Murchison Minerals Announces Assay Results from 2025 Diamond Drill Program at BMK VMS Deposit, All Holes Intersecting Significant Near-Surface High-Grade VMS Mineralization Including Precious Metals, Grades up to 5.52% CuEq or 21.97% ZnEq Including, 208g/t Ag, and 1.43g/t Au
News Release
MURCHISON MINERALS ANNOUNCES ASSAY RESULTS FROM 2025 DIAMOND DRILL PROGRAM AT BMK VMS DEPOSIT, ALL HOLES INTERSECTING SIGNIFICANT NEAR-SURFACE HIGH-GRADE VMS MINERALIZATION INCLUDING PRECIOUS METALS, GRADES UP TO 5.52% CuEq or 21.97% ZnEq INCLUDING, 208g/t Ag, and 1.43g/t Au
HIGHLIGHTS
- Diamond drilling was Phase II of III of the Company’s 2025 BMK Exploration Program
(the “Program”) (See October 2nd, 2025, News Release) at its 100%-owned BMK VMS Project in Saskatchewan, located approximately 175 km northwest of Foran Mining Corporations’ Mcllvenna Bay VMS mine development (Figure 1);
- All holes were drilled at the BMK VMS Deposit (the “Deposit”) and intersected significant
zinc-copper-lead-silver-gold (Zn-Cu-Pb-Ag-Au) mineralization (within the upper 150 m), testing 550 m of the total 1,100 m strike length of the Deposit (Figure 2);
- Diamond drilling highlights:
- BMK25-005 successfully targeted expansion of mineralization along strike to the
south of the indicated domain, within in the upper 150 m of the Deposit. The hole intersected 14.23 m of total composite mineralization over five intervals from 113.34 m to 143.10 m (Table 2 & Figure 3), highlighted by:
- 5.75 m (from 113.34 m to 119.09 m) grading 3.17% ZnEq or 0.80% CuEq
(0.08g/t Au, 7.59g/t Ag, 0.39% Cu, 0.02% Pb, 0.86% Zn), including 0.52 m grading 13.04% ZnEq or 3.28% CuEq (0.34g/t Au, 21.70g/t Ag, 1.35% Cu, 0.03% Pb, 5.13% Zn);
- 3.80 m (from 139.30 m to 143.10 m) grading 7.13% ZnEq or 1.79% CuEq
(0.07g/t Au, 4.83g/t Ag, 0.34% Cu, 0.05% Pb, 5.21% Zn), including 1.60 m grading 11.52% ZnEq or 2.90% CuEq (0.14g/t Au, 3.80g/t Ag, 0.28% Cu, 0.05% Pb, 9.70% Zn);
- BMK25-004 successfully targeted expansion of mineralization along strike to the
north of the indicated domain, within in the upper 150 m of the Deposit. The hole confirmed an upper Zn-rich interval and discovered a lower Au-Ag-Pb rich interval, with 14 m of total composite mineralization over three intervals from 60.03 m to 82.00 m (Table 2 & Figure 4), highlighted by:
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- 5.68 m (from 68.0 m to 73.68 m) grading 3.98% ZnEq or 1.00% CuEq
(0.4g/t Au, 5.55g/t Ag, 0.60% Cu, 0.04% Pb, 1.12% Zn), including 0.50 m grading 9.24% ZnEq or 2.32% CuEq (0.19g/t Au, 20.01g/t Ag, 1.74% Cu, 0.06% Pb, 0.5% Zn);
- 6.82 m (from 79.18 m to 86.00 m) grading 4.99% ZnEq or 1.25% CuEq
(0.35g/t Au, 37.74g/t Ag, 0.14% Cu, 0.88% Pb, 0.04% Zn), including 0.66 m grading 21.97% ZnEq or 5.52% CuEq (1.43g/t Au, 208g/t Ag, 0.14% Cu, 2.19% Pb, 0.08% Zn);
- Phase II – Diamond Drilling: Comprised five holes totaling 853 m, targeting the Deposit
(Table 2) and successfully achieved all objectives:
- Objective I: Expansion of near-surface (<150 m depth) high-grade mineralization,
amenable for potential open-pit mining;
- Objective II: Testing for previously unidentified zones of cryptic precious metals
(Gold and Silver) within the footprint of mineralization at the Deposit;
- Objective III: Enhancing the understanding of the structural controls on
mineralization identified by an on-going SRK structural study – with the end goal of de-risking future delineation and regional exploration drilling.
