WDO.TO · 2022-11-16 12:00:00

Wesdome Discovers TWO New Zones IN Hanging Wall Basalt of Kiena Deep Zone, Including 2,850 G/T GOLD (Uncut) over 1.5 Metre (Core Length)

Drill Results

PRESS

RELEASE

November 16, 2022

TSX:WDO

WESDOME DISCOVERS TWO NEW ZONES IN HANGING WALL

BASALT OF KIENA DEEP ZONE, INCLUDING 2,850 G/T GOLD

(UNCUT) OVER 1.5 METRE (CORE LENGTH)

Toronto, Ontario – November 16, 2022 – 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.

Since the completion of the PFS in 2021 and subsequent preproduction activities, underground

drilling has been focussed on exploration to test sectors proximal to the Kiena Deep A Zones. As part

of this exploration focus, early success discovered the Footwall Zones last year . Earlier this year,

exploration confirmed the presence of the South limb in the folded Kiena Deep A Zone at depth (see

press release dated June 1, 2022). Recent drilling has continued to return high grade assays from this

South limb area (reported below and Figure 1a, 1b). This area remains open along strike and down

dip. The discovery of additional zones proximal to the A Zones represents a significant benefit to the

mining from using common infrastructure . Development metres planned per sub level will leverage

access to more ounces, thereby positively impacting future mining.

Most recently, drilling intersected two new zones in the hanging wall basalt (Figure 1b). The first zone

was observed in holes N103 -6839W1A, N103-6839W2, and N103 -6839W3. This zone consists of

disseminated sulfides (pyrrhotite±pyrite) in basalt associated with a stockwork of veinlets composed

of quartz ± pyrite ±pyrrhotite±chalcopyrite±visible gold , (mm- to cm -thick) showing a random

orientation. Up to now, the strike, dip and true thickness of this zone are unknown. The second zone,

observed in hole N103-6839W4, consists of a quartz-cabonate vein ( <10 cm-thick) with visible gold

that returned 2,850 g/t Au over 1.5 m (See Figure 1b and Photograph Figure 2). Currently, the strike

and dip of this vein are unknown. The adjacent or “shoulder” assays are pending for this hole. These

new basalt zones all occur below an observed bend or steepening in the plunge of the Kiena Deep A

Zone. Early hypothesis is that folding/faulting represented by fracturing in the hanging wall basalt

could allow for a favorable environment for this type of mineralization.

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

• Hole N103-6839W4: 2,850 g/t Au over 1.5 m core length New Basalt Zone

• Hole N103-6839W2: 11.6 g/t Au over 41.3 m core length (9.7 g/t Au capped,) New Basalt

Zone

• Hole N112-6838A: 36.0 g/t Au over 6.4 m core length (32.5 g/t Au capped, 4.3 m true

width) A1 Zone (South Limb)

• Hole 6839W3: 20.3 g/t Au over 12.4 m core length (19.0 g/t Au capped, 5.5 m true width)

A Zone (South Limb)

• Hole N103-6839W1A : 10.4 g/t Au over 53.5 m core length (5.9 g/t Au capped) New Basalt

Zone

Assays capped at 90.0 g/t Au for A zone and capped at 35.0 g/t Au for the New Basalt Zones. True widths

are estimated based on 3D model construction.

Mr. Duncan Middlemiss, President and CEO commented, “We are pleased with the recent discoveries

of the South Limb and Footwall zones , and most recen tly the high grade results in the basalt in the

hanging wall of the A Zone. These discoveries demonstrate the exploration potential of the Kiena

Deep Zone. These zones have the potential to increase the number of ounces per vertical metre and

to provide additional working faces during mining. The discovery of these zones highlight 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 development rates. Obviously, this area remains one of

the focuses of the current drilling.

We are also very pleased with the continued expansion of the South Limb of the A Zone and local

expansion of t he A and A1 zones. This can positively impact project economics as the same

underground infrastructure utilized to access the A Zone can be leveraged to mine these additional

zones on a lower unit cost basis.

