Wesdome Announces Ongoing Definition Drilling of Kiena Deep A Zone Returns 68.2 g/t Gold Over 19 Metres and Exploration Drilling Better Defines Up Plunge Extension

 
Download as PDF Published on: July 31, 2019

TORONTO, July 31, 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 of the Kiena Deep A Zone at its 100% owned Kiena Mine Complex, in Val d\'Or, Quebec.

Four drills continue to operate on the 1050 metre level (“m-level”) exploration ramp completing the infill and immediate plunge extension drilling of the Kiena Deep A Zone in preparation for an updated resource estimate expected H2 2019. The ongoing definition drilling has continued to confirm the overall continuity of the geometry and the high grade gold mineralization of the Kiena Deep A Zone that now extends over 700 metres along plunge (see Figure 1A and 1B – Plan Views). Meanwhile a 5th drill is located on the 670 m-level and continues to return high grade intersections along the interpreted up plunge extension of the Kiena Deep A Zone towards the VC zone area with one hole returning 31.1 g/t Au over 5.1 metres. It is now interpreted that A Zone is folded as it extends up plunge to intersect the VC1 and VC6 zones (Figures 2, 3 and 4 – Three-dimensional Views) The Company is considering driving an exploration drift near the 790 m-level to better drill this area, that can also be used for future development and production of the Kiena Deep A Zone and the VC zones.

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

Kiena Deep A Zone

  • Hole 6456: 68.2 g/t Au over 19.0 m core length (28.1 g/t Au cut, 14.4 m true width)
  • Hole 6450: 126.3 g/t Au over 4.3 m core length (23.6 g/t Au cut, 3.8 m true width) A2 Zone
  • Hole 6449: 44.5 g/t Au over 9.0 m core length (17.0 g/t Au cut, 7.3 m true width)  
  • Hole 6449: 37.6 g/t Au over 4.6 m core length (28.5 g/t Au cut, 4.5 m true width) A1 Zone
  • Hole 6505: 52.7 g/t Au over 4.7 m core length (32.0 g/t Au, 4.3 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 very pleased with the ongoing definition drilling that continues to confirm the overall continuity of the Kiena Deep A Zone, which has now been defined over 700 metres along plunge. Additionally, we look forward to the upcoming update of the resource estimate that will include almost 50,000 additional metres of drilling since the first Zone A Resource Estimate dated December 12, 2018. Drilling of the up plunge area continues to return high grade intersections and will continue to better define this portion of the A Zone for inclusion into future resource estimates. We are considering the development of a second exploration ramp and drill platforms mid-level in the mine to better drill this area given its potential. Our 2019 underground exploration program calls for 50,000 metres of drilling (30,000 completed so far) in preparation for an updated resource estimate later this year, and we are excited for its completion. This information will then lead into a Preliminary Economic Assessment expected early in 2020 and next steps will be determined at that juncture.”

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 with 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 137.0 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.

For further information, please contact:

Duncan MiddlemissorLindsay Carpenter Dunlop
President and CEO VP Investor Relations
416-360-3743  ext. 2029 416-360-3743  ext. 2025
duncan.middlemiss@wesdome.com lindsay.dunlop@wesdome.com

220 Bay St, Suite 1200
Toronto, ON, M5J2W4
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Website: 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

Table 1: Kiena Complex Drilling Assay and Composite Results

Composites

Hole No.From
(m)
To
(m)
Core
Length (m)
Estimated True
width (m)
Grade
(g/t Au)
Cut Grade
(90 g/t Au)
Name Zone
6431192.9194.51.61.546.0834.08A1 Zone
        
