Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces the 2023 surface exploration drilling results from
the Presqu’île Zone located 1.3 km north-west of the Company’s 100%
owned Kiena Mine Complex in Val d'Or, Quebec.
Recent drilling at Presqu’île is part of an
ongoing exploration program focussing on near surface gold
potential along strike from Kiena that remains under explored.
Drilling results from the Shawkey and Dubuisson Zones, located
further to the east along strike, were released earlier this year
(see May 23, 2023 release, “Wesdome Drilling Southeast of Kiena
Mine Identifies Potential Bulk Tonnage Underground Target;
Returning 2.3 g/t Gold Over 72 m Core Length”). Ongoing drilling
highlights the potential of this area to add to the existing
resource base proximal to mine infrastructure and remains a
priority for the Company (Figure 1).
Highlights of recent in-fill drilling are listed
below and are summarized in Table 1. Assay results for nine (9) of
thirty-two (32) diamond drill holes planned are pending.
- Hole PR-23-070:
32.5 g/t over 3.0 m core length (30.0 g/t Au
capped*, 2.9 true width) PR-2A Zone.
- Hole PR-23-084 : 14.0 g/t Au
over 5.3 m core length (14.0 g/t Au capped*, 4.0 m
true width) PR-2 Zone.
- Hole PR-23-058A : 9.31 g/t Au
over 4.6 m core length (9.31 g/t Au capped*, 4.3 m
true width) PR-2 Zone.
* All assays capped at 90 g/t. Au. True widths
are estimated based on 3D model construction.
Ms. Anthea Bath, President and CEO commented,
“We are pleased with the recent surface drill results that confirm
continuity of mineralization at Presqu’île. The Presqu’île Zone is
just one of several zones having the potential to offer a
supplementary source of mill feed near-surface or in the upper mine
area for the underutilized Kiena mill. Recent drilling results from
the Shawkey and Dubuisson Zones, both adjacent to the existing
33-level track drift development that extends over three kilometres
east of the Kiena mine shaft, further reinforces the potential of
this area. As our exploration continues and the refinement of the
geologic model increases, we are confident we will identify more
zones of gold mineralization accessible from 33 level, as well as
additional down plunge extensions similar to the Kiena Deep
Zone.
Recent drilling supports the decision to proceed
with the exploration ramp from surface later this year to further
assess the continuity of the mineralization and test the down
plunge extension of the deposit. The excavation of the ramp is
expected to proceed in Q4 2023 once required permits are secured.
This ramp can also be integrated with Kiena's existing underground
ramp network, providing additional access to surface for ongoing
operations and future mining of deposits such as Dubuisson from 33
level further to the east.”
Since 2020, drilling at Presqu’île has
identified five gold-rich zones crosscutting mafic rocks (Zones
PR-1, 2 and 2A) and ultramafic rocks (Zones PR-3 and 4). PR-1 and
PR-2A are parallel to each other trending east-west and dipping
north, while PR-2 strikes southeast-northwest and crosscut the
east-west zones. Gold mineralization is associated with traces to
5% disseminated sulphides (pyrite, pyrrhotite, chalcopyrite,
sphalerite and galena) and local gold grains occurring in
quartz-chlorite-carbonate or quartz (grey) vein contacts as well as
in moderately to strongly chloritized and biotitized host
rocks.
The 2023 surface drilling program, which is
expected to be completed by the end of September, was designed to
increase the size and confidence in the mineral resources for Zones
PR-1, 2 and 2A (Figure 2). The 2023 drilling program confirmed not
only the continuity of the gold mineralization at Presqu’île and
the validity of the geologic model, but also the potential for down
plunge extensions toward east of Zones PR-2 and PR-2A. Both zones
are interpreted as excellent target for a follow up drilling
program from surface or from underground with development of an
exploration ramp.
Presqu’île has a mineral resource estimation of
138,000 tonnes grading 8.2 g/t Au totalling 37,000 oz as Indicated
Mineral Resources and Inferred Mineral Resource of 202,000 tonnes
grading 7.4 g/t and totalling 48,000 oz of gold from the three
lenses (PR-1, PR-2, and PR-2A Zones) as of December 31, 2022.
