WDO.TO · 2024-07-03 12:00:00

Wesdome Extends and Confirms High Grade Mineralization Across Multiple Zones Near Eagle River MINE Infrastructure

Drill Results

Wesdome Gold Mines Ltd

TSX: WDO

OTCQX: WDOFF

www.wesdome.com

WESDOME EXTENDS AND CONFIRMS HIGH GRADE MINERALIZATION

ACROSS MULTIPLE ZONES NEAR EAGLE RIVER MINE INFRASTRUCTURE

Toronto, Ontario – July 3, 2024 – Wesdome Gold Mines Ltd. (TSX:WDO , OTCQX:WDOFF) (“Wesdome” or the

“Company”) today provides an update on underground exploration activities at the Company’s wholly-owned Eagle

River Mine (“Eagle River”) near Wawa, Ontario.

Highlights

6 Central Zone (Figure 1, Table 1)1,2

Drilling has extended the high grade zone 150 metres to the east, adjacent to existing infrastructure:

• Hole 758-E-456: 71.7g/t Au over 3.3 m core length (58.2g/t Au capped, 2.8 m true width)

o Including 233.6 g/t Au uncut over 0.5 m core length

o Including 144.5 g/t Au uncut over 0.4 m core length

• Hole 758-E-463: 93.7g/t Au over 3.0 m core length (59.7g/t Au capped, 2.6 m true width)

o Including 339.4 g/t Au uncut over 0.4 m core length

o Including 193.7 g/t Au uncut over 0.3 m core length

Falcon 311 Zone (Figure 2, Table 1)2,3

Exploration and delineation drilling is confirming continuity of high grades and expanding this recently discovered

zone in the volcanic rocks west of the mine diorite:

• Hole 857-E-52: 33.0 g/t Au over 5.0 m core length (31.8 g/t Au capped, 3.5 m true width)

o Including 152.0 g/t Au uncut over 0.5 m core length

300 Zone (Figure 3, Table 1)1,2

Infill and delineation drilling used to confirm mineralization within the resource shapes:

• Hole 1153-E-01: 39.7 g/t Au over 8.7 m core length (32.5g/t Au capped, 6.6 m true width)

o Including 275.1 g/t Au uncut over 0.3 m core length

o Including 206.1 g/t Au uncut over 0.3 m core length

• Hole 1201-E-47: 33.4 g/t Au over 4.7 m core length (25.7g/t Au capped, 3.6 m true width)

o Including 260.2 g/t Au uncut over 0.3 m core length

1 Assays capped at 140 g/t for 6 Central Zone and 300 Zone

2 True widths are estimated based on 3D models where available

3Assays capped at 125 g/t Au for Falcon 311

Ms. Anthea Bath, President and Chief Executive Officer , commented, “These drilling results at Eagle River

underscore the prospectivity across this asset, particularly as the high grade 6 Central Zone continues to expand

down-plunge to the east, and the continuity and extension potential of the Falcon 311 and 300 zones is now being

confirmed in follow-up drilling.

This year’s exploration program at Eagle River is expanding the existing resource base of known zones and

identifying targets near existing infrastructure. In the coming months, o ur objective is to integrate results from this

drill program with recently initiated asset optimization studies to potentially extend mine life , leverage existing

development more effectively and increase utilization of Eagle River’s 1,200 tonne per day mill.”

Technical Details

Wesdome’s budget for underground exploration at Eagle River in 2024 is nearly $10 million and includes expansion,

infill and delineation drilling.

6 Central Zone

The 6 Central Zone, discovered in 2023, is located close to existing infrastructure and at relatively shallower depths

of 600 to 750 met res. Approximately 10,280 metres over 39 holes were drilled in the first half of 2024 with an

additional 28 holes planned for the second half of the year.

The 6 Central Zone has been delineated 180 metres in plunge and 145 metres on strike based on a 3D model

completed in 2023. Drill results to date have been promising, extending the zone down-plunge by 150 metres to the

east and 100 metres along strike. With drilling confirming further growth potential confidence in the mineral resource

classification has also improved, increasing the potential for conversion to mineral reserves at year end.

Falcon 311 Zone

Approximately 8,140 metres were drilled in the first half of the year across 44 holes. Drilling will continue to the end

of the year with an additional 20 holes planned , mostly focused on extending the zone to surface and infill drilling

for resource conversion.

Based on drilling to date, the Falcon 311 Zone has been delineated to extend at least 250 metres along plunge and

nearly 115 metres along strike. Drilling continues to confirm the potential for the zone to expand down plunge and

potentially extend to surface , similar to the adjacent Falcon 7 Zone discovered in 2019 . Drilling efforts have also

been directed towards infill drilling certain areas within th e Falcon 311 Z one, a strategy aimed at confirming

continuity and upgrading the classification of the existing resource.

