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Wesdome Updates Kiena Deep Exploration Ramp Development and Latest Drill Results

TORONTO, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) is pleased to provide an update on underground drilling activities and current exploration ramp development at its 100% owned Kiena Mine Complex, in Val d'Or, Quebec.

Development of the Kiena Deep exploration ramp at the 1000 metre level commenced early August 2017 with 677 linear metres completed to date and is expected to be completed by the end of March 2018. In sequence with the ongoing ramp development, drilling of the Kiena Deep resumed on Zone B and the untested gap between Zone B and Zone A. Comparatively, Zone B is a lower grade, wider zone of quartz stockwork and gold mineralization compared to Zone A and the Upper Quartz zone, that consist of predominantly quartz veins and breccias. Drilling of the Zone A and Upper Quartz of the Kiena Deep is expected to commence in March and April, respectively.

A second drill was mobilized to drill station #4 early December to delineate the deeper part of the Kiena Deep Zone B sector. To date, 19 holes from drill station #2 at the 1000 metre level and 5 holes from drill station #4 at the 1002 metre level have been completed. Drilling confirms the existence of a multi-vein quartz stockwork/breccia system occurring near altered and deformed komatiite-tholeiitic basalt contacts. Early results from Kiena Deep B zone indicate moderate to locally higher gold grades obtained with occasional visible gold observed (see below highlights, Figure 1 and Table 1). Additionally, the new platforms on the ramp have enabled us to drill shorter, more accurate holes, significantly improving drilling performance.

Results Highlights:

Kiena Deep B Zone

34.37 g/t Au uncut  (24.16 g/t cut) over 4.5 m core length (1.6 m true width) in hole 6186*Kiena Deep Sector
5.25 g/t Au uncut (5.25 g/t cut) over 4.1 m core length (2.6 m true width) in hole 6241AKiena Deep B Zone
23.07 g/t Au uncut (23.07 g/t cut) over 0.9 m core length (0.7 m true width)in hole 6243Kiena Deep B Zone
4.17 g/t Au  uncut (4.17 g/t cut) over 13.0 m core length (12.7 m true width) in hole 6250Kiena Deep B Zone
Including 17.4 g/t Au  over 2.0 m core length (17.4 g/t cut) Kiena Deep B Zone
  

*Previously unreported from pre-ramp drilling.
 All assays capped at 34.28 g/t Au. True widths are estimated.

As the ramp development has continued, one drill has been actively drilling several auxiliary targets near existing underground development including the S-50 and VC zone sectors and has returned encouraging results. (see below highlights and Table 1).

VC Zone

6.68 g/t Au uncut (6.02 g/t cut) over 37.6 m core length (6.1 m true width) in hole 6187VC6
Including 10.01 g/t Au over 20.5 m core length (8.8 g/t cut)VC6
6.61 g/t Au uncut (5.15 g/t cut) over 17.0 m core length (6.0 m true width) in hole 6191VC6
Including 34.83 g/t Au over 2.3 m core length (24.0 g/t cut)VC6
98.51 g/t Au uncut (19.63 g/t cut) over 3.0 m core length (2.2 m true width) in hole 6228VC1
8.07 g/t Au uncut (8.07 g/t cut) over 6.8 m core length (4.7 m true width) in hole 6231VC6
  

S-50 Zone

17.89 g/t Au uncut (16.3 g/t cut) over 6.0 m core length (5.0 m true width)in hole 6190S-50
4.68 g/t Au uncut (4.68 g/t cut) over 13.2 m core length (1.1 m true width) in hole 6211S-50
18.5 g/t Au uncut (18.5 g/t cut) over 0.7 m core length (0.3 m true width) in hole 6222AS-50
  

Mr. Duncan Middlemiss, President and CEO, commented, “Due to the layout of the exploration ramp, drilling of the Kiena Deep resumed on Zone B, (7.87 grams per tonne gold over 8.2 metres August 2016 initial discovery hole). Zone B is a lower grade, wider area of the deposit compared to Zone A (192.95 grams per tonne gold over 16.95 metres August 2016 initial discovery hole). Recent results on Zone B are consistent with the geology and expectations, and we remain very encouraged by results in this area. Drilling from the ramp platforms will continue to test Zone B as well as the untested gap between Zone B and Zone A, until the ramp advances further to the west. In late February, the ramp is expected to be in a position where the drill can be mobilized to begin drilling Zone A. A total of 50,000 metres is planned to be drilled underground and 12,000 on surface in 2018.