TECHNICAL DISCLOSURE
The technical and geoscientific content of this
release has been compiled and reviewed by Denys Vermette, P. Geo.,
(OGQ #564) Exploration Manager of the Company, and a "Qualified
Person" as defined in National Instrument 43-101 -Standards of
Disclosure for Mineral Projects.
Sample preparation and analytical work was
performed by ALS Minerals of Winnipeg (Manitoba), a certified
commercial laboratory (Accredited Lab #689). Assaying comprised
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 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. 2025lindsay.dunlop@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
Table 1: Kiena Complex Surface Drilling Assay and
Composite Results
Composites
|
|
|
Hole ID |
Zone |
From (m) |
To (m) |
Core length(m) |
Estimatedtrue width (m) |
Au (g/tFINAL) |
Au (g/t FINAL(cut 90)) |
|
PR-23-058A |
PR_2A |
362.5 |
366.0 |
3.5 |
3.3 |
3.85 |
3.85 |
|
PR-23-058A |
PR_2 |
392.0 |
396.6 |
4.6 |
4.3 |
9.31 |
9.31 |
|
PR-23-059 |
PR_2 |
363.0 |
366.0 |
3.0 |
2.9 |
3.32 |
3.32 |
|
PR-23-061 |
PR_2A |
354.4 |
357.4 |
3.0 |
2.8 |
5.02 |
5.02 |
|
PR-23-069 |
PR_2 |
235.0 |
238.0 |
3.0 |
2.8 |
9.41 |
9.41 |
|
PR-23-070 |
PR_2A |
207.5 |
210.5 |
3.0 |
2.9 |
32.51 |
30.01 |
|
PR-23-070 |
PR_2 |
216.0 |
219.0 |
3.0 |
2.9 |
15.62 |
15.62 |
|
PR-23-072 |
PR_2A |
206.0 |
209.0 |
3.0 |
2.9 |
4.88 |
4.88 |
|
PR-23-073 |
PR_2A |
230.7 |
233.7 |
3.0 |
2.5 |
9.06 |
9.06 |
|
PR-23-074 |
PR_2 |
259.4 |
266.0 |
6.6 |
5.2 |
3.94 |
3.94 |
|
PR-23-075A |
PR_2A |
195.7 |
199.7 |
4.0 |
3.2 |
6.97 |
6.97 |
|
PR-23-076 |
PR_2A |
159.6 |
163.6 |
4.0 |
3.7 |
14.94 |
14.94 |
|
PR-23-076 |
PR_2 |
192.9 |
195.9 |
3.0 |
2.8 |
3.69 |
3.69 |
|
PR-23-077 |
PR_2 |
174.0 |
180.4 |
6.4 |
6.0 |
6.12 |
6.12 |
|
PR-23-079 |
PR_2 |
168.2 |
172.0 |
3.8 |
3.4 |
2.92 |
2.92 |
|
PR-23-081 |
PR_2A |
153.0 |
157.0 |
4.0 |
3.2 |
7.12 |
7.12 |
|
PR-23-082 |
PR_2A |
134.2 |
137.2 |
3.0 |
2.8 |
8.12 |
8.12 |
|
PR-23-084 |
PR_2 |
164.6 |
169.9 |
5.3 |
4.0 |
13.96 |
13.96 |
|
|
|
|
|
|
|
|
|
- Mineralized zones
were expanded to a miniumum 2.8 metre true width maintaining a
grade over 2.8 g/t
Assays
|
Hole ID |
Zone |
From(m) |
To (m) |
Sample number |
Corelength |
Au (g/t FINAL) |
Au (g/t) FINAL(cut 90) |
|
PR-23-058A |
PR_2A |
362.5 |
363.5 |
E769531 |
1.0 |
0.02 |
0.02 |
|
PR-23-058A |
363.5 |
365.0 |
E769532 |
1.5 |
0.18 |
0.18 |
|
PR-23-058A |
365.0 |
366.0 |
