Norsemont Mining Inc., (CSE:NOM), NI 43 101, May 6th, 2020

• Lac Burge Property, lode gold and VMS Au, Ag, Ni, Cu deposit, Québec
• No Resources Estimated

Summary

1 Introduction

At the request of
Norsemont Mining Inc. (the “Company” or “NMI”), this report on the Lac Burge
Project (the “Property” or “Project”) has been prepared to summarize previous
work, appraise the exploration potential of the Property, and make
recommendations for future work.

2 Location

The Lac Burge Property is
situated approximately 215km north-east of Val-d’Or in the province of Québec
and approximately 70km north-east of the town of Lebel-sur-Quévillon. The
property is bisected by Québec Provincial highway #113. The city of Val-d’Or is
a major center for exploration and mining activities in Canada, Québec, and the
region, supporting numerous mines and exploration projects.

3 Description of Property

The property is located
within the Abitibi Greenstone Belt (Northwestern Québec, Canada) in the Township
of Duplessis and approximately 215km north-east of Val-d’Or. It lies within NTS
sheets 32F07 and 32F08. The property’s center point is located at 388,013mE and
5,469,122mN, which is 5km west of the village of Miquelon. Access to the Lac
Burge Property is by the paved and maintained Québec Provincial Highway #113, offering
year-round vehicle access. The highway extends from the Transcanada highway
(#117) 33 kilometres east of Val-d’Or to its northern reaches at Chibougamau.
There are daily commercial flights from Montreal to Val-d’Or. Numerous former
logging roads, both maintained and unmaintained, crisscross the property,
allowing easy access to the claims from the highway by truck, foot, ATV or snowmobile
depending on the season. A former rail bed cuts through the property from the
south of Lac Burge to Miquelon 5km to the east, providing excellent access to
the eastern and southern claim blocks. The Lac Burge property experiences
locally low to moderate relief occasionally broken up by cliffs and steep
hills. The property is at an elevation of approximately 315m above sea level
with the highest point NI 43-101 Technical Report Lac Burge Property  on the claims at approximately 380m above sea
level. Rock exposure on the claims is limited, with less than 5% outcrop and
large wetlands covering the southern portion of the property between Lac Burge and
Lac Rochester. Vegetation consists predominantly of Boreal forests and swamps.
Several of the claims that make up the southern block are partially over Lac
Burge.

4 Ownership

The 29 claims comprising
the Property were acquired through map designation and cover a total of 1626.08
hectares. The dispositions are registered to LaCroix Mineral Exploration Ltd.
Through a sale agreement dated May 5th, 2020, Norsemont Mining Inc. has the option to acquire a 100% interest
in the Lac Burge Property.

5 Geology and Mineralization

The Lac Burge area is at
the central core of the Abitibi greenstone belt in the Superior province. The claims
are centered on a northwest running band of intermediate to mafic volcanic
rocks mixed with sedimentary rocks. This is bound to the north and south by two
large felsic intrusives. The region is also cut by numerous diorite and gabbro
sills and Proterozoic diabase dykes. From North to South, the rocks on the
Property are the:

• Intermediate and mafic volcanic rocks/ volcaniclastics of the Obatogamau
Formation;

• mafic intrusives of the O’Sullivan Pluton;

• basalts, andesites, and volcaniclastic rocks of the Vanier-Dalet-Poirier
Group.

Mineralization for the
property is mostly based on known showings on and adjacent to the claims. Anomalous
metal values are associated with quartz-carbonate-pyrite-gold veins and/or thin
layers of massive or disseminated sulfides with associated alteration of wall
rock along lithological contacts with felsic volcanics or the edges of mafic
intrusives. Increased shearing of these rocks increases the likelihood of
anomalous mineralization.

6 Project Status

Interest in the Lac Burge
area commenced with the discovery of a small gold deposit south of Lac Madeleine
in 1935. In the following 85 years, numerous exploration companies and
partnerships of NI 43-101 Technical Report Lac Burge Property companies and
government have completed multiple ground and airborne geophysical surveys (electromagnetic,
VLF-EM and magnetic), geological mapping, sampling, trenching, and diamond
drilling in the area. The property itself has seen limited exploration beyond
geophysical and geological surveys completed in the early 1990’s. There has
been a recent resurgence in the area. In 2018 exploration work included
ground-based geophysical surveys and soil sampling on parts of the claims.
There has been no advanced exploration or mining performed on this property.

7 Conclusions and Recommendations

Clarification of
secondary and tertiary structures was achieved through a ground magnetometer
survey while a ground VLF-EM indicated conductors/ anomalies and a soil
sampling survey indicated gold-in-soil anomalies to 65ppb Au in the northern
and western claim blocks. Beepmat surveying isolated thirteen near-surface
conductive anomalies and four magnetic anomalies in the northern and southern
claim blocks. Four rock grab samples were collected in the northern claim block
and these assayed from 0.061% Cu to 0.378% Cu. Magnetic formations were
delineated and EM conductors/anomalies were isolated in the southern block but
no other surveys were conducted in the south in 2018. The enhanced/fertile
structure, EM anomalies, and anomalous gold-in-soil and copper in grab samples values
warrant further investigation through additional geological surveys. It is
recommended that the encouraging results from the 2018 program in the northern,
western, and southern claim blocks should be further investigated through more
geophysical and soil sampling surveys. Section 26 presents budgets for two
phases of surveys, with the second phase dependent upon the results of the
first phase.

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