Norsemont drills 61 m of 0.47 g/t Au at Choquelimpie

Apr 3, 2023

2023-04-03 10:59 ET – News Release

Mr. Marc Levy reports

NORSEMONT DRILLING EXPANDS AREA OF GOLD MINERALISATION AT CHOQUELIMPIE

Norsemont Mining Inc. has released the results of the final two drill holes from its maiden diamond drilling program at the Choquelimpie high-sulphidation epithermal gold-silver-copper project in northern Chile.

These last holes further extend the mineralisation within the hydrothermal alteration footprint covering 27 square kilometres and are located near Drill Hole MV21-009, which returned a significant 170 metre intercept grading 1.84 g/t Au Equivalent, including 95 metres of 1.92 g/t Au Equivalent (see March 31, 2022, news release).

Mineralisation remains open for extension peripheral to the Choque pit and to depth.

The expanded envelope of mineralisation and the increase in gold grade at depth in hole MV21-009 as well as the presence of epithermal copper mineralisation support the interpretation of potential porphyry Au-Cu mineralisation beneath this hole and extending more than 500 metres to the northeast below hole MV21-005.

Highlights of the final two holes include:

Hole MV21-010 yielded 61.0 metres grading 0.47 gram per tonne (“g/t”) gold (“Au”) between 239 – 300 metres depth. This mineralised interval expands the known footprint of mineralisation in the Choque Pit area, both along strike and to depth.

Hole MV21-008: yielded 10.0 metres grading 1.61 g/t Au and 2.8 g/t Ag from 122 – 132 metres depth. This intercept is interpreted as being associated with peripheral veinlets forming a halo around high-grade mineralisation and may be indicative of similar grade mineralisation at depth.

The Maiden Diamond Drilling Program Summary:

Norsemont completed ten diamond drill holes for 3,144.1 metres during the Q4 2021 drill campaign.

Drill hole MV21-008 tested the eastward extension of the Choque mineralisation. The hole cut Au-polymetallic peripheral veinlets typically related to the halo zone peripheral to high-grade mineralisation. Hydrothermal alteration is observed as quartz-kaolinite-illite, with local silicified structures containing pyrite-(plus or minus sphalerite-galena & enargite) mineralisation. Gold and silver are anomalous throughout the hole, with the most significant intercept being:

10 metres @ 1.61 g/t Au & 2.8 g/t Ag from 122 – 132 metres depth MV21-010 tested the SW extension of the Choque mineralisation. This hole confirms the depth extension of the hydrothermal breccia, that remains open to the NE, E, SE and to depth. A hydrothermal alteration assemblage of quartz-illite-pyrophyllite was observed, which is typical of the transition from an epithermal to a porphyry environment. The sulphide mineralisation observed at depth consists of 6-10% pyrite with traces of sphalerite, galena and enargite.

61 metres @ 0.47 g/t Au & 0.78 g/t Ag from 239 – 300 metres depth, including 15 metres grading 0.71 g/t Au & 1.43 g/t Ag from 271 – 286 metres depth

Significant Au grades in the last 61 metres of drill hole MV21-010 confirm the extension to depth and continuity of the mineralised hydrothermal breccia.

John Currie, Norsemont’s VP of Exploration states: “Our initial diamond drilling program at Choquelimpie was highly successful as it has extended the high-grade epithermal gold and silver mineralisation laterally and vertically beyond the historical drilling, The drill campaign also identified areas where the mineralised envelope can be expanded. In addition, we confirmed the presence of a mineralised porphyry system below the epithermal zone.

We now have a range of exciting targets for follow-up drilling programs. We look forward to the next phase of exploration, which will be focussed on e

xtending mineralisation outwards and to depth relative to these 2021 drill holes. In addition, we plan to test the hypothesis of a Au-Cu-Mo mineralised porphyritic intrusive at depth beneath the Choque and Viscacha pits.”

Marc Levy, Norsemont’s CEO comments: “The results continue to expand the known footprint of mineralization at Choquelimpie and highlight new areas for drill testing and resource expansion. We are excited to resume work on the property during the upcoming 2023 exploration season.”

QA/QC Parameters

Drill core for the Choquelimpie 2021 drill program is collected directly from the drill site by company staff and taken to the core shack at the Choquelimpie camp. Drill core is logged, photographed, and sampled by staff who insert certified reference materials into the sampling sequence when/where appropriate. Sample lengths are marked at 1.0 metre intervals and the core is cut by a diamond blade rock saw, with half of the cut core placed in individual bar-code numbered polyurethane bags and half placed back in the original core box for permanent storage. The sample bags are sealed, placed in security-sealed sacks, and then delivered by company staff to the Andes Analytical Laboratory (AAA) sample receiving facilities in Arica, Chile.

All drill core samples reported in this news release were analysed at AAA in Santiago, Chile utilizing their ICP_AES_HF38m1 analytical package. This comprises a four-acid digestion followed by a 38-element ICP-MS scan, in conjunction with the AEF_AAS_1E42 40g Fire Assay with AAS finish for gold on all samples. Samples that return values >10 ppm gold from fire assay and AAS are determined by using fire assay and a gravimetric finish (lab code AEF_GRV_1E43). Samples that return values >5,000 ppm for copper and >400 ppm silver by ICP analysis are determined by four acid digestion AAS finish assay (lab codes 4A-HF_AAS_1E13_ppm and 4A-HF_AAS_1E08_0.25-100 respectively).

The information presented in this news release was collected and prepared by SCM Vilacollo staff in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. QA/QC for the analytical results was reviewed by Mr. Enrique Grez, an independent qualified person, registration number 0015 of the Comision Calificadora de Recursos y Reservas Mineras de Chile, and a Qualified Person as defined in National Instrument 43-101, Standards for Disclosure for Mineral Projects.

Mr. Art Freeze, P.Geo, Director of Norsemont Mining as well as a qualified person as defined by National Instrument 43-101, has supervised the preparation of the technical information in this news release.

About Norsemont Mining Inc.

Norsemont comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through to bankable feasibility. Norsemont Mining owns a 100-per-cent interest in the Choquelimpie gold-silver-copper project in northern Chile, a previously permitted gold and silver mine. Choquelimpie has over 1,700 drill holes, with significant existing infrastructure.

We seek Safe Harbor.

https://norsemont.com/