Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces surface exploration drilling results from the
Presqu’île Zone at the Company’s 100% owned Kiena Mine Complex in
Val d'Or, Quebec.
Since the completion of the PFS for the Kiena
Mine in 2021, both surface and underground drilling has been more
focused on exploration targets proximal to the Kiena Mine.
Initially this drilling has been completed along strike from the
Kiena Mine within the prospective Jacola Formation in order to
provide additional feed for the Kiena mill. Most recently surface
drilling has focused on the Presqu’île Zone located 2 kilometres
west of the Kiena Mine (Figure 1). Previous drilling at the
Presqu’île zones has defined a near surface mineral resource
(Inferred Mineral Resource of 353,000 tonnes grading 7.1 g/t au
totalling 80,600 oz of gold from 3 lenses [PR-1, PR-2, and PR-2A
zones], December 31, 2021 Mineral Resources).
Recent drilling has confirmed several narrow,
subparallel zones that are steeply east-plunging located proximal
to a sheared mafic-ultramafic contact. The zones are generally
hosted by a porphyritic basalt. The mineralization corresponds to
several quartz-carbonate-chlorite veins (<40cm) mineralized with
pyrite, chalcopyrite, sphalerite, galena and ±visible native gold.
Quartz veins are associated with a typical biotite alteration. The
drilling has confirmed the continuity of the mineralized zones. The
PR-2A Zone is interpreted to be open along strike eastward and down
dip and represents an excellent target for the exploration drilling
at depth.
Highlights of the recent drilling are listed
below and are summarized in Table 1.
- Hole PR-22-034: 24.3 g/t over 3.3 m core length (10.6 g/t Au
capped*, 3.0 true width) PR-1 Zone
- Hole PR-22-026: 30.0 g/t Au over 9.4 m core length (13.1 g/t Au
capped*, 9.2 m true width) PR-2A Zone
- Hole PR-22-024: 45.0 g/t Au over 3.8 m core length (18.5 g/t Au
capped*, 3.7 m true width) PR-2A Zone
- Hole PR-22-029: 27.6 g/t over 3.5 m core length (12.8 g/t Au
capped*, 3.3 m true width) PR-2 Zone
* All assays capped at 35 g/t. Au. True widths
are estimated based on 3D model construction.
Given the significant upside that the Presqu’île
zone could represent for Kiena, the Company is currently evaluating
options to fast-track an exploration ramp from surface. This
infrastructure would provide the ideal platform for exploration
activities to test the potential of the Presqu’île area. It could
also easily be connected to Kiena’s existing underground ramp
network, providing access to surface for the existing operation.
This could represent a significant milestone on the Company’s
journey to unlock the full potential of Kiena, as it would provide
a second access for conveyance of material and personnel, freeing
time for additional ore hoisting via the shaft. Other gains, such
as reduced ventilation costs and savings from added operational
flexibility are also expected.
Mr. Duncan Middlemiss, President and CEO
commented, “We are pleased with the recent surface exploration
results at Presqu’île which could potentially increase our resource
base in areas proximal to the mine. The Presqu’île Zone represents
an opportunity to establish an exploration ramp for further
exploration of the zone but also to provide access to the
underground workings via a ramp system that would greatly improve
efficiencies at the Kiena mine.
We are currently drilling with two drills on
barges and one surface drill to explore adjacent mineralization to
the Kiena mine within the Jacola Formation. Several of these areas
include the Dubuisson, Shawkey, Thompson, and recently discovered
Bourgo zone again having the potential to add to feed for the Kiena
mill. Drilling is ongoing and updates will be released within the
next several months. It is evident that as we continue to explore
and collect new geological information, we are able to discover
traps for gold mineralization, thereby demonstrating the
prospectivity of the property.
We are also pleased with the progress being made
at the construction of the paste back fill plant that is expected
to be completed in November. As part of this, the most critical
components of the paste fill plant, the motor control system (MCC)
have been received and being installed. Commissioning remains on
track for Q4 2022.”
TECHNICAL DISCLOSURE
The technical and geoscientific content of this release has been
compiled and reviewed by Denys Vermette, P. Geo., (OGQ #564)
Consultant Geologist for IOS Services Géoscientifiques from
Chicoutimi, Qc), and approved by Bruno Turcotte, P.Geo., (OGQ #453)
Chief Geologist – Underground Exploration of the Company, both
"Qualified Persons" 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 completed at ALS Minerals in
Lachine (Quebec). 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.
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 outbreak, Wesdome has adopted
all public health guidelines regarding safety measures and
protocols at all of its mine operations and corporate office. These
protocols are still in place at all sites despite the loosening of
some provincial public health guidelines. 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 will continue despite the Company’s best
efforts, with the emergence of new, highly contagious variants such
as Omicron. To date, the Company has been impacted by this most
recent variant outbreak, with employees at both operations and
corporate office becoming infected, which may 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. The
Company is continuing to monitor the situation closely and will
provide updates as they become available.
ABOUT WESDOMEWesdome 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 President and
CEO 416-360-3743 ext.
