Murchison Completes Acquisition of HPM Project in Quebec
TORONTO, March 6, 2019 /CNW/ - Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV: MUR) is pleased to announce that, following the approval of the TSX Venture Exchange, it has completed the acquisition of Pure Nickel Inc.'s 50% interest in the HPM nickel-copper-cobalt project in Québec (the "Property") by making the required $50,000 payment and issuing 500,000 common shares of the Company to Pure Nickel (see press release dated February 28, 2019). The Company now owns 100% of the Property.
Also, the Company announces that it has granted 665,000 stock options to directors and key consultants of the Company. The stock options are exercisable for a period of 5 years at a price of $0.095 and vest immediately.
About the HPM Project:
The HPM (Haut Plateau du Manicouagan) property consists of 51 claims covering 2,726 hectares.
The Property is underlain in part by the composite Gabbro Est intrusive, which hosts several grass roots nickel-copper-cobalt showings. Significant historical prospects were found by Falconbridge Ltd. ("Falconbridge", now known as Glencore) and include: Barre de Fer (1.74% Ni, 0.90% Cu and 904ppm Co over 43.18 metres from the 2008 drill program) and the PYC showing (0.59% Ni and 0.93% Cu from surface grab samples and 15.3 metres of disseminated to semi-massive sulphides grading 0.28% Ni, 0.14% Cu and 626 ppm Co from a single hole drilled by Xstrata Nickel in 2000).
The Property is located approximately 290 km north of Baie-Comeau and 180 km north-northwest of Sept-Îles. The property is accessible by helicopter and is located approximately 20 km east of Route 389, an all-weather road connecting Baie-Comeau to Fermont to Labrador City.
About Murchison Minerals Ltd.
Murchison Minerals Ltd. 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 44.7 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.
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.
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