Norsemont collars hole MV25-DD01 at Choquelimpie

Executive Summary

• Norsemont Mining Inc. has commenced the first diamond drill hole (MV25-DD01) of its Phase 3 exploration program at the 100%-owned Choquelimpie project in northern Chile.
• The Phase 3 program involves up to 5,000 metres of diamond drilling across up to 20 holes, targeting higher-grade gold mineralization in the Vizcacha hydrothermal breccia and downdip extensions of existing resources.
• Management is nearing completion of an engineering report for a 3,000 tpd plant and expects to provide an update on the near-term production strategy this quarter.

Key Details

• Drill Hole Initiation: The initial hole, MV25-DD01, has collared at coordinates E473,285, N7,975,980, with an elevation of 4,694 metres.
• Hole Specifications: The hole is oriented at an azimuth of 275 degrees, inclined at 70 degrees, with a target depth of 225 metres.
• Target: The hole targets higher-grade gold mineralization hosted in the Vizcacha hydrothermal breccia, specifically exploring the zone to depth below the area covered by the April 2025 resource model.
• Program Scope: The Phase 3 program comprises up to 5,000 metres of diamond drilling (DDH) utilizing two diamond drill rigs. It is designed to evaluate downdip extensions of high-grade gold mineralization within hydrothermal breccia zones.
• Rig and Schedule: DV Drilling Ltd. is operating a Longyear LF230 truck-mounted diamond drill rig on a 24-hour schedule. Drilling is scheduled to continue through late December.
• Ass Laboratory: Drill core will be assayed at Activation Geological Services SpA (AGS) in Coquimbo, Chile, which holds ISO 17025 certification.
• Qualified Person: The technical information was reviewed and approved by David Flint, MSc, AIPG-CPG, chief geologist of Norsemont Mining.
• Project Context: Choquelimpie is a past-producing gold and silver mine with over 143,000 metres drilled in 1,710 holes. It features existing infrastructure including roads, power, water, a camp, and a 3,000 tpd mill.

Notable Quotes

• Marc Levy, CEO: "We are very excited to collar the first hole of the phase 3 drilling program at Choquelimpie, where our recent work has highlighted significant potential for higher-grade gold zones at depth beneath the current resource and along strike. This potential high-impact hole will test previously indicated higher-grade mineralization hosted in the Vizcacha hydrothermal breccia. We are also nearing completion of the engineering report on our 3,000 tpd plant and expect to deliver a update on our near-term production strategy this quarter."