“We have continued to focus one drill following up on near-mine, auxiliary targets such as the VC and S-50 Zones, as they are important components of any potential re-start plan. Results from both of these areas are encouraging, as they are strong intercepts located close to existing mine infrastructure and development.”

In addition, a high resolution airborne magnetic survey is currently underway covering the entire Kiena - Val-d’Or property to help delineate potential gold bearing structural trends and aid in generating new drill targets.

THE KIENA COMPLEX

The Kiena Mine Complex is a fully permitted, integrated mining and milling infrastructure which includes a 930 metre production shaft and 2,000 tonne per day capacity mill. From 1981 to 2013 the mine produced 1.75 million ounces of gold from 12.5 million tonnes at a grade of 4.5 g/t. The bulk of this production came from the S-50 Zone between depths of 100 and 1,000 metres. In 2013, operations were suspended due to a combination of declining gold prices and lack of developed reserves. The infrastructure has been well preserved on care and maintenance status. An independent 43-101 report dated December 16, 2015 for the first time assessed the exploration potential and known resources for the entire property. Measured and Indicated resources below a 100 metre crown pillar total 2,500,600 tonnes at 5.59 grams per tonne for 449,000 ounces. Additional inferred resources below a 100 metre crown pillar total 1,563,300 tonnes at a 7.97 grams per tonne for 400,400 ounces.

Technical Report for the Quebec Wesdome Project (according to National Instrument 43-101 and Form 43-101F1) dated December 16, 2015 prepared by Bruno Turcotte, P.Geo., Denis Gourde, Eng., Pierre-Luc Richard, P.Geo. of InnovExplo Inc.

TECHNICAL DISCLOSURE

The technical and scientific disclosure in this press release has been compiled, reviewed and approved by Marc Ducharme, P. Geo. (OGQ #597), Chief Exploration Geologist of Wesdome and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Analytical work was performed by Techni-Lab (ActLabs) of Ste-Germaine-Boulé (Quebec), a certified commercial laboratory (SCC Accredited Lab #707). Sample preparation was done at Techni-Lab (ActLabs) in Val d'Or (Quebec) and assaying was done by fire assay methods at Techni-Lab (ActLabs) laboratory in Ste-Germaine-Boulé (Quebec). 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 Gold Mines is in its 31st 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 near 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 Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario. The Company has approximately 133 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”

For further information, please contact:

Duncan Middlemiss
President and CEO
416-360-3743  ext. 29
[email protected]

or

Lindsay Carpenter Dunlop
VP Investor Relations
416-360-3743  ext. 25
[email protected]

Michael Michaud
VP, Exploration
416-360-3743 ext. 22
905-410-3191
[email protected]

8 King St. East, Suite 811
Toronto, ON, M5C 1B5

Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743
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.

 

