Murchison Prospecting Confirms Strong Nickel, Copper, Cobalt Potential Across the HPM Project in Quebec

TORONTO, November 19, 2020 - Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR) is pleased to provide an update on the recent prospecting results on its HPM Ni-Cu-Co project in Quebec. Results of the reconnaissance sampling program completed by Orix Geoscience 2018 Inc. confirm the widespread nature of Ni-Cu-Co mineralization across the HPM project area. Grab sample assay results reach up to 0.16% cobalt, 0.499% copper and 0.526% nickel.

Program Highlights

• Strong gossan zones sampled 2 km to the northeast of the Barre de Fer occurrence yielded 0.53% Ni, 0.5% Cu, and 903 ppm Co hosted in gabbro-gabbronorite with 30-40% semi-massive to net-textured pyrrhotite and trace chalcopyrite.
• Sampling of the Syrah occurrence 0.5 km to the east of Barre de Fer yielded 0.36% Ni, 0.18% Cu, and 409 ppm Co hosted in norite-gabbronorite with 3-7% pyrrhotite.
• Sampled massive pyrite-pyrrhotite hosted in pyroxenite boulders at the base of a cliff 2.5 km to the southeast of Barre de Fer contained 0.3% Ni, 0.27% Cu, and 0.16% Co.

The 2020 HPM reconnaissance program focused on the prospecting of anomalies identified by past airborne electromagnetic (EM) surveys and further investigation of known sulphide occurrences. 43 field samples were collected around 10 areas of interest coincident with airborne EM anomalies across the property and which were then surveyed using a Beep Mat instrument to identify near-surface conductors associated with sulphide mineralization.

Seven gossanous zones with sulphide mineralization were sampled, and Beep Mat conductors were outlined in preparation for future follow-up work. The gossan zones are several metres wide and mostly observed along the side of NNW-SSE striking cliff faces; the thickness and extent of the gossan zones are undetermined due to overburden cover. Gossans are surface expressions of iron bearing rock, often in the form of sulphides, which has been weathered to rusty reddish-brown colour by weathering and leaching of the sulphide mineralization. Gossans are a common key indicator of a sulfide deposit below and often the primary target for prospecting sulfide deposits.

JC Potvin, Murchison President and CEO, noted: "The HPM project has numerous gossanous nickel/copper/cobalt-bearing outcrops spatially linked to airborne EM anomalies, which is quite encouraging. It is well known that Voisey's Bay was originally prospected and mapped as a pyritic gossan, and the fact that the first sampling yielded little or no anomalous metal concentrations at that time no doubt reflects the leaching of metals from the deeply weathered surficial cap."

Continued investigations for economic Ni-Cu-Co sulphide deposits at HPM will include further detailed prospecting of known occurrences and existing targets with follow-up on surface geophysical surveys to establish drill targets. In addition, regional airborne EM surveys will provide additional targets for ground follow-up.

Historically, exploration and drilling on the HPM property focused on the immediate area around Barre de Fer. The anomalous Ni-Cu-Co results from mafic intrusions 0.5-2.5 km outside of that area, obtained from the current reconnaissance program, demonstrate the potential for a mineralization system that is larger than previously thought.

The 58 km² HPM property lies within the Grenville Province's Allochthonous Belt and is host to numerous Ni-Cu-Co showings associated with mafic to ultramafic intrusions, including the high-grade Barre de Fer magmatic nickel sulphide occurrence. The Barre de Fer occurrence returned up to 1.74% Ni, 0.90% Cu, and 0.09% Co over 43.18m in historic diamond drilling. Results from this short reconnaissance prospecting program in conjunction with historic results provide additional encouragement for a follow-up program at HPM.

Historic drilling has outlined the presence of semi-massive to massive Ni-Cu sulphide mineralization at Barre de Fer over a 300-metre strike extent and to a depth of 280 metres. The high-grade Barre de Fer mineralization and surrounding Ni-Cu sulphide occurrences and gossanous zones could represent the surface indications of greater mineralization at depth. Further interpretation, field work and drilling are required to determine the potential for multiple economic deposits in this the project area.

