Wesdome Expands Recently Discovered Hanging and Footwall Zones and Extends Kiena Deep A Zone Over 125 Metres Down Plunge

TORONTO, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces underground exploration drilling results from the Kiena Deep A zone at the Company’s 100% owned Kiena Mine Complex in Val d'Or, Quebec.

Over the past several years, underground drilling has focussed on testing areas proximal to the Kiena Deep A zones. As part of this exploration focus, early success discovered the Footwall zones in 2021. Subsequently in 2022, exploration confirmed the presence of the South Limb at depth associated with Kiena Deep A zone (see press release dated June 1, 2022), suggesting potential to increase the strike length of the high grade A zone. Later in 2022, drilling intersected two new zones in the relative high rock quality hanging wall basalt that returned 2,850 g/t Au (“grams per tonne gold”) over 1.5 metres (“m”) (see press release dated November 16, 2022).

Since November, drill results have extended the Kiena Deep A zone 125 m down plunge. The A zone extends continuously from 1,100 m to approximately 2,000 m below surface and remains open at depth. Hole N103-6840W5 and N103-6840W6 confirmed the extension of the North Limb of the fold, with the overall geometry of the fold confirmed by hole 6840W4 (Figure 1), the true thickness of the North Limb remains unknown. The down plunge continuity, volume and grade at depth of the South limb will be tested by future drilling as access is provided by the hanging wall ramp.

Additionally, the latest drilling results have also continued to better define and expand the Footwall zones. Lenses FWZ_1 to FWZ_4 were intersected by holes N112-6861, N112-6861W1, and N112-6862W2 (Figure 2). The results obtained have extended these lenses and also increased confidence in the validity of the geological model.

Hole N103-6839W4 intersected and further defined the Hanging Wall Basalt zone (“HWB”) reported in the November 16, 2022 press release (Figure 1). More drilling is planned to better define the orientation and the thickness of this zone.

Highlights of the recent drilling are listed below and summarized in Table 1.

• Hole N112-6861: 75.6 g/t Au over 10.0 m core length (35.8 g/t Au capped, 6.4 m true width) A zone
• Hole N103-6840W5: 23.7 g/t Au over 5.0 m core length (23.7 g/t Au capped, unknown true width) North Limb zone
• Hole N103-6840W6: 26.8 g/t Au over 4.0 m core length (24.8 g/t Au capped, unknown true width) North Limb zone
• Hole N112-6861: 33.6 g/t Au over 21.8 m core length (10.8 g/t Au capped, 4.3 m true width) Footwall_2 zone
• Hole N103-6839W4: 4.1 g/t Au over 22.8 m core length - Hanging Wall Basalt zone
  

Assays capped at 90.0 g/t Au for A zone and capped at 35.0 g/t Au for the Hanging Wall Basalt zones. True widths are estimated.

Mr. Warwick Morley-Jepson, Interim President and CEO commented, “We are pleased with the recent drill results that are continuing to better define and expand the recent discoveries adjacent to the Kiena Deep A Zone, namely the Footwall, South Limb and Hanging Wall Basalt zones. These zones have the potential to increase the number of ounces per vertical metre and to provide additional working faces during mining using the same underground infrastructure utilized to access the A zone. This can be leveraged to mine these additional zones on a lower unit cost basis. The discovery of these zones highlights the potential to add ounces within the basalt, where the rock quality is significantly better than in the footwall of the A Zone allowing for increased overall development rates.

Additionally, recent drilling has extended the A zone a further 125 metres down plunge, illustrating the future growth potential of this zone. Obviously, testing at depth potential remains one of the focuses of current drilling.

With the completion of the paste fill plant commissioning on November 30, 2022, commercial production at the Kiena Mine was declared effective December 1, 2022. To date, the paste fill plant has performed well, with the focus now primarily on ramp development. Currently ahead of schedule, ramp development in 2023 is designed to provide access to the much wider part of the high grade A zone in early 2024. Wesdome will continue to provide periodic progress updates throughout the year.”

TECHNICAL DISCLOSURE

The underground technical and geoscientific content of this release has been compiled, reviewed, and approved by Bruno Turcotte, P.Geo., (OGQ #453) Chief Geologist – Underground Exploration of the Company, 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 completed at ALS Minerals in Val d'Or (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.

ABOUT WESDOME
Wesdome 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:

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 Underground Drilling Assay and Composite Results

Composites

Assays

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/1f1935af-e36d-431e-a408-69f858ae48fa

https://www.globenewswire.com/NewsRoom/AttachmentNg/0090700a-e658-4923-96db-2497fd025638

PDF available:

http://ml.globenewswire.com/Resource/Download/bd7bc663-1636-4e4f-85e7-aa1e92490f4a