Table 1: Kiena Drilling Results

Hole No.From
(m)
To (m)Core length
(m)
Estimated
true width
(m)
Grade
(g/t Au)
Cut Grade *
(g/t Au)
Target
6181346.70348.201.500.61.261.26Kiena Deep Sector
6182    NSANSAKiena Deep Sector
618539.0049.0010.002.75.665.66S-50
6186233.40237.904.501.634.3724.16Kiena Deep Sector
618741.4079.0037.606.16.686.02VC6
Including58.5079.0020.503.410.018.80VC6
618844.7046.001.301.31.241.24S-50 Sector
61895.7011.005.304.62.972.97S-50 Sector
61907.0017.6010.609.811.5510.66S-50
Including7.0013.006.005.017.8916.30S-50
619128.5045.5017.006.06.615.15VC6
Including42.0044.302.300.834.8324.00VC6
619232.5037.805.301.18.238.23VC6
619368.6073.605.001.81.981.98S-50
619473.2576.002.750.42.232.23S-50 Sector
619562.5068.005.505.14.764.76S-50
619650.6057.006.406.31.771.77S-50
619748.0058.5010.5010.31.571.57S-50
Including48.0050.502.502.53.143.14S-50
619850.7056.806.105.23.043.04S-50
6199138.00141.003.002.33.273.27S-50 Sector
620060.0065.605.602.01.631.63S-50
6202260.30263.303.002.70.300.30VC Sector
620354.8056.001.200.92.922.92VC Sector
620496.0098.602.601.61.281.28VC Sector
6205352.20353.501.301.02.712.71VC Sector
620640.8043.402.601.81.681.68VC Sector
620731.5032.400.900.76.646.64VC Sector
6208202.50207.505.004.12.802.80VC Sector
6209126.40127.401.000.712.5412.54VC Sector
6210273.90278.104.202.38.494.71VC1
621132.3045.5013.2010.94.684.68S-50
621151.0052.501.501.115.3815.38S-50 Sector
621223.1038.7015.6015.12.022.02S-50
621325.0034.009.008.81.151.15S-50
621421.0037.0016.0013.01.361.36S-50
Including21.0023.002.001.64.744.74S-50
621541.0051.0010.005.92.402.40S-50
6216    NSANSAS-50
621734.5036.001.501.42.002.00S-50 Sector
62185.607.001.400.84.614.61S-50
621847.3053.105.803.22.052.05S-50
6219161.40162.801.400.56.946.94S-50 Sector
6219583.00587.704.704.42.062.06VC Sector
6222147.30148.851.550.75.505.50S-50 Sector
6222A26.4027.100.700.318.5018.50S-50 Sector
6223216.10225.008.905.43.033.03S-50
6223309.00314.905.903.84.114.11S-50
6224274.70277.703.001.06.426.42S-50
6225392.00393.301.300.810.5510.55South Zone
6226353.60358.605.002.92.252.25South Zone
6227117.60118.801.201.03.863.86VC Sector
622851.7054.703.002.298.5119.63VC Sector
6229283.70285.001.300.93.483.48VC Sector
623022.5034.4011.9011.82.752.75VC6
Including29.1034.405.305.35.005.00VC6
623129.8036.406.804.78.078.07VC6
623274.3075.401.100.21.661.66VC6
623328.0032.304.303.61.131.13VC6
6234253.5261.007.505.10.060.06VC1
623554.1056.702.601.71.191.19VC Sector
6236    ABDABDVC Sector
6236A270.00271.501.500.91.031.03VC Sector
623863.8064.801.000.41.641.64VC6
6239    NSANSAVC Sector
6239A51.7058.707.002.02.882.88VC6
Including55.4058.703.300.95.455.45VC6
624089.5090.200.700.42.162.16VC6
6241    NSANSAKiena Deep B Sector
6241A193.50197.604.102.65.255.25Kiena Deep B Sector
6242102.10107.004.903.52.072.07Kiena Deep B Zone
6243111.90112.800.900.723.0723.07Kiena Deep B Sector
6244100.10105.305.204.82.222.22Kiena Deep B Zone
624580.3085.305.004.92.202.20Kiena Deep B Zone
624640.0049.609.605.11.791.79VC6
624798.1099.101.000.014.3014.30VC6
624876.7078.902.202.23.733.73Kiena Deep B Zone
624957.7059.201.501.42.142.14Kiena Deep B Zone
625076.7089.7013.0012.74.174.17Kiena Deep B Zone
Including79.7084.705.004.98.268.26Kiena Deep B Zone
Including79.7081.702.002.017.4017.40Kiena Deep B Zone
625196.0098.002.001.91.531.53Kiena Deep B Sector
625384.0090.806.806.02.392.39Kiena Deep B Zone
6254107.00110.003.002.41.761.76Kiena Deep B Zone
6255111.70115.704.002.62.142.14Kiena Deep B Sector
6256112.00113.101.100.81.471.57Kiena Deep B Zone
6257147.90156.008.104.51.421.42Kiena Deep B Zone
6258143.00149.006.003.11.161.16Kiena Deep B Zone
6260270.00275.305.303.73.103.10Kiena Deep B Zone
6261346.00347.001.000.67.247.24Kiena Deep B Zone
6262112.30113.301.000.83.113.11Kiena Deep B Zone
6263A144.70145.300.600.47.607.60Kiena Deep B Zone
        
* Assay intervals include values cut to an arbitrary, historic 1 oz / ton or 34.28 g/t Au 
NSA = No significant assay     
ABD = Hole abandoned     
      

A photo accompanying this announcement is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/6c2fdf17-6ee9-41fc-822f-414d9405311b

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