Wesdome Announces Exploration Drilling at Eagle River Continues to Expand 311 And 7 Zones and the Recently Discovered Falcon Zones
TORONTO, June 13, 2019 - Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces results from the ongoing surface and underground exploration drilling program at the Company’s wholly-owned Eagle River Mine in Wawa, Ontario.
Mr. Duncan Middlemiss, President and CEO commented, "We are pleased with our ongoing exploration efforts at the Eagle River Mine, in particular the continued expansion of the 7 East and 311 West zones that are proximal to existing development and infrastructure. We have repositioned the underground drills to continue drilling the extensions of these zones and expect to include the results into the existing resource base at year end. We are also pleased with the ongoing surface drilling results at the recently discovered Falcon zones, where there exists good potential to define higher grade and wider zones of gold mineralization that would be near mine infrastructure. The objective is to continue our resource definition efforts in this area that has high probability to be included in future mine production and ultimately augment production rates in the medium term."
“We remain committed to aggressive exploration utilizing four underground drills and one, increasing to two surface drills in order to identify additional resources and workplaces for increased future production profiles.”
Underground Exploration Drilling
The 2019 exploration program encompasses 51,000 metres (“m”) of underground exploration drilling and 43,000 m of definition drilling using 4 drills. These have been focused primarily to extend the 7 and 300 zones, and one underground drill has been dedicated to exploring new parallel zones of mineralization in the eastern half of the mine diorite, that remains largely under explored (see Figure 1).
No. 7 East Zone
Capped Assay Highlights from Drilling (Table 1 and Figure 2):
Hole 750-E-59: 13.9 g/t Au cut over 4.9 m true width
Hole 750-E-63: 18.0 g/t Au cut over 2.2 m true width
Hole 750-E-76: 30.8 g/t Au cut over 1.5 m true width
*Assays cut to 125 g/t Au
No. 311 West Zone
Capped Assay Highlights from Drilling (Table 1 and Figure 3):
Hole 844-E-253: 27.0 g/t Au cut over 3.8 m true width
Hole 844-E-259: 8.9 g/t Au cut over 10.1 m true width
Hole 844-E-242: 22.1 g/t Au cut over 1.6 m true width
*Assays cut to 60 g/t Au
New Parallel Zones within eastern portion of mine diorite
Initial limited drilling from the 758 m-level in the eastern half of the mine diorite previously intersected what is interpreted to be parallel zones north of the past producing 6 and 8 zones and could be the possible extensions of the parallel 7 zone and 300 zone structures being mined along the western portion of the mine diorite. Both of these parallel zones are open up and down plunge and along strike and remain a focus for 2019 underground drilling.
Surface Exploration Drilling
Earlier in the year, approximately 7,000 m of surface drilling was completed in the volcanic rocks focussed approximately 200 m west of the mine diorite. Drilling encountered two sub-parallel structures, termed the Falcon Zones, that could be extensions of the 300 and 7 zones in the mine. Below are the remaining assays from the initial 2019 drilling (Table 2 and Figures 3 and 4).
Falcon Zones Highlights:
- Hole ERM-2019-10: 42.6 g/t over 1.5 m core length (12.6 g/t Au cut, 1.0 m true width)
- Hole ERM-2019-42: 13.3 g/t Au over 3.1 m core length (13.0 g/t Au cut, 2.5 m width)
- Hole ERM-2019-47: 53.8 g/t Au over 1.9 m core length (34.7 g/t Au cut, 1.1 m true width)
Assays capped at 60 g/t Au. True widths are estimated.
Surface drilling continued 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.
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.
For underground drilling, the sampling of, and assay data from, underground 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 Eagle River Mine assay office in Wawa, Ontario. Samples are analyzed for gold using standard fire assay technique with gravimetric finish. Wesdome inserts blanks and certified reference standard 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.
Wesdome Gold Mines Ltd. is in its 30th year of continuoUS Gold Corp. 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
220 Bay Street, Suite 1200
Toronto, ON, M5J 2W4
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
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
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