The Prospector News

Wesdome Announces 2020 Second Quarter Production of 25,142 Ounces of Gold Produced

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Wesdome Announces 2020 Second Quarter Production of 25,142 Ounces of Gold Produced

 

 

 

 

Wesdome Gold Mines Ltd. (TSX:WDO) announces its gold production results for the second quarter of 2020. All figures are in Canadian dollars unless otherwise stated.

 

Mr. Duncan Middlemiss, President and CEO commented, “First and foremost I would like to thank our employees, contractors, and suppliers, without whose dedication and perseverance we would not succeed during these unprecedented times. Our second quarter production of 25,142 ounces brings total H1 production to 50,264 ounces, and we are confident on achieving our full year guidance of 90,000 – 100,000 ounces. With the COVID-19 pandemic occurring at the end of Q1, and subsequent health and safety protocols immediately implemented, the mine was operating at a significantly reduced capacity, where we focused primarily on production and development, however had to cease our diamond drilling activities to allow for enhanced distancing in the Eagle River Camp. Production was better than anticipated due to increased ounces from the high grade 303 zone. We are now at a point where we can begin to add diamond drills back into our plans and as such, we now are operating four drills, down from the seven drills we operated pre-pandemic. At Kiena, the Quebec government allowed for the resumption of activities in mid-May and we are now back to almost 100% drilling capacity at the Kiena Complex. Concurrent with the exploration drilling at Kiena, we are conducting the infill drilling to upgrade the resources in Q4 and this new resource will be used for the subsequent Pre-Feasibility Study to follow.”

 

 

Amounts are denominated in Canadian dollars Second Quarter Year-to-Date
    2020   2019 Variance % +/(-)   2020   2019 Variance % +/(-)
                 
Ore milled (tonnes)                
Eagle River   42,349   28,754   13,595   47 %   98,223   59,695   38,528   65 %
Mishi   13,721   18,623   -4,902   (26 %)   24,768   37,093   -12,325   (33 %)
    56,070   47,377   8,693   18 %   122,991   96,788   26,203   27 %
                 
Head grade (grams per tonne, “g/t”)                
Eagle River   18.1   23.4   (5.3 ) (23 %)   15.8   20.9   (5.1 ) (24 %)
Mishi   2.9   3.0   (0.1 ) (3 %)   2.7   2.6   0.1   3 %
                 
Gold production (ounces)                
Eagle River   24,117   20,873   3,244   16 %   48,574   38,828   9,746   25 %
Mishi   1,026   1,564   -538   (34 %)   1,690   2,618   -928   (35 %)
Total Gold Production   25,142   22,437   2,705   12 %   50,264   41,446   8,818   21 %
                 
Production sold (ounces)   23,140   24,113   -973   (4 %)   49,640   42,873   6,767   16 %
                 
Revenue from gold sales ($ millions) $54.7 $42.2 $12.5   30 % $112.0 $74.7 $37.3   50 %
                 
Average realized price per ounce 2 $2,365 $1,752   $613   35 % $2,257 $1,743   $514   29 %
                 

 

Notes:

  1. Operating numbers may not add due to rounding.
    2.         Average realized price per ounce is a non-IFRS performance measure and is calculated by dividing the revenue from gold sales by the number of ounces sold for a given period.

 

Technical Disclosure

 

The technical content of this release has been compiled, reviewed and approved by Marc-Andre Pelletier, P. Eng, Chief Operating Officer, a “Qualified Person” as defined in National Instrument 43-101 –Standards of Disclosure for Mineral Projects.

 

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 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 138.8 million shares issued and outstanding.

 

Posted July 14, 2020

Share this news article

MORE or "UNCATEGORIZED"


Leading Edge Materials Announces Closing Of C$3,520,000 Non-Brokered Private Placement and New Control Person

Leading Edge Materials Corp. (TSX-V: LEM) (Nasdaq First Nor... READ MORE

August 7, 2020

X-Terra Resources Closing of a Strategic Private Placement

X-Terra Resources Inc. (TSX-V: XTT) (FRANKFURT: XTR) is pleased t... READ MORE

August 7, 2020

GoviEx Completes Non-Brokered $5M Private Placement

GoviEx Uranium Inc. (TSX-V: GXU) (OTCQB: GVXXF) is pleased to ann... READ MORE

August 7, 2020

Fireweed Zinc Closes $5.2 Million Private Placement

FIREWEED ZINC LTD. (TSX-V: FWZ) is pleased to announce closing of... READ MORE

August 6, 2020

McEwen Mining Reports Q2 2020 Results

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX)today reported its... READ MORE

August 6, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions