WDO.TO · 2023-05-23 12:00:00

Wesdome Drilling Southeast of Kiena MINE Identifies Potential Bulk Tonnage Underground Target; Returning 2.3 G/T GOLD over 72 M Core Length

Drill Results Exploration Programs

PRESS

RELEASE

May 23, 2023

TSX:WDO

WESDOME DRILLING SOUTHEAST OF KIENA MINE IDENTIFIES

POTENTIAL BULK TONNAGE UNDERGROUND TARGET;

RETURNING 2.3 G/T GOLD OVER 72 M CORE LENGTH

Toronto, Ontario – May 23, 2023 – Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the

“Company”) today announces surface exploration drilling results from the Shawkey and Dubuisson

zones located east of the Kiena Mine at the Company’s 100% owned Kiena Mine Complex in Val

d'Or, Quebec.

Since 2021, s urface exploration at Kiena has been ramping up with the initial focus on exploration

targets proximal to the Kiena Mine. Initially, these drilling programs have been completed along strike

(Shawkey zones) or east (Dubuisson zones) from the Kiena mine within the prospective Jacola

Formation in order to discover gold-rich zones that could provide additional feed for the Kiena mill.

Most recently, surface drilling 2-3 kilometres southeast of the Kiena mine has identified wide zones

of low grade gold mineralization potentially amenable to bulk tonnage underground mining similar to

other operations in the region (see Figure 1).

Shawkey Zone

Initial surface drilling completed along strike and deeper than the previously mined Shawkey 10 zone

(Old Shawkey mine on Figure 2), intersected wide zones of alteration and mineralization with one

hole (S-21-831) returning 2.3 g/t Au over 7 2.0 m within a diorite (Figure 2). Mineralization, which

consists of disseminated pyrite with locally visible gold is associated with stockwork of white narrow

quartz-carbonate and tourmaline veins with associated albite and sericite alteration cross -cutting

diorite (Figure 3). The mineralization defines a large, low-grade zone defined by increased percentage

of stockwork veins and gold grades rather than by individual veins and shear zones. Notably, this style

of mineralization and alteration, hosted in diorite, is different from the Kiena Mine further to the west.

The diorite hosted gold mineralization at Shawkey has been extended to 200 metres up dip and along

strike (holes S-21-823 and S-22-852) and remains open along strike to the north-west as well as down

dip. Highlights of the recent drilling northwest to the Shawkey 10 Zone are listed below and are

summarized in Table 1.

• Hole S-21-831: 2.3 g/t over 72.0 m core length (2.1 g/t Au capped*)

• Hole S-21-823: 2.3 g/t Au over 29.4 m core length (2.1 g/t Au capped*)

• Hole S-21-852: 3.0 g/t Au over 20.1 m core length (3.0 g/t Au capped*)

* All assays capped at 35 g/t. Au. True width cannot be estimated at this stage of the exploration

program as the exploration model is not updated for Shawkey.

Dubuisson Zone

Recent drilling and updating 3D modelling of the Dubuisson Zone has confirmed that the

mineralization occurs along shear zones (DUB Zone 1, 2 and 3) and at their intersections. Shear zones

are mainly located at the contact between diorite and ultramafic rocks or crosscut diorite.

Mineralization is characterized by disseminated pyrite (traces to 7%) with visible gold occurring locally

in quartz-carbonate and tourmaline veins (stockwork). Albite and chlorite alteration occur in veins

selvages (Figure 4).

Highlights of the recent drilling at Dubuisson Zone are listed below and are summarized in Table 2.

• Hole DB-22-001 (New Zone) : 5.0 g/t Au over 24.0 m core length (4.6 g/t Au capped*)

• Hole DB-22-002 (DUB Zone 1): 5.0 g/t Au over 9.3 m core length (5.0 g/t Au capped*, 4.6

m true width)

• Hole DB-22-003 (DUB Zone 2): 9.8 g/t over 25.2 m core length (9.8 g/t Au capped*, 17.2 m

true width)

• Hole DB-22-004 (DUB Zone 3): 11.4 g/t Au over 4.2 m core length ( 11.4 g/t Au capped*,

2.6 m true width)

* All assays capped at 50 g/t Au. True widths are estimated based on 3D model construction. True width

cannot be estimated at this stage of the exploration program for DB-22-001.

