Star Metro - Norsemont Drills 20 Meters of 1.20 G/T Gold Equivalent at Bottom of Hole

Highlights

• DD04: 28 meters averaging 0.97 g/t gold equivalent (AuEq)

• DD05: 3 intervals of gold mineralization intersected, including:

• 58 meters averaging 0.92 g/t AuEq, plus elevated Pb and Zn grades,

• 20 meters averaging 1.20 g/t AuEq, ending at the bottom of the hole.

Management Comments

Norsemont CEO, Marc Levy commented:

"The recognition of 3 distinct styles of gold mineralization is an important step forward in our understanding of the Choquelimpie mineral system. I'm confident that the three-dimensional modeling of this deeper gold mineralization will provide clear drill targets to evaluate the porphyry potential of the Choquelimpie mineral district further to depth. I am also encouraged with the results from DD05 as the grade of gold mineralization increased towards the bottom of the hole. The Team will be designing an offset hole, to DD05, to further explore the Choque Zone to depth."

The Phase 3 Drill Program

The Phase 3 drill campaign at Choquelimpie has successfully evaluated the down-dip extensions of higher-grade gold mineralization (>1 gram/tonne Au) hosted within hydrothermal breccia zones (Figure 3). Seven holes (7) core holes, for a total of approximately 1650 meters have been completed. The details of this program are shown on Figure 3 and Table 3.

Results for the initial three (3) holes have been reported in a Norsemont press release dated April 24^th, 2026. Results for an additional two (2) holes are presented below.

Gold mineralization, of the following three (3) styles, has been intersected by the Phase 3 drilling:

• Hydrothermal breccia bodies,

• Dacite-andesite porphyry cut by quartz + magnetite veinlets,

• Quartz-mica-sulfide alteration zones developed on the dacite-andesite porphyry and some hydrothermal breccia bodies.

Additionally, the elevated base-metal mineralization appears to be primarily related to zones of quartz-mica-sulfide alteration.

MV25-DD04

Hole MV25-DD04, has been drilled to a depth of 200 meters (Figure 1) to explore the Choque Zone (Figure 3 & Table 3). The lithology of the upper portion of the hole is dominated by dacite-andesite porphyry (DAP). The DAP is followed by an intersection of hydrothermal breccia with clasts of DAP and previously formed hydrothermal breccia, in a matrix that is predominantly pyrite. From 50 - 200 meters (end of hole), quartz-mica-sulfide altered DAP, with abundant sulfide minerals, was intersected.

DD04 intersected gold mineralization for the interval 148 - 175 meters downhole (Table 1). Only minor base-metal mineralization is present in the hole.

Figure 1: DD04 Cross Section

Notes: 1) The line of section is displayed in Figure 1; 2) north-south section, looking east; 3) Block model grades in g/t Au & 4) Block model display filtered to > 0.20 g/t Au.

Table 1

Note: the true thicknesses of mineralization are unknown

MV25-DD05

MV25-DD05 has been drilled to a depth of 221 meters to explore the Choque Zone (Figure 3 & Table 3) at depth (Figure 2). The hole intersected Choque hydrothermal breccia bodies and quartz-mica-sulfide altered DAP. The hydrothermal breccia bodies contain abundant sulfide mineralization, including enargite.

Three (3) intervals of gold mineralization were intersected by DD05, with the deeper intercept extending to the end of the hole (Table 2). The primary intercept gold grades for the upper and lower intercepts are higher than the in-situ pit sulfide indicated resource average gold grade of 0.70 g/t. Elevated lead-zinc mineralization is present coincident with the upper gold intercept. Elevated (1,380 ppm) copper mineralization is present at 40 - 51 meters.

Figure 2: DD05 Cross Section

Notes: 1) The line of section is displayed in Figure 1; 2) north-south section, looking west; 3) Block model grades in g/t Au & 4) Block model display filtered to > 0.20 g/t Au.

