Norsemont Mining Inc. Pushes Phase 3 Drilling Forward at Choquelimpie

Norsemont Mining Inc. (CSE: NOM) announced today that the first seven holes of its Phase 3 drill program at the Choquelimpie property have been completed, totaling 1,650 m of diamond drilling. The company claims the data “provides important information for the extension of higher‑grade zones to depth.” With a planned 20‑hole, 5,000‑m program, the company intends to resume drilling in April 2026 once the Altiplano Winter weather subsides.

Despite the weather‑induced delay, Norsemont remains confident that its Phase 3 program will yield the critical structural information needed to justify a full‑scale development of the Choquelimpie asset. The company has already submitted drill cores from its 2025 program to the laboratory; preliminary results for two holes have been received, though some intervals have returned “over‑limit” results that warrant further analysis.

Why This Matters

Choquelimpie sits within a highly prospective copper corridor in southern Chile, an area that has attracted global attention amid tightening supply chains and rising industrial demand. Norsemont’s focus on copper, a metal that recent analyst reports suggest will benefit from persistent supply constraints, positions the company to capitalize on a commodity market that may rebound in 2026. UBS’s forecast of a 6,200 USD mid‑year gold target, coupled with comments on copper and aluminum supply squeezes, underscores the broader narrative that fundamental supply dynamics are resurgent.

Norsemont’s market capitalization of roughly 110 million CAD and a closing price of 1.32 CAD on 17 Feb 2026 place the company at the lower end of the material sector’s valuation spectrum. Yet the firm’s drilling schedule and recent data releases demonstrate a clear intent to transition from exploration to development, a step that could dramatically alter its valuation trajectory.

Critical Assessment

While the company’s optimism is understandable, investors should weigh several risks:

  1. Weather‑Related Delays – The Altiplano Winter pattern has already forced a pause; any further postponements could erode momentum and increase costs.
  2. Technical Uncertainty – Initial “over‑limit” samples hint at potential mineralization complexities that could complicate grade estimates.
  3. Capital Intensity – Transitioning from exploration to development requires substantial funding; the company’s current free‑cash‑flow profile is limited.
  4. Commodity Volatility – Although copper supply constraints are highlighted by analysts, market dynamics can shift quickly, especially with geopolitical tensions affecting mining operations in Chile.

Despite these concerns, Norsemont’s proactive drilling strategy and alignment with a commodity backdrop that is increasingly supply‑tight suggest that the company may be poised for a significant upside if the data continues to support the existence of high‑grade, vertically extensive copper zones.

Conclusion

Norsemont Mining’s recent drilling progress at Choquelimpie signals a deliberate push toward a development phase that could elevate the company’s stature within the materials sector. However, the company’s reliance on favorable weather, the inherent uncertainties of early‑stage exploration, and the capital demands of moving to production warrant a cautious, yet attentive approach from investors. The next few months will be decisive: a successful completion of Phase 3 and clear high‑grade results could transform Norsemont from a niche exploration play into a contender in the copper market that is poised for renewed fundamental growth.