Warwick Morley-Jepson, Board Chair and Interim CEO commented, “We are pleased with the recent

surface exploration results at Shawkey and Dubuisson zones which could potentially increase our

resource base in areas adjacent to the mine. These zones present an opportunity to provide a second

source of mill feed for the underutilized Kiena mill. Additionally, these zones remain open at depth

and along strike and require further exploration. Both of these zones are proximal to the 33 level track

drift development that extends over 3 kilometres east of the Kiena mine shaft towards the Dubuisson

Zone. These results also continue to show the potential of discovering new zones elsewhere on the

Kiena property with more exploration and improving our understanding of the geology.

Elsewhere at the Kiena mine, t he Company is following up on multiple initial discoveries made last

year, including the south limb of the A Zone and several adjacent hanging wall zones which remain

outside the current mineral reserves. Further, the excavation of an exploration ramp from surface to

access the near-surface Presqu’ile Zone is expected to proceed in H2 2023 after the required permits

are secured.

These exploration results, combined with strong execution of the ramp development to Kiena Deep,

pave the way for increased production growth in 2024 and beyond.”

TECHNICAL DISCLOSURE

The technical and geoscientific content of this release has been compiled and reviewed by Denys

Vermette, P. Geo., (OGQ #564) Exploration Manager of the Company, and a "Qualified Persons"

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 preparati on was completed at ALS Minerals in Lachine

(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 hi gh grade underground assets, the Eagle

River mine in Ontario and the recently commissioned 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. T he 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:

Warwick Morley-Jepson or Lindsay Carpenter Dunlop

Board Chair & Interim 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

FORWARD-LOOKING INFORMATION

This news release contains “forward -looking information” which may include, but is not limited to,

statements with respect to the benefits of achieving commercial production at Kiena, the Company’s

expected capital expenditure in 2023, the timing around re aching the Kiena Deep A Zone, the

Company’s ability to be cash flow positive and its annual production run rate. 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.

Figure 1

Figure 2

Figure 3

Figure 4

Table 1: Kiena Complex Surface Drilling Assay and Composite Results for Shawkey Zone

Composites

SHAWKEY ZONE 10

0.5 gt over 3m

Hole Sector From To Core

length

Grade (g/t Au) Cut grade (35

g/t Au)

S-21-822 Zone 10 316.5 325.5 9.00 1.51 1.51

S-21-823 Zone 10 348.6 378 29.40 2.27 2.09

S-21-831 Zone 10 402 474 72.00 2.32 2.07

Incl. 432.2 439 6.80 3.20 3.20

Incl. 447 451 4.00 3.82 3.82

Incl. 455 463.5 8.50 4.02 4.02

S-21-837 Zone 10 419 432.5 13.50 0.57 0.57

S-22-840 Zone 10 395.1 407.25 12.15 0.83 0.83

S-22-842 Zone 10 344.8 348.5 3.70 3.30 3.30

S-22-852 Zone 10 330.5 350.6 20.10 3.00 3.00

Incl. 330.5 332.7 2.20 8.70 8.70

Incl. 336.6 340.8 4.20 6.74 6.74

S-22-853 Zone 10 339 341.5 2.50 2.71 2.71

Zone 10 372.0 380.9 8.90 1.61 1.61

Zone 10 389.0 394.5 5.50 1.01 1.01

Zone 10 484.7 487.5 2.80 2.92 2.92

S-22-854 Zone 10 234.8 242.5 7.70 1.74 1.74

Zone 10 379.5 384 4.50 1.47 1.47

S-22-855 Zone 10 469.8 480.4 10.60 1.39 1.39

Zone 10 508.2 515.3 7.10 2.34 2.34

Assays

Hole No. From

(m)

To (m) Core length

(m)

Grade (g/t

Au)

Cut grade (35

g/t Au)

Sector

S-21-822 316.5 318 1.5 1.25 1.25 Zone 10

S-21-822 318 319.5 1.5 0.5 0.5 Zone 10

S-21-822 319.5 321 1.5 0.64 0.64 Zone 10

S-21-822 321 322.3 1.3 0.1 0.1 Zone 10

S-21-822 322.3 323.2 0.9 0.01 0.01 Zone 10

S-21-822 323.2 324 0.8 0.18 0.18 Zone 10

S-21-822 324 325.5 1.5 6.51 6.51 Zone 10

Hole No. From

(m)

