Drill Results Routine +

Norsemont Reports Significant Copper, Lead & Zinc Values in Three Choquelimpie Drill Holes

Choquelimpie Drill Results Confirm Base Metal Potential Amidst Re-Assay Uncertainty

By The Northwire Desk — AI Analysis Apr 24, 2026 · 09:00 NOM · 1.42 Norsemont Mining Inc.

Executive Summary

Date: April 24, 2026.
Event: Release of Phase 3 drill results from three holes (DD01, DD02, DD03) at the Choquelimpie project in Chile.
Key Findings:
- Hole DD03 (Choque Zone): 24 meters averaging 0.95 g/t AuEq plus 0.29% Cu; Pb-Zn mineralization at multiple depths.
- Hole DD01 (Vizcacha Zone): 4 meters of elevated AuEq 2.85 g/t, plus significant Pb (3.23%) and Zn (11.90%).
- Hole DD02 (Vizcacha Zone): 29 meters of 1.89 g/t AuEq; Ag-Pb-Zn intersections noted deeper in the hole.
Operational Status: Phase 3 program has completed 7 holes (~1,650 meters) of a planned ~5,000 meters.
Assay Caveat: Samples exceeding concentration limits (Ag > 100 ppm, Cu > 10,000 ppm, etc.) are being re-assayed using atomic absorption spectrometry (AA). Initial results were via ICP.
Corporate Action: Extended marketing service agreement with Native Ads Inc. for up to US$200,000 over 12 months.

Material Impact

Positive Confirmation: The news confirms the presence of copper, lead, and zinc alongside gold/silver, supporting management's thesis of a potential porphyry system mentioned in February 2026 updates. This diversifies the economic model beyond just Au-Ag.
Grade Context: While base metal values are high (e.g., 11.90% Zn), the gold equivalent grades reported here (0.95 g/t to 2.85 g/t) are generally consistent with or slightly lower than the standout intercepts from February 2026 (which showed 94m @ 1.26 g/t Au). This suggests incremental progress rather than a discovery that fundamentally alters the resource model overnight.
Re-Assay Risk: The need to re-assay "over-limit" samples introduces a short-term delay in finalizing grades. Critical analysts view this as a minor risk; while it ensures accuracy, it prevents immediate valuation updates until AA results are released.
Marketing Spend: The extension of the Native Ads agreement ($200k) is a cash outflow. While necessary for investor awareness, it represents burn rate that must be weighed against the $37M+ capital raised previously. It does not add intrinsic value to the asset.
Conclusion: This is expected operational progress following the April 15 announcement of drilling resumption. It validates previous high-grade trends without exceeding them significantly. Hence, Routine - Positive.

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Company Overview

Company: Norsemont Mining Inc. focuses on the advancement of the Choquelimpie Gold-Silver-Copper project in northern Chile.
Flagship Project: Choquelimpie (100%-owned). Historically produced oxide ore from 1988-1996. Current focus is on expanding sulfide resources and testing deeper porphyry potential.
Resource Estimate (April 2025): Indicated: 1,730,000 gold oz & 33,233,000 silver oz; Inferred: 446,000 gold oz & 7,219,000 silver oz.
Development Stage: Exploration/Early Development. Planning oxide stockpile processing and deeper drilling.

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