Highlights include: 146 meters at 0.77%Cu, 0.026 % Mo (1.01% CuEq);
96 meters at 0.92%Cu (1.04% CuEq); 79.9 meters at 0.95% Cu (1.02% CuEq);
78.9 meters at 0.65% Cu (0.76% CuEq)
Shares Issued and Outstanding: 48,489,147
TSX: NOM
BVL: NOM
TORONTO and LIMA, Peru, March 25 /CNW/ - Norsemont Mining Inc. ("the Company") (TSX: NOM, BVL: NOM) today announced additional results (Table 1 below) from the ongoing Phase III drill program at the Constancia copper-molybdenum-silver porphyry project in southern Peru.
Norsemont currently has six drill rigs at the Constancia site and has completed more than 14,800 meters of drilling since the last release of drill results on December 10, 2007. Since the last resource estimate by Snowden and Associates disclosed on March 29, 2007, the majority of the drilling has been infill drilling. More recently, Norsemont has undertaken extensive definition drilling to establish the limits and peripheries of the main zones of mineralisation. Some of this drilling has been in areas of either lower grade or narrower intercepts, which has to be completed for the pit optimisation work in ongoing engineering studies. Consequently, only the highlights have been tabled in this release with the full results (together with location map) available on the Company's website (www.norsemont.com).
Commenting on the results, Norsemont's President and Chief Operating Officer Bob Baxter said: "Our Constancia drilling program continues to return excellent results in the mineralised zones. The definition drilling is also providing information essential for our continuing engineering studies. As the infill and definition drilling at the Constancia and San Jose zones is completed, Norsemont will commence drilling at newly discovered anomalies in the immediate vicinity."
The drilling program and geological studies at the Constancia project are reviewed and the results are approved by Leonardo Diaz (MAusIMM), Norsemont's Qualified Person under 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. All intersections were determined using a rolling 0.2% copper cut-off and up to 5 meters of internal waste. Due to the disseminated characteristics of the deposit and homogeneity of the mineralisation, all intersections are to be considered true width.
Full disclosure of all 43-101 compliant drill results conducted on the project to date that have or will be used in resource estimations are available on the Company's website (www.norsemont.com) under "Constancia Project" together with a drill-hole location map.
Table 1: Significant Copper Intersections at the Constancia Project
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HOLE_ID Az Dip Length From To COG CuT Mo Ag CuEQ
(%) (%) (ppm) (%)
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CO-07-166 80 -83 78.90 59.10 138.00 0.2 0.65 0.011 4.84 0.76
including 48.90 59.10 108.00 0.3 0.84 0.012 5.97 0.97
also 30.90 59.10 90.00 0.4 1.07 0.014 4.57 1.20
and 26.90 59.10 86.00 0.5 1.19 0.015 4.94 1.34
Including 10.00 126.00 136.00 0.3 0.55 0.023 4.82 0.74
22.00 160.00 182.00 0.3 0.62 0.003 2.52 0.67
including 18.00 164.00 182.00 0.4 0.61 0.002 2.14 0.64
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CO-07-170 98 -79 195.30 88.00 283.30 0.2 0.41 0.015 4.04 0.54
