Murchison Minerals Projects
HPM | Ni-Cu-Co | Quebec
HPM | 100% OWNED
Executive Summary
HPM is a high-grade nickel-bearing magmatic sulphide project located in the Manicouagan Region of Quebec, Canada. The HPM project hosts the high-grade nickel-copper-cobalt Barre de Fer (BDF) Zone along with numerous other nickel-bearing sulphide showings. The Company has identified two distinct mineralized trends (BDF and PYC Trend) with multi-kilometre strike lengths with nickel showings outcropping on surface. Additionally, the Company has also identified a substantial number of electromagnetic (EM) anomalies throughout project area that remain unexplored. Nickel mineralization was first discovered on the HPM property by Falconbridge in the late 1990’s. Recent work completed by Murchison Minerals is demonstrating the potential of the HPM project to be an emerging nickel district, located in a stable jurisdiction with advanced infrastructure.
Fig 1: Location map of BDF and PYC Trend on VTEM conductivity with notable grab samples and drill intercepts highlighted. The BDF magmatic Ni-Cu-Co mineralization trend currently extends ~5km in length Ni-Cu-Co bearing mafic to ultramafic rocks have been surface sampled at each of the dashed polygons along the trend (5 discrete prospects/showings). To date, only BDF and Syrah have been drill tested out of the five.
Location & Infrastructure
- Located in the Haut-Plateau de la Manicouagan region of Quebec, adjacent to the Manicouagan Impact Structure
- Excellent infrastructure with existing and maintained rail line running through the project site with direct access to two deep water ports
- 51 MW Hart-Jaune Hydroelectric Station approximately 30 km from site with a powerline running through the claim area
- Maintained road west of site – Quebec Route 389
- Project area adjacent to prolific iron mining jurisdiction
- Murchison’s claims cover 648 km2 of prospective geology.
HPM History
- 1999 – Reconnaissance exploration program by Falconbridge discovers nickel mineralization at multiple locations including Barre de Fer Zone
- 2001/02 – Falconbridge completed an initial diamond drill campaign focused on testing Barre de Fer Zone (2,903 metres) which intersected significant shallow high-grade nickel-copper-cobalt mineralization
- 2002 – Falconbridge completed a limited airborne EM survey with plans to cover entirety of Plateau but the Company ceased exploration work prior to their merger with Xstrata
- 2007 – Pure Nickel acquires claims from Xstrata
- 2007 – Manicouagan Minerals (Murchison Minerals predecessor) options 50% of HPM property
- 2008/09 Manicouagan Minerals/Pure Nickel JV completed additional drilling at the Barre de Fer Zone (3,388 metres) which culminated in drilling intercepting 52.15 metres of 1.52% Ni, 0.79% Cu, 0.08% Co in hole HPM-08-03
- 2009 Work on the project was suspended due to 2008 global economic recession
- 2014 – Manicouagan Minerals amalgamates with Flemish Gold to form Murchison Minerals
- 2019 – Murchison Minerals acquires 100% ownership of claims from Pure Nickel
- 2020 – Active exploration resumes at HPM with an airborne magnetic survey and prospecting
- 2021/22 – Murchison significantly expands claim area and completes extensive airborne electromagnetic surveying (VTEM) with following prospecting identifying numerous prospective targets
- 2022 – Murchison Minerals resumes drilling at the Barre de Fer Zone which significantly expands mineralization and drills best hole to date (121.2 metres of 1.02% Ni, 0.56% Cu, 0.07% Co in hole BDF22-002)
Fig 2: * HPM project Location map.
Fig 3: Long Section View of the Barre de Fer Zone mineral zone looking South-west showing the previous model (left) and updated model (right) of the nickel mineralization, 2022 drill holes highlighted in black on the right.
Fig 4: 2022 claim expansion extent and aerial magnetics map with conductive anomalies and trends.
