Norsemont Hits High-Grade Zones at Depth Before Seasonal Drill Pause

VANCOUVER, BC – February 20, 2026 – Norsemont Mining Inc. (CSE: NOM, OTC: NRRSF) announced today that the initial phase of its 2025-2026 drill program at the Choquelimpie gold-silver project in northern Chile has intersected promising mineralized structures at depth, bolstering the company's confidence in expanding the site's already significant resource. However, the company has paused operations until the second quarter due to the onset of the 'Altiplano Winter,' a predictable annual weather event in the high Andes.

The update provides a mixed but largely optimistic picture for the junior explorer. The completion of the first seven diamond drill holes, totaling 1,650 meters, has provided crucial geological data before the full assay results are returned. This initial success is tempered by the operational realities of working at high altitudes, forcing a temporary but planned suspension of the 5,000-meter program.

Encouraging Geology Boosts Resource Expansion Hopes

The primary objective of Norsemont's Phase 3 drill campaign is to test the extensions of higher-grade gold zones—defined as mineralization greater than one gram per tonne (g/t) gold—that are hosted within geological formations known as hydrothermal breccia pipes. According to the company, drilling has successfully intersected these target zones, including the Vizcacha and Choque breccias, at depth.

Norsemont CEO Marc Levy commented on the early findings, stating, "We are excited that the 2025 drilling at Choquelimpie has intersected higher-grade hydrothermal breccia bodies at depth, boosting confidence in expanding the open-pit resource and the overall size and width of the breccia pipes. We look forward to reporting initial assay results shortly."

Visual inspection of the drill core has revealed key indicators of mineralization. Hole MV25-DD02, for example, intersected the Vizcacha Hydrothermal Breccia from the surface down to 145 meters, with the deeper part of the hole containing abundant sulfide mineralization, locally up to 20%. Similarly, hole MV25-DD05, targeting the Choque Zone, hit hydrothermal breccia bodies containing 10-20% total sulfides, including enargite, a key copper-arsenic sulfide mineral often associated with high-sulfidation gold systems.

These early geological interpretations are significant as they build upon an already substantial foundation. The Choquelimpie project, a past-producing mine, currently has a National Instrument (NI) 43-101 compliant indicated mineral resource of 1.73 million ounces of gold and 33.23 million ounces of silver. The success of the current program in extending known high-grade zones could materially add to this resource, particularly for a potential open-pit mining scenario.

Navigating the Challenges of High-Altitude Exploration

The temporary halt in drilling is a stark reminder of the unique challenges faced by operators in the Chilean Altiplano. The Choquelimpie project sits at an elevation between 4,600 and 4,900 meters, where extreme weather, including heavy snow and high winds, makes year-round operations difficult and hazardous. The 'Altiplano Winter' is a well-documented seasonal pattern, and Norsemont's decision to postpone drilling until April 2026 is a standard operational procedure in the region rather than an unexpected setback.

The company has completed seven of a planned 20 holes for the Phase 3 program. The pause provides an opportunity for the geological team to analyze the data collected so far and refine targets for the remaining 3,350 meters of drilling scheduled to resume in the spring. In the meantime, drill samples from the completed holes have been shipped to Activation Geological Services SpA (AGS) in Chile for analysis. Partial assay results for two holes have been received, though some intervals with high initial readings require re-assay for 'over-limit' values of silver, copper, lead, and zinc. The complete results are anticipated later this quarter.

A Dual Strategy: Enhancing Visibility While Awaiting Results

In a concurrent strategic move, Norsemont announced it has retained i2i Marketing Group LLC for a six-month, $300,000 (USD) contract aimed at enhancing its market presence and shareholder communications. This significant investment in marketing signals a proactive approach by management to control the company's narrative and build investor awareness as it navigates a critical exploration phase.

The timing of the engagement is notable. By launching a major marketing initiative during an operational pause and ahead of pivotal assay results, Norsemont appears to be preparing the market for future news flow. This dual strategy—advancing technical work on the ground while simultaneously amplifying its story to investors—is common among junior explorers seeking to maintain momentum and attract capital for future programs. Planning and permitting for a more extensive Phase 4 program in 2026 are already underway, indicating the company's long-term commitment to the project, which will require sustained market support.

While the company has been successful in securing capital, including over $22 million in 2025 and an additional $15 million recently, market analysts have noted the financial realities of an exploration-stage company. The current phase is characterized by significant cash burn with no revenue, a typical situation for junior miners. The market now awaits the full suite of assay results from the first seven holes, which will serve as the first concrete validation of the visual core observations and management's optimism. These results will be a crucial catalyst, potentially shaping investor sentiment and the company's trajectory as it prepares to complete its Phase 3 program and advance toward a Preliminary Economic Assessment (PEA) on its oxide resources.