Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces results from the initial sill development on the
Falcon 7 Zone at the Company’s wholly-owned Eagle River Mine near
Wawa, Ontario.
Falcon 7 Zone
The Falcon 7 Zone was discovered in 2019 and now initial sill
development has been completed on the 622 and 635 levels in
preparation for mining in Q4. Chip sampling and test holes during
the initial development confirms earlier exploration drill results
by returning high gold grades over continuous strike length
(Figures 1 - 5). The 2020 mineral reserves for the Falcon 7 were
136,344 tonnes grading 19.7 g/t Au totalling 86,177 ounces.
Expansion and definition drilling are ongoing.
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 intrusion. Hence, the discovery and
subsequent development of the Falcon 7 Zone is important to the
Company as it highlights the prospectivity of the volcanic rocks
both to the east and west to host additional gold mineralization
beyond the currently existing footprint of the Eagle River Mine.
Consequently, near-mine exploration is continuing and is focusing
on the adjacent Falcon 300 Zone; further exploration work targets
the westerly along strike extension of the Falcon structure where
limited drilling has returned several encouraging results in
volcanic rocks.
Highlights of the recent development are found below, detailed
assay results are listed in Tables 1 and 2.
622 Level – Chip sampling yielded 54.3 grams of gold per tonne
(g/t Au) (uncapped) and 37.9 g/t Au (capped at 125 g/t Au) over an
average thickness of 2.1 metres (m) over a continuous strike length
of 75.6 m.
- Sill 622-720-311 Line#L31: 178.5 g/t
Au (99.6 g/t Au capped) over 2.0 m.
- Sill 622-720-311 Line #L03: 92.8 g/t
Au (62.4 g/t Au capped) over 6.2 m.
635 Level – Chip sampling yielded 67.3 g/t Au (uncapped) and
34.3 g/t Au (capped) over an average thickness of 1.9 m over 61.0
m.
- Sill 635-720-L04W: 168.8 g/t Au (88.2 g/t Au capped) over 2.0
m.
- Sill 635-720-L03W: 265.6 g/t Au (71.2 g/t Au capped) over 1.5
m.
Mr. Duncan Middlemiss, President and CEO commented," We are
pleased with the development of the Falcon 7 Zone that will bring
to Eagle another high-grade mining front at a reserve grade of
almost 20 g/t. We expect to start production activities in the 4th
quarter and going forward, Falcon will comprise a significant
portion of the mill feed at Eagle River. Further, the discovery and
imminent production from the Falcon 7 Zone reaffirms the potential
of the surrounding volcanic rocks to host sizeable deposits of gold
mineralization and I remain encouraged with our ongoing surface
exploration outside of the mine diorite.”
The stated goal of the Company is to increase production of the
Eagle River Mine to approximately 100,000 oz per year. To achieve
this goal consistently over the next years, operations within the
mine need to be spread out so bottle necks can be avoided. The
Falcon 7 Zone development is an important aspect of this
operational planning as it is situated away from the main mining
area at depth thereby providing a separate work area away from
heavier mine traffic.
The underground development at Falcon on the western extent of
the mine also provides an opportunity to target by drilling the
structures west of the mine diorite in a region of the mine that
has historically had very little attention. In the event of a
successful exploration campaign the development in this area would
provide easy access.
TECHNICAL DISCLOSURE
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 2016 Technical Report filed on
SEDAR on March 17, 2016
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.
COVID-19
The health and safety of our employees,
contractors, vendors, and consultants is the Company’s top
priority. In response to the COVID-19 pandemic, Wesdome has adopted
all public health guidelines at its mine operations and corporate
offices. In addition, our internal COVID-19 Taskforce continues to
monitor developments and implement policies and programs intended
to protect those who are engaged in business with the Company.
Through care and planning, to date the Company
has successfully maintained operations; however, there can be no
assurance that this success will continue despite our best efforts.
Future conditions may warrant reduced or suspended production
activities which could negatively impact our ability to maintain
projected timelines and objectives. Consequently, the Company’s
actual future production and production guidance is subject to
higher levels of risk than usual. We are continuing to monitor the
situation closely and will provide updates as they become
available.
ABOUT WESDOME
Wesdome is Canadian focused with two producing
underground gold mines. The Company’s strategy is to build Canada’s
next intermediate gold producer, producing 200,000+ ounces from two
mines in Ontario and Québec. The Eagle River Underground Mine in
Wawa, Ontario is currently producing gold at a rate of 92,000 –
105,000 ounces per year. The Kiena Complex is a fully permitted
mine with a 930-metre shaft and 2,000 tonne-per-day mill, and a
restart of operations was announced on May 26, 2021. The Company
has completed a PFS in support of the production restart decision.
