Murchison Minerals Ltd (TSX-V:MUR, OTCQB:MURMF, TSX-V:MUR.V) reported impressive results from the exploration program that was completed in the fourth quarter of 2021 on its 576 square kilometer (km2) Haut-Plateau de la Manicouagan (HPM) nickel-copper-cobalt project, in Quebec.
The Burlington, Ontario-based exploration company’s assay results from the remaining six holes in the PYC target confirmed the presence of broad zones of near surface low-grade nickel (Ni), copper (Cu), cobalt (Co) mineralization across the drilled portion of the target.
Murchison said the mineralization at the PYC target when paired with high-grade Ni-Cu-Co results from the adjacent Barre de Fer (BDF) Zone and numerous prospective electromagnetic (EM) targets across the property, demonstrates the potential camp-scale of the HPM project.
To build on the inventory of highly prospective EM anomalies identified in 2021, Murchison announced the start of an airborne electromagnetic survey that will cover the full extent of the HPM project area. The survey is being done by Aurora-based Geotech Limited utilizing VTEM technology, which has been successful at detecting massive to semi-massive sulphide mineralization like that found at HPM.
The firm said a previously flown VTEM survey covered only 15% of the total property and detected over 50 EM anomalies with follow up prospecting in 2021 detecting nickel bearing sulphide mineralization at multiple locations. Moreover, EM conductors identified from the recently launched VTEM survey will be followed up by an extensive ground prospecting program during the summer of 2022, said the company.
The company highlighted the following results:
- Hole PYC21-005 drilled to a depth of 170 meters (m) intersected multiple zones of Ni-Cu-Co-bearing sulphide mineralization totaling 54.97m of composite thickness, including 9.38m grading 0.51% Ni Eq, including 2.68m at 0.92% Ni Eq and 19.12m grading 0.37% Ni Eq.
- Hole PYC21-006 drilled to a depth of 285m intersected multiple zones of Ni-Cu-Co bearing sulphide mineralization totaling 66.93 m of composite thickness, including 21.5m grading 0.42% Ni Eq, including 3.50m at 0.80% Ni Eq and 12.68m grading 0.31% Ni Eq, including 0.86% Ni Eq over 1.27m.
- Hole PYC21-002 drilled to a depth of 257m intersected multiple zones of Ni-Cu-Co bearing sulphide mineralization totaling 36.86 of composite thickness, including 15.12 m grading 0.51% Ni Eq, and 1m at 1.12% Ni Eq and 2m at 0.84% Ni Eq.
In a statement, Murchison Minerals CEO Troy Boisjoli said: "The results support our assessment that the HPM project is an emerging Ni-Cu-Co district, and our value accretive exploration strategy has Murchison well positioned to significantly advance the project.”
He added: “This comes at a time when the 2022 Federal Budget contains $3.8 billion in funding for critical minerals over the next eight years, there is broad bipartisan support for critical minerals in the US and commodity prices are at decades-highs."
Meanwhile, Murchison Minerals vice president of exploration John Shmyr noted that the HPM project now includes PYC with Ni-Cu-Co mineralization confirmed over the 550m drilled portion of the 1.95 km strike length, and the BDF Zone with “high-grade Ni-Cu-Co mineralization completely unconstrained” and multiple exploration targets.
“These results are within only 15% of the total HPM project area and we are eager to receive the results of the VTEM survey being completed over the other 85% of the claim area which falls in the footprint of similar prospective mafic rocks,” added Shmyr.
The VTEM survey will consist of 200m spaced flight lines for a minimum of around 3,200-line km. However, additional lines are likely to be flown at a tighter spacing of 100m where conductive targets are identified, said the company.
2022 exploration campaign
In addition to the prospecting program, Murchison is preparing for a summer drill program on the HPM property. Drilling at BDF will focus on expansion and delineation of mineralization, where assays have returned grades up to 52.15m of 2.04% Ni Equivalent, said the company. Exploration drilling will centre on the “highly prospective” Syrah target which is located 300m from BDF and is situated above a 600m-long conductive area with a similar EM signature to BDF.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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