E769533 |
1.0 |
13.2 |
13.2 |
|
|
|
|
|
|
|
|
|
|
PR-23-058A |
PR_2 |
392.0 |
393.0 |
E769536 |
1.0 |
0.02 |
0.02 |
|
PR-23-058A |
393.0 |
394.0 |
E769537 |
1.0 |
42.3 |
42.3 |
|
PR-23-058A |
394.0 |
395.3 |
E769538 |
1.3 |
0.15 |
0.15 |
|
PR-23-058A |
395.3 |
396.6 |
E769539 |
1.3 |
0.25 |
0.25 |
|
|
|
|
|
|
|
|
|
|
PR-23-059 |
PR_2 |
363.0 |
364.5 |
E762761 |
1.5 |
0.01 |
0.01 |
|
PR-23-059 |
364.5 |
366.0 |
E762762 |
1.5 |
6.63 |
6.63 |
|
|
|
|
|
|
|
|
|
|
PR-23-061 |
PR_2A |
354.4 |
355.4 |
E769691 |
1.0 |
14.15 |
14.15 |
|
PR-23-061 |
355.4 |
356.4 |
E769692 |
1.0 |
0.06 |
0.06 |
|
PR-23-061 |
356.4 |
357.4 |
E769694 |
1.0 |
0.84 |
0.84 |
|
|
|
|
|
|
|
|
|
|
PR-23-069 |
PR_2 |
235.0 |
236.0 |
E769521 |
1.0 |
22.8 |
22.8 |
|
PR-23-069 |
236.0 |
237.0 |
E769522 |
1.0 |
0.05 |
0.05 |
|
PR-23-069 |
237.0 |
238.0 |
E769523 |
1.0 |
5.39 |
5.39 |
|
|
|
|
|
|
|
|
|
|
PR-23-070 |
PR_2A |
207.5 |
208.5 |
E769525 |
1.0 |
0.01 |
0.01 |
|
PR-23-070 |
208.5 |
209.5 |
E769526 |
1.0 |
97.5 |
90,00 |
|
PR-23-070 |
209.5 |
210.5 |
E769527 |
1.0 |
0.01 |
0.01 |
|
|
|
|
|
|
|
|
|
|
PR-23-070 |
PR_2 |
216.0 |
217.0 |
E762564 |
1.0 |
14.8 |
14.8 |
|
PR-23-070 |
217.0 |
217.8 |
E762565 |
0.8 |
18.25 |
18.25 |
|
PR-23-070 |
217.8 |
219.0 |
E762566 |
1.2 |
14.55 |
14.55 |
|
|
|
|
|
|
|
|
|
|
PR-23-072 |
PR_2A |
206.0 |
207.0 |
E769614 |
1.0 |
14.4 |
14.4 |
|
PR-23-072 |
207.0 |
208.0 |
E769616 |
1.0 |
0.21 |
0.21 |
|
PR-23-072 |
208.0 |
209.0 |
E769617 |
1.0 |
0.03 |
0.03 |
|
|
|
|
|
|
|
|
|
|
PR-23-073 |
PR_2A |
230.7 |
231.7 |
E769563 |
1.0 |
0.02 |
0.02 |
|
PR-23-073 |
231.7 |
232.7 |
E769564 |
1.0 |
27.1 |
27.1 |
|
PR-23-073 |
232.7 |
233.7 |
E769565 |
1.0 |
0.05 |
0.05 |
|
|
|
|
|
|
|
|
|
|
PR-23-074 |
PR_2 |
259.4 |
260.4 |
E769645 |
1.0 |
8.79 |
8.79 |
|
PR-23-074 |
260.4 |
261.4 |
E769646 |
1.0 |
0.02 |
0.02 |
|
PR-23-074 |
261.4 |
262.4 |
E769647 |
1.0 |
0.02 |
0.02 |
|
PR-23-074 |
262.4 |
263.4 |
E769648 |
1.0 |
0,00 |
0,00 |
|
PR-23-074 |
263.4 |
264.0 |
E769650 |
0.6 |
0,00 |
0,00 |
|
PR-23-074 |
264.0 |
265.0 |
E769651 |
1.0 |
16.2 |
16.2 |
|
PR-23-074 |
265.0 |
266.0 |
E769652 |
1.0 |
0.95 |
0.95 |
|
|
|
|
|
|
|
|
|
|
PR-23-075A |
PR_2A |
195.7 |
196.7 |
E769541 |
1.0 |
0.02 |
0.02 |
|
PR-23-075A |
196.7 |
197.7 |
E769542 |
1.0 |
0.02 |
0.02 |
|
PR-23-075A |
197.7 |
198.7 |
E769543 |
1.0 |
27.8 |
27.8 |
|
PR-23-075A |
198.7 |
199.7 |
E769545 |
1.0 |
0.03 |
0.03 |
|
|
|
