Murchison Prospecting Identifies Zinc Mineralization and Prospective Volcanic Stratigraphy on May Lake Claims in Saskatchewan

TORONTO, November 13, 2020 - Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR)(OTC PINK:MURMF) is pleased to announce the discovery of new zinc mineralization at its recently acquired May Lake claims in Saskatchewan. The zinc mineralization consists of a grab sample assaying 0.91% zinc, 0.12% copper, 0.08% nickel, and 2.6 g/t silver. The sample was collected as part of the summer prospecting program on the claims acquired to investigate a historic zinc-rich lake sediment sample in Jones Lake which assayed 780 ppm zinc and was collected by the Geologic Survey of Canada in the late 1970's.

The newly discovered mineralization was found in shallowly buried pyritic quartz rich bedrock and was located utilizing GDD's beep mat technology. The subcropping zinc mineralization is an indication that the historic lake sediment zinc is locally sourced and signifies that the area is prospective for volcanogenic massive sulphide (VMS) mineralization.

Sample location of newly discovered zinc mineralization

Geological investigation of the area revealed a volcanic stratigraphy which consists of basalts, andesites, rhyolites and tuffs. Similar volcanic rocks host the VMS deposits in the Flin Flon camp in Manitoba, many of which are strongly associated to rhyolite bodies. The volcanic stratigraphy is important as it further indicates the area as having high potential to host copper-zinc mineralization.

Potential rhyolite observed at Jones Lake

Historic drilling completed in the area by Granges Exploration in 1974 indicated potential VMS type chlorite alteration and drilling in 1968 by Sherritt-Gordon intersected anomalous zinc mineralization. The holes drilled in 1974 by Granges Exploration appear to have correctly identified the volcanic stratigraphy and did note extensive chlorite and epidote alteration but had little sampling and assaying. The presence of sphalerite and VMS style alteration is very encouraging. The historic holes are mostly shallow and likely did not adequately test the area. The area requires more electromagnetic (EM) coverage and additional prospecting. Murchison's one-day reconnaissance prospecting of the area has already returned the highest zinc assays in the history of the area at 0.9% zinc which is very promising. The sample also assayed anomalous nickel at 790 ppm.

Murchison considers the area highly prospective and plans to conduct additional prospecting and to cover the area with electromagnetic geophysical surveys in the future.

QA/QC

All rock samples were submitted to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan, Canada. They were analyzed twice using a partial and a total digest and ICP-OES. All samples were also analyzed for gold utilizing fire assay. SRC Geoanalytical Laboratories is an ISO certified and accredited laboratory.

Qualifying Statement

The foregoing scientific and technical disclosures have been reviewed by Andrew Masurat, P. Geo., and John Shmyr, P. Geo., qualified persons as defined by National Instrument 43-101. Mr. Masurat and Mr. Shmyr are independent consultants to Murchison and the Brabant-McKenzie project.

About the Brabant?McKenzie Project:

The Brabant-McKenzie project is located 175 kilometres northeast of La Ronge, Saskatchewan and approximately three kilometres from the community of Brabant Lake. The area is accessed year-round via provincial Highway 102 and is serviced by grid power. The project consists of one mining lease, which hosts the Brabant-McKenzie VMS deposit, and additional mineral claims totalling 627 square kilometres, which cover approximately 57 kilometres of strike length over favourable geological horizons, multiple known mineralized showings and identified geophysical conductors.

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

Cathy Hume, CHF Capital Markets, CEO
Tel: 416-868-1079 x 251
cathy@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. 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.