Norsemont begins phase 3 drilling at Choquelimpie

Executive Summary

• Norsemont Mining Inc. has commenced Phase 3 of its exploration drill program at its 100%-owned Choquelimpie project in northern Chile.
• The program aims to test for extensions of higher-grade hydrothermal breccia bodies at depth below the current mineral resource envelope, targeting potential deeper sulphide resources.
• The campaign involves up to 5,000 metres of diamond drilling across approximately 20 holes, utilizing two rigs operating on a 24-hour schedule through late December.

Key Details

• Project Location: Choquelimpie high-sulphidation gold-silver-copper project, northern Chile.
• Ownership: 100% owned by Norsemont Mining Inc.
• Drilling Scope: Up to 5,000 metres of diamond drilling.
• Hole Count: Approximately 20 diamond drill holes.
• Average Hole Depth: 250 metres per hole.
• Equipment: Two Longyear LF230 track-mounted diamond drill rigs mobilized by DV Drilling Ltd.
• Schedule: Drilling began immediately with the first rig on site; second rig expected next week; program continues through late December.
• Operational Mode: 24-hour schedule.
• Technical Objective: Evaluate downdip extensions of high-grade gold mineralization hosted within hydrothermal breccia zones.
• Target Zones: Choque, Vizcacha, and Suri zones.
• Geological Context: Historical production (1988–1996) focused on oxidized near-surface mineralization (20–100m depth). Phase 3 targets deeper, potentially larger sulphide resources and higher-grade zones at depth.
• Qualified Person: David Flint, MSc, AIPG-CPG, Chief Geologist of Norsemont, has reviewed and approved the technical information.
• Infrastructure: Project has existing infrastructure including roads, power, water, camp, and a 3,000-tonne-per-day mill.
• Future Milestone: Initial mineral resource estimate expected in April 2025.

Notable Quotes

• Marc Levy, CEO: "We are very excited to launch phase 3 drilling 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 high impact program will be testing higher-grade mineralization at depth in several zones such as Choque, Vizcacha and Suri. The program marks an important step forward as we continue to define the scale and continuity of mineralization across the project. With two rigs on site, we expect steady progress and consistent news flow over the coming months."