Wesdome Gold Mines Ltd. (TSX: WDO) announces the 2023 surface exploration drilling results from the Presqu’île Zone located 1.3 km north-west of the Company’s 100% owned Kiena Mine Complex in Val d’Or, Quebec.

Recent drilling at Presqu’île is part of an ongoing exploration program focussing on near surface gold potential along strike from Kiena that remains under explored. Drilling results from the Shawkey and Dubuisson Zones, located further to the east along strike, were released earlier this year (see May 23, 2023 release, “Wesdome Drilling Southeast of Kiena Mine Identifies Potential Bulk Tonnage Underground Target; Returning 2.3 g/t Gold Over 72 m Core Length”). Ongoing drilling highlights the potential of this area to add to the existing resource base proximal to mine infrastructure and remains a priority for the Company (Figure 1).

Highlights of recent in-fill drilling are listed below and are summarized in Table 1. Assay results for nine of thirty-two diamond drill holes planned are pending.

• Hole PR-23-070: 32.5 g/t over 3.0 m core length (30.0 g/t Au capped*, 2.9 true width) PR-2A Zone.
• Hole PR-23-084 : 14.0 g/t Au over 5.3 m core length (14.0 g/t Au capped*, 4.0 m true width) PR-2 Zone.

• Hole PR-23-058A : 9.31 g/t Au over 4.6 m core length (9.31 g/t Au capped*, 4.3 m true width) PR-2 Zone.

* All assays capped at 90 g/t. Au. True widths are estimated based on 3D model construction.

Ms. Anthea Bath, President and CEO commented, “We are pleased with the recent surface drill results that confirm continuity of mineralization at Presqu’île. The Presqu’île Zone is just one of several zones having the potential to offer a supplementary source of mill feed near-surface or in the upper mine area for the underutilized Kiena mill. Recent drilling results from the Shawkey and Dubuisson Zones, both adjacent to the existing 33-level track drift development that extends over three kilometres east of the Kiena mine shaft, further reinforces the potential of this area. As our exploration continues and the refinement of the geologic model increases, we are confident we will identify more zones of gold mineralization accessible from 33 level, as well as additional down plunge extensions similar to the Kiena Deep Zone.

Recent drilling supports the decision to proceed with the exploration ramp from surface later this year to further assess the continuity of the mineralization and test the down plunge extension of the deposit. The excavation of the ramp is expected to proceed in Q4 2023 once required permits are secured. This ramp can also be integrated with Kiena’s existing underground ramp network, providing additional access to surface for ongoing operations and future mining of deposits such as Dubuisson from 33 level further to the east.”

Since 2020, drilling at Presqu’île has identified five gold-rich zones crosscutting mafic rocks (Zones PR-1, 2 and 2A) and ultramafic rocks (Zones PR-3 and 4). PR-1 and PR-2A are parallel to each other trending east-west and dipping north, while PR-2 strikes southeast-northwest and crosscut the east-west zones. Gold mineralization is associated with traces to 5% disseminated sulphides (pyrite, pyrrhotite, chalcopyrite, sphalerite and galena) and local gold grains occurring in quartz-chlorite-carbonate or quartz (grey) vein contacts as well as in moderately to strongly chloritized and biotitized host rocks.

The 2023 surface drilling program, which is expected to be completed by the end of September, was designed to increase the size and confidence in the mineral resources for Zones PR-1, 2 and 2A (Figure 2). The 2023 drilling program confirmed not only the continuity of the gold mineralization at Presqu’île and the validity of the geologic model, but also the potential for down plunge extensions toward east of Zones PR-2 and PR-2A. Both zones are interpreted as excellent target for a follow up drilling program from surface or from underground with development of an exploration ramp.

Presqu’île has a mineral resource estimation of 138,000 tonnes grading 8.2 g/t Au totalling 37,000 oz as Indicated Mineral Resources and Inferred Mineral Resource of 202,000 tonnes grading 7.4 g/t and totalling 48,000 oz of gold from the three lenses (PR-1, PR-2, and PR-2A Zones) as of December 31, 2022.

TECHNICAL DISCLOSURE

The technical and geoscientific content of this release has been compiled and reviewed by Denys Vermette, P. Geo., (OGQ #564) Exploration Manager of the Company, and a “Qualified Person” as defined in National Instrument 43-101 –Standards of Disclosure for Mineral Projects.

Sample preparation and analytical work was performed by ALS Minerals of Winnipeg (Manitoba), a certified commercial laboratory (Accredited Lab #689). Assaying comprised fire assay methods with an atomic absorption finish. Any sample assaying >3 g/t Au was rerun 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 is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned 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.

Table 1: Kiena Complex Surface Drilling Assay and Composite Results

Composites

• Mineralized zones were expanded to a miniumum 2.8 metre true width maintaining a grade over 2.8 g/t

Assays

Figures accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/ae6f6268-465f-47b3-b594-065d85b93f76

https://www.globenewswire.com/NewsRoom/AttachmentNg/42e269a3-2407-4c4b-a608-b8d47c942ba5