Investment Highlights
- 100% owner of the advanced Choquelimpie gold-silver-copper project in Northern Chile – a formerly producing mine with extensive infrastructure.
- Significant resource with 2.18 million ounces AuEq (indicated) and 557,000 ounces AuEq (inferred) according to NI 43-101 (April 2025).
- Historical production of 415,000 ounces of gold and 2 million ounces of silver (Shell & Northgate, 1988–1992).
- More than 140,000 m of drilling in over 1,700 boreholes; multiple high-grade hits near the surface.
- Infrastructure package including 3,000 TPD mill, ADR plant, camp, laboratory, power & water permits, road access and storage facilities – significant reduction in potential CAPEX.
- Experienced team with proven track record in Tier 1 discoveries, mine development and multiple billion-dollar exits.
Company & Strategy
Norsemont Mining Inc. (CSE: NOM | OTCQB: NRRSF | FWB: LXZ1) is a Canadian development and exploration company that is fully focused on the reactivation and further development of the Choquelimpie project. The project is located in the Arica & Parinacota region in the far north of Chile and is one of the country’s significant high-sulfidation epithermal systems.
The corporate strategy combines three core components:
- Value enhancement through resource expansion:
Building on the updated mineral resource from 2025, Norsemont is pursuing a geologically modeled exploration strategy that both expands known zones and tests new target areas within the large-scale 27 km² alteration system. - Optimization of the project foundation through existing infrastructure:
The partially intact processing plant and the well-developed logistics enable an accelerated development path. Unlike many comparable exploration projects, Choquelimpie already has the essential technical prerequisites for later mine construction. - Capital discipline and long-term orientation:
With over 60% of the share structure held by insiders and strategic investors, management emphasizes its long-term vision. The company focuses on step-by-step value creation through exploration, metallurgy, project studies and transparent communication with the capital markets.
Norsemont is thus positioning itself as an advanced-stage project developer with clearly defined strengths: substantial historical data, an existing plant foundation, high-grade exploration results and a team that has already achieved great success in Latin American mining.
Market Environment
Metal markets: Gold, silver and copper
Choquelimpie is a polymetallic system with gold as the main metal, complemented by significant silver and potential copper content in deeper porphyry areas. This metal combination is attractive in the current global commodity environment. Gold is considered a hedging metal in uncertain macroeconomic cycles, silver benefits from industrial and technological demand, and copper marks a strategic metal for electrification and energy transition.
Region: Northern Chile as a global mining hotspot
Norsemont’s project is located in one of the world’s most renowned mining locations. Chile has a long tradition of large-scale metal mining, clear regulatory structures and an established infrastructure. The proximity to the port city of Arica – connected via year-round roads – offers logistical advantages.
Location factors & ESG aspects
Choquelimpie is located within the Las Vicuñas National Reserve, but has valid presidential decrees that explicitly allow mining activities.
Norsemont emphasizes in its corporate values:
- Transparent communication,
- Technical excellence,
- Sustainability, including engagement with local communities,
- Value creation for long-term oriented investors.
For the international mining industry, which is increasingly focused on ESG compliance, these guidelines are relevant for future development decisions and approval processes.
Project Portfolio
Overview
Norsemont owns 100% of the Choquelimpie Gold-Silver-Copper Project, a 5,757-hectare concession consisting of 21 contiguous claims. The project is characterized by a solid database, high-grade mineralization, several known zones and considerable exploration potential.
Fig. 1: Location of Choquelimpie–Project in Chile
The Choquelimpie Project
Geological Setting & System Character
Choquelimpie is one of the high-sulfidation epithermal systems of the Miocene age (6.7–7.3 Ma) within the Andean magmatic arc. The mineralization is found in hydrothermal breccias and porphyry intrusive bodies and occurs in disseminated form, stockworks and in high-grade veins.
Particularly noteworthy: Only about 5 km² of the total 27 km² alteration system have been systematically explored – a clear indication of further discovery potential.
Historical production
Between 1988 and 1992, Shell and Northgate produced at Choquelimpie:
- ~415,000 oz Gold
- ~2,000,000 oz Silver
This made the mine one of the three largest gold producers in Chile at the time.
Mineral Resource (April 2025)
Total Resource:
- Indicated: 2.18 million ounces AuEq
- Inferred: 557,000 ounces AuEq
Oxide fractions:
- Indicated: 547,000 oz AuEq
- Inferred: 8,000 oz AuEq
Sulfide fractions:
- Indicated: 1.64 million oz AuEq
- Inferred: 549,000 oz AuEq
This solid resource forms the basis for future studies and potential development decisions.
