Norsemont Mining Inc. Advances Phase‑Three Drilling at Choquelimpie While Preparing for April Resumption
Norsemont Mining Inc. (CSE: NOM) announced that it has successfully completed the first seven holes of its Phase‑Three drill program at the Choquelimpie site in northern Chile, totaling 1,650 m of penetration. The company highlighted that the data recovered from these holes will aid in extending higher‑grade zones to depth, a critical step toward establishing a commercially viable resource.
Strategic Context
Choquelimpie represents one of Norsemont’s flagship projects. The company’s CEO, Marc Levy, emphasized the project’s existing infrastructure— a 3,000 t per day mill, dedicated camp, and year‑round road access— as a catalyst for accelerating production preparation. With the updated NI 43‑101 resource estimate (April 2025) now listing 2.18 million oz of gold‑equivalent (indicated) and 557 thousand oz of inferred resources, the project sits on a solid technical foundation.
Weather‑Induced Delays
The company noted that the “Altiplano Winter” weather pattern, an annual climatic event, forced a temporary pause in drilling activities. Consequently, operations are slated to resume in April 2026 to complete the remaining 13 holes of the Phase‑Three program, bringing total drilling to 5,000 m. This schedule aligns with the company’s broader objective of moving the project toward feasibility studies and, ultimately, a production start.
Market Reaction and Financial Position
Norsemont’s share price, which closed at CAD 1.49 on 19 February 2026, remains within the 52‑week high of CAD 1.53 and far above the 52‑week low of CAD 0.135, underscoring investor confidence amid ongoing exploration milestones. With a market capitalization of approximately CAD 131.66 million, the company retains the liquidity necessary to fund its upcoming drilling phases and potential pre‑feasibility work.
Forward‑Looking Assessment
Given the robust resource base, proven infrastructure, and a clear drilling schedule, Norsemont is poised to generate a comprehensive resource estimate that could justify a feasibility study and, ultimately, a commercial mining operation. The planned April resumption, coupled with the company’s focus on extending higher‑grade zones, positions Choquelimpie as a high‑potential asset in the Chilean mining sector.
While weather remains a variable factor, Norsemont’s proactive planning and transparent communication suggest a disciplined approach to project development. Stakeholders should monitor the forthcoming Phase‑Three data releases, as they will provide critical insights into the project’s commercial viability and influence future capital allocation decisions.
