Wesdome Announces Ongoing Drilling of Kiena Deep A Zone and Returns 141.4 g/t Gold Over 13.2 Metres

TORONTO, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces additional results from the ongoing underground definition and exploration drilling at its 100% owned Kiena Mine Complex, in Val d'Or, Quebec.

Four drills continue to operate on the 105 Level (1050 metre level) exploration ramp completing the infill and immediate plunge extension drilling of the Kiena Deep A Zone. This drilling has continued to confirm the overall continuity of the geometry and the high grade gold mineralization of the Kiena Deep A Zone and identifying additional mineralization outside of the current resource estimate. Recent drilling, including hole 6580 and its wedge hole 6580A, intersected 8 metres core length of quartz veining and visible gold mineralization an additional 50 and 20 metres, respectively, down plunge of the A Zone that now extends over 770 metres (see Figure 1 and Photographs 1 & 2). Assay results from these holes are pending.  This continued drilling will be used to update the mineral resources in 2020.

Highlights of the new drilling are listed below and summarized in Table 1. Approximate mineralized locations depicted in Figure 1.

Kiena Deep A Zone  

• Hole 6486: 141.4 g/t Au over 13.2 m core length (23.0 g/t Au cut, 13.2 m true width)
• Hole 6545: 185.8 g/t Au over 3.1 m core length (29.3 g/t Au cut, 2.4 m true width)
• Hole 6559: 70.9 g/t Au over 6.9 m core length (39.9 g/t Au cut, 4.5 m true width)  
• Hole 6568: 33.5 g/t Au over 10.5 m core length (15.5 g/t Au cut, 6.5 m true width)

All assays cut to 90.0 g/t Au. True widths are estimated.

Mr. Duncan Middlemiss, President and CEO commented, “We are extremely pleased with the recent drilling results that continue to illustrate the high grade nature and continuity of the A Zone, especially as we assess the potential restart of the operation with the ongoing PEA study that is expected to be completed in H1 2020.”

“Additionally, the 79 Level drift will be completed at the end of the month and will provide an optimal platform to test the up plunge extension of the A Zone and ultimately will be used for production at a later date as it connects the Upper A Zone and Lower VC Zones to the main shaft. Any additional resources found in this area could greatly enhance the project restart time and initial capital investment.”

Meanwhile a 5th drill is located on the 67 Level and continues to return high grade intersections down dip of the VC zones. Earlier in the year, a number of significant drill intersections were returned from this area, including 31.1 g/t Au over 5.1 metres.

Highlights of the new drilling are listed below and summarized in Table 1.

VC Zone

• Hole 6548: 30.4 g/t Au over 2.0 m core length (30.4 g/t Au cut, 1.7 m true width)
• Hole 6556: 17.4 g/t Au over 3.0 m core length (17.4 g/t Au cut, 2.2 m true width)
• Hole 6586: 12.7 g/t Au over 6.0 m core length (12.7 g/t Au cut, 5.0 m true width)  

All assays cut to 90.0 g/t Au. True widths are estimated.

The drilling of the potential up plunge extension of the Kiena Deep A Zone will commence shortly and be completed using the 79 Level drift. Development of 79 Level commenced in August and the planned 590 metres of development will be completed by the end of the month. This development will provide the necessary drill platforms to better define the up plunge of the A Zone and also to improve our understanding of where the transition occurs between the VC zones more sulfide rich gold mineralization to the quartz veining with visible gold style of mineralization in the Kiena Deep A Zone. It is currently interpreted that A Zone is folded as it extends up plunge to intersect the VC1 and VC6 zones. Two additional drills, for a total of seven drills at site, have been ordered and the first drill is being mobilized and expected to be underground by the end of this week. See Figure 1 showing the area to be tested from 79 Level in Q1 2020.

TECHNICAL DISCLOSURE

The technical and geoscientific content of this release has been compiled, reviewed and approved by Bruno Turcotte, P.Geo., (OGQ #453) Senior Project Geologist of the Company and a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

Analytical work was performed by ALS Minerals of Val-d’Or (Quebec), a certified commercial laboratory (Accredited Lab #689). Sample preparation was done at ALS Minerals in Val d'Or (Quebec).  Assaying was done by fire assay methods with an atomic absorption finish. Any sample assaying >3 g/t Au was rerun by fire assay method with gravimetric finish, and any sample assaying >10 g/t Au was rerun with the metallic sieve method.  In addition to laboratory internal duplicates, standards and blanks, the geology department inserts blind duplicates, standards and blanks into the sample stream at a frequency of one in twenty to monitor quality control.

ABOUT WESDOME
Wesdome Gold Mines has had over 30 years of continuous gold mining operations in Canada.  The Company is 100% Canadian focused with a pipeline of projects in various stages of development.  The Company’s strategy is to build Canada’s next intermediate gold producer, producing 200,000+ ounces from two mines in Ontario and Quebec.  The Eagle River Complex in Wawa, Ontario is currently producing gold from two mines, the Eagle River Underground Mine and the Mishi Open pit, from a central mill.  Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Quebec.  The Kiena Complex is a fully permitted former mine with a 930-metre shaft and 2,000 tonne-per-day mill.  The Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario.  The Company has approximately 137.9 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.

For further information, please contact:

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. 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. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company has included in this news release certain non-IFRS performance measures, including, but not limited to, mine operating profit, mining and processing costs and cash costs. Cash costs per ounce reflect actual mine operating costs incurred during the fiscal period divided by the number of ounces produced.  These measures are not defined under IFRS and therefore should not be considered in isolation or as an alternative to or more meaningful than, net income (loss) or cash flow from operating activities as determined in accordance with IFRS as an indicator of our financial performance or liquidity. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow

Table 1: Kiena Complex Drilling Assay and Composite Results

Composites

Assays

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/e97201e8-8ee7-41eb-bcf4-e35811cce529

https://www.globenewswire.com/NewsRoom/AttachmentNg/661a576c-2757-4082-9017-0273b79c465d

https://www.globenewswire.com/NewsRoom/AttachmentNg/cef774b3-7d75-472a-905e-f00894ab0fd9

PDF available: 

http://ml.globenewswire.com/Resource/Download/e6156d56-86d9-4730-910f-858aa38353dd