(TheNewswire)
Vancouver, B.C. - TheNewswire- March 2 nd , 2022 – Norsemont MiningInc. (CSE:NOM ) , ( OTC:NRRSF ) , ( FWB:LXZ1) ( “ Norsemont ” or the “ Company ” ) is pleasedto announce the second tranche of results from its 2021 maiden diamonddrilling program at the company’s Choquelimpiehigh sulphidation epithermal gold-silver project in northern Chile.
Highlights:
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1.43 grams per tonne (“g/t”) gold(“Au”) over 63.0 metres (“m”), including 2.01 g/t Au over35.0m deepening known high-grade gold mineralisation at Vizcacha(MV21-003).
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0.71 g/t Au, 10.7 g/t silver(“Ag”) over 115 m, (0.84 g/t gold equivalent “AuEq”*)extending and opening up new zones of mineralisation north-east of theChoque Pit (MV21-006).
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Including 0.83 g/t Au, 39.6 g/t Ag,(1.32 g/t AuEq, oxide) over 19.0 m and 0.63 g/t Au, 31.8 g/t Ag, (1.02g/t AuEq, oxide) over 14.0 m (MV21-006).
In Q4 2021 two (2) drill rigs completed ten (10)diamond drill holes for a total of 3,144.1 meters drilled, prior tothe temporary suspension of the drilling operations due to the earlyonset of the Altiplano winter (Figure 1).
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Figure 1: Choquelimpie historic openpits and drill holes, with Norsemont’s 2021 drill hole locations.Holes with results reported here are highlighted in yellow.
The second batch of analytical results for the program have beenreceived from Andes Analytical Laboratories and correspond to diamond drill holes MV21-003, MV21-005 andMV21-006 . A detailed plan map of holes MV21-003and 005 and a table of significant gold intercepts** is shown below inFigure 2.
*Gold equivalent (AuEq) is used forillustrative purposes, to express the combined value of Au and Ag as apercentage of Au. AuEq is calculated using 80:1 silver to gold ratiowhere AuEq = Au + (Ag*0.012). No allowances have been made toaccommodate potential recovery losses that would occur in a miningscenario.
** Significant gold intercepts arethose with >0.3 g/t Au, maximum 4m continuous internal dilution,AND >10 gram-metres; Grades are core-length weighted and rounded totwo decimal places. True width is estimated at 75-95% of corelength.
Figure 2: Plan Map of the VizcachaPit with location of significant gold intercepts in drill holesMV21-003 & MV21-005 ( thisnews release , red text) andpreviously reported holes MV21-002 and MV21-004 (black text).
Diamond drill hole MV21-003 tested theeastern strike and depth extent of high-grade breccias observed in theVizcacha Pit. A high-grade zone coincides with hydrothermal matrixbreccia (HBX) and comprises disseminated and infilling pyritemineralisation with advanced argillic quartz-dickite-alunite(±pyrophyllite) alteration. This zone returned 63m (150-213m) grading1.43 g/t Au, including 35 m (155-190m) grading2.01 g/t Au, Figure 3.
Diamond drill hole MV21-005 tested thewestern strike and depth extent of high-grade breccias seen in theVizcacha Pit, and the southern edge of an IP chargeability anomalypossibly related to a porphyry at depth. The top half of the hole cutsseveral short intervals of 0.2-0.7 g/t Au, possibly related to theroots of the hydrothermal breccia (HBX). More importantly, at 240-340meters down-hole, the hole cuts dykes of phyllic-altered daci-andesiteporphyry cut by an incipient stockwork of porphyry-style A and Bveinlets with anomalous base metals, gold (weighted average 0.2 g/t)and molybdenum (weighted average 45 ppm), Figure 4.
Figure 3: Cross-section A-A’through drill hole MV21-003 showing significant gold intercepts andpreliminary geological interpretation of the hydrothermal brecciabodies.
Figure 4: Drill core from MV21-005showing Vizcacha Porphyry, cut by multiple generations of A and Bveins; A and B – 322.6m, C – 347.2m, D – 350.8m.
Marc Levy, Norsemont’s CEO comments, “I am verypleased with the outcome of our first few drillholes and theadditional oxide mineralisation. Finding a possible porphyry so earlyin our campaign is a testament to our technical team. We are nowencountering mineralisation below 70 meters where the bulk of theprevious drilling ended, and now have the prospect of a gold andcopper porphyry at depth. The potential value this could bring to theCompany in the coming months is exciting.”
This porphyry has been named the “VizcachaPorphyry” (DPV) and has been observed in outcrops to the north andwest of the Vizcacha Pit. Follow-up surface mapping and sampling isnow underway to better understand this potentially important unit andprovides the first evidence of a porphyry system flanking andunderlying the Choquelimpie epithermal deposit.
Drill hole MV21-006 tested the north-eastwards extension ofmineralisation from the Choque Pit, (Figure 5).
Figure 5: Plan Map of the Choque Pitwith location of significant gold intercepts in drill hole MV21-006( this news release , red text).
Figure 6: Cross-section B-B’through drill hole MV21-006 showing significant gold intercepts andpreliminary geological interpretation of the hydrothermal brecciabodies.
