News

Norseman Silver Completes Exploration at Caribou Silver Copper Property And Silver Switchback

Vancouver, British Columbia – October 4, 2021 – Norseman Silver Inc. (TSX-V: NOC, OTCQB: NOCSF) (“Norseman” or the “Company”) is pleased to announce that two teams have been deployed and completed the prospecting work at Caribou and the newly-acquired Caribou North concession area, located in British Columbia, Canada. 

The focus of the program was on expanding previously announced results that include 4.93% copper, 242.5 g/t silver in a 7.6 m trench within a 1500 metre by 500 metre soil anomaly. The prospecting work in the northern block involved mapping and rock sampling within the 1,867 hectare concession. The In-fill geochemical soil sampling program conducted closer-spaced grid spacing which were sampled during the 2011 and 2017 surveys. This new soil sampling program will cover a 117-hectare Eastern Block where the NH prospect is located and another 115-hectare Western Block.

A ground IP-Resistivity survey has been completed in the NH prospect area and its immediate vicinity within the Eastern Block. The program consisted of a total of 6 IP line kilometres within a 45-hectare area.  The results of this IP survey will complement the data from the closer-spaced soil sampling program to better define mineralized targets for further sub-surface evaluation through trenching and/ drilling.

Silver Switchback Update

The surface program which involved geologic mapping with rock and grid soil geochemical sampling has been completed. Exploration has successfully extended the soil grid lines further to the east and northwest directions of the previously delineated soil geochemical-anomaly zone. In addition, 4 more in-fill lines were added to the south. The 2021 surface mapping and sampling program covered in greater detail an approximately 3-km. long and 1.40 km-wide NW-SE trending soil geochemical anomaly zone at the Switchback property. A total of 373 soil samples were collected during this latest field campaign, yielding a total number of 923 soil samples collected to date. Likewise, eight (8) rock outcrop and float samples were collected during the course of the mapping activity, obtaining a total of 109 rock samples in total thus far.

In addition to the main Switchback Showing (Central Zone), the closer-spaced soil sampling density has indicated 2 more distinct geochemical anomaly zones (the NW and SE Zones) along the 3-km. target area. The two additional zones include a 20-hectare NW Zone and another 70-hectare SE Zone. The silver anomalies are strongly coincident with the gold, zinc and arsenic anomalies in the Central and SE zones. Silver in soils have elevated values as high as 24ppm while maximum values of 0.30ppm for Au, 2,711 ppm for Zn and 191ppm for As were also picked up. Soil anomalies in Cu are more distinct in the Central and NW zones and showed values as high as 1,148 ppm. A lead anomaly is more distinct in the SE and values as high as 1,309 ppm were detected.

Due to the scarcity of rock outcrops, very limited rock samples were collected during this latest field assessment. Most notable of the newly-collected samples are from two outcrops of massive, gray/white to purple and fine-grained andesitic rock lined with thin but semi-massive pyrite veinlets associated with minor fine specks of chalcopyrite and bornite. These rocks assayed 0.04% to 0.06% Cu and 0.91 to 2.2 g/t Ag. All the other rock samples are highly oxidized and leached, and these showed relatively more subdued metal assay values.

Following the results of the concluded field program, a next step ground IP-Resistivity survey will be carried out to fully cover the three (3) geochemical soil anomaly zones. The aim is to define sub-surface targets for subsequent probing by drilling. All these follow-up activities are expected to be carried out in the next field season.

The Switchback property is located 55 kilometres east-southeast of Terrace, B.C., in the Stikine terrane. The rocks on the property are of the Hazelton Group volcanic and sedimentary rocks. To date, only limited reconnaissance programs have been conducted on the property, which include a small, anomalous for copper and silver, soil grid over the northern portion of the Switchback showing. The earlier-completed outcrop sampling includes samples that returned 626.3 grams per tonne Ag and 4.39 per cent Cu, located roughly in the centre portion of the claims (and the showing), and 138 g/t Ag and 4.02 per cent Cu in an outcrop approximately 100 m to the north.

About Norseman Silver

Norseman Silver is focused on acquiring, exploring and developing silver assets with upside potential in the Americas. The Company’s current property portfolio includes the Cariboo, Silver Vista, Silver Switchback and New Moon projects, located in a prolific region in central British Columbia, Canada, and the Taquetren silver project, located in Rio Negro, Argentina, host to one of the largest silver deposits in the world. Headquartered in Vancouver, Canada, Norseman Silver’s shares are listed on the TSX Venture Exchange under the symbol NOC and on the OTCQB under the symbol NOCSF. Learn more about Norseman Silver at www.norsemansilver.com.

Qualified Person

The technical information in this news release was reviewed by Rene Victorino, P. Geo., Vice President for Exploration of Norseman Silver Inc., a qualified person as defined under National Instrument 43-101  (NI 43-101).

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the United States Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

On behalf of Norseman Silver Inc.

Sean Hurd
President and CEO

For further information, please contact:

Sean Hurd
President and CEO
T: 604 505-4554

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to: the Company’s objectives, goals or future plans; exploration and drilling activities; final approval of the Offering; and the use of the proceeds from the Offering. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; inability to fulfill the duty to accommodate indigenous peoples; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates; other risks involved in the mineral exploration and development industry; an inability to predict and counteract the effects of COVID-19 on the business of the Company and markets generally; and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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