Additionally at Kiena, our paste fill plant commissioning activities remain on track and we expect the

plant to be fully operational shortly, with the first paste pour scheduled for later this month.”

As well, recent drilling from 112 Level also continued to confirm the lateral extension of the A and

A1 Zones (Figure 3). These new results continue to add confidence in the existing 3D model.

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 wa s 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 ins erts 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 th is 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 or Lindsay Carpenter Dunlop

President and CEO VP Investor Relations

416-360-3743 ext. 2029 416-360-3743 ext. 2025

[email protected] [email protected]

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 sec urities 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 additio n 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

Hole No.

From

(m)

Core

Length (m)

Estimated True

width (m)

Grade

(g/t Au)

Cut Grade

(90 g/t Au) Name Zone

N103-6839 733.8 739.6 5.8 3.8 5.48 5.48 South Limb

N103-6839W1A 228.9 239.2 10.3 5.5 18.80 16.91 South Limb

N103-6839W2 149.8 159.0 9.2 5.3 3.32 3.32 South Limb

N103-6839W3 254.6 267.0 12.4 5.5 20.33 18.99 South Limb

N112-6838A 243.7 246.7 3.0 3.0 16.25 16.25 South Limb

N103-6839W2 162.0 169.5 7.5 4.5 14.79 14.79 A1 Zone

N112-6823A 302.2 308.2 6.0 3.8 4.55 4.55 A1 Zone

N112-6833 260.8 282.8 22.0 10.0 13.15 13.15 A1 Zone

N112-6838A 266.2 272.6 6.4 4.3 36.00 32.37 A1 Zone

N112-6841 258.0 266.7 8.7 5.5 6.76 6.76 A1 Zone

N112-6823A 322.8 327.3 4.5 3.9 5.94 5.94 A2 Zone

Hole No.

From

(m)

Core

Length (m)

Estimated True

width (m)

Grade

(g/t Au)

Cut Grade

(35 g/t Au) Name Zone

N103-6839W1A 163.2 216.7 53.5 ? 10.39 5.91 NEW

N103-6839W2 97.5 138.8 41.3 ? 11.55 9.70 NEW

N103-6839W3 210.0 235.5 25.5 ? 9.98 7.34 NEW

N103-6839W4 260.4 261.9 1.5 ? 2,849.67 35.00 NEW

Assays

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (90 g/t

Au)

Name

Zone

N103-6839 733.8 735.3 1.5 8.18 8.18 A Zone

N103-6839 735.3 736.8 1.5 0.02 0.02 A Zone

N103-6839 736.8 738.0 1.2 0.04 0.04 A Zone

N103-6839 738.0 739.0 1.0 1.46 1.46 A Zone

N103-6839 739.0 739.6 0.6 30.00 30.00 A Zone

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (35 g/t

Au)

Name

Zone

N103-6839W1A 163.2 164.7 1.5 4.65 4.65 ?

N103-6839W1A 164.7 166.2 1.5 6.38 6.38 ?

N103-6839W1A 166.2 167.7 1.5 3.53 3.53 ?

N103-6839W1A 167.7 169.2 1.5 7.95 7.95 ?

N103-6839W1A 169.2 170.7 1.5 7.35 7.35 ?

N103-6839W1A 170.7 172.2 1.5 55.80 35.00 ?

N103-6839W1A 172.2 173.7 1.5 174.00 35.00 ?

N103-6839W1A 173.7 175.2 1.5 4.54 4.54 ?

N103-6839W1A 175.2 176.7 1.5 2.42 2.42 ?

N103-6839W1A 176.7 178.2 1.5 4.12 4.12 ?

N103-6839W1A 178.2 179.7 1.5 19.15 19.15 ?

N103-6839W1A 179.7 181.2 1.5 2.25 2.25 ?

N103-6839W1A 181.2 182.7 1.5 3.92 3.92 ?

N103-6839W1A 182.7 184.2 1.5 4.10 4.10 ?

N103-6839W1A 184.2 185.7 1.5 1.36 1.36 ?

N103-6839W1A 185.7 187.2 1.5 6.55 6.55 ?

