Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the
“Company”) today announces additional drill results from the
recently discovered zone hosted in volcanics west of the mine
diorite and additionally from mineralization identified along the
eastern margin of the mine diorite at the Company’s wholly-owned
Eagle River Mine (“Eagle River”) in Wawa, Ontario.
Ms. Anthea Bath, President and CEO commented:
“Results from ongoing drilling continue to better define and expand
the newly discovered zone of mineralization, now known as the
Falcon 311 zone. The intervals are significant in that they are
broader than what is typical for Eagle River, which bodes well for
potential mineability. We are also highly encouraged by initial
drilling along the eastern contact of the mine diorite that is
already returning high grades from within the volcanic rocks. Both
these new areas have the potential to provide additional mining
horizons and optimize use of current infrastructure, ultimately
providing additional reserves extending mine life and/or mill
throughput.
Having discovered gold mineralization both east
and west of the mine highlights the strength of the mineralized
system and the potential of the surrounding volcanic rocks that
have received limited exploration in recent years.”
In October, the Company announced initial drill
results that returned high grade gold values west of the mine
diorite (See “Wesdome Drilling Returns High Grades in Volcanic
Rocks Along Western Extension of Mineralization at the Eagle River
Mine”). Follow up drilling has confirmed that the zone extends to
the 900-metre level and remains open down plunge (Figure 1).
Additionally, several of the most recent intersections are wider in
width than is typical for the Eagle River mine, often greater than
5 metres true thickness (Figure 2). Furthermore, distribution of
gold grades are generally more consistent across the zone than in
the mine diorite. The definition and expansion of this new
discovery will remain a priority for drilling in the coming
months.
West side of the mine diorite, expanding the
newly discovered Falcon 311 zone:
- Hole 857-E-03: 15.1 g/t Au over 8.7
m core length (15.1 g/t Au capped, 6.7 m true width)
- Hole 857-E-01: 9.5 g/t Au over 7.1
m core length (9.5 g/t Au capped, 5.8 m true width)
- Hole 857-E-09: 18.4 g/t Au over 1.6
m core length (within 18.4g/t Au capped over 0.6 m true width)
All assays capped at 125 g/t Au. True widths are
estimated based on 3D model construction.
East of the mine diorite, near the historic 6
zone, initial drilling has identified gold mineralization in
volcanics, confirming our theory that volcanic rocks along this
trend are a host for gold mineralization, particularly in proximity
to the diorite contact (Figure 1).
Initial drill results from the East side of the
mine diorite, near the historic 6 zone:
- Hole 758-E-412: 122.5 g/t Au over
1.7 m core length (93.5 g/t Au capped, 1.5 m true width)
- Hole 580-E-93: 32.1 g/t Au over 1.7
m core length (32.1 g/t Au capped, 1.5 m true width)
- Hole 580-E-88: 29.2 g/t Au over 1.7
m core length (within 29.2 g/t Au capped over 1.6 m true
width)
All assays capped at 125 g/t Au. True widths are
estimated based on 3D model construction.
Both of these new volcanic-hosted zones have the
potential to extend from surface and down plunge to depths equal to
that of the neighbouring 300E Zone that has been tested to 1,500
vertical metres below surface.
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
2022 Technical Report filed 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.
ABOUT WESDOMEWesdome is a
Canadian focused gold producer with two high grade underground
assets, the Eagle River mine in Ontario and the recently
commissioned 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. Wesdome trades on the Toronto
Stock Exchange under the symbol “WDO,” with a secondary listing on
the OTCQX under the symbol “WDOFF.”
For further information, please
contact:
Lindsay Carpenter DunlopVP Investor
Relations416-360-3743 ext. 2025invest@wesdome.com
220 Bay St, Suite 1200Toronto, ON, M5J 2W4
Toll Free: 1-866-4-WDO-TSXPhone: 416-360-3743,
Fax: 416-360-7620Website: www.wesdome.com
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.
Figures accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/e17ac024-9408-4501-884f-fa7710789b03
https://www.globenewswire.com/NewsRoom/AttachmentNg/3c4a0ae1-7b1e-499a-a8b6-d9242cb75fb2
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