Wesdome Gold Mines: Continues to Define High Grade Kiena Zones Near Underground and Surface Infrastructure


TORONTOWesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces the results of underground exploration drilling from the Kiena Deep Zone and the initial results of surface exploration drilling at facilities wholly owned by the Company Kiena mining complex in Val-d’Or, Quebec.

Kiena Deep A Zone and drilling of the wall area

At March 23, 2021, Wesdome announced the discovery of a new high-grade gold zone in the Zone A wall (the Wall area), which has been the focus of our infill drilling over the past few months.

The wall area is interpreted as lenses of gold mineralization located in a 50 meter (‘m’) wide corridor adjacent to the lower wall of the Zone A2. Gold mineralization is associated with visible quartz +/- gold veins that are spatially associated with units of amphibolite-altered komatiite, basaltic komatiite and basalt.

Because recent drilling has been affected by the shortage of skilled drillers across the industry, 11 holes and their corners have reached the Footwall and A areas since the last press release. As such, additional drilling is still necessary to determine the geometry of the mineralized lenses forming the corridor of the Wall area. The orientation, dip and geometry of these new lenses will need to be confirmed in order to determine the true widths. However, it is interpreted that the Footwall zone is parallel to the A zone and extends for at least 300 m. The mineralization remains open laterally and at depth.

Additionally, recent high-grade Zone A drill intersections inside and outside the current Zone A resource block model show the potential to extend the current resource estimate.

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The health and safety of our employees, contractors, suppliers and consultants is the Company’s top priority. In response to the COVID-19 outbreak, Wesdome has adopted all public health guidelines regarding safety measures and protocols in all of its mining operations and offices. In addition, our intern COVID-19 Working Group continues to monitor developments and implement policies and programs designed to protect those engaged in business with the Company.

Through care and planning, the Company has been successful in sustaining its operations to this day, but there can be no assurance that this will continue despite our best efforts. Future conditions may justify reduced or suspended production activities, which could negatively impact our ability to maintain planned schedules and targets. As a result, the Company’s actual future production and its production forecast are subject to higher levels of risk than usual. We continue to monitor the situation closely and will provide updates as they become available.

ABOUT WESDOME

Wesdome Gold Mines is a 100% Canadian company with over 30 years of continuous gold mining in Canada. The Company’s strategy is to build an intermediate gold producer, producing over 200,000 ounces from two mines in Ontario and Quebec. The Eagle River Complex in Wawa, Ontario is currently increasing gold production from the Eagle River Underground Mine. Wesdome is actively exploring its brownfield asset, the Kiena complex in Val-d’Or, Quebec. The Kiena complex is a fully licensed old mine with a 930 meter shaft and 2,000 ton per day crusher. The Company is currently completing a PFS in support of a decision to restart production. The Company is in the process of divesting its Moss lake gold deposit, located 100 kilometers (‘km’) west of Thunder Bay, Ontario. The Company has approximately 140.8 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.

Contact:

Duncan middlemiss

Phone. : 416-360-3743

Email: [email protected]

This press release contains “forward-looking information” which may include, without limitation, statements regarding the future financial or operational 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”, “expect”, “is planned”, “budget”, “planned”, “estimates”, “forecasts”, ” hears ”,“ anticipates ”or“ believes ”or variations (including negative variations) of these words and expressions, or declares that certain actions, events or results“ may ”,“ could ”,“ would ”,“ could ” or “will be taken, will occur or will be achieved.” Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by the companies. forward-looking statements.

The 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 assumes no obligation to update forward-looking statements if circumstances, estimates or management’s opinions change, except as required by securities laws. Therefore, the reader is cautioned not to place undue reliance on forward-looking statements. The Company has included in this press release certain non-IFRS performance measures including, but not limited to, mine operating income, mining and processing costs and cash costs. Cash costs per ounce reflect the actual mine operating costs incurred during the year divided by the number of ounces produced. These measures are not defined under IFRS and should therefore not be considered in isolation or as an alternative or more significant than net income (loss) or cash flows from operating activities as determined in accordance with to IFRS as an indicator of our financial performance or liquidity. The Company believes that in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to assess the Company’s performance and its ability to generate cash flows.


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