including 71.90 92.10 164.00 0.3 0.55 0.016 3.98 0.69
also 59.90 92.10 152.00 0.4 0.47 0.014 3.18 0.59
and 13.90 92.10 106.00 0.5 1.04 0.024 4.12 1.23
also 14.00 190.00 204.00 0.3 0.28 0.010 3.44 0.38
and 56.00 210.00 266.00 0.3 0.38 0.020 4.91 0.56
including 24.00 234.00 258.00 0.4 0.42 0.023 5.67 0.62
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CO-07-173 2 -73 79.90 0.00 79.90 0.2 0.95 0.008 2.14 1.02
including 28.00 0.00 28.00 0.3 0.42 0.008 3.32 0.51
also 43.90 36.00 79.90 0.3 1.42 0.010 1.58 1.50
including 41.90 38.00 79.90 0.4 1.39 0.010 1.51 1.46
also 27.90 52.00 79.90 0.5 1.97 0.015 2.17 2.09
and 19.60 58.00 77.60 1 2.65 0.017 2.61 2.79
22.85 117.15 140.00 0.2 1.02 0.006 1.83 1.08
including 18.35 117.15 135.50 0.5 1.24 0.007 1.95 1.30
also 12.85 117.15 130.00 1 1.57 0.007 2.07 1.64
16.00 218.00 234.00 0.2 0.27 0.005 4.96 0.35
16.00 240.00 256.00 0.2 0.32 0.002 1.92 0.36
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CO-07-176 26 -74 146.00 140.00 286.00 0.2 0.77 0.026 6.56 1.01
including 143.55 140.00 283.55 0.3 0.75 0.023 6.11 0.96
also 47.65 141.10 188.75 0.4 1.01 0.002 7.39 1.08
and 20.20 168.55 188.75 1 1.15 0.001 7.34 1.22
also 12.00 196.00 208.00 0.4 0.47 0.029 3.85 0.70
and 45.55 238.00 283.55 0.4 0.93 0.038 8.14 1.26
including 21.35 262.20 283.55 0.5 1.57 0.033 14.24 1.92
also 19.85 263.70 283.55 1 1.55 0.031 13.60 1.88
18.00 368.00 386.00 0.2 0.20 0.007 1.14 0.26
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CO-07-177 25 -69 32.00 14.00 46.00 0.2 0.43 0.006 5.40 0.52
including 21.20 20.80 42.00 0.3 0.56 0.007 5.21 0.65
also 18.95 20.80 39.75 0.5 0.54 0.005 4.79 0.62
68.50 79.50 148.00 0.2 0.60 0.017 3.39 0.75
including 64.50 79.50 144.00 0.3 0.62 0.017 3.46 0.76
also 44.50 79.50 124.00 0.4 0.69 0.014 3.82 0.82
32.00 154.00 186.00 0.2 0.23 0.016 2.83 0.36
15.05 223.95 239.00 0.3 0.84 0.021 8.29 1.05
78.00 250.00 328.00 0.2 0.30 0.003 1.25 0.33
including 30.00 280.00 310.00 0.3 0.45 0.003 1.83 0.49
also 18.00 286.00 304.00 0.4 0.42 0.002 1.76 0.45
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CO-07-178 54 -65 112.40 21.60 134.00 0.2 0.45 0.011 7.63 0.60
including 51.30 36.00 87.30 0.3 0.52 0.013 8.21 0.68
also 38.00 36.00 74.00 0.4 0.53 0.011 7.39 0.67
and 28.00 44.00 72.00 0.5 0.56 0.010 7.31 0.69
and 36.00 98.00 134.00 0.3 0.39 0.008 6.82 0.50
Including 31.35 98.00 129.35 0.4 0.42 0.009 7.66 0.55
57.10 160.90 218.00 0.2 0.45 0.009 3.73 0.55
Including 23.10 160.90 184.00 0.3 0.56 0.005 6.09 0.65
also 19.10 160.90 180.00 0.4 0.55 0.005 5.83 0.63
and 19.10 160.90 180.00 0.5 0.50 0.004 5.28 0.58
also 26.00 190.00 216.00 0.3 0.38 0.013 1.88 0.48
196.00 232.00 428.00 0.2 0.52 0.025 2.83 0.71
including 182.00 238.00 420.00 0.3 0.52 0.024 2.76 0.71
also 60.00 246.00 306.00 0.4 0.83 0.041 3.91 1.14
and 44.00 248.00 292.00 0.5 0.92 0.046 4.33 1.26
and 14.00 264.00 278.00 1 1.88 0.094 9.25 2.59
and 40.00 316.00 356.00 0.4 0.32 0.011 1.46 0.41
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CO-07-182 74 -74 14.80 0.00 14.80 0.2 0.58 0.006 4.78 0.67
28.00 26.00 54.00 0.2 0.20 0.007 2.53 0.27
18.00 188.00 206.00 0.2 0.23 0.005 2.27 0.28
138.45 268.00 406.45 0.2 0.44 0.009 2.83 0.52
including 18.00 270.00 288.00 0.3 0.24 0.006 1.33 0.29
