Norsemont Mining Expands Strategic Landholding at Choquelimpie Project in Chile

Santiago, Chile – August 7, 2026 – Norsemont Mining has announced a significant expansion of its land position at the Choquelimpie gold-silver project in northern Chile, a strategic move poised to enhance the project's exploration potential and future development prospects. The addition of 3,291 hectares (ha) of newly staked claims increases Norsemont's total landholding at Choquelimpie to 9,048 ha, consolidating its control over what is described as a past-producing, high-sulfidation epithermal gold-silver system.

This expansion comes at a pivotal time for the global gold and silver markets, where robust demand for precious metals continues to drive exploration and development efforts. For mining industry professionals and investors, Norsemont's systematic approach to advancing Choquelimpie, coupled with its strategic land acquisition, signals a strong commitment to maximizing value from this promising asset.

Strategic Expansion Bolsters Choquelimpie's Potential

The decision to expand the Choquelimpie land package was a direct result of ongoing geological interpretations and the identification of extensions to known mineralized trends within the project area. This proactive exploration strategy demonstrates Norsemont's deep understanding of the deposit's geological characteristics and its potential for further discovery.

Marc Levy, CEO of Norsemont Mining, expressed enthusiasm for the development. "As the company continues to explore and develop the extensive mineralisation at Choquelimpie, we are excited that our geological team has identified several extensions to existing geological trends and opportunities along existing roadways for future exploration and development," Levy stated. He further emphasized the company's methodical approach, adding, "We continue to add value and advance Choquelimpie through our systematic technical and engineering work. Drilling is ongoing and we look forward to further results as they become available."

A key aspect of the newly staked claims is their location along established access corridors. This foresight in land acquisition is critical for future exploration and development activities, as it is expected to provide efficient routes for logistics, personnel, and equipment, potentially reducing operational costs and timelines. In remote, high-altitude mining environments such as Choquelimpie, secure and efficient access is not merely convenient but a fundamental driver of project viability.

A Rich History and Robust Infrastructure

The Choquelimpie project, wholly owned by Norsemont Mining, is situated 185 kilometers east of the Arica and Parinacota region in northern Chile. It is renowned for its history as a significant gold and silver producer. The site was originally developed by Royal Dutch Shell, which operated the mine between 1988 and 1992. During this period, Choquelimpie produced approximately 415,000 ounces of gold and 2 million ounces of silver. At the time of its operation, it was reported to be the third-largest gold producer in Chile, underscoring its historical importance and the prospectivity of the region.

Beyond its rich production history, Choquelimpie benefits from substantial existing infrastructure, a significant advantage for any mining project, particularly those in challenging geographical locations. This infrastructure includes:

  • Extensive road networks, facilitating access and transport.
  • A reliable power supply, crucial for continuous operations.
  • Dedicated water sources, essential for processing and camp facilities.
  • Operational camp facilities, providing accommodation and amenities for personnel.
  • A previously operational 3,000-tonnes-per-day (tpd) mill, which represents a massive capital expenditure saving if it can be refurbished or utilized for future production.

The presence of such comprehensive infrastructure significantly de-risks future development and can substantially reduce the capital expenditure required to bring the project back into production. For a high-sulfidation epithermal system, which typically involves complex mineralization requiring careful processing, a pre-existing mill capacity offers a compelling economic advantage.

Significant Resource Base and Ongoing Exploration

Norsemont has been diligent in delineating the current resource base at Choquelimpie. As of April 2025, the project hosts an NI 43-101-compliant resource of 2.18 million indicated gold-equivalent ounces and 557,000 inferred gold-equivalent ounces. The NI 43-101 standard, a national instrument for the disclosure of mineral projects, provides a rigorous framework for reporting resources and reserves, ensuring transparency and credibility for investors. The use of "gold-equivalent ounces" is a common industry practice to consolidate the value of multiple commodities, in this case, gold and silver, into a single metric based on prevailing metal prices.

Exploration at Choquelimpie has been extensive, with more than 1,720 drill holes completed at the site to date. This substantial drilling database provides a robust foundation for geological modeling and resource estimation, allowing Norsemont to refine its understanding of the ore body's geometry and grade distribution.

Norsemont’s exploration efforts are ongoing. In February of this year (2026), the company completed the first seven holes of its phase three drilling programme at Choquelimpie, totaling 1,650 meters. This systematic, phased approach to drilling is standard industry practice, designed to progressively de-risk the project by targeting specific areas for resource expansion or infill drilling to upgrade resource classifications.

Geographical and Operational Considerations

The Choquelimpie project’s geographical setting presents both opportunities and challenges. Situated at elevations between 4,600 meters and 4,900 meters, mining operations at such high altitudes require specialized planning for logistics, personnel health and safety, and equipment performance. Companies operating in these environments must implement stringent acclimatization protocols and ensure machinery is adapted for lower oxygen levels. However, Chile’s long history of high-altitude mining, particularly in its northern regions, means there is an established ecosystem of expertise, infrastructure, and supply chains to support such operations.

The location 185 kilometers east of the Arica and Parinacota region positions Choquelimpie within a well-established mining jurisdiction. Chile is globally recognized as a top mining destination, offering a stable regulatory environment and a skilled workforce, especially for precious and base metals. The newly staked claims’ proximity to existing access corridors is particularly beneficial in this mountainous terrain, reducing the need for costly and time-consuming new road construction.

Market Implications and Future Outlook

Norsemont Mining’s expansion at Choquelimpie is a significant development for the company and carries broader implications for the mining industry. For investors, increased landholding around a known mineralized system, particularly one with a past-production record and existing infrastructure, can signal enhanced exploration upside and potentially extend the project’s future mine life. In a volatile global economic climate, gold and silver often serve as safe-haven assets, maintaining investor interest in projects with solid resource foundations.

Looking ahead, Norsemont’s systematic technical and engineering work, coupled with ongoing drilling, is expected to yield further results that could lead to updated resource estimates. Such updates are crucial milestones that can attract further investment, potentially enabling the company to progress towards pre-feasibility and feasibility studies. The reactivation of a past-producing mine like Choquelimpie could also contribute positively to Chile's mineral output and local economies in the Arica and Parinacota region.

Conclusion

The strategic expansion of Norsemont Mining’s land package at the Choquelimpie project marks a confident step forward in the development of this promising Chilean gold-silver asset. By systematically exploring extensions of known mineralized trends and leveraging existing infrastructure, Norsemont is demonstrating a clear pathway towards unlocking additional value. The combination of historical production, a significant NI 43-101 compliant resource, and ongoing aggressive exploration positions Choquelimpie as a project to watch closely in the evolving global precious metals landscape.