Norsemont Hires Resource Development Associates for NI 43-101 Resource Estimate
Vancouver, September 28, 2020 - Norsemont Mining Inc. (CSE:NOM) (CNSX:NOM.CN) (OTC:NRRSF) (FWB:LXZ1) ("Norsemont" or the "Company") is pleased to announce that Resource Development Associates Inc. ("RDA" or "Wilson") has been selected to author an initial National Instrument 43-101 resource estimate for its Choquelimpie project, in Northern Chile. Mr. Scott Wilson will author the report. He proposes to take responsibility as the independent Qualified Person ("QP") for the project. Wilson will import, update and validate all existing digital data for the project. The current drilling data, which the resource estimate will be based upon, contains 917 RC holes, 147 blastholes, 740 sonic holes and 74 diamond core holes.
Mineral resources for the project will be estimated according to CIM definition standards. Resources will be determined by developing general statistical models and geostatistical models of the drilling database assays. Estimation parameters will be evaluated in order to find the best statistical representation of the assay data for the project. This will include inverse distance and kriging estimates. We anticipate the initial report would be completed this quarter.
A program of core re-assaying and confirmation drilling may be recommended as a first phase recommendation as described by NI 43-101. Resources will meet the CIM defined test of "the reasonable prospects of eventual economic extraction," based on pit constraining parameters. Mining and processing costs, typical for Chile will be incorporated in the evaluation of the "reasonable prospects" test.
Marc Levy, CEO of Norsemont said; "This is an important milestone to get the initial resource estimate brought up to 43-101 standards at Choquelimpie. This will give us an outline of the work to be completed over the next year to unlock further value for our shareholders."
About Norsemont Mining
We are experienced natural resource professionals focused on growing shareholder value and fast tracking our flagship project to bankable feasibility. Norsemont Mining owns a 100% interest in the Choquelimpie Gold - Silver Project in Northern Chile, a previously active gold and silver mine.
On behalf of the Board of Directors,
Marc Levy
CEO & Chairman
For more information, please contact the Company at:
Telephone: (604) 669-9788; Facsimile: (604) 669-9768
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-looking Statements:
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the intended use of proceeds of the Private Placement. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plan and carry out planned future activities. The novel coronavirus and COVID-19 pose new risks that are currently indescribable and immeasurable. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, the future price of gold, changes in the financial markets and in the demand for gold, changes in laws, regulations and policies affecting the mineral exploration industry, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
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