Murchison Minerals Ltd. announced the commencement of its 2023 summer exploration program at its 100%-owned Ni-Cu-Co HPM Project in Quebec. The program is two pronged with both prospecting on high-priority anomalies, and a deep penetrating ground electromagnetic (EM) survey being conducted. The prospecting component of the summer exploration program will identify additional targets with nickel-bearing sulphide mineralization on or near surface, adding de-risked high-priority targets.

The ground EM component will target nickel bearing sulphide mineralization at depth within the BDF Zone and the Syrah target. Anomalies identified during prospecting and the SQUID survey will be used to prioritize exploration and expansion targets, respectively, during future diamond drill programs at the HPM Project. During the winter of 2023, Murchison's technical team with the assistance of Dr. Peter Lightfoot, completed a detailed review of all relevant structural, geochemical and geophysical data collected at the HPM Project.

The review identified 34 high-priority targets (Figure 1) for follow-up testing with prospecting crews. All geophysical anomalies present on the property were classified using multiple criteria which included conductive strength, magnetic correlation, interpreted depth, lack of historic exploration, and rock type, if available. Prospecting has proven effective at discovering high-grade nickel-copper-cobalt mineralization at the HPM project.

The BDF Zone along with additional nickel-bearing sulphide showings were first discovered via prospecting commencing in 1999. The newly identified targets share similar geophysical characteristics with those previous discoveries. Murchison's helicopter supported prospecting campaign consists of two teams of two.

The teams will utilize a "Beep Mat" which is a geophysical tool that is dragged along surface by an operator, which can locate nickel-bearing sulphide mineralization (a conductor) at depths of up to 5 metres. Once the operator identifies the source of the anomaly on surface, the outcrop or boulder is sampled using a backpack drill. Discovery Geophysics out of Saskatoon, Saskatchewan is contracted to complete a ground EM survey over key areas on the highly prospective BDF trend.

The survey will utilize a low temperature (liquid helium cooled) super conductor technology called Jessy Deep SQUID. The Jessy Deep SQUID system is considered to be the most sensitive currently in use and Discovery Geophysics has exclusive rights to the technology in North America. This type of EM system is an ideal survey type to identify so called "super conductors" which are electromagnetic anomalies that are too conductive to be effectively measured and identified by airborne EM systems. This super conductive phenomenon is typical in many of the worlds magmatic nickel mining camps such as Voisey's Bay or Sudbury.

The recent geophysical modelling at the BDF zone from borehole EM data demonstrates that this zone is indeed super conductive such as last year's intercept in hole two which intercepted 121.2 metres of 1.02% Ni, 0.56% Cu, and 0.07% Co (BDF22-002, see release dated November 29, 2022). Murchison strongly suspects a similar super conductor is being observed at the Syrah target and this geophysical survey will be critical for drill targeting.