Shares Issued and Outstanding: 70,164,619
TORONTO and LIMA, Peru, Oct. 29 /CNW/ - Norsemont Mining Inc. ("the Company") (TSX: NOM, BVL: NOM) today announced that an aggressive exploration drilling campaign is set to commence on four new discoveries at the Company's 100 percent controlled Constancia copper-moly-gold-silver project in southern Peru. All four discoveries are within close proximity to Norsemont's Constancia - San Jose deposit, which was the subject of a recently completed definitive feasibility study.
Drilling will resume in mid November at the Pampacancha Cu-Au-Mo porphyry-related skarn prospect located 2 km SE of the Constancia pit outline. This exploration campaign will also include the Yanaccaca Cu-Mo skarn discovery, immediately to the north of the Constancia pit outline, and the Uchucarco Cu skarn anomaly located 3.2 km NW of the Constancia pit outline. Drilling of the Chilloroya South Cu-Mo-Au porphyry copper discovery, located 5 km south of the Constancia pit, will commence in early 2010.
During November and December 2009, a minimum 2,000 metres of diamond drilling is planned at Pampacancha, with an additional 3,000 metres planned for the first two months of 2010. Chiloroya South will be drill tested by a reconnaissance phase-one 5,000 metre reverse circulation drilling program. Based on results from the phase one drill program additional drilling is budgeted for 2010 to delineate and estimate resources for the mineralized areas. The company has budgeted a minimum of $6.8 million for this two phased program over the next 8 to 10 months. Further drilling may be warranted depending on the success of the program.
Commenting, Norsemont President and COO Bob Baxter said: "The four recent discoveries at Constancia have the potential to add materially to our current resource. Our vision remains to double our current global resource at Constancia to more than 800 million tonnes. The targets for the current drill program are all within close proximity of our first deposit. The majority of our Constancia leases remain unexplored, with mapping only completed over approximately 25% of the 22,532 hectares".
Pampacancha is a high grade Cu-Au skarn target. Outcropping copper oxides in skarn bodies highlight the potential for significant copper mineralisation. Additionally, high-grade gold and silver mineralization associated with veins, shear zones and limestone replacements occur in an area of about 6 square kilometres. The longest structure can be projected up to one kilometre in length. Gold and silver returned values as high as 39 grams per tonne gold and 38 ounces per tonne silver.
Porphyry-related, high-grade Cu-Au-Mo skarn mineralization was intercepted during 2008 reconnaissance drilling at the eastern sector of the area in holes drilled from platforms located 400 metres apart (PR-08-008, PR-08-010, PR-08-011 and PR-08-012). Highlights from the 2008 drilling campaign indicate two main intercepts from drill hole PR-08-008 within the skarn body of 43.50m at 2.86% Cu-Eq* from a depth of 112.50m to 156m and 43.50m at 1.19% Cu-Eq from a depth of 196.50m to 240.00m. Both intervals being estimated using internal dilution of 5m and minimum mineral interval of 10m (refer to the Company's January 27, 2009 News Release). However, re-estimation of grades from the same hole using up to 9m internal dilution and cut-off of 0.2% Cu-Eq returned 186.0m at 1.29% Cu-Eq from a depth of 103.50m to 289.50m.
* Copper equivalent values (CuEQ) are estimated using long-term metal
prices including: copper US$1.80 per lb, molybdenum US$12.00 per lb,
and silver US$11 per oz and gold US$650 per oz. Adjustment factors to
account for differences in relative metallurgical recoveries for
copper, molybdenum and silver will depend upon the completion of
definitive metallurgical testing. CuEQ equals Cu percent plus
Mo percent times (8.00/1.20) plus Ag grams per tonne times
0.24/(1.20*22.05). All mineralized intercepts are at least
10 meters long and accept intervals of up to 5 meters internal
Yanaccaca is a large, approximately 1,000 x 400 metres magnetic anomaly with a north-south orientation, coincident with the border of a similarly oriented resistivity low IP anomaly. Previous reconnaissance drilling intercepted mineralisation in two holes, the first a zone of 38.7m with an average of 1.6% Cu and 9 g/t Ag and the second a zone of 128.7m at 0.8% Cu and 12 g/t Ag. The host to the mineralisation is a magnetite-bearing skarn. The current drill program is designed to better define the Yanaccaca anomaly.
The Chilloroya South prospect is a cluster of strong chargeability anomalies with dimensions of up to 1,000 x 900 metres over an area of about 4km by 3km. Strong evidence of porphyry-related copper-gold-molybdenum mineralisation over an area of about 2.5km by 2km where Cu-Mo-Au mineralization is hosted by scattered outcrops of fine-grained siltstones and felspatic sandstones crosscut by strongly leached quartz-limonite brecciated structures, which reported geochemical results up to 7.84 g/t Au, 1.33% Cu and 446 ppm Mo. A series of strongly leached quartz-tourmaline-limonite brecciated structures with evidence of multistage brecciation carrying up to 5.32 g/t Au, 693 ppm Cu and 75ppm Mo, and the occurrence of a 2m-wide quartz-sericite-altered felsic porphyry emplaced discordantly within fine-grained hornfelsified siltstones and showing randomly-oriented quartz veinlets carrying pyrite, chalcopyrite and bornite, which returned up to 2.1% Cu, 32 ppm Mo and 265 ppb Au.
The Uchucarco discovery consists of a magnetic anomaly at least 1 km wide and 0.8 km long, coincident with a chargeability anomaly of 0.7 x 0.4 km which remains open below 250m depth
The exploration program at the Constancia project is being supervised by Mr. Gaston Loyola, Vice President of Exploration and Norsemont's Qualified Person as defined by NI 43-101. Mr. Loyola is a member of the AusIMM. 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. 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, COO and a director of the Company and a qualified person for the purposes of National Instrument 43-101.
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 Company's Constancia project is located approximately 100 kilometres south of Cusco, Peru. Results of an independent definitive feasibility study on the Constancia deposit were announced in September 2009. Please refer to the Company's website for the full 43-101 Technical Report. The company's shares are traded on the Toronto Stock Exchange under the symbol NOM, and on the Bolsa de Valores, Lima also under the symbol NOM.
SOURCE NORSEMONT MINING INC.
For further information: For further information: Patrick Evans, Norsemont Mining, Phone: (416) 670-5114, E-Mail: firstname.lastname@example.org, Web Site: www.norsemont.com