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.

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:

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 30^th 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.”

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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)

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

Table 2 SIGNIFICANT INTERSECTIONS – SW EXTENSION (ML)

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

Table 3 DRILL HOLE LOCATIONS

Figure One
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