- Phase III (November 2025 – Q1 2026): 3D Geological Modeling and data compilation –
supporting target development and de-risking, in advance of the Company’s 2026 exploration campaign;
- The BMK Project comprises 859 km2 mineral claims, situated along the underexplored
MacLean Lake Prospective VMS Belt, hosting the high-grade Deposit (Table 1) and numerous additional VMS showings along the 37 km long BMK Trend.
Table 1: BMK VMS Deposit – 2018 Mineral Resource Summary
| Indicated Resources | ||||||||
|---|---|---|---|---|---|---|---|---|
| Tonnes | Cu (%) | Zn (%) | Ag (g/t) | Pb (%) | Au (g/t) | Cu Eq. (%) | Zn Eq. (%) | |
| Lower Zone | 1,200,000 | 0.75 | 8.13 | 48 | 0.67 | 0.28 | 4.19 | 14.6 |
| Upper Zone | 900,000 | 0.6 | 5.7 | 28.52 | 0.24 | 0.17 | 2.87 | 9.98 |
| Total | 2,100,000 | 0.69 | 7.08 | 39.6 | 0.49 | 0.23 | 3.62 | 12.62 |
| Inferred Resources | ||||||||
| Tonnes | Cu (%) | Zn (%) | Ag (g/t) | Pb (%) | Au (g/t) | Cu Eq. (%) | Zn Eq. (%) | |
| Lower Zone | 2,700,000 | 0.55 | 4.88 | 29.02 | 0.42 | 0.14 | 2.59 | 9.02 |
| Upper Zone | 4,900,000 | 0.57 | 4.22 | 12.46 | 0.06 | 0.08 | 2.05 | 7.16 |
| Total | 7,600,000 | 0.57 | 4.46 | 18.42 | 0.19 | 0.1 | 2.25 | 7.85 |
The above mineral resource estimate for the Brabant-McKenzie VMS Deposit was prepared by an independent qualified person (“QP”) Finley Bakker, P. Geo., and has an effective date of September 4, 2018. The NI 43-101 Technical Report named Technical Report on the Resource Estimate Update for the Brabant-McKenzie Property, Brabant Lake, Saskatchewan is available on the Company’s website and on SEDAR. The Mineral Resource of the Brabant-McKenzie VMS Deposit was estimated based on metal prices of USD $1.20/lb Zn,
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$2.50/lb Cu, $1.00/lb Pb, $16.00/Oz. Ag, and $1,200/Oz. Au, and a USD exchange rate of $1.25. A Net Smelter Return (NSR) cut-off of $90/tonne and a 3.5% zinc equivalent based on above metal prices and an average recovery of 75% for all metals. Copper equivalent is in substitution for zinc equivalent and not in addition to. Equivalent Values in the table are calculated utilizing the following USD metal prices from Sept 19, 2025; $4.59/lb Cu, $1.31/lb Zn, $0.91/lb Pb, $42.24/Oz. Ag, and $3657.85/Oz. Au.
