, copper, cobalt at the BDF Zone and Syrah Target. The team is eager to drill test numerous prospective areas for expansion of the BDF Zone in anticipation of producing a near surface high-grade nickel mineral resource estimate later this year. With a minimum of 7,500 m of drilling planned, Murchison is well positioned to achieve this goal and truly unlock the potential of BDF and Syrah."

Murchison Minerals Vice-President of Exploration John Shmyr comments:

"Extensive data compilation and prospecting at BDF and Syrah over the last year have led to this exciting phase of the 2022 summer exploration program at HPM. The exploration methods applied to date including geological mapping, Beep Mat surveying, and backpack drilling have identified exciting prospective target areas at BDF and Syrah that Murchison is keen to drill test this summer."

About the HPM Project

The HPM Project is located within the Haut-Plateau de la Manicouagan area, 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 kilometres west of the PYC target area, links Labrador City to Port Cartier and Sept Iles, two major iron ore port facilities.

Figure 2: HPM Location Map

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.

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 3). 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 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.

Figure 3: Barre de Fer Zone Preliminary Nickel Mineralization Model, isometric view looking Northeast

(Nickel Equivalent (NiEq) values were calculated using the following USD metal prices from Mar 23, 2022: $12.76/lb Nickel, $4.76/lb Copper and $37.20/lb Cobalt.)

After Murchison 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. Finally, as a result of the spring 2022 VTEM survey, completed over the remaining 85% of the HPM property area, the Company further increase its land holdings at HPM to 648 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. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101.

About Murchison Minerals Ltd. (TSXV:MUR, OTCQB:MURMF)

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 218.2 million shares issued and outstanding.

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

CHF Capital Markets
Thomas Do, IR Manager
Tel: (416) 868-1079 x 232
thomas@chfir.com

Forward?Looking Information

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.