300 Zone

Approximately 8,050 metres have been drilled year to date across 28 holes. Drilling will continue to the end of 2024

with an additional 25 holes planned for the balance of the year with approximately half of the holes focusing on

testing the 300 Zone at depth and the remaining holes functioning as infill drilling for resource conversion.

With development platforms recently installed at the 1201 level, underground drilling has focused on testing areas

down-plunge of 300 Zone that were not previously accessible. Infill drilling will also be conducted from this level,

targeting certain regions within the 300 Zone for resource conversion.

About Wesdome

Wesdome is a Canadian-focused gold producer with two high grade underground assets, the Eagle River mine in

Ontario and the Kiena mine in Quebec. 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.

For further information, please contact:

Raj Gill, SVP, Corporate Development & Investor Relations

Trish Moran, VP, Investor Relations

Phone: +1 (416) 360-3743

E-Mail: [email protected]

To receive Wesdome’s news releases by email, please register on the Company website at www.wesdome.com.

Technical Disclosure

The sampling of, and assay data, from drill core is monitored through the implementation of a quality assurance -

quality control (QA /QC) program designed to follow industry best practice. 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 . 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 Technical Report for the Eagle River Gold Mining Complex, Ontario, Canada filed under the Company’s

profile 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 who is the Company’s "Qualified Person" as defined in National Instrument

43-101 - Standards of Disclosure for Mineral Projects.

Forward-Looking Information

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

respect to the prospectivity at Eagle River, the continuity and extension potential of the Falcon 311 and 300 zones,

the potential extension of the mine life of Eagle River and the increase in production at Eagle River. 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.

There can be no assurance that forward -looking statements or information 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 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 – 6 Central Zone Longitudinal Section

Figure 2 – 311 Zone Longitudinal Section

Figure 3– 300 Zone Longitudinal Section

Table 1: Eagle River Drill Results (Previously Unreleased)

Composite Results

Hole No.

Target

Area From To

Core

Length

(m)

True

Width

(m)

Grade

(g/t Au)

Cut Grade

(g/t Au)

