The Company also wishes to invite interested parties to an Investor Webinar being hosted by CHF Capital Markets on April 12th at 2:00 EST where Troy Boisjoli - President and CEO of Murchison Minerals Ltd. - will be answering your questions on the HPM project. Questions can be submitted a head of time to: firstname.lastname@example.org To register copy and paste the link below in a supported browser:
- The BDF Zone (the "Zone") is currently defined by 25 diamond drill holes with 5,564 metres of drilling completed between 2001 and 2008
- Based on the 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 wide zone. 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 undrilled and unconstrained along strike and at depth.
- Modelling indicates the setting, style, and high-grade characteristics of the BDF Zone are favourable for advancing a strategy to expand and delineate the Zone and surrounding prospective areas during this summer's planned drill program.
- The BDF Zone is one of multiple Ni-Cu-Co prospects on the 100% - owned HPM Project, which is strategically located eight km from a rail line and within 30 km of Hart-Jaune hydroelectric power generating facility - located in Quebec, one of the world's most stable and best mining jurisdictions.
- The fully compiled drill results for the Barre de Fer Zone are provided by Murchison in (Table 2).
Hole HPM-08-03 drilled to a depth of 345 m intersected five zones of Ni-bearing sulphide mineralization totalling 60.07 m of composite mineralization (Table 1 & 2), 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)
Hole HPM-08-04 drilled to a depth of 171 m intersected five zones of Ni-bearing sulphide mineralization totalling 35.5 m of composite mineralization (Table 1 & 2), including:
- 15.95 m grading 2.12% NiEq (47.73 m to 63.68 m) including 7.13 m at 2.92% NiEq (55.66 m to 62.79 m)
Hole 2002 drilled to a depth of 186 m intersected five zones of Ni-bearing sulphide mineralization totalling 63.85 m of composite mineralization (Table 1 & 2), including:
- 10.60 m grading 1.90% NiEq (139.6 m to 150.20 m)
- 18.1 m grading 1.23% NiEq (from 35.15 m to 53.25 m) including 3.03% NiEq over 4.15 m (39.45 m to 43.60 m)
Hole 151-02 drilled to a depth of 164 m intersected six zones of Ni-bearing sulphide mineralization totalling 21.70 m of composite mineralization (Table 1 & 2), including:
- 16.45 m grading 1.60% NiEq (65.55 m to 82.00 m) including 2.60% NiEq over 3.95 m (65.55 m to 69.50 m)
Hole 151-04 drilled to a depth of 287 m intersected three zones of Ni-bearing sulphide mineralization totalling 61.00 m of composite mineralization (Table 1 & 2), including:
- 60.40 m grading 0.61% NiEq (148.60 m to 209.00 m)
- Assay results for all highlighted holes can be found in Tables 1 and 2 below. Assays for all holes can be found in Table 2.
"The compilation and modelling by Murchison's technical team of previous exploration completed at the HPM project further demonstrates the mining-camp scale potential of the HPM project. The potential at Barre de Fer to grow a significant high-grade near-surface mineral resource, likely amenable to open-pit mining, is exceptional. The planned 2022 exploration program, based on the work of the technical team, will leverage previous exploration at BDF with the objective to materially advance the project.Troy BoisjoliPresident and CEO
"The style of mineralization at Barre de Fer comprises both disseminated interstitial and net-texture sulfide as well as massive sulfide stringers and breccia sulfides. The consistent concentrations of Ni recalculated into 100% sulfide (~3%Ni in 100% sulfide) together with the complex textural relationships between the sulfides and the country rocks are all very encouraging features found in other magmatic sulfide mineral systems that are currently in production. These relationships together with the conductive signal of the higher grade mineralization provides a robust foundation on which exploration strategies can be based.Dr. Peter Lightfoot
The Company recently completed a comprehensive data compilation, verification and modelling program, comprising all drill hole data from the Barre de Fer Zone. The modelling program consisted of developing a preliminary 3D interpretation of nickel mineralization at BDF (Figure 1 and 2). 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 Zone 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.
Hole 151-05 is the deepest hole in the Zone, originally drilled to a depth of 180 m, then extended to 473 m in 2002 (151-05EX). The final 293 meters of the hole intersected 93.45 m of nickel mineralization; there are currently no adjacent holes to this zone of mineralization, indicating significant potential within the Zone below 295 m (Figure 1 and 2).