Geology
The project is located within Grenville Orogeny in the Haut-Plateau de la Manicouagan area. East of the Manicouagan impact structure, the site of a major 215 Ma impact event. The claims host prospective gabbroic, ultramafic and anorthositic bodies within the Manicouagan Metamorphic Complex. These extensive areas of mafic and ultramafic rock represent repeated pulses of mafic magma that have intruded sulphide-bearing metasedimentary rocks. Mafic rocks intruding sulphide rich rocks is the ideal scenario for the formation of chonolith style magmatic nickel sulphide deposits (ex. Voisey’s Bay) where the mixing sulphur in the magma concentrates the nickel within sulphide rich horizons.
Fig 5: Simplified regional geology of the HPM project (source: SIGÉOM 2022).
BARRE DE FER (BDF) ZONE
Barre de Fer
- High grade nickel, copper, cobalt mineralization discovered on surface
- Mineralization is hosted in a pyroxene peridotite and a melanorite
- Murchison is working to complete an inaugural resource.
- Sulphide mineralization is hosted within massive to semi-massive, stringer to disseminated pyrrhotite, pentlandite and chalcopyrite.
- Preliminary electron microprobe analysis confirms that the nickel and cobalt are predominantly contained within coarse grained pentlandite.
- Nickel tenor of approximately 3.25%
- Mineralization currently has a strike length of 370 m and has been intersected to a depth of 475 m
Fig 6: Hole BDF22-002 mineralized core photo from 152.7 to 170.0 metres with assay annotations.
Table 1: * Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq) & Copper Equivalent (CuEq) values were calculated using the following USD metal prices from Jan 12, 2023: $12.17/lb Nickel, $4.17/lb Copper, and $22.23/lb Cobalt. NiEq.% was calculated using Ni%+((Cu Price/Ni Price)*Cu%)+((Co Price/Ni Price)*Co%). CuEq.% was calculated using Cu%+((Ni Price/Cu Price)*Ni%)+((Co Price/Cu Price)*Co%). 100% percent recovery is assumed for equivalent calculations however it should be noted that 100% recovery is not to be expected for final recovery and true recovery may differ significantly from element to element. Please note that copper equivalent is in substitution for nickel equivalent and not in addition to.
Fig 7: Massive Sulphide Mineralization in drill hole BDF22-010 with coarse pentlandite and chalcopyrite (lighter metallic coloured mineral) displaying loop texture.
Fig 8: Location map of Barre de Fer looking down, showing the historic drillholes (grey) and 2022 drill holes (black) with the preliminary mineralized domain model.
Fig 9: Representative geologic cross-section of Barre de Fer Zone.
REGIONAL TARGET AREAS
Syrah / Taureau / PYC
- Currently ten (10) showings with Ni-Cu-Co mineralization at surface across two (2) trends
- 5 km BDF trend with seven (7) identified showings
- 7 km PYC trend with three (3) identified showings
- Numerous additional EM anomalies identified through airborne electromagnetic surveys
- Airborne EM anomalies will be followed up by prospecting and ground geophysical surveys to refine drill targeting
Fig 10: Location map of Syrah with 2022 drillholes, AeroTEM conductivity and prospective target area highlighted.
Table 2: * Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq) & Copper Equivalent (CuEq) values were calculated using the following USD metal prices from Jan 31, 2023: $13.677/lb Nickel, $4.2176/lb Copper, and $22.226/lb Cobalt. NiEq.% was calculated using Ni%+((Cu Price/Ni Price)*Cu%)+((Co Price/Ni Price)*Co%). CuEq.% was calculated using Cu%+((Ni Price/Cu Price)*Ni%)+((Co Price/Cu Price)*Co%).. 100% percent recovery is assumed for equivalent calculations however it should be noted that 100% recovery is not to be expected for final recovery and true recovery may differ significantly from element to element. Please note that copper equivalent is in substitution for nickel equivalent and not in addition to.
