Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces the discovery of the North Contact Zone and the
discovery of zones of additional mineralization parallel to the
Falcon 7 Zone, at the Company’s wholly-owned Eagle River Mine near
Wawa, Ontario.
North Contact Zone
The North Contact Zone is a new discovery located along the
northern contact of the Mine Diorite and has been intersected by
several underground holes that were drilled north of the 300 East
zone to test for parallel structures. The gold mineralization along
the northern diorite contact occurs as visible gold in quartz veins
within a shear zone near the 1,000 metre (‘m’) level. Understanding
of the size of this newly identified zone of mineralization will
improve with continued drilling that is ongoing for this area
(Figure 1). It is interpreted that the North Contact Zone has been
previously intersected near surface with widely spaced exploration
drilling completed on 200 m spaced sections. This 2016 drilling
returned several good intersections in the volcanic rocks adjacent
to the mine diorite, including ERM-2016-27 that returned 32.4 g/t
Au over 4.8 m (see press release dated September 15, 2016). Based
on the recent drilling at depth, it demonstrates the potential for
gold mineralization along the north contact extending from the
1,000m level to surface and is within 150 m from mine
infrastructure. The strong continuity down plunge is characteristic
of the gold mineralization at Eagle River.
Highlights of the recent drilling are found below and are
summarized in Table 1.
- Hole 771-E-23: 9.26 g/t over 1.5 m
(true width)
- Hole 771-E-32: 12.19 g/t over 3.7 m
(true width)
All assays cut to 125.0 g/t Au. True widths are estimated.
Falcon 7 Zone
The Falcon 7 Zone was discovered in 2019 during surface drilling
of the volcanic rocks located approximately 200 m west of the mine
diorite (see press release dated June 6, 2019). Drilling has been
ongoing since the discovery to determine the extent of the zone and
to increase confidence of the gold grade distribution. Recently,
underground development has been completed on the 622m and 635m
levels, and long hole stoping from this development has commenced
(Figure 2). Sampling conducted during the development stage and
early results from mining confirm high gold grades and strong
mineability. 622m 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 m over a continuous strike
length of 75.6 m (See press release dated September 8, 2021).
Falcon 7 Parallel Zones
Recent drilling from the new development intersected several
parallel zones to that of the Falcon 7 zone (Figure 3). Although
only a limited number of drill holes intersected these mineralized
structures thus far, it does highlight the potential to grow the
resource base close to existing infrastructure. Considering the
plunge extent of known zones of mineralization, the Company is
confident that the mineralization in these newly identified zones
will display a similar character.
The discovery of these parallel zones shows the potential of the
mine diorite and surrounding volcanics to host more zones of
mineralization, especially where host structures continue across
the diorite-volcanic contact, such as 311 West, 8 and 5 zones.
Competency differences between the Mine Diorite and the host
volcanic rocks often lead to changes in the host structure’s
orientation, which can facilitate the development of dilational
zones, which allow for increased fluid movement and alteration to
occur during metal deposition. Dilational zones can occur to the
east and west of the Mine Diorite and highlight the prospectivity
of the volcanic rocks beyond the currently existing footprint of
the Eagle River Mine.
Highlights of the recent drilling are listed below and
summarized in Table 2.
- Hole 622-E-49: 13.72 g/t over 1.5 m
and 11.2 g/t over 1.5
- Hole 640-E-15: 7.60 g/t over 1.5 m
and 11.19 g/t over 2.5 m
- Hole 640-E-11: 5.53 g/t over 1.50
m
- Hole 640-E-12: 13.42 g/t over 1.5
m
Assays capped at 60 g/t Au. True widths are estimated.
In addition, development of the 355m level is proceeding and
will provide for development and exploration of the Falcon 7 zone
at higher elevations in the mine and provide a platform to test for
other parallel zones and along strike to the west.
Mr. Duncan Middlemiss, President and CEO commented, "We are
pleased with the ongoing development and mining of the Falcon 7
Zone that brings to Eagle a new, shallow high grade mining front
away from the deeper levels of the mine. This new development has
provided drilling platforms to conduct further exploration, and
initial limited drilling has discovered additional parallel zones
having the potential to be of significant size and importance as
the Falcon 7 zone is currently. Development of the 355 m level is
proceeding and will provide for development and exploration of the
Falcon 7 zone and other parallel zones at higher elevations in the
mine. This is becoming a very prospective area and could be the
next mining area at the Eagle River mine. The 355 m Level
development is extending 400 m west of the mine diorite and will
provide platforms to test for gold mineralization further along
strike where surface exploration has returned encouraging
results.
Also, the discovery of the North Contact zone, although with
limited drilling, represents another target area for exploration
and could be easily accessed from existing mine infrastructure. The
discovery of this zone and recent indications from drilling
demonstrates the ongoing prospectivity of the immediate area of the
Eagle River Mine and showcases the quality of this asset. These
areas will continue to be a focus of our exploration efforts going
forward.”
