Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces the results from recent surface exploration at the
Company’s wholly-owned Eagle River Mine near Wawa, Ontario.
Falcon 7 Zone
Historically, mineralization of the Eagle River Mine has been
hosted in the mine diorite; however, the Falcon 7 Zone is hosted in
volcanic rocks west of the mine diorite. Recent underground
development and initial mining at lower levels has confirmed the
high gold grades and strong mineability of this mineralization.
Most recently, surface and underground drilling, from the 355
m-level exploration drift, has defined the up-plunge extent of the
Falcon 7 zone and has now extended the mineralization to surface
with the recent drilling within 50 m from surface (Figure 1). The
Falcon 7 zone drilling is located 150 m west of the mine diorite
and intersected strongly altered and mineralized quartz veins with
visible gold (“VG”). The gold mineralization occurs within an
intermediate volcaniclastic, interpreted to be more brittle and a
better host for the gold mineralization than the relatively ductile
encompassing mafic volcanic flow units.
Highlights of the recent drilling are listed below and are
summarized in Table 1.
- Hole ERS-2022-033: 11.1 g/t Au over 3.0 m core length (11.1 g/t
Au capped, 2.6 m true width)
- Hole 355-E-31: 26.5 g/t Au over 2.0
m core length (22.8 g/t Au capped, 1.6 m true width)
- Hole 355-E-28: 20.3 g/t Au over 1.7
m core length (20.3 g/t Au capped, 1.5 m true width)
All assays capped at 125 g/t Au. True widths are estimated based
on 3D model construction.
In addition, a number of drill holes have intersected
mineralization in the hanging wall of the Falcon 7 zone, including
a recent hole that returned 40.3 g/t Au over 1.5 m, thus indicating
the potential for parallel or folded limbs of the Falcon 7 zone.
Surface and underground drilling of this area continue to be
priority targets to delineate parallel structures along the Mine 5
and 300 zones extensions. Limited drilling has also intersected
what is interpreted as a plunging shoot further to the west near
the historic 9 zone, with one hole returning 19.4 g/t au over 0.7
m. This remains a prospective area and a focus for future
drilling.
Mine 7 Zone
Exploration drilling completed within the central portion of the
mine diorite to test for the extension of the North Contact zone
was extended into the diorite to test for eastern extensions of the
300E and 7 zones that have received relatively limited exploration
drilling (Figure 2). Drilling has defined a new lens of gold
mineralization which is interpreted to be east of and along strike
from the mine 7 Zone structure. One hole returned 27 g/t Au over
4.6 m. Future drilling will be completed from underground
platforms.
Highlights of the recent and select 2016 drilling are listed
below and are summarized in Table 1.
- Hole ERX-2022-018: 40.4 g/t Au over 3.0 m core length (22.4 g/t
Au capped, 2.4 m true width)
- Hole ERS-2022-025: 31.3 g/t Au over
1.0 m core length (31.3 g/t Au capped, 0.8 m true width)
- Hole ERM-2016-23: 34.6 g/t Au over
0.9 m core length (34.6 g/t Au capped, 0.8 m true width)
All assays capped at 125 g/t Au. True widths are estimated based
on 3D model construction.
Additionally, initial surface drilling within the volcanic rocks
150 metres east and down dip of the mine diorite of the previously
mined 2 Zone intersected altered volcanic rocks with quartz veining
and VG. One hole returned 233.0 g/t Au over 0.4 metres.
Mr. Duncan Middlemiss, President and CEO commented, "We are
pleased with the ongoing surface and underground drilling of the
Falcon 7 Zone that continues to better define and extend the zone
up plunge to surface. Extending to surface this zone could
represent a new mining area. Also the surface drilling, although
early days has, returned a number of good values not only parallel
to the Falcon 7 zone but also further to the west. It appears that
the gold mineralization in the volcanic rocks has a similar
periodicity to the gold mineralization to that of the high-grade
shoots within the mine diorite. The completion of the 355 m-level
development will allow us to continue drilling the Falcon 7 zone
and provide access for future mining. This development can also be
extended further to the west to provide drilling platforms for
additional zones along strike. We remain encouraged with our
ongoing exploration outside of the mine diorite as the Falcon 7
Zone is an important aspect of future operations, as it is situated
independent of the main mining area at depth.
Additionally, we are pleased with the drilling that has
discovered a new lens within the mine diorite, that can be drilled
and developed from existing underground infrastructures as this new
lens is proximal to the past producing 8 zone. Again, this
indicates the potential of continually discovering new zones of
gold mineralization within the relatively unexplored central
portion of the mine diorite.”