Hole MV21-006 cuts advanced argillically alteredhydrothermal breccia (HBX) with infill of grey silica-pyrite (Figure6). Significant gold and silver intercepts coincide with hydrothermalbreccia and include 19m (68-87m) grading 0.63 g/t Au, 31.8 g/t Ag,(1.02 g/t AuEq) as oxide and 115m (109-224m) grading 0.71 g/t Au, 10.7g/t Ag, (0.84 g/t AuEq) including 14m (109-123m) grading 0.83 g/t Au,39.6 g/t Ag, (1.32 g/t AuEq), as oxide.
John Currie, Norsemont’s VP of Exploration states “These new diamond drilling results continueto demonstrate the upside potential of the Choquelimpie epithermaldeposit and provide evidence for the existence of relatedporphyry-style mineralisation. We are looking forward to the nexttranche of assay results from the drilling, and the results of surfacemapping and sampling of the Vizcacha Porphyry”.
Drill core for the Choquelimpie 2021 drill program is collecteddirectly from the drill site by SCM Vilacollo geologists andtechnicians and taken to the core shack at the Choquelimpie camp.Drill core is then logged, photographed, and sampled by SCM Vilacollostaff who insert certified reference materials into the samplingsequence when/where appropriate. Sample lengths are marked at 1.0metre intervals and the core is cut by a diamond blade rock saw, withhalf of the cut core placed in individual bar-code numberedpolyurethane bags and half placed back in the original core box forpermanent storage. The sample bags are then sealed and placed insecurity-sealed sacks before delivery by SCM Vilacollo staff to theAndes Analytical Laboratory (AAA) sample receiving facilities inArica, Chile.
All drill core splits reported in this news release were analysed atAAA in Santiago, Chile utilising their ICP_AES_HF38m1 analyticalpackage. This comprises a four-acid digestion followed by a 38-elementICP-MS scan, in conjunction with the AEF_AAS_1E42 40g Fire Assay withAAS finish for gold on all samples.
Samples that return values >10 ppm gold from fire assay and AAS aredetermined by using fire assay and a gravimetric finish (lab codeAEF_GRV_1E43). Samples that return values >5,000 ppm for copper and>400 ppm silver by ICP analysis are determined by four aciddigestion AAS finish assay (lab codes 4A-HF_AAS_1E13_ppm and4A-HF_AAS_1E08_0.25-100 respectively).
The information presented in this news release was collected andprepared by SCM Vilacollo staff in accordance with Canadian regulatoryrequirements as set out in National Instrument 43-101. QA/QC for theanalytical results was reviewed by Mr. Enrique Grez, an independentqualified person, registration number 0015 of the ComisiónCalificadora de Recursos y Reservas Mineras de Chile, and a QualifiedPerson as defined in National Instrument 43-101, Standards forDisclosure for Mineral Projects.
Mr. Art Freeze, P.Geo, Director of Norsemont Mining as well as aqualified person as defined by National Instrument 43-101, hassupervised the preparation of the technical information in this newsrelease.
Norsemont has agreed to issue 284,772 Shares (the " Debt Shares ") on a"shares-for-debt" basis in settlement of debts of $212,813(the " Debt ") owingto Inversiones ZT Financial Group SpA and Paul Fornazzari (the“ Creditors ”). The DebtShares are being issued at a deemed price of $0.75 per share, inaccordance with the policies of the CSE.
About Norsemont Mining Inc.
Norsemont comprises experienced natural resourceprofessionals focused on growing shareholder value and developing itsflagship project through to bankable feasibility. Norsemont Miningowns a 100-per-cent interest in the Choquelimpie gold-silver projectin northern Chile, a previously permitted gold and silver mine.Choquelimpie has over 1,700 drill holes, with significant existinginfrastructure.
On behalf of the Board of Directors,
NORSEMONT MINING INC.
Marc Levy
CEO & Chairman
For more information, please contact the Company at:
Telephone: (604) 669-9788; Facsimile: (604)669-9768
Investor Relations
Paul Searle
Citygate Capital Corp
Phone: (778) 240-7724
psearle@citygatecap.com
Forward-Looking Information
This release includes certainstatements that are deemed "forward-looking statements". Allstatements in this release, other than statements of historical facts,that address events or developments that Norsemont expects to occur,are forward-looking statements. Forward-looking statements arestatements that are not historical facts and are generally, but notalways, identified by the words "expects","plans", "anticipates", "believes","intends", "estimates", "projects","potential" and similar expressions, or that events orconditions "will", "would", "may","could" or "should" occur. Although the Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Factors thatcould cause the actual results to differ materially from those inforward-looking statements include changes to commodity prices, mineand metallurgical recovery, operating and capital costs, foreignexchange rates, ability to obtain required permits on a timely basis,exploitation and exploration successes, continued availability ofcapital and financing, and general economic, market or businessconditions. Investors are cautioned that any such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those projected in the forward-lookingstatements. Forward-looking statements are based on the beliefs,estimates and opinions of the Company's management on the date thestatements are made. Except as required by applicable securities laws,the Company undertakes no obligation to update these forward-lookingstatements in the event that management's beliefs, estimates oropinions, or other factors, should change.
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.
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