Norsemont Mining Inc. (CSE: NOM) has released a drilling update for its Choquelimpie Gold-Silver-Copper project in Chile, confirming 16 holes totalling 4,100 metres completed year-to-date under the 2026 Phase 3 program. The holes target step-out and offset positions across five key zones, with assays still pending for all 16. CEO Marc Levy also addressed a previously announced financial restatement, confirming the company's cash position remains at $13,677,089 as of June 30, 2026, and that drilling continues to advance.

Key Points

  • Norsemont Mining Inc. (CSE: NOM, OTC: NRRSF, FWB: LXZ1)
  • 16 drill holes totalling 4,100 metres completed at Choquelimpie in the 2026 Phase 3 program across five zones
  • Cash position confirmed at $13,677,089 as of June 30, 2026; assays pending for all 16 holes
  • Investors may be watching for pending assay releases, which the company describes as anticipated meaningful catalysts

Phase 3 Drilling Expands Across Five Zones at Choquelimpie

The 2026 Phase 3 program has targeted step-out holes beyond the limits of known mineralisation and offset holes adjacent to previously mineralised intercepts across the Choquelimpie project area. Zones drilled to date include Suri, Choque, Vizcacha, Hudimiento, Espanola, and western step-out areas. Hole MV26-DD24 is currently in progress, drilling northerly from the same platform as DD21, targeting the region between the Choque and Vizcacha Zones. The program is managed by Roman Flores, a Persona Calificada with the Comisión Minera Chile, and technical content has been reviewed by Chief Geologist David Flint, a qualified person under NI 43-101.

Multiple Gold-Bearing Mineralisation Styles Identified at Depth

Early drilling has helped define the boundaries of several hydrothermal breccia bodies and mineral zones, giving the geological team improved insight for future resource expansion targeting. The announcement confirms the presence of multiple gold-bearing mineralisation styles, including hydrothermal breccias, porphyry-related quartz and magnetite veinlets, and quartz-mica-sulfide alteration zones. Base-metal mineralisation has also been identified within the quartz-mica-sulfide zones, which the company describes as an additional potential value component. Metallurgical and 3D geological studies are planned for later in 2026 to refine understanding of precious- and base-metal relationships across the system.

Levy Addresses Restatement and Confirms Solid Cash Position

In the update, CEO Marc Levy referenced a financial restatement announced on August 28, 2026, relating to the accounting treatment of convertible debentures issued in December 2025 and due December 2028. The reclassification shifts those instruments from long-term to short-term liability. Levy's statement, as reproduced in the release, emphasises that the accounting adjustment does not affect the company's cash position, confirmed at $13,677,089 as of June 30, 2026. The company states it remains well funded and that assay results are anticipated to be released shortly, though no specific release date was provided.

Choquelimpie Project Resource Base and Infrastructure Context

The Choquelimpie project hosts an indicated resource of 81.9 million tonnes grading 0.66 g/t gold (1,731,000 oz Au) and 12.6 g/t silver (33,233,000 oz Ag), plus an inferred resource of 25.3 million tonnes grading 0.55 g/t gold (446,000 oz Au) and 8.9 g/t silver (7,219,000 oz Ag), according to a technical report released May 16, 2025. The past-producing site includes more than 1,720 historical drill holes and existing infrastructure such as roads, power, water, camp facilities, and a previously operational 3,000-tonne-per-day mill. The immediate share price impact was not clear from available public information.