CEO.CA Chairman's Briefing

TORONTO, July 03, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO, OTCQX:WDOFF) (“Wesdome” or the “Company”) today provides an update on underground exploration activities at the Company’s wholly-owned Eagle River Mine (“Eagle River”) near Wawa, Ontario.

Highlights

6 Central Zone (Figure 1, Table 1)^1,2
Drilling has extended the high grade zone 150 metres to the east, adjacent to existing infrastructure:

• Hole 758-E-456: 71.7g/t Au over 3.3 m core length (58.2g/t Au capped, 2.8 m true width)
  • Including 233.6 g/t Au uncut over 0.5 m core length
  • Including 144.5 g/t Au uncut over 0.4 m core length
• Hole 758-E-463: 93.7g/t Au over 3.0 m core length (59.7g/t Au capped, 2.6 m true width)
  • Including 339.4 g/t Au uncut over 0.4 m core length
  • Including 193.7 g/t Au uncut over 0.3 m core length

Falcon 311 Zone (Figure 2, Table 1)^2,3
Exploration and delineation drilling is confirming continuity of high grades and expanding this recently discovered zone in the volcanic rocks west of the mine diorite:

• Hole 857-E-52: 33.0 g/t Au over 5.0 m core length (31.8 g/t Au capped, 3.5 m true width)
  • Including 152.0 g/t Au uncut over 0.5 m core length

300 Zone (Figure 3, Table 1)^1,2
Infill and delineation drilling used to confirm mineralization within the resource shapes:

• Hole 1153-E-01: 39.7 g/t Au over 8.7 m core length (32.5g/t Au capped, 6.6 m true width)
  • Including 275.1 g/t Au uncut over 0.3 m core length
  • Including 206.1 g/t Au uncut over 0.3 m core length
• Hole 1201-E-47: 33.4 g/t Au over 4.7 m core length (25.7g/t Au capped, 3.6 m true width)
  • Including 260.2 g/t Au uncut over 0.3 m core length

¹ Assays capped at 140 g/t for 6 Central Zone and 300 Zone
² True widths are estimated based on 3D models where available
³Assays capped at 125 g/t Au for Falcon 311

Ms. Anthea Bath, President and Chief Executive Officer, commented, “These drilling results at Eagle River underscore the prospectivity across this asset, particularly as the high grade 6 Central Zone continues to expand down-plunge to the east, and the continuity and extension potential of the Falcon 311 and 300 zones is now being confirmed in follow-up drilling.

This year’s exploration program at Eagle River is expanding the existing resource base of known zones and identifying targets near existing infrastructure. In the coming months, our objective is to integrate results from this drill program with recently initiated asset optimization studies to potentially extend mine life, leverage existing development more effectively and increase utilization of Eagle River’s 1,200 tonne per day mill.”

Technical Details

Wesdome’s budget for underground exploration at Eagle River in 2024 is nearly $10 million and includes expansion, infill and delineation drilling.

6 Central Zone

The 6 Central Zone, discovered in 2023, is located close to existing infrastructure and at relatively shallower depths of 600 to 750 metres. Approximately 10,280 metres over 39 holes were drilled in the first half of 2024 with an additional 28 holes planned for the second half of the year.

The 6 Central Zone has been delineated 180 metres in plunge and 145 metres on strike based on a 3D model completed in 2023. Drill results to date have been promising, extending the zone down-plunge by 150 metres to the east and 100 metres along strike. With drilling confirming further growth potential confidence in the mineral resource classification has also improved, increasing the potential for conversion to mineral reserves at year end.

Falcon 311 Zone

Approximately 8,140 metres were drilled in the first half of the year across 44 holes. Drilling will continue to the end of the year with an additional 20 holes planned, mostly focused on extending the zone to surface and infill drilling for resource conversion.

Based on drilling to date, the Falcon 311 Zone has been delineated to extend at least 250 metres along plunge and nearly 115 metres along strike. Drilling continues to confirm the potential for the zone to expand down plunge and potentially extend to surface, similar to the adjacent Falcon 7 Zone discovered in 2019. Drilling efforts have also been directed towards infill drilling certain areas within the Falcon 311 Zone, a strategy aimed at confirming continuity and upgrading the classification of the existing resource.

300 Zone

Approximately 8,050 metres have been drilled year to date across 28 holes. Drilling will continue to the end of 2024 with an additional 25 holes planned for the balance of the year with approximately half of the holes focusing on testing the 300 Zone at depth and the remaining holes functioning as infill drilling for resource conversion.

With development platforms recently installed at the 1201 level, underground drilling has focused on testing areas down-plunge of 300 Zone that were not previously accessible. Infill drilling will also be conducted from this level, targeting certain regions within the 300 Zone for resource conversion.

About Wesdome

Wesdome is a Canadian-focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Quebec. The Company’s primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer.

For further information, please contact:

Raj Gill, SVP, Corporate Development & Investor Relations
Trish Moran, VP, Investor Relations
Phone: +1 (416) 360-3743
E-Mail: invest@wesdome.com

To receive Wesdome’s news releases by email, please register on the Company website at www.wesdome.com.

Technical Disclosure

The sampling of, and assay data, from drill core is monitored through the implementation of a quality assurance - quality control (QA/QC) program designed to follow industry best practice. Underground drill samples are transported in sealed bags to the Eagle River Mine assay office in Wawa, Ontario. Samples are analyzed for gold using standard fire assay technique with gravimetric finish. Wesdome inserts blanks and certified reference standards into the sample sequence for quality control at the laboratory. The QA/QC procedure is described in more detail in the Technical Report for the Eagle River Gold Mining Complex, Ontario, Canada filed under the Company’s profile on SEDAR+ on April 22, 2022.

The technical content of this release has been compiled, reviewed, and approved by Aliou Sene, P.Geo., Chief Mine Geologist at Eagle River Complex who is the Company’s "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Forward-Looking Information

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the prospectivity at Eagle River, the continuity and extension potential of the Falcon 311 and 300 zones, the potential extension of the mine life of Eagle River and the increase in production at Eagle River. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Figure 1 – 6 Central Zone Longitudinal Section

Figure 2 – 311 Zone Longitudinal Section

Figure 3– 300 Zone Longitudinal Section

Table 1: Eagle River Drill Results (Previously Unreleased)

Composite Results

Figures in table may not add due to rounding.

Assay Results

Figures in table may not add due to rounding.

Photos accompanying this announcement are available at: 

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PDF available: http://ml.globenewswire.com/Resource/Download/10a5fd26-feac-424e-b792-de60995a2293

Figure 1 – 6 Central Zone Longitudinal Section

Figure 1 – 6 Central Zone Longitudinal Section

Figure 2 – 311 Zone Longitudinal Section

Figure 2 – 311 Zone Longitudinal Section

Figure 3– 300 Zone Longitudinal Section

Figure 3– 300 Zone Longitudinal Section