Updated Mineral Resource Strengthens Micro Cap's Development Plans in Chile

Globe and Mail

15-04-2025

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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