- Notable mining investor Rob McEwen, chairman of McEwen Mining (TSX:MUX), picked up shares in Norsemont Mining (CSE:NOM), a junior gold explorer advancing its flagship Choquelimpie project in Chile to bankable feasibility
- The project’s resource is estimated at 2,184,000 gold equivalent ounces indicated and 557,000 gold equivalent ounces inferred
- Norsemont Mining stock has added 475 per cent year-over-year
Notable mining investor Rob McEwen, chairman of McEwen Mining (TSX:MUX), picked up shares in Norsemont Mining (CSE:NOM), a junior gold explorer advancing its flagship Choquelimpie project in Chile to bankable feasibility. The project’s resource is estimated at 2,184,000 gold equivalent ounces indicated and 557,000 gold equivalent ounces inferred.
This content has been prepared as part of a partnership with Norsemont Mining Inc., and is intended for informational purposes only.
McEwen made the lead order in the second tranche of an ongoing private placement, with the tranche closing on 2,320,000 units priced at C$0.60 for gross proceeds of C$1,392,000. Each unit consists of one common share and one-half of one warrant, with each warrant allowing the holder to acquire one share for C$0.75 for two years from the closing date, subject to acceleration as detailed in Monday’s news release.
“I’m pleased to become a strategic shareholder in Norsemont Mining as they advance the Choquelimpie project in Chile,” McEwen noted. “The project’s scale, geological potential and existing infrastructure provide an excellent foundation for value creation. I look forward to supporting the team as they work to unlock Choquelimpie’s full potential for the benefit of all shareholders.”
Norsemont will allocate the proceeds to metallurgy, general working capital and phase 3 drill programs at Choquelimpie focused on copper porphyry, high-grade gold and oxide-leachable gold targets.
Leadership insights
“We are deeply honoured and privileged to gain the support of legendary mining entrepreneur and investor, Rob McEwen, and we are excited to welcome him as a strategic shareholder in Norsemont,” Marc Levy, Norsemont Mining’s chief executive officer, said in a statement. “His commitment is a strong endorsement of our vision and provides valuable resources to advance the Choquelimpie project through our upcoming drilling and technical programs, positioning us to continue delivering value for all stakeholders.”
About Norsemont Mining
Norsemont is advancing its 100-per-cent-owned Choquelimpie gold, silver and copper project in Chile. The project is previously permitted, houses a 3,000-ton-per-day mill and offers robust exploration upside informed by more than 1,700 drillholes on the property to date.
Norsemont Mining stock (CSE:NOM) is up by 2.99 per cent trading at C$0.69 as of 11:20 am ET. The stock has added 475 per cent year-over-year.
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