Wesdome Announces the Continuation of the Kiena Deep A Zone Down Plunge to 830 Metres Long, Including Drill Results Containing 106.3 g/t Au Over 10.5 Metres, and Drilling up Plunge Commences From the New Exploration Ramp

Wesdome Announces the Continuation of the Kiena Deep A Zone Down Plunge to 830 Metres Long, Including Drill Results Containing 106.3 g/t Au Over 10

TORONTO, Feb. 19, 2020 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces additional results from the ongoing underground definition and exploration drilling at its 100% owned Kiena Mine Complex, in Val d’Or, Quebec.Seven underground drills are now in operation completing the infill and up and down plunge extension drilling of the Kiena Deep A Zone. This drilling has continued to confirm the overall continuity of the geometry and the high grade gold mineralization of the Kiena Deep A Zone and identify additional mineralization outside of the most recent resource estimate. Recent drilling, including Hole 6580 and its associated wedge holes, have extending the gold mineralization of the A Zone an additional 100 metres (“m”) down plunge and now extends a total in excess of 830 m (see Figure 1 and Photographs 1 & 2). A total of 40,850 m in 136 new drill holes have now been drilled since the latest resource estimate, which is expected to be updated later in 2020.Kiena Deep A Zone – Down PlungeHighlights of the down plunge drilling are listed below and summarized in Table 1.Hole 6580: 114.8 g/t Au over 10.0 m core length (32.8 g/t Au cut, 5.6 m true width)Hole 6580W1: 25.3 g/t Au over 17.2 m core length (21.0 g/t Au cut, 11.6 m true width)Hole 6580W2: 86.5 g/t Au over 9.7 m core length (31.7 g/t Au cut, 4.2 m true width) All assays cut to 90.0 g/t Au. True widths are estimated.Kiena Deep A Zone – Definition DrillingHighlights of the definition drilling are listed below and summarized in Table 1.Hole 6592: 66.8 g/t Au over 9.2 m core length (16.8 g/t Au cut, 7.0 m true width)Hole 6593: 106.3 g/t Au over 10.5 m core length (37.8 g/t Au cut, 8.5 m true width)Hole 6606: 30.5 g/t Au over 10.9 m core length (19.0 g/t Au cut, 8.0 m true width)  All assays cut to 90.0 g/t Au. True widths are estimated.79 Level Exploration RampThe 79 level drift, consisting of 576 m of down ramp development and drill platforms, has now been completed and two drills have been mobilized to commence drilling of the potential up plunge extension of the Kiena Deep A Zone. Previous limited drilling into the up plunge area from 67 level returned a number of good intersections that require follow up. In addition, drilling from this ramp will allow drilling of the down dip extension of the VC zones. Based on recent drilling from 67 Level, it is interpreted that the VC zones are folded as they extend down plunge to connect with the Kiena Deep A Zone (Figure 1 and Photograph 3).Additionally, a new zone has been discovered on 79 Level between the S50 and VC zones. As the 79 Level exploration ramp was being finalized, there was an opportunity to place the drill part way down the ramp to test the potential extension of the previously mined S50 zone northward towards the VC zones. This area has never been tested and of the 3 holes drilled, one hole intersected two zones of gold mineralization in the footwall mafic volcanics (Figure 2). The drilling intersected quartz ± tourmaline ± fuchsite veins within sheared basalt near the contact with basaltic komatiite and quartz-carbonate stockwork and although not a focus at this time, the intersection does represent additional mineralization for follow up drilling.Assays from Hole 6627 returned:21.5 g/t Au over 1.1 m (A Zone style of mineralization); and6.7 g/t over 3.0 m (VC Zone style of mineralization).Mr. Duncan Middlemiss, President and CEO commented, “We are extremely pleased with the recent infill drilling results from the Kiena Deep A Zone that continues to confirm the grade continuity and will be used to convert inferred resources to indicated resources in the updated resource estimate later this year. The PEA study is ongoing and expected to be completed in Q2 2020; which will be based on the latest Kiena Mineral Resource Estimate from September 2019. Ongoing drilling of the A Zone continues to expand the size of this zone and is expected to grow the resource base.”“We are also pleased with the completion of the 79 Level Ramp. Not only does it provide optimal drill platforms for testing the up plunge extension of the Kiena Deep A Zone, the ramp would also serve as a haulage drift for any future production from this area as it accesses the main shaft level dump pocket. Any additional resources found in this area could greatly enhance the project restart time line and reduce initial capital investment. Although preliminary, we are encouraged to see initial drilling on 79 Level intersected a new zone of gold mineralization in a previously untested area along strike from the S50 Zone. This zone definitely requires follow up drilling but it illustrates the potential of discovering more gold horizons in the immediate area around the Kiena mine with focussed exploration.“We plan to drill a total of 75,000 m, continue the down ramp development this year in order to enhance our drill platforms probing the lower extents of the A Zone. In addition, metallurgical and environmental detailed studies are continuing; in conjunction with the installation of hydrostatic barriers to secure previously mined out areas of the mine and shaft area; and ongoing ventilation improvements in the preparation for a possible mine restart.”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 138.0 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.
For further information, please contact:220 Bay St, Suite 1200
Toronto, ON, M5J 2W4
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 flowTable 1: Kiena Complex Drilling Assay and Composite ResultsCompositesAssaysPhotos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/abc29ffe-492a-40d4-a502-46b95f7cca03https://www.globenewswire.com/NewsRoom/AttachmentNg/e5e5bc74-c906-41ae-8b74-efd125039515https://www.globenewswire.com/NewsRoom/AttachmentNg/2090a538-04c6-4e04-bfa0-778532710b86https://www.globenewswire.com/NewsRoom/AttachmentNg/833cb418-9226-40eb-b641-ea78e53ceeb5https://www.globenewswire.com/NewsRoom/AttachmentNg/f83fc5e4-ed09-4542-ab17-b116b6a0cadfPDF available: http://ml.globenewswire.com/Resource/Download/889c022b-904f-4daf-84f1-6815a4532852 
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