TORONTO, Jan. 25, 2019 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces that the Company has filed an independent technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) supporting the mineral resource estimate for the Kiena Mine Complex in Val d’Or, Quebec, reported in the Company’s news release dated December 12, 2018.
The technical report, titled “NI 43-101 Technical Report and Mineral Resource Estimate for the Kiena Mine Complex, Quebec”, was prepared by InnovExplo Inc. by Christine Beausoleil, P. Geo , Stephane Faure, P. Geo , and Carl Pelletier, P. Geo , and by Centre Technologique des Résidus Industriels, by Guillaume Noël, P.Eng , all of whom are independent of the Company and a "Qualified Person" as defined in NI 43-101. The full report can be found on the Company’s website at www.wesdome.com and under the Company’s issuer profile at www.sedar.com .
HIGHLIGHTS OF INTERIM MINERAL RESOURCES – December 12, 2018
A Zone Mineral Resources Only (Kiena Deep)
| Tonnes | Gold Grade (g/t Au)* | Gold Ounces | |
| Measured | --- | --- | --- |
| Indicated | 310,300 | 9.95 | 99,300 |
| Total M+I | 310,300 | 9.95 | 99,300 |
| Inferred | 656,100 | 11.43 | 241,100 |
Recently Drilled in-Mine Resources at Kiena Complex since 2016, below crown pillar (A, B, South, VC and S50 Zones)
| Tonnes | Gold Grade (g/t Au)* | Gold Ounces | |
| Measured | 0 | 0 | 0 |
| Indicated | 1,028,900 | 6.38 | 211,100 |
| Total M+I | 1,028,900 | 6.38 | 211,100 |
| Inferred | 968,900 | 9.23 | 287,400 |
Total Kiena Mine Complex
| Tonnes | Gold Grade (g/t Au)* | Gold Ounces | |
| Measured | 63,700 | 4.06 | 8,300 |
| Indicated | 3,056,500 | 5.84 | 574,300 |
| Total M+I | 3,120,200 | 5.81 | 582,600 |
| Inferred | 4,138,500 | 7.57 | 1,007,200 |
- Detailed notes in table 4 of this press release.
- Measured and Indicated Resources are exclusive of inferred.
*All grades capped to between 20 – 90 grams per tonne
The technical and geoscientific content has been compiled, reviewed and approved by Bruno Turcotte, P.Geo., (OGQ #453) Senior Project Geologist of the Company and a "Qualified Person" as defined in NI-43-101 .
Kiena Project Mineral Resource Estimate – December 12, 2018
| Tonnes | Gold Grade (g/t Au) | Gold Ounces | |
| Within Crown Pillar | |||
| Measured | --- | --- | --- |
| Indicated | 162,800 | 5.32 | 27,900 |
| Total M+I | 162,800 | 5.32 | 27,900 |
| Inferred | 1,113,200 | 6.97 | 249,600 |
| Below Crown Pillar | |||
| Measured | 63,700 | 4.06 | 8,300 |
| Indicated | 2,893,700 | 5.87 | 546,400 |
| Total M+I | 2,957,400 | 5.83 | 554,700 |
| Inferred | 3,025,300 | 7.79 | 757,600 |
| Total Project | |||
| Measured | 63,700 | 4.06 | 8,300 |
| Indicated | 3,056,500 | 5.84 | 574,300 |
| Total M+I | 3,120,200 | 5.81 | 582,600 |
| Inferred | 4,138,500 | 7.57 | 1,007,200 |
Notes:
- The independent and qualified persons for the mineral resource estimate, as defined by NI 43‑101, are Christine Beausoleil, P.Geo. and Carl Pelletier, P.Geo. (InnovExplo), and the effective date of the estimate is December 12, 2018.
- These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
- The mineral resource estimate follows CIM definitions and guidelines for mineral resources.
- Results are presented in situ and undiluted and considered to have reasonable prospects for economic extraction.
- The estimation combined two (2) estimation methods, ordinary kriging in the Kiena Complex and polygonal for other deposits on the property.
- The Kiena Complex resources encompasses for 13 zones with a minimum true thickness of 3.0 m using the grade of the adjacent material when assayed or a value of zero when not assayed. High-grade capping varies from 20 to 100 g/t Au (when required) was applied to assay grades prior to compositing grade for interpolation using an Ordinary Kriging interpolation method based on 1.0 m composite and block size of 5 m x 5 m x 5 m, with bulk density values of 2.8 (g/cm 3 ).
- The zone outside the Kiena Complex encompasses for eight (8) zones with a minimum true thickness of 2.5 metre using a polygonal estimation method. The Measured resources grade were estimated using muck samples, chip samples and test holes, extrapolated up to 25 m above and below drifts opened within the mineralized zone. Indicated resources were estimated from drill hole results using the mid distance between drill hole or a maximum of 30 metres. The high-grade capping was fixed at 34.28 g/t Au with a bulk density values of 2.8 (g/cm 3 ).
- The estimate is reported for potential underground scenario at cut-off grades of 3.0 g/t Au (> 40° dip) and 4.0 g/t Au (< 40° dip, Wesdome Zone). The cut-off grades were calculated using a gold price of US$1,250 per ounce, a CAD:USD exchange rate of 1.3; mining cost $110/t (> 40° dip); $150/t (< 40° dip); processing cost $35/t; G&A $15/t. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
- The number of metric tons was rounded to the nearest hundred and the metal contents are presented in troy ounces (tonne x grade / 31.10348).
- InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in this Technical Report that could materially affect the mineral resource estimate.
ABOUT WESDOME Wesdome 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 Company’s strategy is to build Canada’s next intermediate gold producer, producing 200,000+ ounces from two mines in Ontario and Québec. 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, Québec. 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 134.8 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.
For further information, please contact:
| Duncan Middlemiss | or | Lindsay Carpenter Dunlop |
| President and CEO | VP Investor Relations | |
| 416-360-3743 ext. 29 | 416-360-3743 ext. 25 | |
| dmiddlemiss@wesdome.com | ldunlop@wesdome.com | |
| Michael Michaud | 220 Bay St, Suite 1200 | |
| VP Exploration | Toronto, ON, M5J 2W4 | |
| 416-360-3743 ext. 22 | Toll Free: 1-866-4-WDO-TSX | |
| mmichaud@wesdome.com | 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.
