VANCOUVER, Dec. 19 /CNW/ - Norsemont Mining Inc. ("Norsemont" or "the
Company") (TSX-V: NOM; Frankfurt: N8S; WKN: A0DQKK; OTC-BB: NOMFF; ISIN:
CA6565291045) is pleased to announce that assay results for an additional four
holes have been received from its Constancia Copper-Gold-Silver-Molybdenum
Porphyry Project in southern Peru.
Highlights include:
- Hole CO-05-27: 118m of 0.74% Copper (1.07% CuEQ(1))
- Hole CO-05-28: 22m of 2.02% Copper (2.49% CuEQ(1))
- Hole CO-05-29: 58m of 0.88% Copper (1.02% CuEQ(1))
"The southern portion of the main Constancia Zone exhibits near-surface,
excellent copper, silver and molybdenum grades over wide intervals," said
Marc E. Levy, President and CEO of Norsemont Mining Inc. "Hole CO-05-28
encountered 22 meters of 2.02% Cu, 0.03% Mo, 198 ppb Au and 17.18 g/t Ag, the
highest grades yet encountered on the project." Future drilling will continue
to step-out from this recent drilling to expand the deposit along strike.
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TABLE 1 COPPER INTERSECTIONS AT CONSTANCIA PROJECT
Drill
--------------------------
DRILL Cu Mo Au Ag
HOLE FROM(m) TO(m) INT.(m) (%) (%) (g/t) (g/t) CuEQ(1)
-------------------------------------------------------------------------
CO-05-26 No Significant Assays
CO-05-27 168.00 286.00 118.00 0.74 0.041 0.059 4.97 1.07
including 168.00 222.00 54.00 1.05 0.031 0.084 6.07 1.35
CO-05-28 162.00 184.00 22.00 2.02 0.031 0.198 17.18 2.49
CO-05-29 92.00 150.00 58.00 0.88 0.011 0.052 4.23 1.02
and 150.00 270.00 120.00 0.66 0.021 0.052 3.54 0.85
Note 1: Copper equivalent Values (CuEQ) are estimated using long-term
metal prices including: Copper US$1.00 per lb, Molybdenum US$6.00 per lb,
Silver US$6.50 per oz., and Gold US$400 per oz. Adjustment factors to
account for differences in relative metallurgical recoveries for gold,
copper and molybdenum will depend upon the completion of definitive
metallurgical testing. CuEQ equals Cu per cent plus (Au grams per tonne
times 12.86/22.05) plus (Mo percent times 132.28/22.05) plus (Ag grams
per tonne times 0.21/22.05).
Results to-date in the Constancia Zone have identified two distinct
corridors east-west trending structural corridors of high-grade mineralization
within the extent of the open-ended mineralizing system. Additionally,
excellent continuity of near-surface supergene-enriched copper mineralization
at Constancia is unique for porphyry and skarn deposits in southern Peru,
amenable to low-cost heap leach recoveries. Norsemont is initiating
metallurgical testwork on samples representative of supergene material, as
well as primary mineralization.
Norsemont's ongoing drilling at the Constancia Zone is testing the
northern and southern portions of known mineralization. Holes CO-05-27, 28 and
29 are located in the southern half of the Constancia Zone, and were drilled
at the limits of known mineralization. CO-05-27 and 29 were drilled from the
same platform and directed to the south at -60 and -80 degrees respectively.
Strong chalcocite was encountered in both drill holes over significant core
lengths, suggesting that the mineralizing system remains open. Hole CO-05-28,
a 100 meter step-out hole in the south-central portion of the zone encountered
strong mineralization, and suggests that the zone remains open to the south.
Hole CO-05-26 was collared in the extreme northeast corner of the deposit, and
did not encounter significant mineralization.
Norsemont's expanded program has completed over 9,000 meters of core
drilling on the property to-date, with current drilling testing the San Jose
Zone, located west of the main Constancia Zone. Management is encouraged by
the results received to-date, suggesting that the deposit has excellent
continuity of near-surface mineralization, and remains open to expansion in
multiple directions and at depth. Norsemont expects to release additional
assay results from the initial holes from the San Jose Zone shortly.
The drilling program and geological studies at the Constancia project are
being supervised by Dr. Thomas A. Henricksen, P.Geo., Norsemont's Qualified
Person as defined by NI 43-101. Core samples are cut with a diamond saw, with
one-half of the core placed in sealed bags, and shipped to ALS Chemex Assay
Labs in Lima, Peru. The 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.
Robert McLeod, P. Geo., Norsemont's Consulting Geologist and Qualified
Person as defined by NI 43-101 has reviewed and approved information contained
in this news release.
A plan map with drill hole locations is available on Norsemont's website
at www.norsemont.com
Norsemont Mining is a well-structured and financed exploration company
working in the Americas, with a focus on Peru. The Company is currently
drilling the Constancia Cu-Au-Mo project, and commencing exploration at the
Amata Ag-Au property acquired from Rio Tinto.
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.
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