N103-6839W1A 187.2 188.7 1.5 0.58 0.58 ?

N103-6839W1A 188.7 190.2 1.5 0.06 0.06 ?

N103-6839W1A 190.2 191.7 1.5 1.03 1.03 ?

N103-6839W1A 191.7 193.2 1.5 1.48 1.48 ?

N103-6839W1A 193.2 194.7 1.5 12.30 12.30 ?

N103-6839W1A 194.7 196.2 1.5 4.92 4.92 ?

N103-6839W1A 196.2 197.7 1.5 4.07 4.07 ?

N103-6839W1A 197.7 198.7 1.0 2.26 2.26 ?

N103-6839W1A 198.7 199.7 1.0 2.74 2.74 ?

N103-6839W1A 199.7 200.7 1.0 7.95 7.95 ?

N103-6839W1A 200.7 201.7 1.0 7.78 7.78 ?

N103-6839W1A 201.7 202.7 1.0 1.18 1.18 ?

N103-6839W1A 202.7 203.7 1.0 0.02 0.02 ?

N103-6839W1A 203.7 204.7 1.0 0.04 0.04 ?

N103-6839W1A 204.7 205.7 1.0 0.10 0.10 ?

N103-6839W1A 205.7 206.7 1.0 0.42 0.42 ?

N103-6839W1A 206.7 207.7 1.0 3.75 3.75 ?

N103-6839W1A 207.7 208.7 1.0 1.42 1.42 ?

N103-6839W1A 208.7 209.7 1.0 0.62 0.62 ?

N103-6839W1A 209.7 210.7 1.0 1.56 1.56 ?

N103-6839W1A 210.7 211.7 1.0 1.66 1.66 ?

N103-6839W1A 211.7 212.7 1.0 6.23 6.23 ?

N103-6839W1A 212.7 213.7 1.0 9.77 9.77 ?

N103-6839W1A 213.7 214.7 1.0 0.80 0.80 ?

N103-6839W1A 214.7 215.7 1.0 1.86 1.86 ?

N103-6839W1A 215.7 216.7 1.0 6.90 6.90 ?

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (90 g/t

Au)

Name

Zone

N103-6839W1A 228.9 229.9 1.0 5.39 5.39 A Zone

N103-6839W1A 229.9 230.9 1.0 8.55 8.55 A Zone

N103-6839W1A 230.9 231.9 1.0 21.40 21.40 A Zone

N103-6839W1A 231.9 232.9 1.0 0.48 0.48 A Zone

N103-6839W1A 232.9 233.9 1.0 1.16 1.16 A Zone

N103-6839W1A 233.9 234.9 1.0 0.88 0.88 A Zone

N103-6839W1A 234.9 235.9 1.0 0.56 0.56 A Zone

N103-6839W1A 235.9 236.9 1.0 0.35 0.35 A Zone

N103-6839W1A 236.9 237.7 0.8 0.44 0.44 A Zone

N103-6839W1A 237.7 239.2 1.5 103.00 90.00 A Zone

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (35 g/t

Au)

Name

Zone

N103-6839W2 97.5 99.0 1.5 6.56 6.56 ?

N103-6839W2 99.0 100.5 1.5 4.07 4.07 ?

N103-6839W2 100.5 102.0 1.5 2.14 2.14 ?

N103-6839W2 102.0 103.5 1.5 31.90 31.90 ?

N103-6839W2 103.5 105.0 1.5 2.78 2.78 ?

N103-6839W2 105.0 106.5 1.5 3.01 3.01 ?

N103-6839W2 106.5 108.0 1.5 84.00 35.00 ?

N103-6839W2 108.0 109.5 1.5 2.53 2.53 ?

N103-6839W2 109.5 111.0 1.5 4.39 4.39 ?

N103-6839W2 111.0 112.5 1.5 36.90 35.00 ?

N103-6839W2 112.5 114.0 1.5 6.91 6.91 ?

N103-6839W2 114.0 115.5 1.5 8.43 8.43 ?

N103-6839W2 115.5 117.0 1.5 4.16 4.16 ?

