(MENAFN- GlobeNewsWire - Nasdaq) TORONTO, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO, OTCQX:WDOFF) (“ Wesdome ” or the“ Company ”) today provides a comprehensive update on its exploration activities (Figure 1) at its wholly-owned Eagle River Mine (“ Eagle River ”) near Wawa, Ontario. Anthea Bath, President and Chief Executive Officer, stated,“Eagle River delivered exceptional exploration results in 2024, reflecting the prospectivity of this high-grade asset and the strength of our team. With more than 105,000 metres of surface and underground drilling completed during the year, we successfully delineated and expanded key zones close to existing infrastructure, identified new targets and advanced our understanding of the geology.
“At the 6 Central Zone, increased drilling extended the resource envelope down-plunge by approximately 70%, or 250 metres and identified a parallel zone with strong potential for high-grade mineralization. Located near existing development and open down-plunge, the 6 Central zones offer the opportunity to establish a new mining front at intermediate depths.
“At the 300 Zone, which currently accounts for the majority of Eagle River's reserves, infill drilling has confirmed the continuity of high-grade mineralization and provided critical geological insights regarding the zone's behavior. Furthermore, step-out drilling down-plunge targeting the northeast-dipping extension of the structure has successfully demonstrated continuity of mineralization, reinforcing the 300 Zone's exploration and resource conversion potential.
“As part of the ongoing surface exploration program, an induced polarization survey completed late in the year identified multiple anomalies closely associated with known deposits, indicating potential for additional mineralization west of the diorite. These findings confirm the long-term potential at Eagle River and outline several targets for further exploration in the coming year.
“Exploration remains a top priority at Eagle River in 2025. The $13 million program covers an estimated 115,000 metres of underground and surface drilling, the completion of an additional geophysical IP survey, as well as extensive surface and structural mapping work. Additionally, we will continue to advance our global resource model initiative, which is expected to unlock economic mineralization close to surface primarily through the digitization of historic mining data, evaluation of alternative mining methods, and the use of incremental and break-even cut-off grade analysis.”
Highlights
6 Central Zone (Figure 2, Table 1) 1 , 2
Exceptional growth in down-plunge extension with high grades intercepted over mineable widths
Hole 758-E-492: 180.0 g/t Au uncapped over 2.4 m core length (83.4 g/t Au capped 2.3 m true width) Hole 758-E-525: 167.6 g/t Au uncapped over 1.7 m core length (65.9 g/t Au capped 1.6 m true width) Hole 758-E-508: 36.1 g/t Au over 2.5 m core length (2.4 m true width) and 29.4 g/t Au over 2.0 m core length (1.9 m true width)
6 Central Parallel Zone (Figure 3, Table 1)1
Parallel zone close to infrastructure yields high-grade intercepts at intermediate depth
Hole 758-E-521: 17.4 g/t Au uncapped over 3.8 m core length (2.9 m true width) Hole 758-E-541: 21.9 g/t Au uncapped over 1.7 m core length (1.7 m true width)
300 Zone (Figure 4, Table 1) 1 , 2
High-grade intercepts continue to support reserve conversion
Hole 1201-E-65: 36.4 g/t Au over 4.0 m core length (3.5 m true width) Hole 1201-E-72: 27.8 g/t Au over 1.9 m core length (1.6 m true width) Hole 1201-E-68: 29.4 g/t Au over 2.7 m core length (20.9 g/t Au capped, 1.7 m true width)
Falcon 311 Zone (Figure 5, Table 1) 2,3
Continues to extend and remains open in all directions within the volcanic host rock
Hole 857-E-64: 19.1 g/t Au over 2.0 m core length (1.7 m true width)
1 Assays capped at 140 g/t for 6 Central Zone, 6 Central Parallel and 300 Zone.
2 True width is unavailable at this time.
3Assays capped at 125 g/t Au for Falcon 311 Zone.
Technical Details
6 Central Zone
In 2024, drilling at the 6 Central Zone totaled 15,000 metres over 85 holes. This program has resulted in the down-plunge extension of the zone by an additional 250 metres, bringing the total to 600 metres. The average strike length of the zone is approximately 145 metres, with the width of the chlorite-biotite quartz vein averaging 1.5 metres. Due to its intermediate depth and proximity to existing infrastructure, it is anticipated that the 6 Central Zone will require minimal development and may be readily accessible for mining in the near to mid-term.
The drill plan for 2025 includes further testing down-plunge where the 6 Central Zone remains open to assess growth potential and support resource conversion. Drilling is being conducted from the 758 level between the vertical depths of 750 and 900 metres below surface.
6 Central Parallel Zone
During the year, several drill holes intended at targeting the 6 Central Zone intersected a parallel structure with the plunge of the mineralized structure aligning with the historic 700 Zone. Results to date have confirmed the potential for increased output from intermediate depths with minimal additional investment in infrastructure. Drill hole orientation will be optimized to continue assessing the prospectivity of the parallel structure, which remains open.
300 Zone
Conversion of 300 Zone resources remains critical to extending the reserve life at Eagle River, as a majority of mill feed is expected to be sourced from this zone in the coming years. Underground infill drilling in 2024 continued to successfully convert the high-grade resource base in the 300 Zone from the 1201 and 1224 levels. Grade and vein widths observed from the infill drill holes aligns with the existing reserve base.
