Wesdome Exploration Defines up Plunge Extension of Falcon 7 Zone and Identifies New Lens East of MINE 7 Zone at the Eagle River MINE
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PRESS
RELEASE
October 5, 2022
TSX:WDO
WESDOME EXPLORATION DEFINES UP PLUNGE EXTENSION OF
FALCON 7 ZONE AND IDENTIFIES NEW LENS EAST OF MINE 7
ZONE AT THE EAGLE RIVER MINE
Toronto, Ontario – October 5, 2022 – Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or
the “Company”) today announces the results from recent surface exploration at the Company’s
wholly-owned Eagle River Mine near Wawa, Ontario.
Falcon 7 Zone
Historically, mineralization of the Eagle River Mine has been hosted in the mine diorite; however,
the Falcon 7 Zone is hosted in volcanic rocks west of the mine diorite. Recent underground
development and initial mining at lower levels has confirmed the high gold grades and strong
mineability of this mineralization.
Most recently, surface and underground drilling, from the 355 m-level exploration drift, has defined
the up-plunge extent of the Falcon 7 zone and has now extended the mineralization to surface with
the recent drilling within 50 m from surface (Figure 1). The Falcon 7 zone drilling is located 150 m
west of the mine diorite and intersected strongly altered and mineralized quartz veins with visible
gold (“VG”). The gold mineralization occurs within an intermediate volcaniclastic, interpreted to be
more brittle and a better host for the gold mineralization than the relatively ductile encompassing
mafic volcanic flow units.
Highlights of the recent drilling are listed below and are summarized in Table 1.
• Hole ERS-2022-033: 11.1 g/t Au over 3.0 m core length (11.1 g/t Au capped, 2.6 m true
width)
• Hole 355-E-31: 26.5 g/t Au over 2.0 m core length (22.8 g/t Au capped, 1.6 m true width)
• Hole 355-E-28: 20.3 g/t Au over 1.7 m core length (20.3 g/t Au capped, 1.5 m true width)
All assays capped at 125 g/t Au. True widths are estimated based on 3D model construction.
In addition, a number of drill holes have intersected mineralization in the hanging wall of the Falcon
7 zone, including a recent hole that returned 40.3 g/t Au over 1.5 m, thus indicating the potential for
parallel or folded limbs of the Falcon 7 zone. Surface and underground drilling of this area continue
to be priority targets to delineate parallel structures along the Mine 5 and 300 zones extensions.
Limited drilling has also intersected what is interpreted as a plunging shoot further to the west near
the historic 9 zone, with one hole returning 19.4 g/t au over 0.7 m. This remains a prospective area
and a focus for future drilling.
Mine 7 Zone
Exploration drilling completed within the central portion of the mine diorite to test for the
extension of the North Contact zone was extended into the diorite to test for eastern extensions of
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the 300E and 7 zones that have received relatively limited exploration drilling (Figure 2). Drilling has
defined a new lens of gold mineralization which is interpreted to be east of and along strike from the
mine 7 Zone structure. One hole returned 27 g/t Au over 4.6 m. Future drilling will be completed
from underground platforms.
Highlights of the recent and select 2016 drilling are listed below and are summarized in Table 1.
• Hole ERX-2022-018: 40.4 g/t Au over 3.0 m core length (22.4 g/t Au capped, 2.4 m true
width)
• Hole ERS-2022-025: 31.3 g/t Au over 1.0 m core length (31.3 g/t Au capped, 0.8 m true
width)
• Hole ERM-2016-23: 34.6 g/t Au over 0.9 m core length (34.6 g/t Au capped, 0.8 m true
width)
All assays capped at 125 g/t Au. True widths are estimated based on 3D model construction.
Additionally, initial surface drilling within the volcanic rocks 150 metres east and down dip of the
mine diorite of the previously mined 2 Zone intersected altered volcanic rocks with quartz veining
and VG. One hole returned 233.0 g/t Au over 0.4 metres.