Table 2 – 2025 BMK Exploration Program Assay Results Diamond Drillholes
| Hole ID | Includes | From (m) | To (m) | Length (m) | Au g/t | Ag g/t | Cu % | Pb % | Zn % | Zn Eq% | Cu Eq% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BMK25-001 | 60.50 | 62.75 | 2.25 | 0.06 | 7.12 | 0.21 | 0.01 | 0.08 | 1.63 | 0.41 | |
| 67.43 | 73.20 | 5.77 | 0.04 | 9.53 | 0.44 | 0.04 | 1.83 | 4.34 | 1.09 | ||
| Includes | 69.50 | 70.50 | 1.00 | 0.05 | 7.64 | 0.58 | 0.08 | 4.31 | 7.27 | 1.83 | |
| Includes | 71.70 | 72.70 | 1.00 | 0.06 | 28.10 | 0.81 | 0.02 | 5.02 | 10.31 | 2.59 | |
| BMK25-002 | 47.27 | 54.00 | 6.73 | 0.02 | 4.13 | 0.30 | 0.04 | 2.81 | 4.31 | 1.08 | |
| Includes | 52.53 | 53.00 | 0.47 | 0.10 | 15.80 | 1.57 | 0.03 | 6.58 | 14.03 | 3.52 | |
| 63.75 | 66.50 | 2.75 | 0.11 | 20.25 | 0.02 | 0.47 | 0.04 | 2.23 | 0.56 | ||
| BMK25-003 | 115.87 | 120.25 | 4.38 | 0.03 | 8.40 | 0.45 | 0.02 | 0.77 | 3.18 | 0.80 | |
| Includes | 115.87 | 116.37 | 0.50 | 0.20 | 30.30 | 1.52 | 0.06 | 1.03 | 9.72 | 2.44 | |
| Includes | 119.75 | 120.25 | 0.50 | 0.04 | 27.70 | 1.64 | 0.02 | 4.43 | 12.79 | 3.21 | |
| 123.25 | 127.50 | 4.25 | 0.06 | 8.92 | 0.49 | 0.03 | 2.28 | 5.00 | 1.26 | ||
| Includes | 124.80 | 126.47 | 1.67 | 0.13 | 17.46 | 0.90 | 0.03 | 5.64 | 10.78 | 2.71 | |
| BMK25-004 | 60.03 | 61.53 | 1.50 | 0.01 | 2.27 | 0.08 | 0.00 | 5.18 | 5.70 | 1.43 | |
| 68.00 | 73.68 | 5.68 | 0.04 | 5.55 | 0.60 | 0.04 | 1.12 | 3.98 | 1.00 | ||
| Includes | 72.68 | 73.18 | 0.50 | 0.19 | 20.10 | 1.74 | 0.06 | 0.50 | 9.24 | 2.32 | |
| 79.18 | 86.00 | 6.82 | 0.35 | 37.74 | 0.14 | 0.88 | 0.04 | 4.99 | 1.25 | ||
| Includes | 81.34 | 82.00 | 0.66 | 1.43 | 208.00 | 0.14 | 2.19 | 0.08 | 21.97 | 5.52 | |
| BMK25-005 | 113.34 | 119.09 | 5.75 | 0.08 | 7.59 | 0.39 | 0.02 | 0.86 | 3.17 | 0.80 | |
| Includes | 114.04 | 114.56 | 0.52 | 0.34 | 21.70 | 1.35 | 0.03 | 5.13 | 13.04 | 3.28 | |
| 123.66 | 124.54 | 0.88 | 0.01 | 2.40 | 0.15 | 0.03 | 0.86 | 1.65 | 0.41 | ||
| 130.83 | 133.63 | 2.80 | 0.05 | 7.41 | 0.60 | 0.03 | 6.29 | 9.27 | 2.33 | ||
| Includes | 132.23 | 133.13 | 0.90 | 0.10 | 12.10 | 1.25 | 0.02 | 7.44 | 13.40 | 3.37 | |
| 135.75 | 136.75 | 1.00 | 0.03 | 4.90 | 0.23 | 0.03 | 0.12 | 1.47 | 0.37 | ||
| 139.30 | 143.10 | 3.80 | 0.07 | 4.83 | 0.34 | 0.05 | 5.21 | 7.13 | 1.79 | ||
| Includes | 141.00 | 142.60 | 1.60 | 0.14 | 3.80 | 0.28 | 0.05 | 9.70 | 11.52 | 2.90 |
- Reported as core length, intervals 90 to 100% true thickness. **Copper Equivalent (Cu Eq.) & Zinc Equivalent (Zn Eq.) values were
calculated using the following USD metal prices from Jan 23, 2026: $5.9245/lb Copper, $1.4874/lb Zinc, $0.9227/lb Lead, $4966.35/Oz Gold, and $100.90/Oz Silver. The following recovery factors were applied to the equivalent values based on preliminary metallurgical work completed in 2021 factoring in optimization: 95% Zn, 90% Cu, 75% Pb, 70% Au, 70% Ag. Please note that copper equivalent is in substitution for zinc equivalent and not in addition to.