In 2024, a total of 25,000 metres of conversion drilling was completed across 45 drill holes. Definition drilling has consistently returned high-grade intersections, confirming the continuity of the geometry and the consistency of the high-grade mineralization within the tabular zone located below the 1,400-metre level. These results align with the characteristics expected of typical orogenic gold systems, reinforcing the zone's exploration potential and future resource conversion opportunities. In 2025, the planned 10,000-metre drill program from the lower level platforms at 300 Zone will continue to support resource conversion.
The 2024 program also tested the 300 Zone at greater depths from the 1201-level drill platform, with two holes 1201-E-59 and 1201-E-68 both confirming mineralization downdip of existing resources. Twelve holes were completed, totaling 10,500 metres and ranging in length from 650 metres to 850 metres. This drilling provided important geological data and enhanced our understanding of the structure at depth. An additional 10,500 metres is allocated to further investigate the 300 Zone extension at depth in 2025.
Falcon 311 Zone
Discovered in 2023, the Falcon 311 Zone saw significant progress in 2024 with follow-up drilling from the 857-level drill platform yielding encouraging high-grade results. A total of 70 holes were completed in 2024, including 8,020 metres over 33 holes in the second half of the year. Drilling continued to assess the up-plunge geometry of the zone, strike extension of the zone to the west and resource conversion. Hole 857-E-64, located west of the zone, yielded 19.1g/t over 1.7m confirming strike extension to the west.
In 2025, exploring the Falcon 311 Zone will continue to be a priority with a total of 6,500 metres planned. Additional focus will be on resource conversion and targeting both the up-plunge and down-plunge extension potential of the zone.
Geophysical IP Survey (Figure 6)
An Induced Polarization (”IP”) survey was completed for the first time in recent history. The IP survey covered an area of 2 km2 located west-to-southwest of Eagle River, identifying several potential prospective geophysical features and potential drill targets with favourable chargeability and resistivity readings. The IP anomalies (Anomaly A in Figure 6) identified in the northern part of the survey area coincided with known gold mineralization in the Eagle River mine and served as a reference point for interpreting other anomalies across the survey area.
Multiple IP trends were identified, with a significant east-west trending resistivity anomaly located on the southern edge of the survey area approximately one kilometre south of the mine determined to be a top priority. The chargeability high (Anomaly D in Figure 6 on the chargeability map) on the northern edge of the resistivity trend (Anomaly D in Figure 6 on resistivity map) is associated with this anomaly and corresponds with local magnetic highs, which may indicate the presence of chargeable and magnetically responsive minerals, as well as potential gold mineralization similar to that found at the Falcon Zone. To test the areas of this sizeable anomaly, two drill holes were completed in late December 2024 and drilling is expected to continue through 2025 with 2,000 to 3,000 metres planned.
About Wesdome
Wesdome is a Canadian-focused gold producer with two high-grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Quebec. The Company's primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada's next intermediate gold producer.
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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. Underground drill samples are transported in sealed bags to the 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 standards into the sample sequence for quality control at the laboratory. The QA/QC procedure is described in more detail in the Technical Report for the Eagle River Gold Mining Complex, Ontario, Canada filed under the Company's profile on SEDAR+ on April 22, 2022.
The technical content of this release has been compiled, reviewed, and approved by Niel de Bruin, P.Geo., Director; Geology for Wesdome and Nathan Forslund, P.Geo., Surface Exploration Manager at Eagle River who are the Company's "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Forward-Looking Information
This news release contains“forward-looking statements or information”. 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 or information contained in this news release include, but are not limited to, statements with respect to: the prospectivity of the Eagle River asset; the high-grade mineralization potential of the 6 Central Zone and the opportunity to establish a new mining front at its intermediate depth; the 300 Zone's exploration and resource conversion potential; the expected unlocking of economic mineralization close to surface due to the global resource model initiative; the anticipated development of the 6 Central Zone and its near to mid-term mining accessibility; the potential increased output from intermediate depths with minimal investment of the 6 Central Parallel Zone; the expectation that the majority of the mill feed is expected to be sourced from the 300 Zone in the coming years; the 300 Zone's exploration potential and future resource conversion opportunities; the plans of the 2025 drill metre program; the exploration priorities of 2025; the potential conclusions of the IP trends identified by the IP survey with respect to the presence of certain types of minerals as well as the potential mineralization; and the expected continuance of the drilling of the survey area of the IP survey in 2025.
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, except as required by securities legislation. 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. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled“Cautionary Note Regarding Forward Looking Information” and“Risks and Uncertainties” in the Company's most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company's website.
Figure 1 – Eagle River Plan View
(Plan view is tilted to the south, showing development and mineralization that is within the diorite, to be outside.)
Figure 2 – 6 Central Zone Longitudinal Section
Figure 3 – Central Parallel Zone Longitudinal Section
Figure 4 – 300 Zone Longitudinal Section
Figure 5 – Falcon 311 Zone Longitudinal Section
Figure 6 – Plan View of IP Anomaly Discovered South of the Mine
Table 1: Eagle River Drill Results (Previously Unreleased)
Composite Results