Wesdome Drilling Confirms Continuity and Extends Up-Plunge Gold Mineralization at Eagle River 300E Zone, 303 Lens
TORONTO, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) today announces recent underground drilling results from its ongoing drilling program at the 300E Zone (303/301 lenses) at its wholly-owned Eagle River Mine, Wawa, Ontario.
- Hole 844-E-73 37.55 g/t Au uncut (21.82 g/t Au cut) over 10.15 m true width
- Hole 844-E-74 53.06 g/t Au uncut (43.57 g/t Au cut) over 7.71 m true width
- Hole 844-E-109 34.23 g/t Au uncut (27.01 g/t Au cut) over 10.42 m true width
- Hole 844-E-110 51.93 g/t Au uncut ( 23.18 g/t Au cut) over 11.96 m true width
- Hole 844-E-111 60.90 g/t Au uncut (47.29 g/t Au cut) over 5.51 m true width
* Assays Cut to 140 g/t Au
Development completed in 2016 provided access to drill and develop this discovery, initially announced in a news release dated November 30, 2015 (www.wesdome.com) with subsequent diamond drill results announced on January 26, 2017 and initial development results announced on May 31, 2017.
Development on the 844 metre level was completed in May 2017 on the 300E Zone where drifting results have confirmed continuity, strong grades, better widths, and the existence of a new and significant production area for the Eagle River Mine. Continued drilling has now traced the structure from 750 metre depth to 1,000 metre depth, and remains open up and down plunge.
Mr. Duncan Middlemiss, President and CEO commented, "The up-plunge drilling at the 300E Zone continues to return wide and rich intercepts and shows good continuity vertically in excess of 250 metres along plunge. Development on the 864 East metre level is underway with stope production expected at the end of 2017, and we expect to start development on the 750 East metre level in Q1 2018. We remain very excited about this new production area with well above average widths, and will continue to focus exploration efforts on this area next year.”
The 300 Zone is a recently recognized structure located 300-400 metres north of the main 8 Zone structure, which has provided the bulk of the Eagle River Mine's production over the last twenty years (Figure 1). The 300E area consists of a series of tabular to pipe-like quartz vein systems with strong folding leading to localized widths and grades that are wider as well as higher in grade (303 Lens).
Results are compiled in Table 1 and illustrated on the accompanying schematic cross section and longitudinal section (Figure 2 and 3). Complete assay breakdowns of these holes are appended to assess grade distribution and internal continuity.
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. Samples are transported in sealed bags to 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 standard in the sample sequence for quality control.
The technical content of this release has been compiled, reviewed and approved by Michael Michaud, P.Geo., Vice President, Exploration of the Company and a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
Wesdome Gold Mines is in its 30th year of continuous gold mining operations in Canada. The Company is 100% Canadian focused with a pipeline of projects in various stages of development. 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, which is being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 133.9 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”
For further information, please contact:
|Duncan Middlemiss||or||Lindsay Carpenter Dunlop|
|President and CEO||VP Investor Relations|
|416-360-3743 ext. 29||416-360-3743 ext. 25|
|8 King St. East, Suite 811|
|Toronto, ON, M5C 1B5|
|Toll Free: 1-866-4-WDO-TSX|
|Phone: 416-360-3743, Fax: 416-360-7620|
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.
FIGURE ONE: EAGLE RIVER RESERVE LONG SECTION
FIGURE TWO: 300 STRUCTURE FOCUSED LONG SECTION
FIGURE THREE: VERTICAL SCHEMATIC SECTION
TABLE 1: COMPLETE ASSAY DATA FOR INTERSECTIONS