N103-6839W2 117.0 118.5 1.5 4.61 4.61 ?

N103-6839W2 118.5 119.7 1.2 4.37 4.37 ?

N103-6839W2 119.7 120.3 0.6 4.84 4.84 ?

N103-6839W2 120.3 121.5 1.2 19.55 19.55 ?

N103-6839W2 121.5 123.0 1.5 5.28 5.28 ?

N103-6839W2 123.0 124.5 1.5 4.17 4.17 ?

N103-6839W2 124.5 126.0 1.5 12.90 12.90 ?

N103-6839W2 126.0 127.5 1.5 5.44 5.44 ?

N103-6839W2 127.5 129.0 1.5 2.30 2.30 ?

N103-6839W2 129.0 130.1 1.1 5.72 5.72 ?

N103-6839W2 130.1 130.8 0.7 2.42 2.42 ?

N103-6839W2 130.8 131.8 1.0 25.00 25.00 ?

N103-6839W2 131.8 132.8 1.0 8.78 8.78 ?

N103-6839W2 132.8 133.8 1.0 5.46 5.46 ?

N103-6839W2 133.8 134.8 1.0 4.06 4.06 ?

N103-6839W2 134.8 135.8 1.0 4.95 4.95 ?

N103-6839W2 135.8 136.8 1.0 6.42 6.42 ?

N103-6839W2 136.8 137.8 1.0 30.60 30.60 ?

N103-6839W2 137.8 138.8 1.0 3.49 3.49 ?

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (90 g/t

Au)

Name

Zone

N103-6839W2 149.8 150.8 1.0 3.70 3.70 A Zone

N103-6839W2 150.8 152.1 1.3 4.71 4.71 A Zone

N103-6839W2 152.1 152.9 0.8 2.37 2.37 A Zone

N103-6839W2 152.9 154.0 1.1 0.90 0.90 A Zone

N103-6839W2 154.0 155.5 1.5 0.92 0.92 A Zone

N103-6839W2 155.5 156.0 0.5 1.57 1.57 A Zone

N103-6839W2 156.0 157.0 1.0 4.43 4.43 A Zone

N103-6839W2 157.0 158.0 1.0 7.80 7.80 A Zone

N103-6839W2 158.0 159.0 1.0 3.45 3.45 A Zone

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (90 g/t

Au)

Name

Zone

N103-6839W2 162.0 163.0 1.0 8.32 8.32 A1 Zone

N103-6839W2 163.0 164.0 1.0 19.75 19.75 A1 Zone

N103-6839W2 164.0 165.0 1.0 3.32 3.32 A1 Zone

N103-6839W2 165.0 166.0 1.0 1.04 1.04 A1 Zone

N103-6839W2 166.0 167.0 1.0 2.54 2.54 A1 Zone

N103-6839W2 167.0 167.8 0.8 0.38 0.38 A1 Zone

N103-6839W2 167.8 168.5 0.7 12.90 12.90 A1 Zone

N103-6839W2 168.5 169.5 1.0 66.60 66.60 A1 Zone

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (35 g/t

Au)

Name

Zone

N103-6839W3 210.0 211.5 1.5 8.10 8.10 ?

N103-6839W3 211.5 213.0 1.5 2.67 2.67 ?

N103-6839W3 213.0 214.5 1.5 0.56 0.56 ?

N103-6839W3 214.5 216.0 1.5 4.05 4.05 ?

N103-6839W3 216.0 217.0 1.0 157.50 35.00 ?

N103-6839W3 217.0 218.0 1.0 5.58 5.58 ?

N103-6839W3 218.0 219.0 1.0 5.15 5.15 ?

N103-6839W3 219.0 220.0 1.0 1.50 1.50 ?

N103-6839W3 220.0 221.0 1.0 3.79 3.79 ?

N103-6839W3 221.0 222.0 1.0 2.81 2.81 ?

N103-6839W3 222.0 222.9 0.9 1.29 1.29 ?

N103-6839W3 222.9 223.9 1.0 6.85 6.85 ?

N103-6839W3 223.9 225.0 1.1 6.22 6.22 ?

