Norsemont Mining Announces the Discovery of new Porphyry-related Cu-Au-Mo Mineralisation at Constancia Project in Peru



    
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    Surface samples up to 7.84 gpt Au, 2.1% Cu and 765 ppm Mo
    

    TORONTO, and LIMA, Peru, June 10 /CNW/ - Norsemont Mining Inc. ("the
Company") (TSX: NOM, BVL: NOM) today announced the discovery of new
porphyry-related copper, molybdenum and gold mineralization at the Company's
100-percent controlled Constancia Project in south-eastern Peru. The recently
discovered Chiloroya South area, with dimensions of 3.5km by 3.5km is located
about 5.5 kilometres south of the Constancia-San Jose deposit, within a 3 km
wide, southwest-oriented mineralized corridor that includes the Cu-Au-Mo
Pampacancha discovery, reported on January 27, 2009.
    Evaluation at Chiloroya South began in March 2009, including mapping at
1:2000 and 1:5000 scale, as well as the collection of more than 700 rock
samples. The mineralization and alteration is coincident with several
chargeability and magnetic anomalies.
    Strong evidence of porphyry-related copper-gold-molybdenum mineralization
occurs at the southern sector in an area of about 2.5km by 2km. Scattered
outcrops of fine-grained siltstones and felspatic sandstones are the host for
the mineralization exposed on surface. At the western sector a series of
east-west-oriented quartz-limonite brecciated structures hosted by feldspatic
sandstones occur in an area of about 500 metres by 500 metres. On the crest of
the hill oxidation and leaching of former sulphides have been strong, leaving
limonite crusts and gossanous areas where former sulphides were massive.
Evidence of copper oxide mineralization is observed about 50 metres down slope
where copper oxides precipitated on fractured surfaces in feldspatic
sandstones, visible at only few tens of centimetres below surface.
    Of 152 rock samples taken from this area, 52% returned values from 0.1 up
to 7.84 gpt Au (averaging 0.89 gpt Au), 85% were anomalous in copper,
returning from 70ppm up to 1.33% Cu and 40% were anomalous in molybdenum, with
values in the order of 10 up to 446ppm Mo. This area is coincident with a
magnetic high and a composite 800 metre by 900 metre chargeability anomaly,
the latter extending westward to an area covered by post-mineral quaternary
deposits.
    One kilometre to the south, there is another hill containing several
south-east-oriented quartz-tourmaline-limonite brecciated structures which
occur in an area of 750 metres by 340 metres. Most of the quartz-tourmaline
structures are emplaced mainly concordant with the sediments. Evidence of
multistage brecciation events have been seen on the outcrops, including
massive quartz-tourmaline replacements, quartz-tourmaline-limonites (after
sulphides) matrix-supported breccias and massive limonites (sulphides)
brecciated structures. A total of 48 samples were collected directly from the
quartz-tourmaline breccias, where 79% were anomalous in gold, from 0.1 up to
5.32 gpt Au; 65% anomalous in copper, from 71 up to 693 ppm and 53% anomalous
in molybdenum, from 8 up to 75ppm Mo. This area lies within a large, 1,000
metre by 900 metres chargeability anomaly at depth, partly coincident with a
high magnetic anomaly. Extending below the post-mineral quaternary alluvium
westward of the edge of the breccia outcrops, two composite,
north-south-oriented, 1,200 metre by 800 metre chargeability anomalies occur.
    About 2 kilometres to the northeast of the quartz-tourmaline breccias a 2
metre wide, south-southwest-oriented, quartz-sericite-altered felsic porphyry
is emplaced discordantly within fine-grained hornfelsified siltstones. The
felsic porphyry is strongly altered, showing randomly-oriented quartz veinlets
and carrying pyrite, chalcopyrite and bornite. Three samples taken from the
porphyry dyke returned up to 2.1% Cu, 32ppm Mo and 265ppb Au. The porphyry is
thought to be associated with a 500 metre by 700 metre chargeability anomaly
located to the east of the porphyry outcrop. There are several copper
occurrences hosted by the Chiloroya sediments associated with shear zones and
vein-like structures. Approximately 500 metres southwest of the felsic
porphyry there is an open cut exposing green copper oxides with
randomly-oriented chalcopyrite veinlets. Mineralization is not well exposed on
surface, but starts to be clearly defined just 0.50 metres below surface. Five
samples taken from this area returned up to 1.49% Cu, 2.88 gpt Au and 521 ppm
Mo. The maximum molybdenum value coming from this type of structures attained
765ppm.
    Commenting, Norsemont President and COO, Robert Baxter, said: "The
discovery of these new areas is testament to the high exploration upside
potential for the Constancia project. Recent work has confirmed the presence
of a cluster of copper-gold-molybdenum deposits associated with the
Constancia-San Jose system. The significant areal extent of mineralization
reported for Chiloroya South suggests the strong potential for a large
copper-gold-molybdenum system at depth."
    While the Company's current activities are focussed on completing the
Definitive Feasibility Study on the Constancia - San Jose deposit, these new
discoveries made in Chiloroya South, and the previously reported Pampacancha
discoveries demonstrate the potential to increase the global resource at the
Constancia project. Maps showing the results of the extended 2008 geophysical
program and the 2009 geological mapping and sampling including geochemical
results will be posted to the Company's website in due course.
    The geological studies at the Constancia project are being supervised by
Mr. Gaston Loyola Vice President of Exploration and MAusIMM, Norsemont's
Qualified Person as defined by NI 43-101. The sampling program includes an
extensive quality control program for assaying which includes the systematic
use of standards, blanks, and field duplicate samples. Secondary laboratories
are also used for check assaying.

    About Norsemont Mining

    Norsemont Mining is a Canadian mineral exploration and development
company focused on the 100 percent-controlled Constancia Cu-Mo-Ag-Au deposit
in southern Peru.
    The Constancia Project currently has a 43-101 compliant indicated
resource of 256.3M tonnes at 0.5% Cu (2.85 Billion lbs Cu) and an inferred
resource of 156.5M tonnes at 0.33% Cu (1.14 Billion lbs Cu). A scoping study
completed in December 2007 anticipates a project producing in excess of 90,000
tonnes of copper annually. The study indicates the project has a net present
value of $530 million and an internal rate of return of 25.3 percent. The
following long-term commodity price assumptions were used in the study: copper
$1.80 per pound, molybdenum $12 per pound and silver $11 per ounce. The full
study, dated December 11, 2007, and titled "Preliminary Assessment of the
Constancia Project, Department of Cusco, Peru" is available for viewing on
SEDAR. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
    The technical information provided in this press release was reviewed and
approved by Robert. W. Baxter (MAusIMM), the President and a director of the
Company and a qualified person for the purposes of National Instrument 43-101.





For further information:

For further information: Patrick Evans, Norsemont Mining, Phone: (416)
670-5114, E-Mail: investors@norsemont.com, Web Site: www.norsemont.com

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NORSEMONT MINING INC.

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