Magmatic Ni-Cu-Co mineralization is the principal exploration target at the HPM project. Worldwide, the most important magmatic deposits occur almost exclusively at the base of their associated mafic and ultramafic igneous bodies and are related to sulfur saturation, sulfide precipitation and density settling within the magma chamber. Surface sampling of low-grade mineralization at the top of the magmatic intrusion can indicate strong mineralization at depth.

Project Location

Map of 2020 field sample locations displayed by Ni%, with the last three digits of the sample numbers and best assay results

Airborne EM Coverage

Only a part of the claim package has been covered by past airborne EM surveys. A detailed magnetic survey was recently completed, and the data will be released as soon as the analysis has been finalized, expected in a few weeks. Murchison considers the area highly prospective and plans to conduct additional prospecting and to cover the area with electromagnetic geophysical surveys in the future.

2020 Prospecting Targets

2020 field targets based on the 2008 AeroTEM survey and 2001 THEM survey anomalies (triangles)

Location Map of HPM Exploration Target Areas & Names of Mineral Showings

Semi-massive to net-textured pyrrhotite with trace chalcopyrite in gabbro/ gabbronorite (cliff gossan zone), "4048" Area, Middle HPM

Gossan area on side of cliff between Malbec gossan showing and "4048" gossan showing, on an east-west trend. Overall trace to 1% pyrrhotite, locally up to 2-3%; hosted in gabbro / gabbronorite. Located between Malbec and "4048" Area

Two mineralized cliff gossan areas west of Malbec showing straddling a 300 m long EM conductor

QB4048 Area, Middle HPM: Historical sample containing 0.83% Ni, 0.81% Cu. Large gossan/oxidized zone seen on side of cliff visited and sampled, containing semi-massive to net-textured pyrrhotite with trace chalcopyrite in gabbro / gabbronorite

The Barre de Fer area with the 2008 AeroTEM conductors and HLEM conductors. The Beep Mat gave conductive responses coincident with HLEM conductors, as well as to the south of the Syrah occurrence

West of Barre de Fer Area - THEM Conductors: Area of THEM conductors to the west of Barre de Fer was prospected with a beep mat. Few airborne conductors were picked up with the beep mat as the area is heavily swamp covered and could not be sampled

Pervasive strong gossan zone on side of cliff east of Barre de Fer drilling area. Most surface sulphides are weathered out of gossan

Barre de Fer Area - South: Moderate gossan south of Barre de Fer drilling area. Up to 5% interstitial/ blebby pyrrhotite with trace chalcopyrite hosted in gabbro. Lines up with 2008 HLEM (Max Min) conductor (MM-13) (sample #X024589)

Syrah Showing Area: Beep mat used to locate conductors in a 20-30m wide area to the south east of the Syrah showing. Overburden too thick (0.7m of soil/moss) to sample the located beep mat conductors

PYC Showing Area: Several gossanous zones with 1-5% disseminated sulphides were located and sampled in the PYC area including an approximately 100m long (to the NW) and 30m wide outcrop zone of gossan with 1-5% disseminated sulphides. The PYC EM conductor, traced for 1,400 m, was historically explored by a single hole drill hole which intersected 15.3 m @0.28% Ni, 0.14% Cu 0.06% Co (0.84% Cu equivalent)

East HPM Target Area

Most EM airborne conductors targeted are under lakes/swamp, hence could not be readily mapped nor sampled; one conductor picked up with beep mat in swampy area. A beep mat GPS tracklog was kept for this area.

SAMPLE ASSAYS

The sampling demonstrated the widespread distribution of nickel/copper/cobalt mineralization across the property.

QA/QC

All rock samples were submitted for preparation to ALS Val D'Or, Canada and processed at ALS Vancouver, Canada. They were analyzed using a four-acid digest and ICP-AES method (ME-ICP61). ALS Canada is an ISO certified and accredited laboratory.

QP

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

About the HPM Project

The HPM property holdings cover the prospective geological unit that hosts significant nickel/copper/cobalt mineralization identified by a total of 32 diamond drill holes (6,479 m) completed in 2001-2 and 2008. Murchison holds a 100% interest over 58.3 km2 of contiguous mineral claims.

Murchison also owns the Brabant?McKenzie VMS Project in Saskatchewan.

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.

Brabant?McKenzie VMS Deposit

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
jcpotvin@murchisonminerals.com

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

Cathy Hume, CHF Capital Markets, CEO
Tel: 416-868-1079 x 231
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.