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Wesdome Provides Update on Eagle River Mine Surface Exploration Drilling and Confirms Presence of Gold Minerlization West of Mine Diorite

TORONTO, April 01, 2019 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (WDO.TO) (“Wesdome” or the “Company”) today announces initial surface exploration drilling results from the ongoing 2019 exploration activities at the Company’s wholly-owned Eagle River Mine in Wawa, Ontario.

Since the beginning of 2019, surface drilling has continued with one drill adding 7,000 metres (“m”) to follow up on initial results from the drilling to the west of the mine diorite in late 2018. This program was designed to test the up-plunge potential of the 300 and 7 zones within a sequence of volcanic rocks (see Figure 1).

Surface drilling in the volcanics to the west of the mine diorite encountered two sub-parallel structures that broadly follow the stratigraphy within the mafic/felsic volcanic rocks. Both structures strike approximately 240-250° and dip 70-80° to the north. These could be extensions of the 300 and 7 zone structures which lie approximately 200 m to the east within the mine diorite. Both structures exhibit broad zones of deformed rock (3-20 m wide shear zones) affiliated with strong silicification over 20-50 m width (see Figures 2 to 5). The two new mineralized zones identified by surface drilling define an area termed the Falcon Zones.

Falcon Zones

The "Falcon 300" has been traced over 100 m strike length and 150 m down dip. Gold mineralization is associated with narrow quartz veins (30 cm to 1 m) with visible gold, galena, sphalerite and pyrrhotite. Mineralization has been traced west to section 8900E, and east toward section 9000E. While the zone appears to diminish along strike to the west, it remains open to the east and at depth. Its direct relation to the 300 Zone structure (at depth 200 m east) remains untested.

The "Falcon 7" has been traced over 130 m in strike and 180 m down dip. Gold mineralization is hosted in narrow veins (30 cm to 1 m) akin to those described above. Mineralization has been traced between sections 8850E and 8980E. The zone is open to the west and at depth. Within the mine diorite to the east, the 7 Zone structure exists 200 m away. Highlights of the recent drilling are listed below and summarized in Table 1.

Falcon Zones Highlights:

  • Hole ERM-2019-22: 18.5 g/t over 5.8 m core length (11.5 g/t Au cut, 3.3 m true width) 
  • Hole ERM-2019-36: 3,389.0 g/t Au over 0.3 m core length (60.0 g/t Au cut, 0.21 m width)
  • Hole ERM-2019-15: 73.5 g/t Au over 1.3 m core length (34.7 g/t Au cut, 1.1 m true width)
  • Hole ERM-2019-35: 51.1 g/t Au over 0.6 m core length (32.1 g/t Au cut, 0.4m true width)

Assays capped at 60 g/t Au. True widths are estimated.

Mr. Duncan Middlemiss, President and CEO commented, "We are pleased with our recent surface exploration efforts immediately west of the Eagle River Mine, in particular the discovery of two parallel structures west of the mine diorite that could be the along strike and up plunge extension of the 300 and 7 zones presently being mined only 200 metres further east. Although only a limited amount of drilling has been completed thus far, it certainly indicates that with additional drilling, there exists good potential to define higher grade and wider zones of gold mineralization that would be proximal to existing underground workings. This discovery, combined with our recent announcement of identification of additional parallel zones within the mine diorite further east, is a positive development towards providing additional work places for enhanced mining flexibility and ultimately augmented production rates in the short to medium term. We remain committed to aggressive exploration utilizing four underground drills and one to two surface drills in order to identify additional resources and workplaces for increased future production profiles.”

Surface drilling will be suspended shortly to allow time to receive remaining assays and to allow for spring break-up. Drilling is expected to resume during the summer months to continue to better define and extend the Falcon zones that remain open down plunge and along strike. Additionally, surface mapping and prospecting, with potentially follow-up trenching and drilling, is planned for this summer proximal to the mine diorite and more regionally along strike as follow-up to numerous historic showings that remain underexplored. This Falcon Zone style of mineralization provides new targets for the surface exploration elsewhere on the property.

TECHNICAL DISCLOSURE

The sampling of, and assay data, from surface drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practice. Samples are transported in sealed bags to AGAT Laboratories in Timmins Ontario for preparation. Pulps are transported to Mississauga, Ontario for gold assay by fire assay with AAS finish. Samples with high grade gold are further assayed with a gravimetric finish and by metallic screen assay where visible gold is present. Wesdome inserts blanks and certified standards in the sample sequence for quality control.

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.

ABOUT WESDOME

Wesdome Gold Mines is in its 30th year of continuous gold mining operations in Canada. The Company is 100% Canadian focused with a pipeline of projects in various stages of development. 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, which is being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 135.8 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
dmiddlemiss@wesdome.com                                                    ldunlop@wesdome.com

