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Wesdome Announces Early Results From Moss Lake

TORONTO, Sept. 13, 2017 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) is pleased to release early encouraging results from its Moss Lake property located 100 km west of Thunder Bay, Ontario.

Figure One
Figure One


The purpose of the program is to significantly extend mineralization beyond the 2.5 kilometre known strike length of a conceptual open pit determined in a 2013 Preliminary Economic Assessment prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for Moss Lake Gold Mines Ltd., a wholly-owned subsidiary of Wesdome Gold Mines Ltd.

These early drill results (14 holes) have now extended known mineralization over a strike length of 4.5 kilometres.  The geophysical expression (IP) extends over a strike length of 8.0 kilometres.  Drilling has been on 200 metre spacing, to rapidly delineate the potential scale of the Moss Lake gold deposit.

Duncan Middlemiss, President and CEO, commented, “These early results are encouraging as they confirm our thesis that the mineralization continues along the northeast/southwest trend, and the structure is potentially larger than previously recognized. The land package consolidated by the Company in 2016 has demonstrated significant potential. We are currently compiling additional outstanding assays from this year’s drilling program, to be released in due course. However, at this time, we have decided to suspend the Moss Lake drill program and focus our exploration efforts at the Eagle River Mine and Kiena Complex.”

HIGHLIGHTS INCLUDE:

• Hole MLS-17-01:     5.6 m of 1.079 g/t,
(Immediately adjacent     9.3 m of 1.344 g/t,
 conceptual pit)     9.0 m of 1.189 g/t and
    30.3 m of 1.136 g/t
         
• Hole MLS-17-04:     7.0 m of 0.938 g/t,
(200 m NE of     5.0 m of 1.638 g/t,
 conceptual pit limit)     4.0 m of 1.201 g/t and
      8.0 m of 2.071 g/t
         
• Hole MLS-17-06:     4.0 m of 0.750 g/t,
(400 m NE of     6.6 m of 1.124 g/t,
 conceptual pit limit)     5.0 m of 0.739 g/t,
      1.0 m of 1.230 g/t and
      1.0 m of 3.370 g/t
         
• Hole MLS-17-02:     2.3 m of 3.116 g/t,
(600 m NE of   10.6 m of 0.520 g/t,
 conceptual pit)     0.4 m of 2.010 g/t,
      2.2 m of 0.819 g/t and
      2.0 m of 1.167 g/t
         
• Hole MLS-17-05:   33.2 m of 0.522 g/t,
(1,200 m NE of   inc 6.5 m of 1.288 g/t,
 conceptual pit)     3.0 m of 0.725 g/t, and
      1.6 m of 1.729 g/t
         
         
• Hole MLS-17-02:   15.0 m of 0.633 g/t,
(SW pit edge)     6.5 m of 0.706 g/t,
      2.5 m of 0.674 g/t and
      1.0 m of 3.550 g/t
         
• Hole MLS-17-06:     2.0 m of 1.264 g/t,
(Immediately SW   12.0 m of 1.030 g/t,
 of conceptual pit)     8.0 m of 1.033 g/t,
      4.5 m of 1.098 g/t,
    17.0 m of 0.813 g/t and
      8.0 m of 1.191 g/t
         
• Hole MLS-17-07:     6.3 m of 0.835 g/t,
(Immediately SW     1.2 m of 6.870 g/t,
 of conceptual pit)     6.0 m of 0.621 g/t and
    17.2 m of 2.681 g/t
         
• Hole MLS-17-05:     1.0 m of 1.075 g/t,
(800 m SW of   10.0 m of 1.092 g/t,
 pit limit)     1.5 m of 1.790 g/t and
    11.0 m of 0.684 g/t
 
* True widths approximately 70% of corelengths
 

/EIN News/ -- Gold mineralization at Moss Lake is hosted in a package of sheared, albitized and hematized intermediate to felsic volcanic rocks cored by a swarm of diorite to syenite sills.  Disseminated and fracture-controlled pyrite mineralization is found throughout the package which measures up to 600 metres thick.

The Moss Lake deposit has been extensively drilled at 15 to 50 metre spacing over a 2.5 km length and to depths of 300 metres.  It hosts indicated resources of 39,795,000 tonnes at 1.1 gAu/t (1,377,300 oz Au) and additional inferred resources of 50,364,000 tonnes at 1.1 gAu/t (1,751,600 oz Au) as described in an independent 43-101 Technical Report and Preliminary Economic Assessment dated May 31, 2013, and prepared for Moss Lake Gold Mines Ltd (www.sedar.com).