2029
duncan.middlemiss@wesdome.com |
or |
Lindsay
Carpenter DunlopVP Investor Relations416-360-3743 ext.
2025lindsay.dunlop@wesdome.com |
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 flow
Table 1: Kiena Complex Surface Drilling Assay and
Composite Results
Composites
Hole No. |
From (m) |
To (m) |
Core Length (m) |
Estimated True width (m) |
Grade (g/t Au) |
Cut Grade (35 g/t Au) |
Zone Name |
PR-21-014 |
391.5 |
394.5 |
3.0 |
2.9 |
5.49 |
5.49 |
PR-2A |
PR-21-019 |
94.0 |
98.0 |
4.0 |
2.8 |
42.30 |
13.30 |
PR-3 |
PR-21-020 |
172.5 |
176.0 |
3.5 |
3.4 |
10.04 |
10.01 |
PR-2A |
PR-22-023 |
229.5 |
234.9 |
5.4 |
4.1 |
4.64 |
4.64 |
PR-2 |
PR-22-024 |
185.2 |
189.0 |
3.8 |
3.7 |
44.99 |
18.45 |
PR-2A |
PR-22-026 |
196.2 |
205.6 |
9.4 |
9.2 |
29.98 |
13.12 |
PR-2A |
PR-22-027 |
189.9 |
194.1 |
4.2 |
3.9 |
9.41 |
9.41 |
PR-1 |
PR-22-028 |
284.0 |
288.0 |
4.0 |
3.1 |
12.09 |
12.09 |
PR-2 |
PR-22-029 |
234.5 |
238.0 |
3.5 |
3.3 |
27.62 |
12.74 |
PR-2 |
PR-22-031 |
183.5 |
186.5 |
3.0 |
3.0 |
4.06 |
4.06 |
PR-2A |
PR-22-032 |
172.0 |
175.0 |
3.0 |
2.9 |
6.54 |
6.54 |
PR-1 |
PR-22-034 |
234.0 |
237.3 |
3.3 |
3.0 |
24.25 |
10.63 |
PR-1 |
PR-22-035 |
240.5 |
243.5 |
3.0 |
2.9 |
3.04 |
3.04 |
PR-2A |
PR-22-036 |
288.5 |
291.5 |
3.0 |
2.9 |
8.77 |
8.77 |
PR-2A |
PR-22-037 |
339.0 |
342.0 |
3.0 |
2.8 |
14.91 |
14.91 |
PR-2 |
PR-22-042 |
178.2 |
181.2 |
3.0 |
2.9 |
27.39 |
17.15 |
PR-2A |
Assays
Hole No. |
From (m) |
To (m) |
Core Length (m) |
Grade (g/t Au) |
Cut Grade (35 g/t Au) |
Name Zone |
PR-21-014 |
391.5 |
392.5 |
1.0 |
0.02 |
0.02 |
PR-2A |
PR-21-014 |
392.5 |
393.5 |
1.0 |
16.40 |
16.40 |
PR-2A |
PR-21-014 |
393.5 |
394.5 |
1.0 |
0.04 |
0.04 |
PR-2A |
|
|
|
|
|
|
|
PR-21-019 |
94.0 |
95.0 |
1.0 |
16.25 |
16.25 |
PR-3 |
PR-21-019 |
95.0 |
96.0 |
1.0 |
151.00 |
35.00 |
PR-3 |
PR-21-019 |
96.0 |
97.0 |
1.0 |
0.50 |
0.50 |
PR-3 |
PR-21-019 |
97.0 |
98.0 |
1.0 |
1.44 |
1.44 |
PR-3 |
|
|
|
|
|
|
|
PR-21-020 |
172.5 |
174.0 |
1.5 |
0.01 |
0.01 |
PR-2A |
PR-21-020 |
174.0 |
175.0 |
1.0 |
35.10 |
35.00 |
PR-2A |
PR-21-020 |
175.0 |
176.0 |
1.0 |
0.03 |
0.03 |
PR-2A |
|
|
|
|
|
|
|
PR-22-023 |
229.5 |
231.0 |
1.5 |
3.31 |
3.31 |
PR-2 |
PR-22-023 |
231.0 |
232.5 |
1.5 |
1.46 |
1.46 |
PR-2 |
PR-22-023 |
232.5 |
234.0 |
1.5 |
6.63 |
6.63 |
PR-2 |
PR-22-023 |
234.0 |
234.9 |
0.9 |
8.85 |
8.85 |
PR-2 |
|
|
|
|
|
|
|
PR-22-024 |
185.2 |
186.4 |
1.2 |
102.50 |
35.00 |
PR-2A |
PR-22-024 |
186.4 |
187.7 |
1.3 |
36.80 |
35.00 |
PR-2A |
PR-22-024 |
187.7 |
189.0 |
1.3 |
0.10 |
0.10 |
PR-2A |
|
|
|
|
|
|
|
PR-22-026 |
