Wesdome Drills Wide, High Grade Intersections at Eagle River, 300E Zone

TORONTO, ON--(January 26, 2017) - Wesdome Gold Mines Ltd. (TSX: WDO) ("Wesdome" or the "Company") is pleased to announce recent underground drilling results from its 300E Zone (303 lens) at its wholly-owned Eagle River Mine, Wawa, Ontario.

 

Development completed in 2016 has provided access to drill this discovery, initially announced in a Press Release dated November 30, 2015 (www.wesdome.com).

 

HIGHLIGHTS INCLUDE

Hole 844-E-26 7.08 gAu/t uncut (5.86 gAu/t cut) over 8.88 m true width

Hole 844-E-27 28.72 gAu/t uncut (19.03 gAu/t cut) over 20.67 m true width

Hole 844-E-28 20.75 gAu/t uncut (13.36 gAu/t cut) over 17.94 m true width

Hole 844-E-29 89.61 gAu/t uncut (24.60 gAu/t cut) over 3.93 m true width

Hole 670-131 10.35 gAu/t uncut (10.35 gAu/t cut) over 4.32 m true width

Results are compiled in Table 1 and illustrated on the accompanying schematic cross section (Fig 1). Complete assay breakdowns of these holes are appended to assess grade distribution and internal continuity.

 

Duncan Middlemiss, President and CEO, commented, "These results contain potential widths of up to 20 metres and are unprecedented at Eagle River. The current proximity of these intercepts to mine infrastructure coupled with the sheer volume of high grade mineralization will potentially have near to mid-term positive production implications. Furthermore, the presence of these structures give rise to the possibility of additional zones of similar size and grade, as well as bulk mining opportunities at Eagle River."

 

To date, drilling has identified at least three steeply plunging pipe-like bodies between depths of 800 and 1,000 metres. Two of these have been partially delineated and remain open at depth and up plunge. We are in position to develop into these zones; confirm their dimensions, geometry and grades, and drill their extensions.

 

The Eagle River Mine commenced commercial production January 1, 1996. To date it has produced 1.1 million ounces of gold from 3.8 million tonnes at an average recovered grade of 9.0 gAu/tonne. The bulk of production has come from a series of tabular, steeply-inclined quartz veins hosted by an elliptical quartz diorite stock. The mine is serviced by a shaft and ramp system with the deepest development to date attaining 970 metres.

 

TECHNICAL DISCLOSURE

 

All assays are performed by fire assay on 25 gram aliquots at the Eagle River Mine assay office. Duplicates, replicates and blanks are routinely employed to monitor quality control. The technical content of this release has been compiled, reviewed and approved by George N. Mannard, P.Geo, Vice-President Exploration and "Qualified Person" as defined and required by National Instrument 43-101 "Standards of Disclosure".

 

ABOUT WESDOME

 

Wesdome Gold Mines is in its 29th year of continuous gold mining operations in Canada. The Company is 100% Canadian focused with a pipeline of projects in various stages of development. 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, which is being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 130 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol "WDO."

 

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.