Wesdome recently consolidated land in the area which previously constrained the northeast (NE) conceptual pit limit.  Recent I.P. (induced polarization surveys) have traced what we believe to be potential extensions of pyrite mineralization associated with the Moss Lake Deposit.

Results of the first 14 holes, 7 on the northeast extension and 7 on the southwest extension, are summarized in Tables 1 and 2 with hole locations illustrated in Figure 1 and listed in Table 3.

TECHNICAL INFORMATION
The technical information in this press release has been reviewed and approved by Robert S. Middleton, P.Eng., consultant to the Company and an independent “Qualified Person” as defined in NI-43-101.  Analytical determinations on split drill core are performed by certified commercial laboratory ALS Minerals, North Vancouver, B.C., employing fire assay methods, ICP-AES finish on 30 gram fused aliquots.  Comprehensive laboratory Quality Control results are provided and complemented by independent insertion of blind field blanks and commercially-prepared standards.

ABOUT WESDOME
Wesdome Gold Mines is in its 30th 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 133.9 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”

For further information, please contact:

Duncan Middlemiss or Lindsay Carpenter Dunlop
President and CEO   VP Investor Relations
416-360-3743  ext. 29   416-360-3743  ext. 25
dmiddlemiss@wesdome.com   ldunlop@wesdome.com 
     
8 King St. East, Suite 811    
Toronto, ON, M5C 1B5    
Toll Free: 1-866-4-WDO-TSX    
Phone: 416-360-3743, Fax: 416-360-7620    
Website: www.wesdome.com     
     

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. The Company has included in this news release certain non-IFRS performance measures, including, but not limited to, mine operating profit, mining and processing costs and cash costs. Cash costs per ounce reflect actual mine operating costs incurred during the fiscal period divided by the number of ounces produced.  These measures are not defined under IFRS and therefore should not be considered in isolation or as an alternative to or more meaningful than, net income (loss) or cash flow from operating activities as determined in accordance with IFRS as an indicator of our financial performance or liquidity. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow

Table 1      SIGNIFICANT INTERSECTIONS – NE EXTENSION (MLS)

Hole No. From
(m)
To
(m)
Corelength*
(m)
Assay
(gAu/tonne)
Comment  
 
MLS-17-01 11.5 17.0 5.5 0.407 Immediately adjacent  
  36.0 56.3 20.3 0.582 NE conceptual pit limit  
inc 48.3 56.3 8.0 0.888    
  166.6 174.8 8.2 0.817    
inc 166.6 172.2 5.6 1.079    
  194.4 196.4 2.0 0.406    
  203.3 209.7 6.4 0.434    
  274.4 314.0 39.6 0.770    
inc 283.0 292.3 9.3 1.344    
and 305.0 314.0 9.0 1.189    
  392.0 397.0 5.0 0.949    
  409.0 411.0 2.0 1.253    
  467.1 470.0 2.9 1.637    
  540.7 571.0 30.3 1.136    
inc 540.7 550.0 9.3 2.274    
and 556.0 564.0 8.0 1.245    
             
MLS-17-02 85.2 86.3 1.1 0.612 600 m NE of pit limit  
  97.0 99.3 2.3 3.116    
  167.2 177.8 10.6 0.520    
  182.7 183.1 0.4 2.010    
  194.2 196.4 2.2 0.819    
  206.3 208.3 2.0 1.167    
             
MLS-17-03 No Significant Assays Fenced SE of structure  
             
MLS-17-04 305.0 329.0 24.0 0.737 200 m NE of pit limit  
inc 305.0 312.0 7.0 0.938    
and 324.0 329.0 5.0 1.638    
  492.6 498.0 5.4 0.755    
  550.0 551.3 1.3 1.086    
  590.0 603.0 13.0 0.646    
inc 590.0 594.0 4.0 1.201    
  661.0 669.0 8.0 2.071    
  809.0 815.5 6.5 0.692    
  948.7 952.8 4.1 0.744    
  960.5 963.8 3.3 0.526    
  974.9 976.8 1.9 0.532    
             
MLS-17-05 35.8 69.0 33.2 0.522 1200 m NE of pit limit  
inc 35.8 37.4 1.6 1.186    
and 62.5 69.0 6.5 1.288    
  413.0 416.0 3.0 0.725    
  586.0 602.6 16.6 0.401    
inc 601.0 602.6 1.6 1.729    
             