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 WESDOMEWesdome 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 - Drill hole Sample Results from North Contact
Zone
Hole 771-E-23: 9.26 g/t over 1.49 m |
From |
to |
Length |
Au(ppm) |
840.7 |
841 |
0.3 |
16.53 |
841 |
841.3 |
0.3 |
5.67 |
841.3 |
841.6 |
0.3 |
8.83 |
841.6 |
842 |
0.4 |
21.97 |
842 |
842.4 |
0.4 |
7.2 |
842.4 |
842.7 |
0.3 |
0.5 |
842.7 |
843 |
0.3 |
3.13 |
843 |
843.3 |
0.3 |
6.73 |
|
|
|
|
Hole 771-E-32: 12.19 g/t over 3.72 |
|
|
|
775.25 |
775.55 |
0.3 |
8.3 |
775.55 |
775.85 |
0.3 |
3.3 |
775.85 |
776.15 |
0.3 |
5.3 |
776.15 |
776.45 |
0.3 |
11.47 |
776.45 |
776.75 |
0.3 |
6.6 |
776.75 |
777.05 |
0.3 |
11.77 |
777.05 |
777.4 |
0.35 |
2.7 |
777.4 |
777.9 |
0.5 |
0.23 |
777.9 |
778.4 |
0.5 |
0.002 |
778.4 |
778.75 |
0.35 |
0.002 |
778.75 |
779.05 |
0.3 |
100.7 |
779.05 |
779.55 |
0.5 |
14.23 |
Table 2 - Drill hole Sample Results from the Falcon Zone
Area
Hole 622-E-49: 13.72 g/t over 1.52 m |
From |
to |
Length |
Au(ppm) Uncut |
195.3 |
195.7 |
0.4 |
168.34 |
195.7 |
197.05 |
1.35 |
0.01 |
|
|
|
|
Hole 622-E-49: 14.93 g/t over 1.52 m |
|
|
|
275.45 |
275.7 |
0.25 |
2.8 |
275.7 |
276 |
0.3 |
0.2 |
276 |
276.3 |
0.3 |
0.57 |
276.3 |
276.6 |
0.3 |
1.67 |
276.6 |
276.9 |
0.3 |
0.27 |
276.9 |
277.2 |
0.3 |
82.03 |
|
|
|
|
Hole 640-E-11: 5.53 g/t over 1.50 m |
|
|
|
90.9 |
91.4 |
0.5 |
2.13 |
91.4 |
91.7 |
0.3 |
2.03 |
91.7 |
92 |
0.3 |
11.2 |
92 |
92.3 |
0.3 |
10.8 |
92.3 |
92.65 |
0.35 |
1.93 |
92.65 |
93 |
0.35 |
0.33 |
93 |
93.3 |
0.3 |
11.93 |
93.3 |
93.65 |
0.35 |
11 |
93.65 |
93.9 |
0.25 |
0.37 |
|
|
|
|
Hole 640-E-12: 29.23 g/t over 1.48 m |
|
|
|
76.2 |
76.6 |
0.4 |
12.8 |
76.6 |
77 |
0.4 |
256.93 |
77 |
77.5 |
0.5 |
0.002 |
77.5 |
77.8 |
0.3 |
0.002 |
77.8 |
78.1 |
0.3 |
0.002 |
78.1 |
78.4 |
0.3 |
1.33 |
|
|
|
|
Hole 640-E-15: 7.60 g/t over 1.48m |
|
|
|
148.35 |
149.65 |
1.3 |
0.01 |
149.65 |
149.95 |
0.3 |
67.157 |
149.95 |
150.25 |
0.3 |
14.63 |
150.25 |
151.3 |
1.05 |
0.01 |
|
|
|
|
Hole 640-E-15: 11.19 g/t over 2.51 m |
|
|
|
155 |
155.3 |
0.3 |
70.47 |
155.3 |
155.6 |
0.3 |
0.17 |
155.6 |
155.9 |
0.3 |
1.07 |
155.9 |
156.2 |
0.3 |
0.33 |
156.2 |
156.5 |
0.3 |
0.6 |
156.5 |
156.8 |
0.3 |
0.002 |
156.8 |
157.1 |
0.3 |
0.43 |
157.1 |
157.4 |
0.3 |
0.4 |
157.4 |
157.7 |
0.3 |
0.33 |
157.7 |
158 |
0.3 |
0.17 |
158 |
158.3 |
0.3 |
8.03 |
158.3 |
158.6 |
0.3 |
77 |
158.6 |
158.9 |
0.3 |
14 |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/99919d7a-75f9-4419-bcc0-369dac233fa4
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3f59f07-5b23-4dfd-9cc4-ae6f115541b8
https://www.globenewswire.com/NewsRoom/AttachmentNg/69b3b1a6-b0d3-45ea-ab30-39394937bb9c
PDF available:
http://ml.globenewswire.com/Resource/Download/c7567cbc-c594-4c45-9e53-78a42e2ae016
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