VANCOUVER, BC, April 15, 2025 /CNW/ - Norsemont Mining Inc., (CSE: NOM) (OTCQB: NRRSF) (FWB: LXZ1) ("Norsemont" or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces for its Choquelimpie Gold-Silver-Copper Project ("Choquelimpie" or "the Project"), located in the Province of Parinacota, Region XV, Northern Chile. Norsemont holds a 100% ownership interest in the Project, through its wholly owned Chilean subsidiary, Sociedad Contractual Minera Vilacollo, ("SCMV"). The updated estimate reflects updated drilling results which continue to demonstrate the significant upside potential for the Project.
NOM (CNW Group/Norsemont Mining Inc.)
Highlights of the Updated Mineral Resource Estimate:
Indicated Resources: 81,888,000 tonnes with grades of 0.83 AuEq, containing 1,731,000 ounces of gold at 0.66 g/t, 33,233,000 ounces of silver at 12.62 g/t and 50,867,000 pounds of copper at .04%.
Inferred Resources: 25,267,000 tonnes with grades of 0.69 AuEq, containing 446,000 ounces of gold .55 g/t, 7,219,000 ounces of silver at 8.89 g/t and 19,104,000 pounds of copper at .04%.
The updated MRE is based on 3,144 meters of additional drilling completed in 2021 and includes updated geological modeling and re-interpretations of several oxidation zones throughout the mineral deposit.
"This updated Mineral Resource Estimate of 2,184,000 indicated and 557,000 inferred gold equivalent ounces marks a significant milestone for Norsemont and provides a strong foundation as we advance Choquelimpie toward development," said Marc Levy, President and CEO. "The additional drilling and geological modeling increase our confidence in the resource and support our belief in Choquelimpie's significant upside potential. We look forward to progressing toward a preliminary economic assessment and further exploration to grow this resource base."
Choquelimpie Project Indicated and Inferred Mineral Resource Estimate Effective Date March 31, 2025
Oxide Mineralization
Classification
K tonnes
Au g/t
K Oz Au
Ag g/t
K Oz Ag
Cu %
K Cu Lbs.
Au Eq
Au Eq Oz
Indicated
23,755
0.57
434
13.25
10,118
0
0
0.72
547,000
Inferred
695
0.31
7
5.73
128
0
0
0.38
8,000
Sulfide Mineralization
Indicated
58,133
0.69
1,297
12.37
23,115
0.04
50,867
0.88
1,637,000
Inferred
24,572
0.56
439
8.98
7,091
0.04
19,104
0.69
549,000
Total Mineralization
Indicated
81,888
0.66
1,731
12.62
33,233
0.04
50,867
0.83
2,184,000
Inferred
25,267
0.55
446
8.89
7,219
0.04
19,104
0.69
557,000
Notes:
1)
Scott Wilson, CPG, President of RDA is responsible for this mineral resource estimate and is an "independent Qualified Person" as such term is defined by NI 43-101.
2)
The Mineral Resources, effective date March 31, 2025, are reported at an in-situ cut-off grade of 0.17 g/t Au for Oxide, 0.18 g/t Au for Mixed which is included in the tabulation of oxide in the above table and 0.28 g/t Au for Sulfide mineralization. The cutoff grades have been derived US$2,500/oz, a silver price of US$28.0/oz and a copper price of US$4.00/lb. and suitable benchmarked technical and economic parameters for open pit mining (mining = US$3.50, processing = US$11.0 for crushing and leaching of oxides and US$20 for milling of sulfides).
3)
Metal recoveries are assumed to be Oxide Crush/Leach 80%Au, 45%Ag, 0%Cu; Mixed Crush/Leach 75% Au, 25%Ag, 0%Cu; Sulfide Milling 90%Au, 80%Ag and 75% Cu.
4)
Metal Equivalent ounces are calculated using the formula: Au Eq Oz = AU Oz + (OzAg*AgPrice/AUPrice)+(CuGrade*CuPrice/AuPrice)
5)
Mineral resources are not mineral reserves and do not have demonstrated economic viability. Gold, silver, lead and copper assays were capped where appropriate. Given historical production, it is the company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
6)
All figures rounded to reflect the relative accuracy of the estimates.
Next Steps
Norsemont plans to conduct additional drilling into oxide and sulfide zones to expand and upgrade the current resource. Metallurgical testing and economic studies are also planned as part of the Company's broader efforts to advance the Project toward a Preliminary Economic Assessment.
Qualified Person
Mr. Scott E. Wilson, CPG, President of Resource Development Associates Inc., is an independent consulting geologist and the Qualified Person under NI 43-101 responsible for the updated MRE. Mr. Wilson has over 35 years of experience in resource estimation and due diligence evaluations and is a Registered Member (4025107RM) of the Society for Mining, Metallurgy and Exploration, Inc.
Mr. Wilson has reviewed and approved the scientific and technical information in this news release. A NI 43-101 compliant technical report supporting the MRE will be filed on SEDAR+ at www.sedarplus.ca and Norsemont's website at www.norsemont.com within 45 days of the issuance of this news release.
About Norsemont Mining Inc.
The Norsemont team comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through to bankable feasibility. Norsemont Mining owns a 100% interest in the Choquelimpie gold-silver-copper project in northern Chile, a previously permitted gold and silver mine with significant exploration upside. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure, including roads, power, water, camp and a 3,000-tonne-per-day mill. Norsemont is committed to responsible and sustainable resource development, leveraging modern exploration techniques to unlock further value for all stakeholders.
On behalf of the Board of Directors, NORSEMONT MINING INC. Marc Levy CEO & Chairman
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. Forward-looking statements relate to future events or the anticipated performance of Norsemont and reflect management's current expectations or beliefs regarding such future events and performance. All statements, other than statements of historical fact, are forward-looking statements.
Forward-looking statements in this release include, but are not limited to, statements with respect to: the potential advancement and development of Choquelimpie; the Company's plans to undertake additional drilling, metallurgical testing, and economic studies; the potential to expand or upgrade current mineral resources; and the future preparation and filing of a Preliminary Economic Assessment or other technical studies. Forward-looking statements also include statements regarding the overall potential of the Project and the Company's ability to create shareholder value through exploration and development.
These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such risks include, but are not limited to: uncertainties related to exploration and development; the ability to obtain necessary permits and approvals in Chile; changes in laws, regulations, and government practices in Chile and other jurisdictions; market conditions; commodity price volatility; availability of financing; environmental and community risks; and reliance on key personnel and third-party contractors.
Although the Company believes the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct. Forward-looking statements are provided for the purpose of assisting investors and others in understanding the Company's expected plans and objectives and may not be appropriate for other purposes. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.
Cautionary Statement on Mineral Resources
Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to an indicated or measured mineral resource category.