Table 2

Note: the true thicknesses of mineralization are unknown

The mineralogical relationship between the precious- and base-metal mineralization will continue to be assessed as part of metallurgical studies planned to be conducted on sulfide materials later in 2026. Also, the three-dimensional spatial relationships between the various mineral intercept types are being analyzed as additional data is received. The results of these studies, in conjunction with geological and geophysical information, provides important data points to aid in interpretation of the evolution of the Choquelimpe hydrothermal mineralizing system.

Figure 3: Phase 3 Drill Hole Location Map

Table 3: Phase 3 Drill Hole Collar File

Split drill core samples for the drilling is being shipped to Activation Geological Services SpA for geochemical analysis. The samples are being prepared at the AGS facility located in Antofagasta Chile and analyzed at the AGS geochemical laboratory, located at Coquimbo, Chile. The laboratory has an ISO 17025 certification. The gold grades are being determined by fire assay (AGS code AU-FA30). Drill intervals that have some degree of oxidation are also analyzed by the cyanide-soluble gold method (AUCN).

The samples are also analyzed for 60 elements, including silver, by mass spectrometer (MS TD60). In addition, silver and specific base metals are re-assayed by atomic absorption spectrometry (AGS code 4ACID-AAS) for samples where the initial value for a particular element is greater than the limit of accuracy ("over-limit") for that method. The overlimit value for: silver (Ag) is 100 parts per million (ppm), copper (Cu) is 10,000 ppm, lead (Pb) is 5,000 ppm and zinc (Zn) is 10,000 ppm.

Examination of the Norsemont 2021 core drilling assay results has determined that values for multiple individual samples from that program have also been reported with over-limit values. These samples, where material remains available, will also be re-assayed according to the protocols being utilized for the Phase 3 drill program.

Standard and blank samples are being inserted at a frequency of one each for every 20 drill samples.

Gold-equivalent (AuEq) values are calculated according to the following formula: AuEq (g/t) = Au (g/t) + Ag (g/t) * Ag price/Au price * Ag recovery/Au recovery; where Au price = USD 4,000/oz, Ag price = USD 62/oz, Au rec = 88%, and Ag rec = 87% (recoveries based on historical flotation test results).

The Phase 3 exploration program is being supervised by Roman Flores, a Persona Calificada (Q.P.) with the Commission Minera Chile.

References:

Wilson, S. E., 2025, NI 43-101 Technical Report for the Choquelimpie Au-Ag Project Region 1 Chile, 115p.

Qualified Person

David Flint, MSc, AIPG-CPG, and Chief Geologist of Norsemont Mining Inc.; a qualified person as defined in NI 43-101, has reviewed and approved the technical information in this press release.

On Behalf of the Board,

NORSEMONT MINING INC.

Marc Levy

CEO & Chairman

About Norsemont Mining Inc.

The Norsemont team comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through to bankable feasibility, with an indicated mineral resource estimate of 81.9 million tonnes at a gold grade of 0.66 g/t (1,731,000 gold ounces), and a silver grade of 12.6 g/t (33,233,000 silver ounces); and an inferred mineral resource of 25.3 million tonnes at a gold grade of 0.55 g/t (446,000 gold ounces) and a silver grade of 8.9 g/t (7,219,000 silver ounces) for its Choquelimpie Gold-Silver-Copper project. Norsemont Mining owns a 100% interest in the Choquelimpie gold-silver-copper project in northern Chile, a past producing gold and silver mine with significant exploration upside. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure, including roads, power, water, camp and a 3,000-tonne-per-day mill. Norsemont is committed to responsible and sustainable resource development, leveraging modern exploration techniques to unlock further value for all stakeholders.

For more information, please contact the Company at: [email protected].
Investor Relations: Paul Searle (778) 240-7724

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Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the Offering and entry into the marketing agreements.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, the Company not receiving the necessary regulatory approvals in respect of the Offering and marketing agreements contemplated herein and, with respect to the Offering, risks adverse to the capital markets, the mining industry, and investor support. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive the necessary regulatory approvals and receive market interest to close the Offering on the terms herein.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, except as required by applicable securities laws.

SOURCE: Norsemont Mining Inc.

View the original press release on ACCESS Newswire

N.Fournier--SMC