VANCOUVER, Sept. 8 /CNW/ - Norsemont Mining Inc. ("Norsemont")
(TSX-V: NOM & OTCBB: NOMFF) is pleased to announce that it has signed a Letter
Agreement with Rio Tinto Mining and Exploration Ltd. ("Rio Tinto") (NYSE: RTP)
whereby Norsemont has acquired a 100% interest in 13 mineral properties known
as the Amata Project in southern Peru, subject to approval by the TSX Venture
Exchange.
The Amata Project consists of 10,300 hectares and is located 50 km
northeast of Arequipa City in the Coalaque district in the department of
Moquegua, Peru. The project area contains the Amata high sulphidation
epithermal system and associated porphyries located in the Cordillera of
southern Peru. Sampling of 3,078 rock chip and grab samples include anomalies
grading up to 2,400 g/t of silver and up to 7.2 g/t of gold, to values below
detection.
In 2002 and 2003 Rio Tinto completed a two-staged drill program
consisting of 15 widely-spaced holes (within 2km), of which the most
encouraging results include:
Cerro Amata:
AM-01: 317.80 m (at) 31.7 g/t Ag, 0.11 g/t Au
AM-02: 100.25 m (at) 1.11% Cu, 0.16 g/t Au, 19.55 g/t Ag
Tincachoca:
TQ-02: 26.8 m (at) 2.6% Cu, 0.42 g/t Au, 45 g/t Ag
Not all the targets within the prospect area have been tested. Those
targets that have been tested have only been tested with very widely spaced
drill holes. Norsemont believes there is potential to expand the zones of
mineralization and identify additional zones of mineralization.
Due to the immense size of the property (10,300 ha), Norsemont plans to
re-evaluate the targets within the prospect area identified by Rio Tinto. It
is the Company's opinion that a more detailed grid mapping program would help
to better understand the success of the previous drill holes. A program of
mapping, trenching and sampling is being planned.
"Our partnership with Rio Tinto has allowed us the opportunity to acquire
this very attractive project. Norsemont is very excited to have the
opportunity to explore Amata which has existing high grade silver and copper
mineralization" said Marc Levy, President and CEO of Norsemont Mining Inc.,
"The Amata project is an excellent addition to our property portfolio and
demonstrates our commitment towards building a first class mining company."
The prospect was initially identified during the follow-up of thematic
mapping anomalies which corresponded to a large volcanic complex with
four volcanic edifices aligned NE-SW. Detailed geological mapping, systematic
rock chip sampling and ground magnetics identified a large 10 x 4 km area of
pervasive epithermal-style alteration with underlying porphyry intrusives in a
setting similar to the Yanacocha Mine in northern Peru.
Alteration is typical of high sulphidation epithermal systems and
characterized by extensive zones of vuggy silica and hydrothermal breccias
bordered by zones of advanced argillic and propylitic alteration. Based on
alteration mapping and surface geochemistry, six principle targets have been
identified (Cerro Amata, Tincachoca, Cayrane, Tacune, Trinchera and Palcamayo)
that vary from about 15 hectares (500 m x 300 m) to 120 hectares (1.2 km x
1 km) in size. The Cerro Amata target contains a central diatreme breccia body
that has a surface dimension of approximately 600 x 300 m. The Breccias are
strongly anomalous in silver (up to 2,400 g/t) and gold (up to 7.2 g/t) and
hold the potential for bulk mineable silver-gold resources. Information is
based on a report acquired from Rio Tinto.
Norsemont plans to evaluate the known geology, alteration and structure
in light of the existing drill intercepts and sampling of 3,078 rock chip and
grab samples include anomalies grading up to 2,400 g/t of Ag and up to 7.2 g/t
of Au, to values below detection.
Management remains excited about its progress to date at its flagship
Constancia project and is pleased to confirm a second drill rig is currently
on site and drilling the newly identified areas of mineralization as
previously announced on August 29, 2005. The addition of the Amata property
gives us a truly first class portfolio of Peruvian resource assets.
A finder's fee will be payable in connection with this transaction.
Information contained in this release has been reviewed by
Dr. Thomas Henricksen P. Geo., Norsemont's Consulting Geologist and Qualified
Person as defined by NI 43-101.
Marc E. Levy
Director & President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release. We seek
Safe Harbor.
Published Sep 8 2005
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