644956.565.59.07.344.5417.04A Zone
        
644980.985.54.64.537.6428.50A1 Zone
        
645057.363.05.75.119.7816.34A Zone
        
645093.597.84.33.8126.2523.57A2 Zone
        
6455179.8191.011.29.217.4715.63A Zone
        
6456182.9201.919.014.468.2428.12A Zone
        
6458230.5234.03.52.975.6931.47A Zone
        
6459166.7171.54.84.027.5316.70A1 Zone
        
6462A438.0443.05.02.79.659.65A2 Zone
        
6463473.0477.34.32.057.6928.85A Zone
        
646567.172.95.84.137.4323.45A Zone
        
646578.480.92.51.9141.0318.23A1 Zone
        
6465108.5111.02.51.613.4213.42A2 Zone
        
6496148.2151.73.53.414.3814.38A Zone
        
6500175.0180.65.65.411.6611.66A1 Zone
        
6501B152.3155.73.43.02.892.89A Zone
        
6501B169.8171.51.71.38.718.71A1 Zone
        
6505499.7504.44.74.352.4331.36A Zone
        
6510A250.6256.86.23.06.136.13A2 Zone
        
6523424.7429.64.94.330.2130.21VC1 Zone
        
6531529.7534.85.13.931.1024.31VC1 Zone

Assays

Hole No.From
(m)
To
(m)
Core
Length (m)
Grade
(g/t Au)
Cut Grade
(90 g/t Au)
Name Zone
6431192.9193.91.00.520.52A1 Zone
6431193.9194.50.6122.0090.00A1 Zone
       
644956.557.00.559.0059.00A Zone
644957.058.01.00.090.09A Zone
644958591.00.150.15A Zone
644959.060.01.00.100.10A Zone
644960.060.80.80.150.15A Zone
644960.861.60.80.090.09A Zone
644961.662.50.9365.0090.00A Zone
644962.563.30.83.913.91A Zone
644963.364.20.92.792.79A Zone
644964.264.80.656.3056.30A Zone
644964.865.50.74.104.10A Zone
       
644980.981.91.0132.0090.00A1 Zone
644981.982.91.03.493.49A1 Zone
644982.983.50.65.475.47A1 Zone
644983.584.51.020.0020.00A1 Zone
644984.585.51.014.3514.35A1 Zone
       
645057.358.10.81.151.15A Zone
645058.159.11.00.090.09A Zone
645059.159.70.60.260.26A Zone
645059.760.71.00.010.01A Zone
645060.761.40.7118.0090.00A Zone
645061.462.20.833.4033.40A Zone
645062.263.00.82.822.82A Zone
       
645093.594.51.07.167.16A2 Zone
645094.595.20.70.960.96A2 Zone
645095.295.80.60.160.16A2 Zone
645095.896.30.5292.0090.00A2 Zone
645096.396.80.5771.0090.00A2 Zone
645096.897.81.03.443.44A2 Zone
       
6455179.8180.30.552.4052.40A Zone
6455180.3181.41.10.080.08A Zone
6455181.4182.41.00.090.09A Zone
6455182.4183.51.161.1061.10A Zone
6455183.5184.51.02.052.05A Zone
6455184.5185.51.04.134.13A Zone
6455185.5186.51.00.370.37A Zone
6455186.5187.20.7119.5090.00A Zone
6455187.2188.00.80.360.36A Zone
64551881891.06.566.56A Zone
6455189.0190.01.01.301.30A Zone
6455190.0191.01.03.743.74A Zone
       
6456182.9183.60.79.579.57A Zone
6456183.6184.61.0529.0090.00A Zone
6456184.6185.40.8262.0090.00A Zone
6456185.4186.41.05.435.43A Zone
6456186.4187.41.013.9013.90A Zone
6456187.4188.41.02.722.72A Zone
6456188.4189.41.03.813.81A Zone
6456189.4190.00.64.304.30A Zone
6456190.0190.60.614.4014.40A Zone
6456190.6191.61.0245.0090.00A Zone
6456191.6192.61.0119.0090.00A Zone
6456192.6193.10.555.1055.10A Zone
6456193.1193.60.50.200.20A Zone
6456193.6194.10.52.612.61A Zone
6456194.1195.11.01.961.96A Zone
6456195.1196.11.02.272.27A Zone
6456196.1197.11.018.4018.40A Zone
6456197.1198.11.04.504.50A Zone
6456198.1199.11.023.9023.90A Zone
6456199.1200.11.00.060.06A Zone
6456200.1200.80.718.6518.65A Zone
6456200.8201.30.52.692.69A Zone
6456201.3201.90.693.0090.00A Zone
       
