TORONTO, June 11, 2018 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO ) (“Wesdome” or the “Company”) today announces continued underground drifting results from ongoing development at the 300E Zone located at the Company’s Eagle River Mine near Wawa, Ontario.
The Company is continuing to develop and explore the 300E Zone initially discovered in 2015. The 300 Zone is located 300-400 metres north of the main 8 Zone structure, which has provided the bulk of the Eagle River Mine’s production over the last twenty years. It consists of two areas, 300W and 300E zones (see Figure 1). The 300E area consists of a series of tabular to pipe-like quartz vein systems with strong folding leading to localized widths and grades that are wider as well as higher in grade (303 Lens). To date, diamond drilling has traced the structure from 750 metre depth to 1,000 metre depth and it remains open up and down plunge.
In order to confirm the strong grades and continuity of the 300E Zone, initial drifting was completed on the 844mL (meter level) development and announced in a press release dated May 31, 2017. Subsequent development on the 864m Level within the 300E Zone has continued to confirm the continuity of the strong grades and the geometry of the mineralized zones between drifts and the encompassing drill holes. Lens 303 returned 50.5 g/t Au over an average width of 8.6 metres and over a strike length of 20.1 metres. Results from development on the following subzones on the 864mL are highlighted below and illustrated in Figure 2.
864mL DRIFT HIGHLIGHTS
| Lens | Strike Length (m) | Average Width (m) | Uncut Grade (g/t Au) | Cut Grade* (g/t Au) |
| 300B | 14.3 | 1.7 | 19.8 | 19.8 |
| 300C | 22.8 | 1.5 | 24.6 | 13.3 |
| 301N | 30.1 | 2.2 | 22.5 | 14.8 |
| 301 | 51.1 | 2.0 | 28.3 | 21.2 |
| 302 | 17.0 | 1.7 | 24.0 | 24.0 |
| 303 | 20.1 | 8.6 | 50.5 | 26.2 |
*grades cut to 140 g/t Au
The combined strike length of the subzones is 155.4 metres with a weighted average width of 2.8 metres, and cut and uncut gold grades of 19.6 g/t Au and 28.3 g/t Au, respectively.
Mr. Duncan Middlemiss, President and CEO commented, “This continued development on the 864mL of the 300E Zone demonstrates the good continuity of the gold mineralization up and down plunge and highlights the tremendous grades and widths in the 303 Lens as a result of local folding. We continue to develop this production area that displays above historic average widths and grades and that this area will continue to be significant production area for the Eagle River Mine going forward. Production in the second half of 2018 will include higher volumes of ore from this area. We expect to continue our mine wide exploration program keying in on the potential extensions of all of these zones. The similarity between the 844m Level development and the 864m Level development is uncanny, and gives us early indication to the continued strength of mineralization in this area.”
In addition, initial exploration drilling completed down plunge of the 300E Zone has returned encouraging results including:
844-E-174: 12.54 (12.54) g/t Au over 1.5 m 844-E-172 59.48 (65.23) g/t over 1.5 m 844-E-170 9.15 (9.15) g/t Au over 1.5 m
*grades cut to 140 g/t Au
The initial interpretation indicates that the mineralization intersected by drilling over 100 metres away from the known 300E Zone could be another subzone of gold mineralization and will be subject of ongoing exploration. An exploration drift is being established on the 925mL in order to test this, and other areas, at the Eagle River Mine.
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. Samples are transported in sealed bags to 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 standard in the sample sequence for quality control.
The technical content of this release has been compiled, reviewed and approved by Michael Michaud, P.Geo., Vice President, Exploration of the Company and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects .
ABOUT WESDOME
Wesdome Gold Mines has had over 30 years 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 in 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 Kiena Complex is a fully permitted former mine with a 930 metre shaft and 2,000 tonne per day mill. The Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario.. The Company has approximately 133.9 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 dmiddlemiss@wesdome.com
or
Lindsay Carpenter Dunlop VP Investor Relations 416-360-3743 ext. 25 ldunlop@wesdome.com
8 King St. East, Suite 811 Toronto, ON, M5C 1B5 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 securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
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