Norsemont Mining Inc. (Norsemont or the Company) announced results of the final two drill holes from its Maiden diamond drilling program at the Choquelimpie high sulphidation epithermal gold-silver-copper project in northern Chile. These last holes further extend the mineralisation within the hydrothermal alteration footprint covering 27 square kilometres and are located near Drill Hole MV21-009, which returned a significant 170 metre intercept grading 1.84 g/t Au Equivalent, including 95 metres of 1.92 g/t Au Equivalent. Mineralisation remains open for extension peripheral to the Choque pit and to depth.

The expanded envelope of mineralisation and the increase in gold grade at depth in hole MV21-009 as well as the presence of epithermal copper mineralisation support the interpretation of potential porphyry Au-Cu mineralisation beneath this hole and extending more than 500 metres to the northeast below hole MV21-005. Highlights of the final two holes include: Hole MV21-010 yielded 61.0 metres grading 0.47 grams per tonne (g/t) gold (Au) between 239 - 300 metres depth. This mineralised interval expands the known footprint of mineralisation in the Choque Pit area, both along strike and to depth.

Hole MV21-008: yielded 10.0 metres grading 1.61 g/t Au and 2.8 g/t Ag from 122 – 132 metres depth. This intercept is interpreted as being associated with peripheral veinlets forming a halo around high-grade mineralisation and may be indicative of similar grade mineralisation at depth. The Maiden Diamond Drilling Program Summary: Norsemont completed ten diamond drill holes for 3,144.1 metres during the Fourth Quarter 2021 drill campaign Drill hole MV21-008 tested the eastward extension of the Choque mineralisation.

The hole cut Au-polymetallic peripheral veinlets typically related to the halo zone peripheral to high-grade mineralisation. Hydrothermal alteration is observed as quartz-kaolinite-illite, with local silicified structures containing pyrite-(±sphalerite-galena & enargite) mineralisation. Gold and silver are anomalous throughout the hole, with the most significant intercept being: 10 metres @ 1.61 g/t Au & 2.8 g/t Ag from 122 – 132 metres depth; MV21-010 tested the SW extension of the Choque mineralisation.

This hole confirms the depth extension of the hydrothermal breccia, that remains open to the NE, E, SE and to depth. A hydrothermal alteration assemblage of quartz-illite-pyrophyllite was observed, which is typical of the transition from an epithermal to a porphyry environment. The sulphide mineralisation observed at depth consists of 6-10% pyrite with traces of sphalerite, galena and enargite.

61 metres @ 0.47 g/t Au & 0.78 g/t Ag from 239 – 300 metres depth, including 15 metres grading 0.71 g/t Au & 1.43 g/t Ag from 271 – 286 metres depth. QA/QC Parameters: Drill core for the Choquelimpie 2021 drill program is collected directly from the drill site by company staff and taken to the core shack at the Choquelimpie camp. Drill core is logged, photographed, and sampled by staff who insert certified reference materials into the sampling sequence when/where appropriate.

Sample lengths are marked at 1.0 metre intervals and the core is cut by a diamond blade rock saw, with half of the cut core placed in individual bar-code numbered polyurethane bags and half placed back in the original core box for permanent storage. The sample bags are sealed, placed in security-sealed sacks, and then delivered by company staff to the Andes Analytical Laboratory (AAA) sample receiving facilities in Arica, Chile. All drill core samples reported in this news release were analysed at AAA in Santiago, Chile utilizing their ICP_AES_HF38m1 analytical package.

This comprises a four-acid digestion followed by a 38-element ICP-MS scan, in conjunction with the AEF_AAS_1E42 40g Fire Assay with AAS finish for gold on all samples. Samples that return values >10 ppm gold from fire assay and AAS are determined by using fire assay and a gravimetric finish (lab code AEF_GRV_1E43). Samples that return values >5,000 ppm for copper and >400 ppm silver by ICP analysis are determined by four acid digestion AAS finish assay (lab codes 4A-HF_AAS_1E13_ppm and 4A-HF_AAS_1E08_0.25-100 respectively).