The nickel-copper-cobalt mineralization at the BDF Zone consists of steeply dipping disseminations, stringers, net textured breccias and massive intervals of sulphide (pyrrhotite, chalcopyrite and pentlandite) hosted within a complex assemblage of norite, gabbronorite and peridotite. The Zone has been highly metamorphosed, and the sulphide mineralization is inferred to have been remobilized, indicating significant bodies of mineralization may yet be discovered.
The BDF Zone was first discovered in 1999 by Falconbridge through reconnaissance prospecting. It was first drill tested in 2001 with five diamond drill holes totalling 1,132 metres, intersecting significant high-grade Ni-Cu-Co bearing sulphide mineralization in four of the five holes. In 2002, the property was optioned to Rockwell Ventures Inc. who then completed seven holes, plus the extension of drill hole 151-05 (151-05EX) totalling 1,771 m of drilling. All seven holes, plus the extension hole 151-05EX intersected Ni-Cu-Co bearing sulphide mineralization.
In 2006, Pure Nickel Inc. purchased 100% of the property from Xstrata Nickel (formerly Falconbridge). In 2007 Manicouagan Minerals Inc. (Murchison Minerals Ltd.'s predecessor company) entered into an option agreement to earn up to 50% of the property from Pure Nickel Inc. In 2008, Manicouagan Minerals Inc. completed 13 holes totalling 2,661 metres of drilling at BDF, of which 11 holes intersected significant zones of Ni-Cu-Co bearing sulphide mineralization. Since the completion of the 2008 diamond drill program at the Barre de Fer Zone - which coincided with the beginning of a global recession - no further drilling has been completed. In 2019, Murchison Minerals Ltd. acquired 100% of the HPM project by purchasing the remaining 50% from Pure Nickel Inc.
Subject to the purchase agreement between Pure Nickel Inc. and Xstrata Nickel, Glencore retains certain rights with respect to the original mining claims area (Figure 4) including (i) a 2% NSR on each property (the Company has the right to re-acquire 1% thereof for CAD$1,000,000); (ii) off-take and marketing rights for all concentrate or product produced from the properties; and (iii) a one-time back-in right to 50% for any mining project with an economic threshold of 15,000,000 tonnes of resources by a) funding a feasibility study up to C$20,000,000, and b) making payment equal to two times the aggregate exploration expenditures to date.
The Company is advancing a strategy to expand and delineate the Zone and surrounding prospective areas during this summer's planned drill program:
- Drilling at Barre de Fer will focus on expansion and delineation of mineralization.
- Exploration drilling will focus on the highly prospective Syrah target, which is located approximately 300 metres from BDF (Figure 3) and is situated above a 600-metre-long conductive area similar in response to BDF.
- The Company continues to await assay results from the 2021 fall drill program from the PYC Target due to lab delays.
- An expanded VTEM survey - which covers the remaining 85% of the 576 km2 HPM property - scheduled to be completed this spring.
- The summer prospecting program will focus on the high-priority targets identified by the VTEM coverage over 100% of the HPM property.
The HPM project is located 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 project area, links Labrador City to Port Cartier and Sept Iles, two major iron ore port facilities.
The project is located within the Haut-Plateau de la Manicouagan area. 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, and discovered extensive nickel bearing sulphide mineralization at Barre de Fer during drilling in 2001 - 2002. Pure Nickel and Murchison Minerals Ltd.'s predecessor - Manicouagan Minerals - continued drilling in the area until 2008.
The majority of the past drilling at the HPM project targeted the Barre de Fer geophysical conductor and confirmed the presence of nickel-copper-cobalt sulfiphide mineralization over approximately 300 metres strike length to a depth of 280 metres. The mineralization remains open at depth and partially along strike.
After Murchison Minerals Ltd. acquired 100% ownership of the property in 2019, the Company has 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 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 1.95km strike length. Assay results are expected in Q1 2022. 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.
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.
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 160.1 million shares issued and outstanding.
Murchison Minerals Ltd. published this content on 04 April 2022 and is solely responsible for the information contained therein. Distributed by, unedited and unaltered, on 04 April 2022 17:56:01 UTC.