To (m) Core length

(m)

Grade (g/t

Au)

Cut grade (35

g/t Au)

Sector

S-21-823 348.6 350.1 1.5 4.2 4.2 Zone 10

S-21-823 350.1 350.6 0.5 0.93 0.93 Zone 10

S-21-823 350.6 351.1 0.5 2.6 2.6 Zone 10

S-21-823 351.1 352.5 1.4 0.6 0.6 Zone 10

S-21-823 352.5 354 1.5 0.98 0.98 Zone 10

S-21-823 354 355.5 1.5 0.2 0.2 Zone 10

S-21-823 355.5 357 1.5 0.01 0.01 Zone 10

S-21-823 357 358.5 1.5 0.01 0.01 Zone 10

S-21-823 358.5 360 1.5 0 0 Zone 10

S-21-823 360 361.5 1.5 0 0 Zone 10

S-21-823 361.5 363 1.5 0 0 Zone 10

S-21-823 363 364.3 1.3 0.18 0.18 Zone 10

S-21-823 364.3 365.8 1.5 1.81 1.81 Zone 10

S-21-823 365.8 367 1.2 2.25 2.25 Zone 10

S-21-823 367 367.5 0.5 0.68 0.68 Zone 10

S-21-823 367.5 368.8 1.3 4.59 4.59 Zone 10

S-21-823 368.8 370 1.2 0.49 0.49 Zone 10

S-21-823 370 370.8 0.8 3.77 3.77 Zone 10

S-21-823 370.8 372.1 1.3 2.46 2.46 Zone 10

S-21-823 372.1 373.5 1.4 0.2 0.2 Zone 10

S-21-823 373.5 375 1.5 0.01 0.01 Zone 10

S-21-823 375 376.4 1.4 0.01 0.01 Zone 10

S-21-823 376.4 377.3 0.9 40.8 35 Zone 10

S-21-823 377.3 378 0.7 0.27 0.27 Zone 10

Hole No. From

(m)

To (m) Core length

(m)

Grade (g/t

Au)

Cut grade (35

g/t Au)

Sector

S-21-831 402 403.5 1.5 0 0 Zone 10

S-21-831 403.5 405 1.5 0 0 Zone 10

S-21-831 405 406.1 1.1 0.04 0.04 Zone 10

S-21-831 406.1 406.9 0.8 0.02 0.02 Zone 10

S-21-831 406.9 408.4 1.5 0.36 0.36 Zone 10

S-21-831 408.4 409.6 1.2 0.01 0.01 Zone 10

S-21-831 409.6 410.6 1 0.06 0.06 Zone 10

S-21-831 410.6 411.9 1.3 49.1 35 Zone 10

S-21-831 411.9 413.3 1.4 0.03 0.03 Zone 10

S-21-831 413.3 414.6 1.3 0.01 0.01 Zone 10

S-21-831 414.6 416.1 1.5 0.01 0.01 Zone 10

S-21-831 416.1 417.6 1.5 0 0 Zone 10

S-21-831 417.6 418.5 0.9 0 0 Zone 10

S-21-831 418.5 419.6 1.1 0.05 0.05 Zone 10

S-21-831 419.6 421.1 1.5 0.01 0.01 Zone 10

S-21-831 421.1 422.1 1 0.04 0.04 Zone 10

S-21-831 422.1 423.2 1.1 0.05 0.05 Zone 10

S-21-831 423.2 424.5 1.3 0 0 Zone 10

S-21-831 424.5 426 1.5 0.29 0.29 Zone 10

S-21-831 426 426.6 0.6 0.08 0.08 Zone 10

S-21-831 426.6 427.2 0.6 6.1 6.1 Zone 10

S-21-831 427.2 427.9 0.7 0.09 0.09 Zone 10

S-21-831 427.9 428.7 0.8 5.19 5.19 Zone 10

S-21-831 428.7 430 1.3 0.02 0.02 Zone 10

S-21-831 430 431 1 0.15 0.15 Zone 10

S-21-831 431 432.2 1.2 0.23 0.23 Zone 10

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