6458230.5231.20.71.921.92A Zone
6458231.2231.90.70.570.57A Zone
6458231.9233.11.2219.0090.00A Zone
6458233.1234.00.90.430.43A Zone
       
6459166.7167.40.727.7027.70A1 Zone
6459167.4167.90.50.250.25A1 Zone
6459167.9168.40.5194.0090.00A1 Zone
6459168.4169.41.00.090.09A1 Zone
6459169.4170.41.00.630.63A1 Zone
6459170.4171.00.61.131.13A1 Zone
6459171.0171.50.528.5028.50A1 Zone
       
6462A438.0439.01.00.460.46A2 Zone
6462A439.0440.01.00.120.12A2 Zone
6462A4404411.00.010.01A2 Zone
6462A441.0442.01.00.150.15A2 Zone
6462A442.0443.01.047.5047.50A2 Zone
       
6463473.0473.80.89.079.07A2 Zone
6463473.8474.60.83.883.88A2 Zone
6463474.6475.61.0214.0090.00A2 Zone
6463475.6476.61.022.7022.70A2 Zone
6463476.6477.30.71.441.44A2 Zone
       
646567.167.90.8153.5090.00A Zone
646567.968.60.70.530.53A Zone
646568.669.30.70.390.39A Zone
646569.370.10.81.301.30A Zone
646570.170.60.58.518.51A Zone
646570.671.40.815.6515.65A Zone
646571.472.41.00.570.57A Zone
646572.472.90.5150.5090.00A Zone
       
646578.478.90.5704.0090.00A1 Zone
646578.979.91.00.160.16A1 Zone
646579.980.91.00.410.41A1 Zone
       
6465108.5109.51.00.670.67A2 Zone
6465109.5110.00.564.9064.90A2 Zone
6465110.0111.01.00.440.44A2 Zone
       
6485135.9136.60.70.850.85A Zone?
6485136.6137.40.845.3045.30A Zone?
6485137.4137.90.512.0512.05A Zone?
6485137.9138.91.01.991.99A Zone?
6485138.9139.91.00.240.24A Zone?
       
6496148.2148.70.572.9072.90A Zone
6496148.7149.71.00.130.13A Zone
6496149.7150.71.00.040.04A Zone
6496150.7151.71.013.7013.70A Zone
       
6500175.0176.01.051.8051.80A1 Zone
6500176.0177.01.00.080.08A1 Zone
6500177.0178.01.00.090.09A1 Zone
6500178.0178.90.90.070.07A1 Zone
6500178.9179.60.76.446.44A1 Zone
6500179.6180.61.08.768.76A1 Zone
       
6501B152.3153.31.02.262.26A Zone
6501B153.3154.31.00.140.14A Zone
6501B154.3155.00.70.710.71A Zone
6501B155.0155.70.79.919.91A Zone
       
6501B169.8171.01.21.211.21A1 Zone
6501B171.0171.50.526.7026.70A1 Zone
       
6505499.7500.71.07.277.27A2 Zone
6505500.7501.60.913.6513.65A2 Zone
6505501.6502.40.81.481.48A2 Zone
6505502.4503.10.7113.5090.00A2 Zone
6505503.1503.80.7208.0090.00A2 Zone
6505503.8504.40.61.091.09A2 Zone
       
6510A250.6251.61.028.5028.50A2 Zone
6510A251.6252.50.90.050.05A2 Zone
6510A252.5253.51.00.480.48A2 Zone
6510A253.5254.40.90.290.29A2 Zone
6510A254.4255.20.82.312.31A2 Zone
6510A255.22560.80.140.14A2 Zone
6510A256.0256.80.88.448.44A2 Zone
       
6523424.7425.60.974.3074.30VC1 Zone
6523425.6426.61.00.370.37VC1 Zone
6523426.6427.61.07.187.18VC1 Zone
6523427.6428.61.073.2073.20VC1 Zone
6523428.6429.61.00.420.42VC1 Zone
       
6531529.7530.71.00.910.91VC1 Zone
6531530.7531.71.08.788.78VC1 Zone
6531531.7532.71.013.5013.50VC1 Zone
6531532.7533.81.1121.5090.00VC1 Zone
6531533.8534.81.01.781.78VC1 Zone

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