Murchison Minerals’ CEO Troy Boisjoli comments:
“Today’s results illustrate that the BMK high-grade VMS Deposit, located in Canada’s best mining and exploration jurisdiction – Saskatchewan – is one of the country’s top post discovery, growth
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stage, critical minerals projects. The diamond drilling component of the 2025 Program was hugely successfully, demonstrating four critical attributes: First, the BMK VMS Deposit remains open and unconstrained. Second, with all holes hitting shallow (<150 m depth) high-grade VMS mineralization, BMK has the potential to be open pit amenable. Third, there are tremendous precious metals – gold & silver –potential at the Deposit, which until now, have been unrecognized. Fourth, with the latest results and detailed work from external experts such as SRK, the Company has unlocked the geological controls hosting mineralization at BMK. With this knowledge, Murchison now has a roadmap for discovering additional VMS deposits along the 37-km long BMK VMS Trend, which already has numerous VMS showings. At a time when critical minerals are at the forefront of national and global importance, Murchison Minerals is ready to push the BMK Project into acceleration mode.”
Murchison Minerals’ Vice-President of Exploration John Shmyr comments:
“Phase II drilling was a success, with every hole intersecting significant near-surface mineralization at BMK. Results from hole BMK25-005 clearly demonstrate that high-grade mineralization extends beyond the 2018 resource model. Additionally, the identification of a lower precious metal zone in BMK25-004 is very encouraging. These outcomes upgrade the growth potential of the deposit and set the stage for 3D modelling and an aggressive, expansion-focused exploration campaign in 2026.”
Burlington, Ontario, February 4th, 2026: Murchison Minerals Ltd. (TSX.V: MUR) (OTC: MURMF) (“Murchison” or the “Company”) is pleased to announce assay results from its 2025 BMK diamond drilling exploration program at its 100%-owned BMK VMS Project, located in Saskatchewan, Canada (Figure 1). The Program comprised five diamond drillholes totaling 853 m, successfully targeting the BMK VMS Deposit (Table 2) and achieved all three objectives: Objective I; all drillholes intersected shallow (<150 m depth) high-grade VMS mineralization (Table 2 & Figure 2), demonstrating that the BMK VMS Deposit is amenable to potential open pit mining. Objective II; 2025 drillholes successfully intersected intervals of previously unidentified zones of cryptic precious metals (Gold and Silver). Drillhole BMK25-004 (Figure 4), drilled outside of the northern extent of the indicated resource model, intersected 6.82 m (from 79.18 m to 86.00
m) grading 4.99% ZnEq or 1.25% CuEq, including 0.66 m grading 21.97% ZnEq or 5.52% CuEq (1.43g/t Au, 208g/t Ag, 0.14% Cu, 2.19% Pb, 0.08% Zn). Objective III; further understanding structural controls on mineralization identified by an on-going SRK structural study – with the end goal of de-risking future delineation and regional exploration drilling.
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Figure 1: Location map of BMK Project.
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Figure 2: Long-section view displaying fall 2025 drillholes and 2018 indicated and inferred resource shells.