758-E-444 6 Central 245.4 248.4 3.0 1.5 2.2 2.2

758-E-445 6 Central 235.5 237.5 2.0 1.5 7.0 7.0

758-E-450 6 Central 232.0 233.6 1.6 1.5 5.5 5.5

758-E-451 6 Central 215.5 217.2 1.7 1.5 1.3 1.3

758-E-452 6 Central 248.1 249.7 1.6 1.5 11.2 11.2

758-E-453 6 Central 261.3 264.5 3.2 2.8 0.3 0.3

758-E-454 6 Central 256.2 258.2 1.9 1.5 2.1 2.1

758-E-456 6 Central 278.2 281.4 3.3 2.8 71.7 58.2

758-E-457 6 Central 187.1 188.7 1.6 1.5 0.3 0.3

758-E-459 6 Central 246.7 248.4 1.7 1.5 6.0 6.0

758-E-460 6 Central 228.5 233.0 4.5 3.9 10.2 10.2

758-E-461 6 Central 226.8 228.5 1.7 1.5 0.1 0.1

758-E-462 6 Central 247.8 249.4 1.6 1.5 0.2 0.2

758-E-463 6 Central 270.5 273.4 2.9 2.6 93.7 59.7

758-E-464 6 Central 278.0 281.0 3.0 2.6 8.1 8.1

758-E-465 6 Central 284.8 286.8 2.0 1.7 4.9 4.9

758-E-466 6 Central 285.7 287.3 1.6 1.5 1.7 1.7

758-E-467 6 Central 286.3 289.9 3.6 3.1 9.0 9.0

758-E-469 6 Central 184.2 185.7 1.6 1.5 1.2 1.2

758-E-471 6 Central 238.1 239.7 1.6 1.5 2.2 2.2

758-E-472 6 Central 239.6 241.2 1.6 1.5 1.0 1.0

758-E-473 6 Central 238.1 239.7 1.6 1.5 1.2 1.2

758-E-475 6 Central 276.9 279.7 2.8 1.8 10.0 10.0

857-E-18 Falcon 311 186.8 188.5 1.8 1.5 1.6 1.6

857-E-20 Falcon 311 211.6 213.6 1.9 1.5 1.1 1.1

857-E-23 Falcon 311 196.0 199.4 3.4 2.2 1.4 1.4

857-E-25 Falcon 311 141.0 142.7 1.7 1.5 2.2 2.2

857-E-26 Falcon 311 127.6 129.3 1.7 1.5 1.1 1.1

857-E-27 Falcon 311 329.0 333.3 4.3 1.8 9.0 9.0

857-E-28 Falcon 311 118.6 120.1 1.5 1.5 1.2 1.2

857-E-29 Falcon 311 312.1 314.5 2.4 2.1 2.5 2.5

857-E-30 Falcon 311 162.3 163.9 1.6 1.5 3.6 3.6

857-E-31 Falcon 311 260.5 262.2 1.7 1.5 2.3 2.3

857-E-32 Falcon 311 102.9 104.8 1.9 1.9 2.5 2.5

857-E-33 Falcon 311 106.9 108.5 1.6 1.5 0.4 0.4

857-E-34 Falcon 311 121.7 123.3 1.6 1.5 0.2 0.2

857-E-35 Falcon 311 147.6 149.6 2.0 1.5 11.2 11.2

857-E-36 Falcon 311 214.1 216.9 2.8 2.1 2.6 2.6

857-E-37 Falcon 311 245.9 248.6 2.7 2.3 3.4 3.4

Hole No.

Target

Area From To

Core

Length

(m)

True

Width

(m)

Grade

(g/t Au)

Cut Grade

(g/t Au)

857-E-38 Falcon 311 127.0 128.6 1.6 1.5 0.5 0.5

857-E-39 Falcon 311 116.0 117.5 1.6 1.5 0.3 0.3

857-E-40 Falcon 311 101.4 103.0 1.6 1.5 0.3 0.3

857-E-41 Falcon 311 236.6 239.1 2.5 1.5 3.4 3.4

857-E-42 Falcon 311 213.3 215.9 2.7 1.7 1.4 1.4

857-E-43 Falcon 311 260.4 262.5 2.1 1.5 1.3 1.3

857-E-44 Falcon 311 230.0 232.6 2.6 1.5 0.1 0.1

857-E-46 Falcon 311 284.0 286.1 2.1 1.6 9.2 9.2

857-E-47 Falcon 311 107.5 109.5 2.0 1.7 9.4 9.4

857-E-48 Falcon 311 106.8 108.5 1.7 1.5 0.3 0.3

857-E-49 Falcon 311 124.0 126.0 2.0 1.5 2.2 2.2

857-E-51 Falcon 311 101.3 102.8 1.5 1.5 2.2 2.2

857-E-52 Falcon 311 268.0 273.0 5.0 3.5 33.0 31.8

857-E-53 Falcon 311 178.0 180.0 2.0 1.5 0.8 0.8

857-E-54 Falcon 311 146.0 148.0 2.0 1.5 1.5 1.5

1153-E-01 300 25.3 34.0 8.7 6.6 39.7 32.5

1153-E-02 300 22.3 27.4 5.1 4.8 13.7 13.7

1153-E-04 300 29.1 32.4 3.3 3.1 41.0 41.0

1201-E-44 300 837.6 839.3 1.7 0.7 3.1 3.1

1201-E-46 300 429.3 431.7 2.4 2.1 21.5 21.5

1201-E-47 300 467.0 471.6 4.7 3.6 33.4 25.7

1201-E-49 300 521.2 522.7 1.5 1.3 12.5 12.5

771-E-81W6 300 588.3 590.3 2.0 1.5 42.3 30.5

Figures in table may not add due to rounding.

Assay Results

Hole ID Target From To

Core Length

(m)

Au Uncut

(g/t)

Au Cut

(g/t)

758-E-444 6 Central 245.4 245.7 0.3 4.0 4.0

758-E-444 6 Central 245.7 246.1 0.4 6.6 6.6

758-E-444 6 Central 246.1 246.4 0.3 7.5 7.5

758-E-444 6 Central 246.4 246.7 0.3 2.9 2.9

758-E-444 6 Central 246.7 247.0 0.3 0.0 0.0

758-E-444 6 Central 247.0 247.5 0.4 0.0 0.0

758-E-444 6 Central 247.5 247.9 0.4 0.0 0.0

758-E-444 6 Central 247.9 248.3 0.4 0.0 0.0

758-E-444 6 Central 248.3 248.4 0.2 0.0 0.0

758-E-445 6 Central 235.4 235.7 0.3 0.3 0.3

758-E-445 6 Central 235.7 236.0 0.3 0.0 0.0

758-E-445 6 Central 236.0 236.3 0.3 0.0 0.0

758-E-445 6 Central 236.3 236.6 0.3 0.0 0.0

758-E-445 6 Central 236.6 237.0 0.4 15.6 15.6

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