and 98.45 308.00 406.45 0.3 0.51 0.009 3.37 0.60
including 82.45 324.00 406.45 0.4 0.50 0.008 3.38 0.58
also 50.45 356.00 406.45 0.5 0.57 0.009 4.07 0.66
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CO-08-185 95 -72 26.00 106.00 132.00 0.2 0.34 0.014 5.40 0.48
including 12.00 118.00 130.00 0.3 0.44 0.019 3.96 0.60
176.15 138.00 314.15 0.2 0.43 0.008 5.90 0.53
including 16.00 158.00 174.00 0.3 0.24 0.008 3.27 0.32
and 132.15 182.00 314.15 0.3 0.47 0.007 6.43 0.58
including 48.00 202.00 250.00 0.4 0.46 0.007 9.08 0.59
also 31.70 218.30 250.00 0.5 0.52 0.007 11.93 0.68
and 54.15 260.00 314.15 0.4 0.57 0.007 6.35 0.67
including 24.00 260.00 284.00 0.5 0.60 0.008 7.69 0.72
also 14.15 300.00 314.15 0.5 0.51 0.003 3.82 0.57
60.60 387.40 448.00 0.2 0.29 0.001 2.90 0.33
including 26.00 414.00 440.00 0.3 0.30 0.001 3.07 0.33
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CO-08-186 325 -70 55.15 12.30 67.45 0.2 1.22 0.002 8.49 1.31
including 33.70 12.30 46.00 0.5 1.10 0.002 7.52 1.19
also 16.05 51.40 67.45 0.5 1.77 0.001 11.80 1.88
14.30 171.65 185.95 0.2 0.22 0.001 8.66 0.30
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CO-08-188 325 -70 96.25 23.75 120.00 0.2 0.59 0.011 3.32 0.69
including 21.45 23.75 45.20 0.5 0.82 0.010 1.57 0.90
and 67.85 52.15 120.00 0.4 0.50 0.008 3.56 0.59
including 36.30 52.15 88.45 0.5 0.53 0.010 3.57 0.63
and 20.00 96.00 116.00 0.5 0.45 0.005 2.98 0.51
17.70 286.00 303.70 0.3 0.75 0.005 6.53 0.85
including 16.10 287.60 303.70 0.5 0.80 0.006 7.00 0.90
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CO-08-189 324 -71 96.00 12.00 108.00 0.2 0.92 0.011 4.79 1.04
including 94.00 14.00 108.00 0.3 0.91 0.011 4.73 1.03
also 62.00 46.00 108.00 0.4 1.23 0.013 5.78 1.37
and 41.65 64.35 106.00 1 1.45 0.016 6.47 1.61
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CO-08-192 136 -72 39.65 38.35 78.00 0.2 0.28 0.013 1.59 0.38
148.00 100.00 248.00 0.2 0.45 0.007 3.45 0.53
including 26.00 102.00 128.00 0.3 0.35 0.010 1.05 0.42
also 16.00 112.00 128.00 0.4 0.28 0.008 0.93 0.34
and 90.00 134.00 224.00 0.3 0.49 0.006 4.46 0.57
including 32.00 134.00 166.00 0.4 0.64 0.009 4.10 0.73
also 32.00 192.00 224.00 0.4 0.41 0.006 4.79 0.49
and 14.00 232.00 246.00 0.3 0.53 0.004 2.57 0.59
including 12.00 234.00 246.00 0.4 0.56 0.005 2.60 0.62
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Note 1: 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. 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(x)22.05).
Norsemont Mining is a Canadian mineral exploration and development company focused on the Constancia Cu-Mo-Ag deposit in southern Peru. Norsemont currently controls an undivided 81% interest in the Constancia Project, which interest is set to increase to 100% by March 31, 2008 through a final option payment of US$8M to Rio Tinto.
The Constancia Project currently has a 43-101 compliant indicated resource of 70M tonnes at 0.53% Cu (0.8 Billion lbs Cu) and an inferred resource of 250.2M tonnes at 0.51% Cu (2.8 Billion lbs Cu). A recently completed scoping study 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, 2008, and titled "Preliminary Assessment of the Constancia Project, Department of Cusco, Peru" is available for viewing on SEDAR.
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.