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Figure 3: BMK25-005 Striplog displaying lithology, and assay intervals
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Figure 4: BMK25-004 Striplog displaying lithology, and assay intervals
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Figure 5: BMK25-003 Striplog displaying lithology, and assay intervals
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Figure 6: BMK25-002 Striplog displaying lithology, and assay intervals
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Figure 7: BMK25-001 Striplog displaying lithology, and assay intervals
Technical Summary
The 2025 BMK drill program comprised five diamond drillholes totaling 853 m, targeting the upper 150 m of the BMK VMS Deposit. The Program commenced in early October and concluded on October 30, 2025, with drilling services provided by Minotaur Drilling Ltd. of Warman, Saskatchewan. The Company utilized a lightweight, small drill capable of coring to 300 metres, mobilized by a tracked “Nodwell” enabling efficient low-cost drilling without the need for helicopter support.
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The holes were designed to expand and upgrade the Deposit in key shallow locations as well as to test for the recently identified silver-gold-lead mineralization that was not recognised in historic programs. All five holes intersected zinc-copper-lead-silver-gold mineralization.
Hole BMK25-005 was of particular note, intersecting multiple intervals of high-grade mineralization in an area previously thought to be barren. This discovery significantly enhances the exploration potential on the southern side of the Deposit. Hole BMK25-004 upgraded mineralization on the northern shallow extent of the Deposit, intersecting 14 m of zinc-copper mineralization in three intervals, which includes the discovery of a new 6.82 m silver-gold-lead zone 5.5 m below the lower zone.
Next Steps
Murchison intends to launch a significant exploration campaign in 2026, focused on the continued expansion of the Deposit as well as the discovery of additional VMS mineralization across the property. Data generated from this Program, together with detailed re-logging of historic drill core, will be used to update a comprehensive lithostructural model to guide future resource expansion efforts. In addition, the Company plans to complete multiple geophysical surveys over the coming months to support future exploration drilling, particularly at high-priority targets such as the Main Lake area, where grab samples have returned assays of up to 6% copper and 8% zinc.
Table 3 – 2025 BMK Exploration Program Diamond Drillhole Collar Information
| Hole ID | Easting UTM* | Northing UTM* | Elevation (m) | Azimuth (ᵒ) | Dip (ᵒ) | Depth (m) |
|---|---|---|---|---|---|---|
| BMK25-001 | 580961 | 6221025 | 344.5 | 119 | -45 | 165.00 |
| BMK25-002 | 581054.8 | 6221146.1 | 346.4 | 114 | -40 | 134.00 |
| BMK25-003 | 580947.5 | 6221168.5 | 379.5 | 88 | -63 | 225.50 |
| BMK25-004 | 581044 | 6221345.1 | 388.2 | 110 | -45 | 149.00 |
| BMK25-005 | 580762.4 | 6220876.6 | 385.1 | 120 | -50 | 180.00 |
*BMK25-001A was abandoned at 83.29m due to poor drilling conditions, BMK25-001 was collared at the same location, drilling to a depth of 165 m, successfully testing the intended target area.
*UTM Projected Coordinate System NAD83 UTM Zone 13N
Assay Samples and Mineralization Disclaimer
Murchison has implemented and is adhering to a strict Quality Assurance/Quality Control program. BTW-size core was drilled, and mineralized intervals were marked by geologists during core description. The marked intervals were sampled using a core saw, one-half is kept as a witness sample at core facility in Brabant Lake, Saskatchewan and the other assigned a unique number and placed within a plastic bag. The specific gravity of every sample was measured using the mass-in-air / mass-in-water method. Samples were shipped directly to SRC Geoanalytical Labs in Saskatoon, Saskatchewan. The samples were ground and prepared for analysis by the lab using total digestion. Analyzes were performed using ICP-OES for copper, zinc, lead and silver. Gold was analyzed by fire assay. Every 25th sample sent to the lab was a field duplicate (quarter core), blanks and certified reference material were also submitted approximately every 25th sample.
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