TECHNICAL DISCLOSURE AND QA/QC
The sampling of, and assay data, from surface 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 AGAT
Laboratories in Thunder Bay, Ontario for preparation. Pulps are
transported to Mississauga, Ontario for gold assay by fire assay
with AAS finish. Samples with high grade gold are further assayed
with a gravimetric finish and by metallic screen assay where
visible gold is present. Wesdome inserts blanks and certified
standards in the sample sequence for quality control.
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. The performance of the Wesdome Laboratory is
monitored through the implementation of a quality assurance /
quality control (QA/QC) program designed to follow industry best
practices. 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 of the Company and Nathan Forslund, P.Geo.,
Exploration Projects Advisor at Eagle River Mine Complex, both
"Qualified Persons" as defined in National Instrument 43-101
-Standards of Disclosure for Mineral Projects.
ABOUT WESDOME
Wesdome is a Canadian focused gold producer with
two high grade underground assets, the Eagle River mine in Ontario
and the recently re-started Kiena mine in Quebec. The Company
also retains meaningful exposure to the Moss Lake gold deposit in
Ontario through its equity position in Goldshore Resources Inc. 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:
Duncan Middlemiss |
Or |
Lindsay 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 Street, Suite 1200Toronto, ON, M5J
2W4Toll 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 statements 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 the Company’s
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 - Drill Hole Composites
355-811 Exploration |
|
Hole |
|
From (m) |
To (m) |
Width (m) |
True Width (m) |
Au g/t (Uncapped) |
Au g/t (Capped at 125 g/t) |
|
355-E-25 |
Falcon 7 |
239.60 |
241.55 |
1.95 |
1.69 |
18.25 |
18.25 |
|
355-E-26 |
Falcon 7 |
229.7 |
231.35 |
1.65 |
1.50 |
6.07 |
6.07 |
|
355-E-27 |
Falcon 7 |
230.85 |
233.15 |
2.30 |
1.99 |
16.19 |
16.19 |
|
355-E-28 |
Falcon 7 |
228.5 |
230.15 |
1.65 |
1.50 |
20.31 |
20.31 |
|
355-E-29 |
Falcon 7 |
237.9 |
239.55 |
1.65 |
1.50 |
9.18 |
9.18 |
|
355-E-30 |
Falcon 7 |
245.1 |
247.05 |
1.95 |
1.69 |
3.28 |
3.28 |
|
355-E-31 |
Falcon 7 |
248.55 |
250.51 |
1.96 |
1.50 |
26.47 |
22.76 |
|
ERS-2022-027 |
2 Zone |
412.1 |
412.5 |
0.4 |
0.3 |
223.00 |
125.00 |
|
ERS-2022-020 |
5 Zone |
459.0 |
460.0 |
1.0 |
0.7 |
16.20 |
16.20 |
|
ERS-2022-025 |
5 Zone |
456.0 |
457.0 |
1.0 |
0.8 |
31.30 |
31.30 |
|
ERS-2022-005 |
7 Zone |
423.0 |
424.0 |
1.0 |
0.8 |
12.90 |
12.90 |
|
ERS-2022-018 |
7 Zone |
473.0 |
476.0 |
3.0 |
2.4 |
40.39 |
22.39 |
|
ERS-2022-023 |
7 Zone |
544.0 |
551.4 |
7.4 |
6.9 |
3.33 |
3.33 |
|
ERS-2022-024 |
7 Zone |
542.0 |
545.0 |
3.0 |
2.3 |
7.02 |
7.02 |
|
ERS-2022-025 |
7 Zone |
529.0 |
532.0 |
3.0 |
2.3 |
4.32 |
4.32 |
|
ERX-2021-95 |
8 Zone Extension |
145.0 |
145.6 |
0.6 |
0.5 |
18.40 |
18.40 |
|
ERS-2022-036 |
9 Zone |
361.0 |
362.0 |
1.0 |
0.7 |
19.40 |
19.40 |
|
ERS-2022-059 |
Falcon 5 |
217.1 |
219.8 |
2.7 |
1.5 |
40.32 |
25.66 |
|
ERS-2022-032 |
Falcon 7 |
138.0 |
140.5 |
2.5 |
1.7 |
8.94 |
8.94 |
|
ERS-2022-033 |
Falcon 7 |
124.0 |
127.0 |
3.0 |
2.3 |
11.01 |
11.01 |
|
ERS-2022-025 |
North Contact |
85.0 |
88.0 |
3.0 |
2.3 |
6.09 |
6.09 |
|
ERS-2022-025 |
North Contact |
230.0 |
230.6 |
0.6 |
0.5 |
27.50 |
27.50 |
|
ERX-2021-122 |
North Contact |
703.0 |
706.0 |
3.0 |
2.5 |
6.63 |
6.63 |
|
Photos accompanying this announcement are available at
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available: http://ml.globenewswire.com/Resource/Download/e86fb005-ac54-4d8c-87bf-d5d2baa60612
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