Wesdome Announces Ongoing Definition Drilling of Kiena Deep A Zone Returns 68.2 g/t Gold Over 19 Metres and Exploration Drilling Better Defines Up Plunge Extension

TORONTO, July 31, 2019 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces additional results from the ongoing underground definition and exploration drilling of the Kiena Deep A Zone at its 100% owned Kiena Mine Complex, in Val d'Or, Quebec.

Four drills continue to operate on the 1050 metre level (“m-level”) exploration ramp completing the infill and immediate plunge extension drilling of the Kiena Deep A Zone in preparation for an updated resource estimate expected H2 2019. The ongoing definition drilling has continued to confirm the overall continuity of the geometry and the high grade gold mineralization of the Kiena Deep A Zone that now extends over 700 metres along plunge (see Figure 1A and 1B – Plan Views). Meanwhile a 5th drill is located on the 670 m-level and continues to return high grade intersections along the interpreted up plunge extension of the Kiena Deep A Zone towards the VC zone area with one hole returning 31.1 g/t Au over 5.1 metres. It is now interpreted that A Zone is folded as it extends up plunge to intersect the VC1 and VC6 zones (Figures 2, 3 and 4 – Three-dimensional Views) The Company is considering driving an exploration drift near the 790 m-level to better drill this area, that can also be used for future development and production of the Kiena Deep A Zone and the VC zones.

Highlights of the new drilling are listed below and summarized in Table 1.

Kiena Deep A Zone

• Hole 6456: 68.2 g/t Au over 19.0 m core length (28.1 g/t Au cut, 14.4 m true width)
• Hole 6450: 126.3 g/t Au over 4.3 m core length (23.6 g/t Au cut, 3.8 m true width) A2 Zone
• Hole 6449: 44.5 g/t Au over 9.0 m core length (17.0 g/t Au cut, 7.3 m true width)  
• Hole 6449: 37.6 g/t Au over 4.6 m core length (28.5 g/t Au cut, 4.5 m true width) A1 Zone
• Hole 6505: 52.7 g/t Au over 4.7 m core length (32.0 g/t Au, 4.3 m true width)

All assays cut to 90.0 g/t Au. True widths are estimated.

Mr. Duncan Middlemiss, President and CEO commented, “We are very pleased with the ongoing definition drilling that continues to confirm the overall continuity of the Kiena Deep A Zone, which has now been defined over 700 metres along plunge. Additionally, we look forward to the upcoming update of the resource estimate that will include almost 50,000 additional metres of drilling since the first Zone A Resource Estimate dated December 12, 2018. Drilling of the up plunge area continues to return high grade intersections and will continue to better define this portion of the A Zone for inclusion into future resource estimates. We are considering the development of a second exploration ramp and drill platforms mid-level in the mine to better drill this area given its potential. Our 2019 underground exploration program calls for 50,000 metres of drilling (30,000 completed so far) in preparation for an updated resource estimate later this year, and we are excited for its completion. This information will then lead into a Preliminary Economic Assessment expected early in 2020 and next steps will be determined at that juncture.”

TECHNICAL DISCLOSURE

The technical and geoscientific content of this release 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 National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

Analytical work was performed by ALS Minerals of Val-d’Or (Quebec), a certified commercial laboratory (Accredited Lab #689). Sample preparation was done at ALS Minerals in Val d'Or (Quebec). Assaying was done by fire assay methods with an atomic absorption finish. Any sample assaying >3 g/t Au was rerun with by fire assay method with gravimetric finish, and any sample assaying >10 g/t Au was rerun with the metallic sieve method. In addition to laboratory internal duplicates, standards and blanks, the geology department inserts blind duplicates, standards and blanks into the sample stream at a frequency of one in twenty to monitor quality control.

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 Company’s strategy is to build Canada’s next intermediate gold producer, producing 200,000+ ounces from two mines in Ontario and Quebec. 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 137.0 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.

For further information, please contact:

220 Bay St, Suite 1200
Toronto, ON, M5J2W4
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. 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 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 evaluate the Company's performance and ability to generate cash flow

Table 1: Kiena Complex Drilling Assay and Composite Results

Composites

Assays

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A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/885fcc56-8a43-403c-8c58-aeaada464a13

Figure 1a

Composite Plan View Kiena Deep A, A1, and A2 Zones

Figure 1b

Composite Plan View Kiena Deep A Zone

Figure 2

Location of Holes with New Assay Results

Figure 3

3D Cross Section View Up Plunge A Zone

Figure 4

3D Long Section View Up Plunge A Zone