MLS-17-06 379.9 394.5 14.6 0.434 Partial assays  
inc 390.5 394.5 4.0 0.750 received to date  
  468.8 475.4 6.6 1.124 400 m NE of pit limit  
  536.0 556.4 20.4 0.478    
inc 537.0 542.0 5.0 0.739    
  561.0 562.0 1.0 1.230    
  597.5 598.5 1.0 3.370    
  611.7 619.0 7.3 0.562    
  625.0 628.0 3.0 0.520    
  684.6 685.3 0.7 1.495    
             
MLS-17-07 28.0 35.0 7.0 0.419 Fenced SE of structure  

* True widths approximately 70% of corelengths based on observed vertical dips

Table 2     SIGNIFICANT INTERSECTIONS – SW EXTENSION (ML)

Hole No. From
(m)
To
(m)
Corelength*
(m)
Assay
(gAu/tonne)
Comment  
 
ML-17-01 24.0 27.0 3.0 0.398 Overcut structure  
  47.0 48.0 1.0 1.780    
  211.0 212.0 1.0 1.730    
             
ML-17-02 26.0 41.0 15.0 0.633 Immediately adjacent  
inc 36.5 39.5 3.0 1.375 SE conceptual pit limit  
  63.5 70.0 6.5 0.706    
  159.0 161.5 2.5 0.674    
  180.5 184.0 3.5 0.534    
  198.0 199.0 1.0 3.550    
  208.0 210.0 2.0 0.647    
  227.5 229.0 1.5 0.729    
             
ML-17-03 No Significant Assays Fenced SE of structure  
             
ML-17-04 No Significant Assays Overcut structure  
             
ML-17-05 25.0 26.0 1.0 1.075 800 m SW of pit limit  
  307.0 317.0 10.0 1.092    
  347.0 348.5 1.5 1.790    
  394.0 405.0 11.0 0.684    
inc 394.0 396.0 2.0 1.903    
             
ML-17-06 242.0 246.0 4.0 0.735 Adjacent SW pit limit  
  257.0 260.0 3.0 0.749    
  283.0 285.0 2.0 1.264    
  299.0 311.0 12.0 1.030    
  318.0 326.0 8.0 1.033    
  402.0 406.5 4.5 1.098    
  416.0 421.0 5.0 0.702    
  472.0 489.0 17.0 0.813    
inc 486.8 489.0 2.2 4.581    
  528.0 536.0 8.0 1.191    
inc 534.0 536.0 2.0 3.995    
  568.0 573.0 5.0 0.605    
             
ML-17-07 112.0 113.0 1.0 1.890 Adjacent SW pit limit  
  167.0 173.3 6.3 0.835    
  180.0 184.0 4.0 0.534    
  194.5 196.0 1.5 0.880    
  269.0 270.2 1.2 6.870    
  314.2 317.5 3.3 0.886    
  347.0 353.0 6.0 0.621    
  375.9 376.4 0.5 1.035    
  380.5 381.6 1.1 0.845    
  431.2 431.6 0.4 1.300    
  440.9 441.4 0.5 12.000    
  455.9 473.1 17.2 2.681    
inc 467.2 467.6 0.4 59.400    
  495.0 500.0 5.0 0.679    
  506.0 513.5 7.5 0.635    

* True widths approximately 70% of corelengths based on observed vertical dips

Table 3     DRILL HOLE LOCATIONS

Hole No. UTM
East
UTM
North
Elevation Azimuth
(°)
Dip
(°)
Length
(m)
ML-17-01 668191 5378185 450.7 320 -50 299.0
ML-17-02 668306 5378050 439.8 320 -50 434.0
ML-17-03 668624 5377674 431.4 140 -50 164.0
ML-17-04 667577 5377528 436.8 320 -50 432.0
ML-17-05 667706 5377326 440.5 320 -50 521.0
ML-17-06 668535 5377794 438.0 320 -50 662.0
ML-17-07 668381 5377828 449.0 320 -50 669.7
MLS-17-01 670802 5379779 439.6 314 -50 572.0
MLS-17-02 671150 5380264 451.0 140 -50 449.0
MLS-17-03 671557 5380697 450.0 135 -50 434.0
MLS-17-04 671185 5379675 450.0 314 -50 1031.0
MLS-17-05 671560 5380698 423.0 314 -50 621.0
MLS-17-06 671226 5379921 443.0 314 -50 1046.0
MLS-17-07 671599 5380925 443.0 140 -50 581.0
             

Figure One 
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