Murchison Minerals Ltd. announced assay results from BDF22-002, the second diamond drillhole completed at the Barre de Fer ("BDF") zone, as part of the 2022 Summer Exploration Program on the 100% - owned HPM (Haut-Plateau de la Manicouagan) Project, located in Quebec. The results demonstrate the near-surface, high-grade nature of Barre de Fer and the potential for future expansion of the zone. In advance of the maiden resource, slated to be released in First Quarter of 2023, the Company will continue to release assay results from the summer drill program as they become available.

BDF22-002 Highlights: The hole was drilled to a depth of 452 m and intersected two broad zones of Ni-Cu-Co sulphide bearing mineralization totaling 175.15 m of composite thickness including: 121.20 m grading 1.36% NiEq. or 4.07% CuEq. (123.80 to 245.0 m); Including 10.10 m at 2.78% NiEq.

or 8.31% CuEq. (134.1 to 144.20 m); Including 21.00 m at 3.21% NiEq. or 9.59% CuEq.

(152.5 to 173.5 m); and Including 10.50 m at 1.76% NiEq. or 5.27% CuEq. (207.5 to 218.0 m).

Best drillhole intersection to date on the HPM Property, drilled 120 m along strike to the north of HPM-08-003, the previous best hole which intersected 52.15 m grading 2.04% NiEq. (1.52% Ni, 0.79% Cu, 0.08% Co starting at 74.45m). The hole successfully confirmed mineralization approximately 85 m downdip from DH-151-02 and approximately 55 m up dip of DH-151-05EX The bulk of the mineralization was intersected outside of the previously modelled zone.

Results continue to show a strong correlation between previously released pXRF results and lab assays. BDF22-002 Mineralization: The mineralization observed in BDF22-002 occurs within two separate zones. The upper zone comprises multi-metre intervals of massive and breccia sulphide within zones of stringer and disseminated sulphide mineralization hosted in peridotite and gabbronorite.

The lower zone of mineralization (303.55 m to 357.50 m) comprises primarily disseminated sulphide, over a broad 53.95m wide zone hosted within a gabbronorite. The sulphide mineralization consists of pyrrhotite with granular pentlandite and chalcopyrite loops with pentlandite. The massive sulphide mineralization is predominantly hosted in a dark, moderately serpentinized peridotite and lesser olivine gabbronorites and a dark, fine grained norite.

The primary magmatic sulphide mineral textures coupled with the development of disseminated sulphide mineralization and magmatic breccias indicate that the mineralization is similar to chonolith style deposits like Voisey's Bay. Work progresses to define the stratigraphic controls of the intrusive rocks on the distribution of massive, breccia, and disseminated sulphide types; these controls will guide future exploration in the extension and discovery of additional mineral zone along strike and at depth. 2022 Summer Diamond Drilling: During the 2022 summer exploration program at HPM, a total of thirteen (13) diamond drillholes were completed, comprising 4,316 metres.

This includes ten (10) drill holes 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 eleven (11) holes. Today's release of lab assay results from BDF22-002 as well as the previously released assay results from BDF22-001 validate 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.