Syrah
- Adjacent to Barre de Fer (~400m) with a similar geophysical signature
- Ni-Cu-Co outcropping on surface up to 0.58% Ni, 0.24% Cu, and 0.05% Co
- Only the northern extension of the VTEM anomaly has been drill tested with the best hole to date SYR22-001 intercepting 277.3 metres grading 0.14% Ni, 0.10% Cu and 0.03% Co from 58.00 to 335.33 m
- The southern portion of the conductive anomaly, which hosts the highest grades of surface mineralization and strong EM response, yet to be drill tested
- Thus far only disseminated mineralization within a gabbronorite has been intersected which does not explain the strong airborne geophysical anomaly
Taureau
- Ni-Cu-Co surface showing discovered during the summer 2022 prospecting program
- Multiple mineralized backpack drill core samples collected including one grading 0.60% Ni, 0.38% Cu and 0.09% Co
- Associated with a VTEM conductor approximately 700 metres in length
PYC
- Bulk tonnage target associated with a 1.95 km long electromagnetic geophysical anomaly
- Nickel, copper, cobalt mineralization mapped on surface over a strike length of 1.7 km
- Drill tested over 550 m of strike length, intersecting 2 lens of mineralization.
Fig 11: HPM exploration targets with 2022 prospecting locations with electromagnetic anomalies highlighted on airborne magnetic data.
Fig 12: PYC significant drill intercepts plotted on AeroTEM Conductivity
Reported as core length, true thickness is not known. Nickel Equivalent (NiEq) were calculated using the following USD metal prices from April 13, 2022: $14.72/lb Nickel, $4.703/lb Copper, and $37.195/lb Cobalt. NiEq.% was calculated using Ni%+((Cu Price/Ni Price)*Cu%)+((Co Price/Ni Price)*Co%).100% percent recovery is assumed for equivalent calculations however it should be noted that 100% recovery is not to be expected for final recovery and true recovery may differ significantly from element to element. Please note that copper equivalent is in substitution for nickel equivalent and not in addition to.
LAC PARADIS | 100% OWNED
The Lac Paradis Prospect is located at the south end of Lac Manicouagan, approximately 17 km north of the Manic-5 Hydroelectric Dam, and 120 km southwest of the HPM property. The Lac Paradis Prospect was staked by Murchison in January of 2022. Nickel mineralization was discovered by prospecting in 2003 along a forestry road, the mineralization contains grades of 2.9% Cu and 5.26% Ni in grab samples in disseminated to semi-massive sulphide patches in meta-pyroxenite associated with leucogabbro and olivine-bearing ultramafic dyke. Four shallow BQ holes were drilled in 2006 totaling 217.34 m, with no samples collected and no notable mineralization intersected. The lack of exploration paired with the high-grade nature and presence of ultramafic magmatism make the Lac Paradis highly prospective.
Location & Infrastructure
- Located 120 km south of the HPM Project, at the southern end of Lac Manicouagan
- Project accessible via established logging roads, and only 6 km west of Quebec Route 389
- Project area approximately 17 km north of Manic-5 hydroelectric dam, producing 2,660 MW of green energy.
- Murchison’s Lac Paradis claims cover 21.8 km2 of prospective geology.
Table 3: * Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq) & Copper Equivalent (CuEq) values were calculated using the following USD metal prices from Jan 31, 2023: $13.677/lb Nickel, $4.2176/lb Copper, and $22.226/lb Cobalt. NiEq.% was calculated using Ni%+((Cu Price/Ni Price)*Cu%)+((Co Price/Ni Price)*Co%). CuEq.% was calculated using Cu%+((Ni Price/Cu Price)*Ni%)+((Co Price/Cu Price)*Co%). 100% percent recovery is assumed for equivalent calculations however it should be noted that 100% recovery is not to be expected for final recovery and true recovery may differ significantly from element to element. Please note that copper equivalent is in substitution for nickel equivalent and not in addition to.
Fig 13: * Location Map of Lac Paradis Property with beep mat and backpack drillhole results plotted.
Murchison Minerals