NRRSF - Norsemont Hires Resource Development Associates for NI 43-101 Resource Estimate
(TheNewswire)
Vancouver, B.C. - TheNewswire - September 28, 2020 - Norsemont Mining Inc.(CSE: NOM ) (CNSX:NOM.CN)( OTC : NRRSF ) ( FWB: LXZ1) ( " Norsemont " or the " Company " ) is pleased to announce thatResource Development Associates Inc. ("RDA" or "Wilson") has been selected toauthor an initial National Instrument 43-101 resource estimate for itsChoquelimpie project, in Northern Chile.
Mr. Scott Wilson will author the report. He proposes to takeresponsibility as the independent Qualified Person (" QP ") for the project. Wilsonwill import, update and validate all existing digital data for theproject. The current drilling data, which the resource estimate willbe based upon, contains 917 RC holes, 147 blastholes, 740 sonic holesand 74 diamond core holes.
Mineral resources for the p roject will be estimated according to CIMdefinition standards. Resources will be determined by developinggeneral statistical models and geostatistical models of the drillingdatabase assays. Estimation parameters will be evaluated in order tofind the best statistical representation of the assay data for theproject. This will include inverse distance and kriging estimates. We anticipate the initial report would be completed thisquarter.
A program of core re-assaying and confirmation drilling may berecommended as a first phase recommendation as described by NI 43-101.Resources will meet the CIM defined test of "the reasonableprospects of eventual economic extraction," based on pitconstraining parameters. Mining and processing costs, typical forChile will be incorporated in the evaluation of the "reasonableprospects" test.
Marc Levy, CEO of Norsemont said; "This is an important milestoneto get the initial resource estimate brought up to 43-101 standards atChoquelimpie. This will give us an outline of the work to be completedover the next year to unlock further value for our shareholders."
About Norsemont Mining
We are experienced natural resource professionalsfocused on growing shareholder value and fast tracking our flagshipproject to bankable feasibility. Norsemont Mining owns a 100%interest in the Choquelimpie Gold - Silver Project in Northern Chile,a previously active gold and silver mine.
On behalf of the Board of Directors,
NORSEMONT MININGINC.
Marc Levy
CEO & Chairman
For more information, please contactthe Company at:
Telephone: (604)669-9788; Facsimile: (604) 669-9768
Neither the CanadianSecurities Exchange nor its Regulation Services Provider (as that termis 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 authorityhas approved or disapproved the information contained herein.
Forward-looking Statements:
This news releasecontains forward-looking statements and forward-looking information(collectively, "forward-looking statements") within themeaning of applicable Canadian legislation. All statements in thisnews release that are not purely historical are forward-looking statements andinclude statements regarding beliefs, plans, expectations andorientations regarding the future including, without limitation, theintended use of proceeds of the Private Placement. Although theCompany believes that such statements are reasonable and reflectexpectations of future developments and other factors which managementbelieves to be reasonable and relevant, the Company can give noassurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as:"believes", "expects", "anticipates","intends", "estimates", "plans","may", "should", "would","will", "potential", "scheduled" orvariations of such words and phrases and similar expressions, which,by their nature, refer to future events or results that may, could,would, might or will occur or be taken or achieved. In making theforward-looking statements in this news release, the Company hasapplied several material assumptions.
Forward-lookingstatements involve known and unknown risks, uncertainties and otherfactors which may cause the actual results, performance orachievements of the Company to differ materially from any futureresults, performance or achievements expressed or implied by theforward-looking information. Such risks and other factors include theinability of the Company to execute its proposed business plan andcarry out planned future activities. The novel coronavirus andCOVID-19 pose new risks that are currently indescribable andimmeasurable. Other factors may also adversely affect the futureresults or performance of the Company, including general economic,market or business conditions, the future price of gold, changes inthe financial markets and in the demand for gold, changes in laws,regulations and policies affecting the mineral exploration industry,as well as the risks and uncertainties which are more fully describedin the Company's annual and quarterly management's discussion andanalysis and in other filings made by the Company with Canadiansecurities regulatory authorities under the Company's profile atwww.sedar.com. Readers are cautioned that forward-looking statementsare not guarantees of future performance or events and, accordingly,are cautioned not to put undue reliance on forward-looking statementsdue to the inherent uncertainty of such statements.
Theseforward-looking statements are made as of the date of this newsrelease and, unless required by applicable law, the Company assumes noobligation to update the forward-looking statements or to update thereasons why actual results could differ from those projected in theseforward-looking statements.
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