VANCOUVER - Norsemont Mining Inc. (CSE: NOM, OTCQB: NRRSF, FWB: LXZ1) ('Norsemont' or the 'Company') is pleased to announce the third tranche of results from its 2021 maiden diamond drilling program at the company's Choquelimpie high sulphidation epithermal gold-silver project in northern Chile.

Highlights

Hole MV21-009 returned notable intercepts that include long gold-silver intervals that remain open along strike and to depth, as well as near-surface oxide, that expand the known footprint of mineralisation in the Choque Pit area: 170.0 m grading 1.35 grams per tonne ('g/t') gold ('Au'), 18.3 g/t silver ('Ag'), (1.57 g/t AuEq), And 47.0 m grading 0.56 g/t Au, And 15.0 m grading 0.84 g/t Au, 8.4 g/t Ag (0.94 g/t AuEq) as oxide

Marc Levy, Norsemont's CEO comments, 'This exciting drill hole, MV21-009 beneath the Choque Pit is potentially transformational for the company. The 170m interval grading 1.57g/t AuEq remains open along strike and at depth. The fact that precious metals grades increase to 1.92 g/t AuEq in the lower 100m of this hole along with the presence of copper mineralization supports our thesis of potential porphyry Au-Cu mineralization beneath this hole. Similarly, we need additional drill testing to determine what our new porphyry discovery at Vizcacha looks like at depth. In both locations we have demonstrated significant mineralization extends beyond historic drilling, to depths of at least 300m vertically below surface.'

The hole intersected grey silica matrix hydrothermal breccias with pyrophyllite-dickite advanced argillic alteration and disseminated and crackle-hosted pyrite (+/-enargite-sphalerite) mineralisation. Notable mineralised intervals include 15.0 m of near surface oxide gold followed by 170.0 m of highly significant gold-silver mineralisation.

Drillhole MV21-001 was planned to test for extensions of the hydrothermal breccias seen in the Vizcachas pit to the north and to depth. The hole cut a multi-pulse breccia complex made up of chaotic matrix, tuffisite matrix and hydrothermal matrix breccias with advanced argillic alteration (dickite-pyrophyllite, illite-pyrophyllite) and silicification thought to represent the transition from the upper epithermal environment to the deeper porphyry environment. Mineralisation occurs as sulphides of pyrite (+/- enargite-galena-sphalerite) with gold grades open in all directions.

John Currie, Norsemont's VP of Exploration states 'These new diamond drilling results continue to provide us with highly significant gold and silver grades over broad intervals and to depth in the Choque Pit area, below historic drilling. The upside potential of the Choquelimpie epithermal deposit is becoming better understood and this knowledge in combination with the discovery of proximal porphyry-style mineralisation, suggests excellent exploration potential going forward. Now, we await the final tranche of assay results from the drilling, and the results of surface mapping and sampling of the Vizcacha Porphyry'.

In the Q4 2021 drill campaign Norsemont completed ten diamond drill holes for a total of 3,144.1 m.

Drill core for the Choquelimpie 2021 drill program is collected directly from the drill site by company staff and taken to the core shack at the Choquelimpie camp. Drill core is logged, photographed, and sampled by staff who insert certified reference materials into the sampling sequence when/where appropriate. Sample lengths are marked at 1.0 metre intervals and the core is cut by a diamond blade rock saw, with half of the cut core placed in individual bar-code numbered polyurethane bags and half placed back in the original core box for permanent storage. The sample bags are sealed, placed in security-sealed sacks, and then delivered by company staff to the Andes Analytical Laboratory (AAA) sample receiving facilities in Arica, Chile.

All drill core splits reported in this news release were analysed at AAA in Santiago, Chile utilising their ICP_AES_HF38m1 analytical package. This comprises a four-acid digestion followed by a 38-element ICP-MS scan, in conjunction with the AEF_AAS_1E42 40g Fire Assay with AAS finish for gold on all samples. Samples that return values >10 ppm gold from fire assay and AAS are determined by using fire assay and a gravimetric finish (lab code AEF_GRV_1E43). Samples that return values >5,000 ppm for copper and >400 ppm silver by ICP analysis are determined by four acid digestion AAS finish assay (lab codes 4A-HF_AAS_1E13_ppm and 4A-HF_AAS_1E08_0.25-100 respectively).

About Norsemont Mining Inc.

Norsemont comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through to bankable feasibility. Norsemont Mining owns a 100-per-cent interest in the Choquelimpie gold-silver project in northern Chile, a previously permitted gold and silver mine. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure, including roads, power, water, camp and a 3,000 TPD mill.

Contact:

Tel: (604) 669-9788

Forward-Looking Information

This release includes certain statements that are deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address events or developments that Norsemont expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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