196.2 |
197.2 |
1.0 |
72.60 |
35.00 |
PR-2A |
PR-22-026 |
197.2 |
198.2 |
1.0 |
0.19 |
0.19 |
PR-2A |
PR-22-026 |
198.2 |
199.2 |
1.0 |
0.02 |
0.02 |
PR-2A |
PR-22-026 |
199.2 |
200.2 |
1.0 |
0.01 |
0.01 |
PR-2A |
PR-22-026 |
200.2 |
201.2 |
1.0 |
0.26 |
0.26 |
PR-2A |
PR-22-026 |
201.2 |
202.3 |
1.1 |
0.79 |
0.79 |
PR-2A |
PR-22-026 |
202.3 |
203.3 |
1.0 |
44.70 |
35.00 |
PR-2A |
PR-22-026 |
203.3 |
204.3 |
1.0 |
6.49 |
6.49 |
PR-2A |
PR-22-026 |
204.3 |
205.6 |
1.3 |
120.50 |
35.00 |
PR-2A |
|
|
|
|
|
|
|
PR-22-027 |
189.9 |
190.9 |
1.0 |
11.45 |
11.45 |
PR-1 |
PR-22-027 |
190.9 |
191.9 |
1.0 |
8.63 |
8.63 |
PR-1 |
PR-22-027 |
191.9 |
193.0 |
1.1 |
0.29 |
0.29 |
PR-1 |
PR-22-027 |
193.0 |
194.1 |
1.1 |
17.40 |
17.40 |
PR-1 |
|
|
|
|
|
|
|
PR-22-028 |
284.0 |
285.2 |
1.2 |
2.07 |
2.07 |
PR-2 |
PR-22-028 |
285.2 |
286.3 |
1.1 |
2.60 |
2.60 |
PR-2 |
PR-22-028 |
286.3 |
286.8 |
0.5 |
84.50 |
35.00 |
PR-2 |
PR-22-028 |
286.8 |
288.0 |
1.2 |
0.64 |
0.64 |
PR-2 |
|
|
|
|
|
|
|
PR-22-029 |
234.5 |
235.8 |
1.3 |
0.33 |
0.33 |
PR-2 |
PR-22-029 |
235.8 |
237.0 |
1.2 |
78.40 |
35.00 |
PR-2 |
PR-22-029 |
237.0 |
238.0 |
1.0 |
2.16 |
2.16 |
PR-2 |
|
|
|
|
|
|
|
PR-22-031 |
183.5 |
184.5 |
1.0 |
10.25 |
10.25 |
PR-2A |
PR-22-031 |
184.5 |
185.5 |
1.0 |
1.86 |
1.86 |
PR-2A |
PR-22-031 |
185.5 |
186.5 |
1.0 |
0.06 |
0.06 |
PR-2A |
|
|
|
|
|
|
|
PR-22-032 |
172.0 |
173.0 |
1.0 |
0.01 |
0.01 |
PR-2A |
PR-22-032 |
173.0 |
174.0 |
1.0 |
19.60 |
19.60 |
PR-2A |
PR-22-032 |
174.0 |
175.0 |
1.0 |
0.02 |
0.02 |
PR-2A |
|
|
|
|
|
|
|
PR-22-034 |
234.0 |
235.3 |
1.3 |
0.03 |
0.03 |
PR-2A |
PR-22-034 |
235.3 |
236.6 |
1.3 |
61.50 |
35.00 |
PR-2A |
PR-22-034 |
236.6 |
237.3 |
0.7 |
0.05 |
0.05 |
PR-2A |
|
|
|
|
|
|
|
PR-22-035 |
240.5 |
241.5 |
1.0 |
0.65 |
0.65 |
PR-2A |
PR-22-035 |
241.5 |
242.5 |
1.0 |
0.13 |
0.13 |
PR-2A |
PR-22-035 |
242.5 |
243.5 |
1.0 |
8.33 |
8.33 |
PR-2A |
|
|
|
|
|
|
|
PR-22-036 |
288.5 |
289.5 |
1.0 |
0.05 |
0.05 |
PR-2A |
PR-22-036 |
289.5 |
290.5 |
1.0 |
26.20 |
26.20 |
PR-2A |
PR-22-036 |
290.5 |
291.5 |
1.0 |
0.07 |
0.07 |
PR-2A |
|
|
|
|
|
|
|
PR-22-037 |
339.0 |
340.0 |
1.0 |
14.00 |
14.00 |
PR-2 |
PR-22-037 |
340.0 |
341.0 |
1.0 |
30.60 |
30.60 |
PR-2 |
PR-22-037 |
341.0 |
342.0 |
1.0 |
0.14 |
0.14 |
PR-2 |
|
|
|
|
|
|
|
PR-22-042 |
178.2 |
179.2 |
1.0 |
0.66 |
0.66 |
PR-2 |
PR-22-042 |
179.2 |
180.2 |
1.0 |
65.70 |
35.00 |
PR-2 |
PR-22-042 |
180.2 |
181.2 |
1.0 |
15.80 |
15.80 |
PR-2 |
Photos accompanying this announcement are available at
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