Wesdome Drilling Southeast of Kiena Mine Identifies Potential Bulk Tonnage Underground Target; Returning 2.3 G/T Gold Over 72 M Core Length

TORONTO, May 23, 2023 - Wesdome Gold Mines Ltd. (TSX: WDO) ("Wesdome" or the "Company") today announces surface exploration drilling results from the Shawkey and Dubuisson zones located east of the Kiena Mine at the Company's 100% owned Kiena Mine Complex in Val d'Or, Quebec.

Since 2021, surface exploration at Kiena has been ramping up with the initial focus on exploration targets proximal to the Kiena Mine. Initially, these drilling programs have been completed along strike (Shawkey zones) or east (Dubuisson zones) from the Kiena mine within the prospective Jacola Formation in order to discover gold-rich zones that could provide additional feed for the Kiena mill. Most recently, surface drilling 2-3 kilometres southeast of the Kiena mine has identified wide zones of low grade gold mineralization potentially amenable to bulk tonnage underground mining similar to other operations in the region (see Figure 1).

Shawkey Zone

Initial surface drilling completed along strike and deeper than the previously mined Shawkey 10 zone (Old Shawkey mine on Figure 2), intersected wide zones of alteration and mineralization with one hole (S-21-831) returning 2.3 g/t Au over 72.0 m within a diorite (Figure 2). Mineralization, which consists of disseminated pyrite with locally visible gold is associated with stockwork of white narrow quartz-carbonate and tourmaline veins with associated albite and sericite alteration cross-cutting diorite (Figure 3). The mineralization defines a large, low-grade zone defined by increased percentage of stockwork veins and gold grades rather than by individual veins and shear zones. Notably, this style of mineralization and alteration, hosted in diorite, is different from the Kiena Mine further to the west.

The diorite hosted gold mineralization at Shawkey has been extended to 200 metres up dip and along strike (holes S-21-823 and S-22-852) and remains open along strike to the north-west as well as down dip. Highlights of the recent drilling northwest to the Shawkey 10 Zone are listed below and are summarized in Table 1.

• Hole S-21-831: 2.3 g/t over 72.0 m core length (2.1 g/t Au capped*)
• Hole S-21-823: 2.3 g/t Au over 29.4 m core length (2.1 g/t Au capped*)
• Hole S-21-852: 3.0 g/t Au over 20.1 m core length (3.0 g/t Au capped*)

* All assays capped at 35 g/t. Au. True width cannot be estimated at this stage of the exploration program as the exploration model is not updated for Shawkey.

Dubuisson Zone

Recent drilling and updating 3D modelling of the Dubuisson Zone has confirmed that the mineralization occurs along shear zones (DUB Zone 1, 2 and 3) and at their intersections. Shear zones are mainly located at the contact between diorite and ultramafic rocks or crosscut diorite. Mineralization is characterized by disseminated pyrite (traces to 7%) with visible gold occurring locally in quartz-carbonate and tourmaline veins (stockwork). Albite and chlorite alteration occur in veins selvages (Figure 4).

Highlights of the recent drilling at Dubuisson Zone are listed below and are summarized in Table 2.

• Hole DB-22-001 (New Zone) : 5.0 g/t Au over 24.0 m core length (4.6 g/t Au capped*)
• Hole DB-22-002 (DUB Zone 1): 5.0 g/t Au over 9.3 m core length (5.0 g/t Au capped*, 4.6 m true width)
• Hole DB-22-003 (DUB Zone 2): 9.8 g/t over 25.2 m core length (9.8 g/t Au capped*, 17.2 m true width)
• Hole DB-22-004 (DUB Zone 3): 11.4 g/t Au over 4.2 m core length (11.4 g/t Au capped*, 2.6 m true width)

* All assays capped at 50 g/t Au. True widths are estimated based on 3D model construction. True width cannot be estimated at this stage of the exploration program for DB-22-001.

Warwick Morley-Jepson, Board Chair and Interim CEO commented, "We are pleased with the recent surface exploration results at Shawkey and Dubuisson zones which could potentially increase our resource base in areas adjacent to the mine. These zones present an opportunity to provide a second source of mill feed for the underutilized Kiena mill. Additionally, these zones remain open at depth and along strike and require further exploration. Both of these zones are proximal to the 33 level track drift development that extends over 3 kilometres east of the Kiena mine shaft towards the Dubuisson Zone. These results also continue to show the potential of discovering new zones elsewhere on the Kiena property with more exploration and improving our understanding of the geology.

Elsewhere at the Kiena mine, the Company is following up on multiple initial discoveries made last year, including the south limb of the A Zone and several adjacent hanging wall zones which remain outside the current mineral reserves. Further, the excavation of an exploration ramp from surface to access the near-surface Presqu'ile Zone is expected to proceed in H2 2023 after the required permits are secured.

These exploration results, combined with strong execution of the ramp development to Kiena Deep, pave the way for increased production growth in 2024 and beyond."

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 Persons" 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 Lachine (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.

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 also retains meaningful exposure to the Moss Lake gold deposit in Ontario through its equity position in Goldshore Resources Inc. 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. Wesdome trades on the Toronto Stock Exchange under the symbol "WDO," with a secondary listing on the OTCQX under the symbol "WDOFF."

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the benefits of achieving commercial production at Kiena, the Company's expected capital expenditure in 2023, the timing around reaching the Kiena Deep A Zone, the Company's ability to be cash flow positive and its annual production run rate. 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.

Table 1: Kiena Complex Surface Drilling Assay and Composite Results for Shawkey Zone

Composites

Assays

Table 2: Kiena Complex Surface Drilling Assay and Composite Results for Dubuisson Zone

Composites

Assays

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