Murchison Initiates Drilling On 12 High Priority Targets at Brabant Lake, Saskatchewan

TORONTO, January 13, 2020 - Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV: MUR) is pleased to announce it is initiating a diamond drilling program on its 430 km² Brabant-McKenzie project land package where previous airborne geophysical surveys identified numerous strong electromagnetic ("EM") conductors. Thirty of these EM conductors were ground prospected in 2019 with 12 conductors selected as high priority targets to be drilled with 14 drill holes starting in late January 2020.

In addition, the Company identified an additional 20 EM conductors on the claims recently staked by the Company following the evaluation of historic airborne geophysical survey data. These conductors will be subject to further ground prospecting in the summer of 2020.

Murchison's land holdings already host the Brabant-McKenzie VMS deposit with a NI 43-101 resources of:

• Indicated - 2.1 million tonnes at 7.08% zinc, 0.69% copper, 0.49% lead, 39.60 g/t silver
• Inferred -7.6 million tonnes at 4.45% zinc, 0.57% copper, 0.19% lead, 18.40 g/t silver

The Brabant-McKenzie VMS deposit geophysical characteristics consist of moderate to strong magnetic high with a coincident moderately strong conductor. A report titled "Murchison Minerals Ltd. BRABANT-MCKENZIE PROJECT PROPOSED PRIORITY DRILL TARGETS" has been posted on Murchison's website (www.murchisonminerals.com) highlighting the geophysical characteristics of 10 priority drill targets (see Table 1) that have geophysical and geological similarities to the Brabant-McKenzie VMS deposit.

Targets 1, 13, 14, 8, 6 and 4 are interpreted to be located within the same geological horizon as the Brabant-McKenzie VMS deposit. Target 1 is located immediately south of the Brabant-McKenzie VMS deposit. A recent backpack drill hole intersected strong zinc mineralisation at shallow depth (see September 30^th, 2019 press release). The remaining targets are located east of the interpreted deposit horizon.

Figure 1 below presents the targets with the VTEM TMI (Total Magnetic Intensity). Figure 2 presents the targets with the VTEM early time EM channel 20 Z component. Figure 3 presents the targets with the VTEM late time EM channel 45 Z component. The Brabant-McKenzie deposit is shown in the northern portion of the figures with coincident magnetic and EM anomalies. EM channels 20 and 45 are presented to show that lower conductivity features tend to disappear in the late time channel.

Table 1. Proposed Priority Drill Targets.

Qualifying Statement

The foregoing scientific and technical disclosures have been reviewed by Ehsan Salmabadi, P. Geo., John Shmyr, P. Geo and Martin St-Pierre, P. Geoph., qualified persons as defined by National Instrument 43-101. Mr. Salmabadi, Mr. Shmyr and Mr. St-Pierre are independent consultants to Murchison and the Brabant Lake project.

About the Brabant Lake Project

The Brabant Lake 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 430 km² and extending over 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 Lake 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 currently has 64.7 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

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.