Ongoing Drilling of Kiena Deep a Zone Confirms Multiple High Grade Lenses and Extends Zone Down Dip

TORONTO, May 17, 2018 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) is pleased to provide the results from the ongoing underground drilling of the Kiena Deep A Zone completed from the exploration ramp at its 100% owned Kiena Mine Complex, in Val d'Or, Quebec.

Development of the Kiena Deep exploration ramp and associated drilling platforms from the 1000 metre level was recently completed and drilling of the Kiena Deep A Zone is ongoing with three drill rigs. The initial drilling of 7 holes returned a number of encouraging intersections, including 39.6 g/t Au over 18.2 m core length (12.6 g/t cut, 10.4 m true width) in hole 6275 (See news release dated April 24, 2018). Drilling is ongoing and to date a total of twenty holes totaling approximately 6,850 metres have been completed into the A Zone.

Results Highlights:

Kiena Deep A Zone

• Hole 6295: 9.9 g/t Au over 8.9 m core length (6.2 g/t cut, 6.4 m true width)
• Hole 6296: 43.3 g/t Au over 6.5 m core length (6.8 g/t cut, 5.5 m true width)
• Hole 6290 - Zone A: 28.8 g/t Au over 3.2 m core length (10.5 g/t cut, 2.7 m true width)
• Hole 6290 - Zone A1: 26.0 g/t Au over 25.7 m core length (7.3 g/t cut, 20 m true width)
• Hole 6299 – Zone A1: 29.6 g/t Au over 10.2 m core length (9.8 g/t cut, 7.7 m true width)
• Hole 6299 – Zone A2: 77.4 g/t Au over 14.4 m core length (12.8 g/t cut, 10.8 m true width

All assays cut to 34.28 g/t Au. True widths are estimated.

Mr. Duncan Middlemiss, President and CEO, commented “Assay results of Kiena Deep Zone A continue to return high grade results and further confirm continuity in this area. We are particularly excited that the drilling has extended the known mineralization at least 50 metres down plunge, and confirms the presence of three high grade lenses. This hole may represent a new style of mineralization at Kiena Deep and it indicates the potential for discovering additional mineralization in this wider and higher grade geologic horizon, that remains open down plunge and down dip. We plan to drill a twin hole in the near term to test this highly prospective area of the Kiena Deep deposit, and test for additional lenses within the A Zone. Additionally we have just moved a drill to a new platform which will concentrate on the Upper Quartz Vein Zone interpreted to be located above the ramp elevation. A fourth drill rig continues to test the VC Zone and S-50 Extension Zone auxiliary targets. Our goal remains to continue to better define the extent and geometry of gold mineralization in these areas in advance of an updated resource estimate by the end of the year.”

Drilling continues to trace the Kiena Deep mineralized system along an altered and deformed north-northwest trending ("NNW") basalt-komatiite contact zone in order to better define the known mineralization and possible extensions, and also to identify new zones. Visible gold was observed in majority of the drill holes within predominantly shear zone hosted quartz veins. The drilling has confirmed the continuity of the mineralized zones, and one hole has extended the known mineralization at least 50 metres down plunge in an area that was previously thought to be truncated at the mafic-ultramafic contact. The dip of the contact is now interpreted to flatten to the east and provides additional potential for down plunge mineralization as mineralizing fluids pooled against the mafic-ultramafic contact. This drilling, intersected alteration, veining and gold mineralization over a down hole length of over 100 metres and is host to three main mineralized zones. Additionally, the degree of alteration in this hole is amphibolite, which may represent a higher degree of metamorphic grade than previously identified. It is interpreted that these potentially different mineralizing fluids contributed to the higher grades being encountered in multiple zones. This area remains open down plunge and remains a focus for ongoing drilling. The results are highlighted below and summarized in Table 1 and illustrated in Figures 1, 1b and 2.

With completion of the ramp development and drilling platforms, drilling has commenced to test the Upper Quartz Zone, where previous drilling encountered an intercept of 94.4 g/t Au ( 18.03 g/t Au cut) over 17.4 m core length (See news releases dated August 24, 2016).

In addition, one drill continues to follow up on near-mine, auxiliary targets including the VC and S-50 Zones, as they are important components of any potential re-start plan since they are located close to existing mine infrastructure and development. Cross-cut development on the 670 metre level has commenced and is scheduled to be completed in June 2018 to provide drilling platforms to test the VC1 and VC6 zones.

THE KIENA COMPLEX

The Kiena Mine Complex is a fully permitted, integrated mining and milling infrastructure which includes a 930 metre production shaft and 2,000 tonne per day capacity mill. From 1981 to 2013 the mine produced 1.75 million ounces of gold from 12.5 million tonnes at a grade of 4.5 g/t. The bulk of this production came from the S-50 Zone between depths of 100 and 1,000 metres. In 2013, operations were suspended due to a combination of declining gold prices and lack of developed reserves. The infrastructure has been well preserved on care and maintenance status. An independent 43-101 report dated December 16, 2015 for the first time assessed the exploration potential and known resources for the entire property. Measured and Indicated resources below a 100 metre crown pillar total 2,500,600 tonnes at 5.59 grams per tonne for 449,000 ounces. Additional inferred resources below a 100 metre crown pillar total 1,563,300 tonnes at a 7.97 grams per tonne for 400,400 ounces.

Technical Report for the Quebec Wesdome Project (according to National Instrument 43-101 and Form 43-101F1) dated December 16, 2015 prepared by Bruno Turcotte, P.Geo., Denis Gourde, Eng., Pierre-Luc Richard, P.Geo. of InnovExplo Inc.

TECHNICAL DISCLOSURE

The technical and geoscientific content of this release has been compiled, reviewed and approved by Bruno Turcotte, P.Geo., Consulting Geologist for InnovExplo Inc. in Val d’Or, and Michael Michaud, P.Geo., Vice President, Exploration of the Company and both "Qualified Persons" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

Analytical work was performed by Techni-Lab (ActLabs) of Ste-Germaine-Boulé (Quebec), a certified commercial laboratory (SCC Accredited Lab #707). Sample preparation was done at Techni-Lab (ActLabs) in Val d'Or (Quebec). Assaying was done by fire assay methods and all samples with visible gold were assayed by metallic sieve method at Techni-Lab (ActLabs) laboratory in Ste-Germaine-Boulé (Quebec). 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 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 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.

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