Murchison Minerals Initiates Work Program on the HPM NI-CU-CO Project, Quebec

TORONTO, August 28, 2020 - Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR) is pleased to announce it has retained Orix Geoscience to complete ground prospecting on the 58 km² HPM nickel, copper and cobalt project located east of the Manicouagan crater in eastern Quebec and contracted Prospectair Geosurveys Inc. of Gatineau, QC to complete a 1,400-line kilometre airborne magnetic (MAG) survey over the entire claim block.

Murchison acquired additional claims earlier this year and managed to assemble a block of contiguous claims, which facilitates mining exploration. Past prospecting identified numerous Ni-Cu-Co mineralized showings and numerous unexplored airborne EM anomalies which require follow-up.

To date, only a small portion of the HPM property has been evaluated. Previous exploration has been primarily focused on two areas of Ni-Cu-Co mineralization (PYC & Barre de Fer) which were originally discovered by Falconbridge Nickel. Past diamond drilling at PYC (1 hole) and Barre de Fer (25 holes) has confirmed that the Ni-Cu-Co mineralization continues at depth. Generally, mineralization occurs as massive sulfide breccia and as disseminated (5-15% sulfides) to net-textured sulfide in norite intrusion (Barre de Fer area) and in granulitic gabbro (PYC area).

Drilling completed in 2008 confirmed the presence of massive and semi-massive sulphide made up of pyrrhotite, pentlandite and chalcopyrite. Drilling, which concentrated on the Barre de Fer target, intersected numerous high-grade Nickel/Copper/Cobalt intervals including in hole HPM 08-03 where 43.2 m assayed 1.74% Ni, 0.90% Cu, & 0.1% Co. Barre de Fer EM conductor extends over 550 m in strike length. A single hole drilled on the PYC EM conductor, which can be traced for 1,400 m, intersected 15.3 m @0.28% Ni, 0.14% Cu 0.06% Co.

The Prospectair helicopter-based MAG survey will take place at low altitude along 50-metre-wide line spacing to achieve very high-definition map of the project area. This work will take approximately 4 days, expected to be completed in mid-September.

The Company has selected Orix Geoscience consulting group to complete ground exploration on targets identified by historical work. The team of geologists initiated work on August 26 for a period of 7 to 8 days accessing the HPM project site daily by helicopter chartered from Innukoptères of Sept-Îles. The prospecting team is equipped with a Beep Mat instrument to identify and investigate the airborne conductive anomalies on the ground and determine their source.

Qualifying Statement

The foregoing scientific and technical disclosures have been reviewed by Paul Nagerl, qualified person as defined by National Instrument 43-101. Paul Nagerl is an independent consultant to Murchison and the HPM project.

About Murchison Minerals Ltd. (TSXV: MUR)

Murchison is a Canadian?based exploration company focused on the exploration and development of the 100%-owned Brabant?McKenzie zinc?copper?silver project in north?central Saskatchewan. The Company also has a 100% interest in the HPM nickel?copper?cobalt project in Quebec. Murchison has 78.7 million shares issued and outstanding.

Additional information about Murchison and its exploration projects can be found on the Company's website at www.murchisonminerals.com.

For further information, please contact:

Jean?Charles (JC) Potvin, President and CEO
jcpotvin@murchisonminerals.com

Erik H Martin, CFO
Tel: (416) 350?3776
info@murchisonminerals.com

Cathy Hume, CHF Capital Markets
Tel: (416) 868-1079 x 251
cathy@chfir.com

Twitter: @MurchisonMiner
Facebook: Murchison Minerals
LinkedIn: Murchison Minerals

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. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward?looking information. The parties undertake no obligation to update forward?looking information except as otherwise may be required by applicable securities law.

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.