N103-6839W3 225.0 226.0 1.0 2.93 2.93 ?

N103-6839W3 226.0 227.0 1.0 2.36 2.36 ?

N103-6839W3 227.0 228.0 1.0 1.32 1.32 ?

N103-6839W3 228.0 229.0 1.0 2.37 2.37 ?

N103-6839W3 229.0 230.0 1.0 1.34 1.34 ?

N103-6839W3 230.0 231.0 1.0 10.85 10.85 ?

N103-6839W3 231.0 232.5 1.5 2.30 2.30 ?

N103-6839W3 232.5 234.0 1.5 3.12 3.12 ?

N103-6839W3 234.0 235.5 1.5 7.35 7.35 ?

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (90 g/t

Au)

Name

Zone

N103-6839W3 254.6 255.6 1.0 9.87 9.87 A Zone

N103-6839W3 255.6 256.6 1.0 2.87 2.87 A Zone

N103-6839W3 256.6 257.6 1.0 22.20 22.20 A Zone

N103-6839W3 257.6 258.5 0.9 5.66 5.66 A Zone

N103-6839W3 258.5 259.4 0.9 1.30 1.30 A Zone

N103-6839W3 259.4 260.2 0.8 0.58 0.58 A Zone

N103-6839W3 260.2 261.2 1.0 4.95 4.95 A Zone

N103-6839W3 261.2 262.2 1.0 4.32 4.32 A Zone

N103-6839W3 262.2 263.1 0.9 94.40 90.00 A Zone

N103-6839W3 263.1 263.9 0.8 0.62 0.62 A Zone

N103-6839W3 263.9 264.8 0.9 0.47 0.47 A Zone

N103-6839W3 264.8 265.9 1.1 29.70 29.70 A Zone

N103-6839W3 265.9 267 1.1 59.70 59.70 A Zone

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (35 g/t

Au)

Name

Zone

N103-6839W4 260.4 260.9 0.5 269.00 35.00 ?

N103-6839W4 260.9 261.9 1.0 4140.00 35.00 ?

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (90 g/t

Au)

Name

Zone

N112-6823A 302.2 303.7 1.5 1.38 1.38 A1 Zone

N112-6823A 303.7 305.2 1.5 12.30 12.30 A1 Zone

N112-6823A 305.2 306.7 1.5 4.26 4.26 A1 Zone

N112-6823A 306.7 308.2 1.5 0.26 0.26 A1 Zone

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (90 g/t

Au)

Name

Zone

N112-6823A 322.8 324.3 1.5 1.30 1.30 A2 Zone

N112-6823A 324.3 324.8 0.5 6.65 6.65 A2 Zone

N112-6823A 324.8 325.8 1.0 11.45 11.45 A2 Zone

N112-6823A 325.8 327.3 1.5 6.66 6.66 A2 Zone

Hole No.

From

(m)

Core Length

(m)

Grade (g/t

Au)

Cut Grade (90 g/t

Au)

Name

Zone

N112-6833 260.8 261.8 1.0 5.46 5.46 A1 Zone

N112-6833 261.8 263.3 1.5 0.27 0.27 A1 Zone

N112-6833 263.3 264.1 0.8 80.30 80.30 A1 Zone

N112-6833 264.1 264.8 0.7 85.20 85.20 A1 Zone

N112-6833 264.8 265.5 0.7 15.60 15.60 A1 Zone

N112-6833 265.5 266.1 0.6 6.80 6.80 A1 Zone

N112-6833 266.1 267.0 0.9 5.94 5.94 A1 Zone

N112-6833 267.0 267.8 0.8 20.10 20.10 A1 Zone

N112-6833 267.8 268.8 1.0 6.82 6.82 A1 Zone

N112-6833 268.8 269.8 1.0 2.92 2.92 A1 Zone

N112-6833 269.8 270.8 1.0 1.37 1.37 A1 Zone

N112-6833 270.8 271.8 1.0 1.64 1.64 A1 Zone

N112-6833 271.8 272.8 1.0 0.91 0.91 A1 Zone

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