Wesdome is actively exploring both underground and on surface
within the mine area and more regionally at both the Eagle River
and Kiena Complex. The Company also retains meaningful exposure to
the Moss Lake gold deposit, located 100 kilometres west of Thunder
Bay, Ontario through its equity position in Goldshore Resources
Inc. The Company has approximately 140.0 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. 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 - Sill Development Chip Sample Results – Falcon
7 Zone – 622 Level
|
622-720 Sill
(Falcon) |
Insitu Thickness and
Grades (cut 125g/t) |
Line |
Thickness |
Uncut |
Cut 125 |
622-720-L03 |
6.20 |
92.79 |
62.38 |
622-720-L04 |
4.50 |
68.96 |
60.68 |
622-720-L05 |
3.40 |
27.68 |
14.46 |
622-720-L06 |
1.50 |
1.67 |
1.67 |
622-720-L07 |
1.50 |
23.14 |
23.14 |
622-720-L08 |
1.50 |
38.54 |
38.54 |
622-720-L09 |
1.50 |
97.55 |
52.87 |
622-720-L10 |
1.50 |
23.87 |
23.87 |
622-720-L11 |
1.50 |
35.69 |
35.69 |
622-720-L13 |
1.50 |
14.79 |
14.79 |
622-720-L14 |
1.50 |
32.60 |
27.89 |
622-720-L15 |
1.50 |
146.77 |
29.20 |
622-720-L16 |
1.50 |
4.00 |
4.00 |
622-720-L17 |
1.50 |
5.55 |
5.55 |
622-720-L18 |
1.80 |
65.72 |
54.40 |
622-720-L19 |
1.80 |
56.69 |
54.91 |
622-720-L20 |
1.60 |
0.84 |
0.84 |
622-720-L21 |
1.50 |
6.10 |
6.10 |
622-720-L24 |
2.20 |
106.87 |
60.23 |
622-720-L25 |
2.60 |
73.47 |
68.41 |
622-720-L26 |
1.80 |
13.52 |
13.52 |
622-720-L29 |
2.30 |
7.85 |
7.85 |
622-720-L30 |
1.50 |
17.99 |
17.99 |
622-720-L31 |
2.00 |
178.46 |
99.62 |
Average |
2.07 |
54.31 |
37.85 |
* The quoted average width is based on vein
material and gold mineralization in the adjacent host rock over a
1.5m minimum thickness.
Table 2 - Sill Development Chip Sample Results – Falcon
7 Zone – 635 Level
|
635-720 Sill
(Falcon) |
Insitu Thickness and
Grades (cut 125g/t) |
Line |
Thickness |
Uncut |
Cut 125 |
635-720-L01E |
1.50 |
9.12 |
9.12 |
635-720-L02E |
1.50 |
96.06 |
51.57 |
635-720-L03E |
1.50 |
11.57 |
11.57 |
635-720-L01W |
1.50 |
18.27 |
18.27 |
635-720-L02W |
1.50 |
176.17 |
66.97 |
635-720-L03W |
1.50 |
265.58 |
71.26 |
635-720-L04W |
2.00 |
168.81 |
88.24 |
635-720-L05W |
1.80 |
9.72 |
9.72 |
635-720-L06W |
1.50 |
154.26 |
50.26 |
635-720-L07W |
2.90 |
46.24 |
28.05 |
635-720-L08W |
1.60 |
17.16 |
17.16 |
635-720-L10W |
3.50 |
40.50 |
40.50 |
635-720-L13W |
2.60 |
10.00 |
10.00 |
635-720-L14W |
2.10 |
17.14 |
17.14 |
Average |
1.93 |
67.29 |
34.26 |
* The quoted average width is based on vein
material and gold mineralization in the adjacent host rock over a
1.5m minimum thickness.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e8db51d9-9963-4889-a22f-217cc329b5ba
https://www.globenewswire.com/NewsRoom/AttachmentNg/c1a494d8-0bea-49e0-a628-3c2b55f86663
https://www.globenewswire.com/NewsRoom/AttachmentNg/9d0342fc-763a-43ab-8390-cd4d69aa3060
https://www.globenewswire.com/NewsRoom/AttachmentNg/72487e2a-9732-4824-93b0-16225a6c3c4c
PDF available:
http://ml.globenewswire.com/Resource/Download/a9d9e5a8-b67c-4cb2-9459-8d25208816e0
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