220 Bay Street, 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

Drilling Composites

Hole Zone From (m) To (m) Width (m) True Width (m) Au (Uncut) (g/t) Au (Cut 60) (g/t) Comments
ERM-2018-03 Falcon 300 180.40 180.70 0.30 0.22 3.74 3.74  
ERM-2018-04 Falcon 300 178.80 179.10 0.30 0.21 1.68 1.68  
ERM-2018-04 Falcon 300 184.40 184.70 0.30 0.21 3.02 3.02  
ERM-2018-04 Falcon 7 259.60 259.90 0.30 0.22 3.19 3.19  
ERM-2018-05 Unknown 138.50 139.90 1.40 0.97 2.04 2.04  
ERM-2018-05 Falcon 300 217.60 226.20 8.60 5.42 2.00 2.00  
including Falcon 300 222.40 222.90 0.50 0.32 24.80 24.80  
ERM-2018-05 Falcon 7 312.65 313.00 0.35 0.23 1.30 1.30  
ERM-2018-07 Unknown 37.00 37.50 0.50 0.35 16.30 16.30  
ERM-2018-07 Unknown 59.10 59.50 0.40 0.28 1.25 1.25  
ERM-2018-08 Falcon 300 27.00 27.55 0.55 0.43 2.18 2.18  
ERM-2018-12 Falcon 300 311.50 313.00 1.50 1.05 1.09 1.09  
ERM-2018-14 Falcon 300 326.80 332.20 5.40 3.61 0.97 0.97  
including Falcon 300 327.30 331.20 3.90 2.61 1.24 1.24  
ERM-2019-09             Pending VG
ERM-2019-10             Pending VG
ERM-2018-15 Falcon 300 341.00 342.50 1.50 0.94 1.75 1.75  
ERM-2018-15 Falcon 300 361.00 363.00 2.00 1.26 1.59 1.59  
ERM-2019-15 Falcon 300 151.05 151.35 0.30 0.22 4.26 4.26  
ERM-2019-15 Falcon 7 209.30 210.60 1.30 1.03 73.49 34.72 VG **
ERM-2019-17 Falcon 300 161.70 162.00 0.30 0.21 1.12 1.12  
ERM-2019-17 Falcon 300 164.80 165.10 0.30 0.21 1.08 1.08  
ERM-2019-17 Falcon 7 226.80 227.40 0.60 0.45 2.51 2.51  
ERM-2019-18 Falcon 7 271.90 273.85 1.95 1.34 17.88 14.01 VG
ERM-2019-22 Falcon 300 170.00 175.80 5.80 3.27 18.50 11.49 VG
including Falcon 300 171.30 171.60 0.30 0.17 195.56 60.00  
and Falcon 300 173.10 174.30 1.20 0.68 33.56 33.56  
ERM-2019-24 Falcon 300 100.10 100.35 0.25 0.19 53.68 53.68  
ERM-2019-25 Unknown 57.00 57.30 0.30 0.20 2.21 2.21  
ERM-2019-26 Falcon 300 94.30 94.70 0.40 0.30 66.31 60.00  
ERM-2019-26 Falcon 7 191.45 192.40 0.95 0.76 8.32 8.31  
ERM-2019-27 Unknown 25.60 25.90 0.30 0.19 4.51 4.51  
ERM-2019-27 Unknown 78.50 79.00 0.50 0.33 2.93 2.93  
ERM-2019-27 Falcon 300 172.50 173.00 0.50 0.31 3.22 3.22  
ERM-2019-27 Falcon 7 231.85 233.40 1.55 1.04 0.43 0.43  
ERM-2019-27 Unknown 369.10 369.40 0.30 0.22 2.26 2.26  
ERM-2019-28 Falcon 300 150.55 150.85 0.30 0.20 3.23 3.23  
ERM-2019-28 Falcon 300 154.75 155.80 1.05 0.70 5.86 5.86  
ERM-2019-29 Falcon 7 114.17 116.27 2.10 1.71 1.51 1.50  
ERM-2019-29 Falcon 7 119.00 121.10 2.10 1.71 1.11 1.11  
ERM-2019-30 Falcon 7 169.28 170.50 1.22 0.84 0.97 0.97  
ERM-2019-30 Falcon 7 173.44 174.00 0.56 0.39 11.06 11.06 VG
ERM-2019-31 Unknown 175.00 175.92 0.92 0.62 2.24 2.24  
ERM-2019-31 Falcon 7 193.00 195.00 2.00 1.34 5.18 5.18  
ERM-2019-32 Unknown 34.00 36.00 2.00 1.42 1.75 1.75  
ERM-2019-32 Falcon 7 175.00 179.08 4.08 2.93 1.80 1.80 VG **
including Falcon 7 177.67 179.08 1.41 1.01 2.80 2.80  
ERM-2019-33 Falcon 300 159.16 159.66 0.50 0.28 1.04 1.04  
ERM-2019-33 Falcon 300 178.87 179.17 0.30 0.17 56.13 56.13  
ERM-2019-33 Falcon 300 183.76 184.06 0.30 0.17 1.19 1.19  
ERM-2019-34 Falcon 7           Pending VG
ERM-2019-35 Unknown 60.00 60.60 0.60 0.39 51.06 32.06 VG **
ERM-2019-36 Falcon 300 99.20 99.50 0.30 0.21 3389.00 60.00 VG **
ERM-2019-39 Falcon 7           Pending  
ERM-2019-40 Falcon 7           Pending VG
ERM-2019-41 Falcon 7           Pending VG
ERM-2019-42 Falcon 7           Pending VG
ERM-2019-43 Falcon 7           Pending  
ERM-2019-44 Falcon 7           Pending VG
ERM-2019-45 Falcon 7           Pending VG
ERM-2019-46 Falcon 7           Pending VG
ERM-2019-47 Falcon 7           Pending VG
** Awaiting Metallic Sieve Analysis            

Images accompanying this announcement are available:
http://www.globenewswire.com/NewsRoom/AttachmentNg/c5dea73e-163f-41b2-b361-90ccf8a34fec
http://www.globenewswire.com/NewsRoom/AttachmentNg/d080f551-74cb-42bf-a78a-930e9b3e4a0d
http://www.globenewswire.com/NewsRoom/AttachmentNg/00e72f61-6b9e-44a5-a5d0-03b572a6002c
http://www.globenewswire.com/NewsRoom/AttachmentNg/e089407f-c0e4-4329-9133-fecfd3d984e7
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