Exploration Potential & Drilling Results
More than 140,000 meters of drilling have been carried out on the project. The results confirm continuous gold-silver mineralization with several high-grade sections:
Examples of significant drilling results
Vizcacha Zone
- 35 m @ 32.2 g/t Au, 8 g/t Ag
- 22 m @ 13.7 g/t Au, 3.34 g/t Ag
- 18 m @ 17 g/t Au, 1 g/t Ag
Choque Zone
- 70 m @ 3.95 g/t Au, 11.2 g/t Ag
- 120 m @ 4.1 g/t Au, 252 g/t Ag
- 90 m @ 4.4 g/t Au, 187 g/t Ag
Suri Zone
- 24 m @ 35.1 g/t Au, 137 g/t Ag
- 58 m @ 6.4 g/t Au, 167 g/t Ag
- 16 m @ 15.5 g/t Au, 43.9 g/t Ag
These high-grade hits – some directly from the surface – underscore the exploration potential and the possibility of significantly expanding future resources both laterally and at depth.
Porphyry potential
Several deeper boreholes indicate a copper-gold-bearing porphyry system below the epithermal zones. In the medium term, this geological dimension could expand the overall profile of the project.
Fig. 2: Choquelimpie Project
Infrastructure
A crucial advantage of the project is the extensive existing plant package:
- 3,000 TPD processing plant
- ADR Effluent Plant
- Camp, offices, warehouse
- Metallurgical laboratory
- Year-round road access to Arica
- Onsite power and approved water extraction
- Four water wells
- Complete core storage of all historical and new drill cores
The existing infrastructure significantly reduces future time and capital requirements and sets Choquelimpie apart from many early-stage projects.
Metallurgy & Processing
Historical and ongoing test programs show good metallurgical prerequisites:
- Historical oxide heap leach recoveries: up to ~90% Au
- Flotation tests: up to 87% Au and 78% Ag
- Ongoing programs to optimize oxide, mixed and sulfide materials
These results are an important building block for future economic project models.
Fig. 3: System Mapping – Plan Map 4600m
Ongoing Exploration & Phase 3 Drilling Program (2025)
In December 2025, Norsemont reported progress on the Phase 3 program, which includes up to 5,000 m of diamond drilling. The aim is in particular:
- testing high-grade zones in the Vizcacha hydrothermal breccia,
- reaching deeper target horizons in the Choque zone,
- investigating the down-dip continuity of mineralized breccia bodies.
Drilling is carried out with two rigs operating 24 hours a day. Sample preparation and analysis is carried out by ISO-17025 certified laboratories.
Management
Norsemont is led by a very experienced management team whose members can demonstrate significant success in global mining.
Marc Levy – Chairman & CEO
Founder of the original Norsemont Mining and responsible for the sale to Hudbay for USD 520 million. Involvement in several large exits, including Petaquilla Copper (USD 357 million) and Aurora Cannabis (market capitalization up to USD 16 billion). Over 30 years of experience in management, finance and corporate governance.
Kulwant Sandher – CFO
Chartered Accountant with more than 25 years of experience in finance and accounting. Activities include working for Nasdaq and TSX-listed companies and raising over USD 100 million in capital to date.
Dave Flint – Chief Geologist
35+ years of experience, including Freeport McMoRan and Allied Nevada. Involvement in the definition of significant resources, including 500 Mt at Grasberg.
Board & Advisory Team
The extended team includes renowned experts with track records in Tier 1 discoveries (Oyu Tolgoi, Nuevo Chaquiro), major projects such as Esperanza (USD 2.7 billion), significant copper discoveries (Escondida) and extensive M&A and capital market expertise.
Outlook
Norsemont is pursuing a clear and realistically implementable growth strategy. The central value drivers for the coming months and years include:
- Results from Phase 3 drilling and potential resource expansions
- Further metallurgical test work to optimize project economics
- Geological modeling to identify new drilling targets in the large-scale, unexplored alteration system
- Preparations for possible economic studies that benefit from the existing infrastructure
- Ongoing capital market activities and strategic investor participation, which became visible in the recent financing rounds
With approximately USD 6 million in working capital (as of September 2025) and a structured drilling program, the company has the financial resources to advance its operational goals.
Conclusion
Norsemont Mining is in an exceptionally strong starting position: The company combines a large-scale, historically producing precious metal system, extensive existing infrastructure, a resilient mineral resource and a team that is among the most experienced in the Latin American exploration and development sector.
The high-grade drilling results from several zones, the clear porphyry potential and the 27 km² alteration body, which has so far only been partially explored, open up long-term growth prospects. Through infrastructure advantages, clear ESG guidelines and a strong insider-held shareholder base, Norsemont is well positioned for possible future project development.
In a market environment in which gold is in demand as a strategic store of value and silver and copper are benefiting from technological megatrends, Norsemont offers a project with substance-based potential and several upcoming catalysts. Choquelimpie is therefore one of the more interesting advanced precious metal projects in South America.
