Wesdome Gold Mines Ltd. (TSX: WDO) announces underground exploration drilling results from the Kiena Deep A Zone at the Company’s 100% owned Kiena Mine Complex in Val d’Or, Quebec.

Since the completion of the PFS for Kiena in 2021, underground drilling has been focussed on exploration proximal to the Kiena Deep A Zones. As part of this exploration focus, early success discovered the Footwall Zones last year, and drilling continues to expand these zones down plunge. Most recently, underground exploration drilling at the Kiena Deep A Zones area has discovered a new mineralized interval (hole 6752W10) located 100 metres below of the known limit of A zone resource (Figure 1). Additional drilling will be needed to link this new mineralization to the existing lenses. Technical services are currently developing a hanging wall exploration drift (116 level) to establish more optimal drilling platforms. This new access will allow additional exploration drilling at depth in order to increase resources.

Previously, exploration drilling has focused in the North limb area of the A Zones, along the sub-vertical contact between mafic and ultramafic rocks (Figure 2). More recently, drilling has discovered the lateral extension of the A Zone along the South limb of the fold (Figure 2). This area remains open along strike and down dip. A similar mineralization along the limbs was known at higher elevations of the A Zone and represents an excellent target for the exploration drilling at depth.

Highlights of the recent drilling are listed below and are summarized in Table 1.

• Hole 6796W6: 92.1 g/t Au over 50.7 m core length (23.3 g/t Au capped, 5.5 m true width) A1 Zone
• Hole 6796W4: 18.7 g/t Au over 48.0 m core length (9.0 g/t Au capped, 5.0 m true width) A1 Zone
• Hole 6752W10: 13.9 g/t Au over 83.2 m core length (9.9 g/t Au capped) New deep Zone. True width is unknown at this time.

All assays capped at 90.0 g/t Au. True widths are estimated based on 3D model construction.

Mr. Duncan Middlemiss, President and CEO commented, “We are pleased with the recent underground drilling which continues to expand the high grade A Zones and Footwall Zones.

We are also very pleased with the discovery of the South limb of the A Zone that could significantly add to the resource base. Just as the Footwall Zone discovery, this lateral extension of the A Zone will increase the number of ounces per vertical metre and have the potential to provide additional working faces during mining. All in all, this can positively impact project economics as the same underground infrastructure utilized to access the A Zone can be leveraged to mine these additional zones on a low unit cost basis.

We are continuing to spend aggressively on exploration at Kiena with $17.7 million to be spent in 2022 that includes approximately 50,000 m of underground drilling and 30,000 m of surface drilling. It is evident that as we continue to explore and collect new information, we are able to discover traps for gold mineralization outside of the known zones, thereby demonstrating the prospectivity of this area and the entire property.”

TECHNICAL DISCLOSURE

The underground technical and geoscientific content of this release has been compiled, reviewed, and approved by Bruno Turcotte, P.Geo., (OGQ #453) Chief Geologist – Underground Exploration of the Company, a “Qualified Person” as defined in National Instrument 43-101 –Standards of Disclosure for Mineral Projects.

Analytical work was performed by ALS Minerals of Val-d’Or (Quebec), a certified commercial laboratory (Accredited Lab #689). Sample preparation was completed at ALS Minerals in Val d’Or (Quebec). 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.

COVID-19

The health and safety of our employees, contractors, vendors, and consultants is the Company’s top priority. In response to the COVID-19 outbreak, Wesdome has adopted all public health guidelines regarding safety measures and protocols at all of its mine operations and corporate office. These protocols are still in place at all sites despite the loosening of some provincial public health guidelines. In addition, our internal COVID-19 Taskforce continues to monitor developments and implement policies and programs intended to protect those who are engaged in business with the Company.

Through care and planning, to date the Company has successfully maintained operations; however, there can be no assurance that this will continue despite the Company’s best efforts, with the emergence of new, highly contagious variants such as Omicron. To date, the Company has been impacted by this most recent variant outbreak, with employees at both operations and corporate office becoming infected, which may negatively impact our ability to maintain projected timelines and objectives. Consequently, the Company’s actual future production and production guidance is subject to higher levels of risk than usual. The Company is continuing to monitor the situation closely and will provide updates as they become available.

ABOUT WESDOME

Wesdome is Canadian focused with two producing underground gold mines. The Company’s goal is to build Canada’s next intermediate gold producer, producing over 200,000 ounces from two mines in Ontario and Québec. The Eagle River Underground Mine in Wawa, Ontario is currently producing gold at a rate of 95,000 – 105,000 ounces per year. The Company is currently milling the final stockpile of ore from the Mishi Pit with 1,000 – 2,000 ounces expected. The recently re-started Kiena Complex in Val d’or, Quebec is a fully permitted underground mine and milling operation and the Kiena Mine is expected to produce 64,000 – 73,000 ounces in 2022. On a combined basis, 2022 guidance is 160,000 ounces – 180,000 ounces. Wesdome is actively exploring underground and on surface within the mine areas and more regionally at the Eagle River and Kiena Complex. The Company also retains meaningful exposure to the Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario through its equity position in Goldshore Resources Inc.

Table 1: Kiena Complex Underground Drilling Assay and Composite Results

Composites

Assays

Photos accompanying this announcement are available at:

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