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Norsemont Mining Inc
Symbol NOM
Shares Issued 15,213,496
Close 2020-08-04 C$ 2.68
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Norsemont talks historical drilling at Choquelimpie

2020-08-05 12:40 ET - News Release

Mr. Allan Lamour reports


Norsemont Mining Inc. has provided an update on previous drilling highlights and exploration work completed on the Choquelimpie gold-silver project.

The Choquelimpie Project is a past producing, district scale, project covering an area of 5,757 ha. The project is located 185 km east of the city of Arica at an elevation 4,600 meters to 4,900 meters in the Arica-Parinacota Region in northern Chile.

The existing database of historical drilling is extensive and includes over 123,000m of drilling in 76 diamond core holes, 1657 reverse circulation holes, and 147 blastholes. These holes include dense drilling (<20-meter spacing) in the areas of identified mineralization and potential resources, plus broader exploration drilling in multiple targets within the district. Revision of this extensive database and the existing drill materials is currently underway. The average historical drilling depth of only 80 meters.

Historical Drilling Highlights at Choque Pit include:

-- DH 12: 2m of 18.963 g/t Au, 163 g/t Ag, 0.8% CU

-- DH 550: 4m of 5.7 g/t Au, 980 g/t Ag

-- DH877: 4m of 7.35 g/t Au, 223.5 g/t Ag

-- DH917: 8m of 7 g/t Au, 26 g/t Ag, 0.45% Cu

-- DH1005: 4m of 3.25 g/t Au, 145 g/t Ag, 2.7% Cu

-- DH939: 14m of 8.2 g/t Au, 2 g/t Ag

-- DH109: 20m of 6.7 g/t Au, 5 g/t Ag, 0.2% Cu

Historical Drilling Highlights at Suri Pit include:

DH977: 2m of 340 g/t Au, 127 g/t Ag, 4% Cu

DH967: 2m of 13 g/t Au, 62 g/t Ag, 0.5% Cu

DH101: 8m of 30.8 g/t Au, 1,695 g/t Ag

DH967: 6m of 7 g/t Au, 164 g/t Ag, 3.9% Cu

DH342: 6m of 9.66 g/t Au, 7.6 g/t Ag

DH965: 10m of 23.6 g/t Ag, 55.6 g/t Ag, 1.35% Cu

DH971: 16m of 7.24 g/t Au, 21.3 g/t Ag

There are 5 open pits from the mining effort of 1990-1992, the largest of which is the Choque Pit which produced most of the mined ore during the period 1990-1992.

6 additional epithermal targets have been identified, all with some drilling and intercepts of anomalous gold-silver mineralization. The following figure presents the identified target areas, named Aloya, Proa, Blanca, Milluni, Antena, and Espanola. These targets represent additional potential and will be a focus of subsequent work.

6 identified target areas and hydrothermal alteration within the Choquelimpie concessions. Oblique view looking to the north. (Graph above)

During the late 1980's and early 1990's, a joint venture amongst Royal Dutch Shell Plc, Northgate and Citibank produced approximately 400,000 oz of gold and 2 million ounces of silver. These ores were mined from the upper levels of the Choque pit.

Exploration drilling has taken place in approximately 5 square kilometers of the project area, whereas there exists approximately 27 square kilometers of hydrothermal alteration and which includes all of the indicated target areas over a strike length of 8 kilometers. It is evident that significant potential remains unexplored at Choquelimpie.

The sectors which contain the old pits Choque and Espanola are most promising, and initially represent the best apparent potential for additional gold-silver resources.

While these 2 zones (Choque and Espanola) currently appear to represent the best potential for additional gold-silver resources, there also exist 3 other pits with mineralization, 6 additional target areas, the remaining dumps with mineralization, as well as the potential for a large deep porphyry deposit.

Allan Lamour, CEO of the Company stated "The Choquelimpie project is significantly under explored and requires testing at depth and along strike. We look forward to extending the possible mineralization below the initial 80 meters and remaining 22 sq. kilometers on our concessions."

Qualified Person Confirmation - The technical information in this news release has been reviewed and approved by Darby I. Fletcher, PhD, CPG, an outside consultant to the Company, who is a Qualified Person as defined by NI 43-101.

We seek Safe Harbor.

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