|
|
|
|
|
|
|
PR-23-076 |
PR_2A |
159.6 |
160.6 |
E769547 |
1.0 |
0.05 |
0.05 |
|
PR-23-076 |
160.6 |
161.6 |
E769548 |
1.0 |
0.04 |
0.04 |
|
PR-23-076 |
161.6 |
162.6 |
E769549 |
1.0 |
59.4 |
59.4 |
|
PR-23-076 |
162.6 |
163.6 |
E769551 |
1.0 |
0.06 |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PR-23-076 |
PR_2 |
192.9 |
193.9 |
E769559 |
1.0 |
1.23 |
1.23 |
|
PR-23-076 |
193.9 |
194.9 |
E769560 |
1.0 |
9.39 |
9.39 |
|
PR-23-076 |
194.9 |
195.9 |
E769561 |
1.0 |
0.46 |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PR-23-077 |
PR_2 |
174.0 |
174.8 |
E769582 |
0.8 |
4.73 |
4.73 |
|
PR-23-077 |
174.8 |
175.6 |
E769583 |
0.8 |
39.9 |
39.9 |
|
PR-23-077 |
175.6 |
176.6 |
E769585 |
1.0 |
0.06 |
0.06 |
|
PR-23-077 |
176.6 |
177.6 |
E769586 |
1.0 |
0.77 |
0.77 |
|
PR-23-077 |
177.6 |
178.5 |
E769587 |
0.9 |
0.08 |
0.08 |
|
PR-23-077 |
178.5 |
179.4 |
E769588 |
0.9 |
0.9 |
0.9 |
|
PR-23-077 |
179.4 |
180.4 |
E769589 |
1.0 |
1.74 |
1.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PR-23-079 |
PR_2 |
168.2 |
169.2 |
E769607 |
1.0 |
0.01 |
0.01 |
|
PR-23-079 |
169.2 |
170.2 |
E769608 |
1.0 |
3.92 |
3.92 |
|
PR-23-079 |
170.2 |
171.0 |
E769609 |
0.8 |
8.96 |
8.96 |
|
PR-23-079 |
171.0 |
172.0 |
E769610 |
1.0 |
0.01 |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PR-23-081 |
PR_2A |
153.0 |
154.0 |
E769664 |
1.0 |
0.11 |
0.11 |
|
PR-23-081 |
154.0 |
155.0 |
E769665 |
1.0 |
0.02 |
0.02 |
|
PR-23-081 |
155.0 |
156.0 |
E769666 |
1.0 |
0.25 |
0.25 |
|
PR-23-081 |
156.0 |
157.0 |
E769668 |
1.0 |
28.1 |
28.1 |
|
|
|
|
|
|
|
|
|
|
PR-23-082 |
PR_2A |
134.2 |
135.2 |
E769659 |
1.0 |
0.14 |
0.14 |
|
PR-23-082 |
135.2 |
136.2 |
E769660 |
1.0 |
0.53 |
0.53 |
|
PR-23-082 |
136.2 |
137.2 |
E769661 |
1.0 |
23.7 |
23.7 |
|
|
|
|
|
|
|
|
|
|
PR-23-084 |
PR_2 |
164.6 |
165.7 |
E769683 |
1.1 |
59.3 |
59.3 |
|
PR-23-084 |
165.7 |
166.7 |
E769684 |
1.0 |
5.26 |
5.26 |
|
PR-23-084 |
166.7 |
167.7 |
E769685 |
1.0 |
0.21 |
0.21 |
|
PR-23-084 |
167.7 |
168.7 |
E769686 |
1.0 |
0.07 |
0.07 |
|
PR-23-084 |
168.7 |
169.9 |
E769687 |
1.2 |
2.66 |
2.66 |
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/ae6f6268-465f-47b3-b594-065d85b93f76
https://www.globenewswire.com/NewsRoom/AttachmentNg/42e269a3-2407-4c4b-a608-b8d47c942ba5
PDF
available: http://ml.globenewswire.com/Resource/Download/e9849d9b-c083-4aa3-887d-462f7acdbe75
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