Highlights include:
43.5 metres at 2.86% CuEq, 43.5 metres at 1.19% CuEq,
28.5 metres at 1.43% CuEq
Breaking News for: January 27, 2009
Trading Symbol: TSX: NOM
Norsemont Mining Inc.
("the Company") (TSX: NOM, BVL: NOM) today announced the discovery of
high grade copper, molybdenum and gold mineralisation at the
Company's 100-percent controlled Constancia Project in south-eastern
Peru. The Pampacancha anomaly has been discovered approximately three
kilometres south-east of the Constancia - San Jose deposit, which is
currently the focus of a definitive feasibility study.
On October 10 the Company
reported the discovery of highly anomalous stream sediment and rock
chip samples together with a number of geophysical anomalies over a
27 square kilometre area at Pampacancha. The area tested in this
reconnaissance drilling program represents approximately 4 square
kilometres.
The Pampacancha prospect area
is comprised of scattered outcrops of limestone intruded by dioritic
and lesser monzonite intrusives where both magnetite and garnet
skarns are developed near their contacts. Outcropping copper oxides
in skarn bodies highlight the potential for significant copper
mineralisation. Additionally, high-grade gold and silver
mineralization associated with veins, shear zones and limestone
replacements occur in an area of about 6 square kilometres. The
longest structure can be projected up to one kilometre in length. Gold
and silver returned values as high as 39 grams per
tonne gold and 38
ounces per tonne silver.
At Pampacancha, the drill
holes reported in the Table 1 below have defined a high grade skarn
and porphyry exploration target with preliminary dimensions of
approximately 1,000 by 400 metres. Holes PR-08-010 and
PR-08-011 were drilled from the same platform approximately 420 metres
from holes PR-08-08 and PR-08-012. The results indicate that there
are at least two zones of skarn mineralisation over this 1,000 metre
strike length that requires follow-up drilling.
Table 1
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Cut-off
HOLE Bear- Inclin- In- % Mo Ag Au Cu
NUMBER ing ation terval Start End Cu Cu % ppm ppm ppb Eq
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PR-08-005 60 -70 15.00 18.00 33.00 0.2 0.69 478.0 8.14 463 1.33
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PR-08-005 10.50 22.50 33.00 0.4 0.87 665.4 10.27 595 1.72
-------------------------------------------------------------------------
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PR-08-008 155 -70 43.50 112.50 156.00 0.3 1.70 1001.0 10.35 757 2.86
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PR-08-008 inclu-
ding 40.50 114.00 154.50 0.4 1.77 990.8 10.68 789 2.94
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PR-08-008 16.50 165.00 181.50 0.2 0.51 256.5 1.46 406 0.91
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PR-08-008 43.50 196.50 240.00 0.2 0.84 98.4 3.16 486 1.19
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PR-08-008 inclu-
ding 13.50 198.00 211.50 0.5 2.17 168.2 7.03 1179 2.97
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PR-08-008 also 37.50 198.00 235.50 0.3 0.95 110.4 3.52 535 1.34
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PR-08-008 22.50 247.50 270.00 0.2 0.40 122.3 2.08 258 0.64
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PR-08-010 315 -70 15.00 153.00 168.00 0.2 0.68 4.9 11.07 101 0.84
-------------------------------------------------------------------------
PR-08-010 10.50 283.50 294.00 0.2 0.90 24.7 10.04 1483 1.78
-------------------------------------------------------------------------
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PR-08-011 120 -65 22.50 97.50 120.00 0.2 0.24 332.9 3.73 73 0.53
-------------------------------------------------------------------------
PR-08-011 18.00 210.00 228.00 0.2 0.67 344.5 3.38 294 1.08
-------------------------------------------------------------------------
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PR-08-012 25 -70 28.50 105.00 133.50 0.2 1.17 1.0 9.27 345 1.43
-------------------------------------------------------------------------
PR-08-012 19.50 106.50 126.00 0.3 1.65 1.2 13.07 483 2.03
-------------------------------------------------------------------------
PR-08-012 18.00 213.00 231.00 0.2 0.46 10.0 3.85 77 0.54
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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 and gold US$650 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). All
mineralized intercepts are at least 10 meters long and accept intervals
of up to 5 meters internal dilution.
Commenting, Norsemont
President and COO, Robert Baxter, said: "The high grade copper,
gold and molybdenum mineralisation encountered in this area, which is
hosted in porphyry-related skarn bodies, shows strong similarities to
the Corocohuayco project (155 million tonnes @ 1.57%Cu and 0.16gpt
Au; BHP, 1999) located within the Tintaya District about 80 kilometres
to the south-east of Constancia and owned and operated by Xstrata. Excellent
potential exists for the discovery of additional mineralisation of
this style and/or porphyry copper-gold mineralisation in other phases
of the porphyry bodies."
Among a number of narrow
copper-gold and gold only intercepts encountered in this
reconnaissance drilling program, some of the most relevant are those
reported in hole PR-08-003, located 950 metres NE
from hole PR-08-010, where the last 19.5 metres
(from 235.50 to 255.00m) averaged 0.78 g/t gold, with the last sample
(1.5m length) assaying 0.81 g/t; and hole PR-08-005, located about 1,000 metres
to the west of hole PR-08-010 which intersected 15 metres of
high-grade Cu-Mo-Au skarn averaging 0.68% Cu, 0.048% Mo and 0.46g/t
Au (1.35% Cu-equivalent). The eastern and western areas, where these
two holes were drilled, constitute a new exploration targets within
this highly prospective mineralised area.
While the Company's current
activities are focussed on completing the Definitive Feasibility
Study on the Constancia - San
Jose deposit, this limited drill program at
Pampacancha demonstrates the potential to increase the global
resource at the Constancia project. Maps showing the results of the
extended geophysical program and tables with drill results will be
posted to the Company's website in due course.
The drilling program and
geological studies at the Constancia project are being supervised by
Mr. Gaston Loyola (MAusIMM), 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 SGS Laboratories in
Lima, Peru. Core samples are
collected at 1.0
metre intervals whereas Reverse Circulation
samples are collected at 1.5 metre intervals. 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% Cu cut-off and up
to 5 metres
of internal waste and 10 metres of minimum intercept
length.
About Norsemont Mining
Norsemont Mining is a Canadian
mineral exploration and development company focused on the 100
percent-controlled Constancia Cu-Mo-Ag-Au deposit in southern Peru.
The Constancia Project
currently has a 43-101 compliant indicated resource of 256.3M tonnes
at 0.5% Cu (2.85 Billion lbs Cu) and an inferred resource of 156.5M
tonnes at 0.33% Cu (1.14 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, 2007,
and titled "Preliminary Assessment of the Constancia Project,
Department of Cusco, Peru" is available for viewing on SEDAR. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability.
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.