Updated Mineral Resource Strengthens Micro Cap's Development Plans in Chile
Updating a Mineral Resource Estimate is crucial for advancing a mining project through economic studies and development planning. Not only is it important because it reflects the most recent drilling data and geological insights, giving a more accurate picture of the mineral deposit but it builds investor confidence, adds value to the project, and shows that the company is actively progressing toward production.
That's exactly what was announced today when Norsemont Mining Inc. (CSE: NOM) (OTCQB: NRRSF) released an updated Mineral Resource Estimate (MRE) for its Choquelimpie Gold-Silver-Copper Project in Northern Chile. The new MRE outlines 2,184,000 indicated and 557,000 inferred gold equivalent ounces. The update was based on additional drilling and geological reinterpretations, highlighting the project's potential and reaffirming Norsemont's 100% ownership of the site through its Chilean subsidiary, Sociedad Contractual Minera Vilacollo.
The breakdown of the MRE includes 81,888,000 tonnes of indicated resources grading 0.83 g/t gold equivalent (AuEq), with 1,731,000 ounces of gold, 33,233,000 ounces of silver, and 50,867,000 pounds of copper. Inferred resources stand at 25,267,000 tonnes grading 0.69 g/t AuEq, containing 446,000 ounces of gold, 7,219,000 ounces of silver, and 19,104,000 pounds of copper. The updated estimate incorporates 3,144 meters of new drilling conducted in 2021 and improved modeling of oxidation zones.
'This updated Mineral Resource Estimate of 2,184,000 indicated and 557,000 inferred gold equivalent ounces marks a significant milestone for Norsemont and provides a strong foundation as we advance Choquelimpie toward development,' said Marc Levy, President and CEO. He emphasized the enhanced confidence in the resource and the project's growth potential.
Moving forward, Norsemont will continue drilling in oxide and sulfide zones, as well as conduct metallurgical testing and economic studies to support a Preliminary Economic Assessment.
Shares of NOM were trading up 16.67% at $0.245 while U.S. listed shares (NRRSF) were surging 27.14% at $0.178 in late-morning trading.
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A high-resolution Unmanned Aerial Vehicle ("UAV") magnetic survey completed by NiCAN in 2022 was instrumental in reinterpreting the geology and resulted in a new structural model based on the three-dimensional inverted data. The data indicates that the syncline is significantly more structurally complicated than was historically believed and is comprised of two synclines on the east and west edges with an anticline in the middle. More importantly, the parasitic fold closures are in an ideal location to concentrate massive sulphides (Figure 3 and Figure 4). Pipy South is located on the lower limb of a refolded structure (nappe), which hosts the Thompson T1 and T3 deposits further to the west. The historical Birchtree and Pipe nickel mines (150Mt at 2.32% Ni) are on strike with Pipy South, on the same folded lower limb of the structure (nappe). 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Forward-looking information includes, but is not limited to, the size and timing of the drill program, results of the drill program, interpretations of the various surveys, NiCAN's ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of the properties of the Company; future commodity prices (including in relation to NiEq calculations); drilling and other exploration potential; costs; and permitting. Forward-looking information may be characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information includes changes in market conditions, fluctuating metal prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses and permitting disputes and/or delays. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information. SOURCE Nican Ltd.
