Norsemont Drilling Update

Rhea-AI Summary

Norsemont Mining's (NRRSF) diamond drilling program at the Choquelimpie project in Chile is surpassing expectations. The campaign, which began in December 2021, involves two drill rigs and has already completed eight holes. This 4,000-metre drill program focuses on high-grade gold-silver targets identified in historic drilling. Initial results are expected within two weeks. VP Exploration John Currie expressed optimism about the mineralized zones found, while CEO Marc Levy indicated the potential for new mineralization areas, with plans for further exploration in 2022.

Positive

• Maiden drilling program at Choquelimpie is surpassing expectations.
• Eight drill holes completed with potential for additional mineralization.
• Initial results anticipated within two weeks, indicating strong progress.

Negative

• None.

VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Norsemont Mining Inc. (CSE: NOM, OTCQB: NRRSF, FWB: LXZ1) (“Norsemont” or the “Company”) is pleased to announce that its maiden diamond drilling program at its Choquelimpie high sulphidation epithermal gold-silver project in northern Chile is progressing better than anticipated and has surpassed the mid-way mark. Two (2) drill rigs are turning and have completed eight (8) holes to-date. This initial 4,000 metre drill campaign is anticipated to be completed before the end of December with the first set of analytical results expected within two weeks.

The 2021 drill program is targeting three areas - the Vizcacha Pit area, the Intermedio Pit area and the Choque Pit area (Figure 1), which returned high grade gold-silver intercepts in historic drilling, (news release 15^th November 2021). In addition, ongoing field mapping and 3D modelling suggests that mineralization may also be present between the historically mined pits. This program is designed to confirm historic drill results, and to test some of the areas with little or no drilling in search of additional mineralisation.

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac17e8d9-2f68-498d-9b31-fc5ad993bb7d

Norsemont’s VP Exploration John Currie states: “We are extremely encouraged by what we are seeing in both field mapping and in the drill core at Choquelimpie to date. All drill holes completed have intersected mineralised zones similar to those found in historic drilling and have confirmed our field mapping and project-scale model.

Marc Levy, CEO of Norsemont, said, “We’re excited to be advancing on our initial diamond drill program at Choquelimpie in order to test our thesis of significantly increasing the mineralisation at depth and along strike. We have also identified several new zones, which will be further explored in our phase two drilling program in 2022. The geophysical surveying has identified a 2.2kilometre-long anomalous zone connecting each of our existing pits. These are exciting times for all of our stakeholders and we hope to announce initial drill results this month.”

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 project in northern Chile, a previously permitted gold and silver mine. Choquelimpie has over 1,700 drill holes, with significant existing infrastructure.

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 Relation: Paul Searle  

(778) 240-7724

psearle@citygatecap.com

Forward-Looking Information

This release includes certain statements that are deemed "forward-looking statements". All statements 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 are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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.

FAQ

What are the latest updates on Norsemont Mining's NRRSF drilling program?

Norsemont Mining's drilling program at the Choquelimpie project has completed eight holes and shows promising results, with initial analytical results expected soon.

Where is Norsemont Mining's Choquelimpie project located?

The Choquelimpie project is located in northern Chile and is focused on high-grade gold-silver mineralization.

What is the expected timeline for results from Norsemont Mining's drilling program?

Initial analytical results from the current drilling program are expected within two weeks, with the program scheduled for completion by the end of December.