Mr. Duncan Middlemiss, President and CEO commented, "We are pleased with the ongoing surface
and underground drilling of the Falcon 7 Zone that continues to better define and extend the zone
up plunge to surface. Extending to surface this zone could represent a new mining area. Also the
surface drilling, although early days has, returned a number of good values not only parallel to the
Falcon 7 zone but also further to the west. It appears that the gold mineralization in the volcanic
rocks has a similar periodicity to the gold mineralization to that of the high-grade shoots within the
mine diorite. The completion of the 355 m-level development will allow us to continue drilling the
Falcon 7 zone and provide access for future mining. This development can also be extended further
to the west to provide drilling platforms for additional zones along strike. We remain encouraged
with our ongoing exploration outside of the mine diorite as the Falcon 7 Zone is an important
aspect of future operations, as it is situated independent of the main mining area at depth.
Additionally, we are pleased with the drilling that has discovered a new lens within the mine diorite,
that can be drilled and developed from existing underground infrastructures as this new lens is
proximal to the past producing 8 zone. Again, this indicates the potential of continually discovering
new zones of gold mineralization within the relatively unexplored central portion of the mine
diorite.”
TECHNICAL DISCLOSURE AND QA/QC
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 Thunder Bay, 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.
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Underground drill samples are transported in sealed bags to the Eagle River Mine assay office in
Wawa, Ontario. Samples are analyzed for gold using standard fire assay technique with gravimetric
finish. The performance of the Wesdome Laboratory is monitored through the implementation of a
quality assurance / quality control (QA/QC) program designed to follow industry best practices.
Wesdome inserts blanks and certified reference standards into the sample sequence for quality
control at the laboratory. The QA/QC procedure is described in more detail in the 2022 Technical
Report filed on SEDAR on April 22, 2022.
The technical content of this release has been compiled, reviewed, and approved by Aliou Sene,
P.Geo., Chief Mine Geologist at Eagle River Complex of the Company and Nathan Forslund,
P.Geo., Exploration Projects Advisor at Eagle River Mine Complex, both "Qualified Persons" as
defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
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:
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 Street, 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)
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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 the Company’s financial performance or liquidity. The Company believes that, in addition
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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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Table 1 - Drill Hole Composites
Figure One
Hole From (m) To (m) Width (m) True Width (m) Au g/t (Uncapped) Au g/t (Capped at 125 g/t)
355-E-25 Falcon 7 239.60 241.55 1.95 1.69 18.25 18.25
355-E-26 Falcon 7 229.7 231.35 1.65 1.50 6.07 6.07
355-E-27 Falcon 7 230.85 233.15 2.30 1.99 16.19 16.19
355-E-28 Falcon 7 228.5 230.15 1.65 1.50 20.31 20.31
355-E-29 Falcon 7 237.9 239.55 1.65 1.50 9.18 9.18
355-E-30 Falcon 7 245.1 247.05 1.95 1.69 3.28 3.28
355-E-31 Falcon 7 248.55 250.51 1.96 1.50 26.47 22.76
ERS-2022-027 2 Zone 412.1 412.5 0.4 0.3 223.00 125.00
ERS-2022-020 5 Zone 459.0 460.0 1.0 0.7 16.20 16.20
ERS-2022-025 5 Zone 456.0 457.0 1.0 0.8 31.30 31.30
ERS-2022-005 7 Zone 423.0 424.0 1.0 0.8 12.90 12.90
ERS-2022-018 7 Zone 473.0 476.0 3.0 2.4 40.39 22.39
ERS-2022-023 7 Zone 544.0 551.4 7.4 6.9 3.33 3.33
ERS-2022-024 7 Zone 542.0 545.0 3.0 2.3 7.02 7.02
ERS-2022-025 7 Zone 529.0 532.0 3.0 2.3 4.32 4.32
ERX-2021-95 8 Zone Extension 145.0 145.6 0.6 0.5 18.40 18.40
ERS-2022-036 9 Zone 361.0 362.0 1.0 0.7 19.40 19.40
ERS-2022-059 Falcon 5 217.1 219.8 2.7 1.5 40.32 25.66
ERS-2022-032 Falcon 7 138.0 140.5 2.5 1.7 8.94 8.94
ERS-2022-033 Falcon 7 124.0 127.0 3.0 2.3 11.01 11.01
ERS-2022-025 North Contact 85.0 88.0 3.0 2.3 6.09 6.09
ERS-2022-025 North Contact 230.0 230.6 0.6 0.5 27.50 27.50
ERX-2021-122 North Contact 703.0 706.0 3.0 2.5 6.63 6.63
355-811 Exploration
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Figure 2