Wesdome Announces Filing of NI 43-101 Technical Report for Previously Announced Mineral Resource Estimate at the Kiena Mine Complex, Quebec Toronto St...

(MENAFN- GlobeNewsWire - Nasdaq) TORONTO, Jan. 29, 2021 (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 15, 2020.

The technical report, titled 'Update of the Mineral Resource Estimate for the Kiena Mine Complex Project, Val-d'Or, Québec, Canada.' The full report can be found on the Company's website at and under the Company's issuer profile at .

HIGHLIGHTS OF MINERAL RESOURCE ESTIMATE – December 15, 2020


Comparison of 2020 MRE vs 2019 MRE for Kiena Deep A Zones

	INDICATED	INFERRED
3.0 g/t cut-off	Tonnes	Gold Grade (g/t)	Gold Ounces	Tonnes	Gold Grade (g/t)	Gold Ounces
2019 MRE	679,200		18.6	405,100		676,300	15.3	332,000
2020 MRE	1,252,200		17.8	717,400		307,400	12.0	118,700
Difference	+84%	-4%	+77%	-55%	-22%	-64%

HIGHLIGHTS OF MINERAL RESOURCE ESTIMATE ('MRE') – December 15, 2020

Kiena Deep A Zones Mineral Resource Estimate Sensitivity Table (namely zones ZA, ZA1, ZA2 and H1ZA)

	INDICATED	INFERRED
	Tonnes	Gold Grade (g/t)	Gold Ounces	Tonnes	Gold Grade (g/t)	Gold Ounces
4.5 g/t	1,056,500		20.4		694,000		239,500	14.4	110,600
4.0 g/t	1,115,300		19.6		702,000		258,700	13.6	113,200
3.5 g/t	1,182,100		18.7		710,100		281,700	12.8	116,000
3.0 g/t	1,252,200		17.8		717,400		307,400	12.0	118,700
2.8 g/t	1,279,400		17.5		719,900		325,700	11.5	120,400
2.5 g/t	1,330,700		16.9		724,300		341,900	11.1	121,800

Kiena Complex Mineral Resource Estimate by Area (2.8 g/t Au cut-off)

AREA	INDICATED	INFERRED
Tonnes	Gold Grade (g/t)	Gold Ounces	Tonnes	Gold Grade (g/t)	Gold Ounces
Kiena Deep	1,279,400		17.5		719,900	325,700	11.5	120,400
S50	146,600		4.5		21,400	100,000	3.7	12,000
VC	137,700		4.8		21,200	169,500	5.3	28,600
ZB	-		-		-	74,000	4.1	9,800
South Zones	63,200		4.2		8,400	211,900	3.9	26,700
Presquile	-		-		-	255,600	6.7	55,100
Dubuisson	-		-		-	744,600	6.7	160,200
Martin	163,100		4.8		25,000	109,100	4.3	15,000
North West	-		-		-	285,800	4.0	37,100
Wesdome*	-		-		-	1,129,400	5.3	191,400
TOTAL	1,789,900		13.8		795,900	3,405,600	6.0	656,200

*Reported at 3.6 g/t Au cut-off

MINERAL RESOURCE UPDATE

The updated mineral resource estimate includes drill data as of September 18, 2020. It includes an additional 213 drill holes for a total of 60,865 m drilled since August 6, 2019 (close-out date for September 25, 2019 resource). Of which, an additional 122 new drill holes in Kiena Deep for a total of 35,280 m in the update of the Kiena Deep Zones. The drilling information was used to update the interpretation of the geologic model, geometry of the mineralized zones and domains resulting in a higher degree of confidence in the resource estimate.

The 2019 Preliminary Economic Assessment ('PEA') has not been updated in light of the 2020 MRE. The 2020 MRE does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2019 PEA.

Notes for Kiena Property Resource Estimate, October 31, 2020

(1)	These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
(2)	The mineral resource estimate follows CIM definitions and guidelines for mineral resources.
(3)	Results are presented in situ and undiluted and considered to have reasonable prospects for economic extraction, below a 100 m crown pillar.
(4)	The resources include 46 zones with a minimum true thickness of 3.0 m (2.4 m for Wesdome zones) using the grade of the adjacent material when assayed or a value of zero when not assayed. High-grade capping varies from 20 to 265 g/t Au (when required) and was applied to composited assay grades 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/cm3). A three-step capping strategy was applied, where capping value decreased as interpolation search distance increased, in order to restrict high grade impact at greater distance. Indicated resources are manually defined and encloses areas where drill spacing is generally less than 30 m, blocks are informed by a minimum of three drill holes, and reasonable geological and grade continuity is shown.
(5)	The estimate is reported for potential underground scenario at cut-off grades of 2.8 g/t Au (> 40 degree dip) and 3.6 g/t Au (40 degree dip); $150/t (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 PDF available:

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