Wesdome Provides Kiena Exploration Update; 2024 Program Successfully Expands High-Grade Mineralization and Supports Potential for Two-Mine Structure

TORONTO, Nov. 18, 2024 - Wesdome Gold Mines Ltd. (TSX:WDO, OTCQX:WDOFF) ("Wesdome" or the "Company") today provides an update on the underground and surface exploration programs (Figure 1) at its 100%-owned Kiena Mine ("Kiena") in Val-d'Or, Québec.

Ms. Anthea Bath, President and Chief Executive Officer, stated: "This year's exploration budget for Kiena of over $20 million covered surface and underground expansion, infill and delineation drilling totaling more than 70,000 metres. This robust program has yielded impressive results across various zones at Kiena, underscoring its prospectivity and long-term potential. These latest drill results support both our fill the mill and two-mine structure initiatives, where high-grade production from Kiena Deep leverages existing shaft infrastructure, supplemented by near-surface feed transported from the 33-level via the Presqu'île ramp.

"Drilling in the Footwall Zone of Kiena Deep has yielded promising results, supporting the conversion of resources to the indicated category at higher than expected grades. These results not only strengthen our understanding of the geology but also reinforce the potential to expand this high-grade zone. Given the proximity and continuity of this mineralization, the Footwall Zone may be integrated earlier into the life of mine plan. Drilling at depth below Kiena Deep also continues to confirm that high-grade mineralization extends to at least 1,875 metres below surface. In 2025, Wesdome is planning to establish an additional platform on 134-level to further test the structure down-plunge.

"Results from both the Presqu'île and Dubuisson zones are also highly encouraging with the success of the Dubuisson infill program expected to support a year-end initial reserve estimate. Our team's execution during a limited seasonal barge drilling window allowed us to increase drill metres significantly across both the Dubuisson Northern and Southern zones, as well as Presqu'île. These zones hold strategic importance, leveraging existing 33-level development to potentially enhance operational flexibility, increase mill utilization and materially reduce overall mine unit costs. The extension of down-plunge growth at Presqu'île, where stope production is scheduled to commence in late 2025, is poised to establish it as an important new mining front. This progress has also enabled us to test the down-plunge extension at Dubuisson and advance infill drilling to support resource conversion at Presqu'île."

Highlights

Kiena Deep - Footwall Zone (Figure 2, Table 1) ¹
Footwall Zone continues to showcase mineralization at grades above current resource:

• Hole N127-6894: 218.9 g/t Au over 22.1m core length (30.3 g/t Au capped, 6.0m true width) including
  • 988.0 g/t Au uncapped over 1.0m core length (90.0 g/t Au capped, 0.3m true width)
  • 1,920.0 g/t Au uncapped over 0.8m core length (90.0 g/t Au capped, 0.2m true width)

• Hole N127-6893: 49.7 g/t Au uncapped over 13.5m core length (31.7 g/t Au capped, 5.3m true width)
• Hole N127-6915: 18.1 g/t Au uncapped over 10.6m core length (18.1 g/t Au capped, 7.0m true width)
  

Kiena Deep Extension (Figure 2, Table 1) ¹
Follow-up drilling down-plunge at Kiena Deep confirms high-grade mineralization:

• Hole N103-6840W7: 84.3 g/t Au uncapped over 5.0m core length (63.6 g/t Au capped, 3.8m true width)
  

Presqu'île Zone (Figure 3, Table 1) ¹
Infill drilling has intersected mineralization with visible gold:

• Hole PR-24-088: 62.1 g/t Au uncapped over 3.0m core length (42.3 g/t Au capped, 2.6m true width)
• Hole PR-24-089: 33.0 g/t Au uncapped over 2.6m core length (33.0 g/t Au capped, 2.3m true width)
  

Dubuisson Zone (Figure 4, Table 1) ^1,3
Infill and down-plunge drilling confirm continuity of the deposit:

• Hole DB-24-022: 9.5g/t Au uncapped over 3.2m core length
• Hole DB-24-023: 18.1g/t Au uncapped (16.8g/t Au capped) over 5.9m core length
• Hole DB-24-024: 9.1 g/t Au uncapped over 19.5m core length
  

Duchesne Zone (Figure 5, Table 1) ¹
Drilling has helped to improve understanding of the historical zone:

• Hole DU-24-003: 24.4g/t Au uncapped (19.2g/t Au capped) over 3.2m core length³
  

Wish Area (Figure 5, Table 1) ²
Exploration drilling aimed at the down-plunge extension of Wish intersected high-grade mineralization:

• Hole N033-6904: 26.3 g/t Au uncapped over 3.5m core length
  

Northwest Zone (Figure 6, Table 1) ¹
Unexpectedly, drilling intersected high-grade mineralization to the north, while targeting the zone at depth:

• Hole: NW-24-005: 93.0g/t Au uncapped (24.8 g/t Au capped) over 2.9m core length³
  

¹ Assays capped at 90.0 g/t Au.
² Assays for Wish Zone capped at 35g/t Au.
³ True width is unavailable at this time.

Technical Details

Underground Exploration Drilling

Kiena Deep - Footwall Zone

In recent years, underground drilling efforts have primarily focused on areas around the Kiena Deep A Zone. A significant early achievement was the discovery of the Footwall Zone in 2021.

The Footwall Zone comprises several folded parallel veins in the footwall of Kiena Deep with widths ranging from 2 to 7 metres. The gold mineralization in this zone closely resembles that of Kiena Deep, featuring visible gold within quartz veins hosted by ultramafic rock in contact with mafic rock. These highly mineralized veins have the potential to be mined as a single unit from the same development level, which could enhance overall vertical ounces per metre. The recent establishment of the 127-level drill platform has improved the drilling angle towards the Footwall Zone with most 2024 drilling activities directed at this zone within the Kiena Deep orebody.

To date in 2024, 14,000 metres of drilling in 48 drillholes has been completed within the Kiena Deep area, including 10,000 metres of infill drilling across 40 holes targeting the Footwall Zone. By the end of 2024, an additional five holes, or 2,000 metres, are planned for the Footwall Zone with a focus on upgrading the inferred resources. Additionally, the incremental drilling is expected to provide essential information that improves our understanding of the geometry of the zone and its relationship to the Kiena Deep A Zone.

Kiena Deep Extension

Assay results from hole N103-6840W7, which was drilled from the 103-level platform to explore the down-plunge extension of the Kiena Deep South Limb, have confirmed the findings of previous drillholes. These intersections, together with the latest results, have extended the vertical reach of the Kiena Deep deposit by approximately 125 metres.

VC Zone Proposed Drilling

The 2024 underground program includes plans to develop an exploration drift from the 109-level toward the VC Zone by the end of the year. Drilling from this platform will evaluate the continuity and potential extensions of the VC Zone, which is near hole 6531 that was completed in 2019. This hole returned a remarkable value of 43.6 g/t Au uncapped over 5.1m core length, including 178.5 g/t uncapped over 1.1m core length and visible gold present. The mineralization observed in this area is similar to that found in Kiena Deep, characterized by a stockwork of quartz veins located at the lower contact between basalt and schist lithological units. In addition to focusing on the VC Zone, we will also target underexplored adjacent areas.

Furthermore, a hanging wall exploration drift from the 134-level is planned for completion in 2025. This drift is expected to facilitate targeting and drilling at greater depths to confirm the extensions of the hanging wall Basalt Zone and Footwall Zone.

Wish Area

A top priority for 2024 has been the exploration of the Wish Area. In this underexplored region, 40 drillholes have been completed, totaling 9,950 metres. Initial drilling, which started from the existing 33-level development into the Wish Area, has revealed mineralization within quartz veins in a strong basalt horizon that is in contact with sheared ultramafic rocks. These lithological contacts are favorable for mineralization.

The initial results are promising, including an intercept of 36.4 g/t Au over 1.5m core length from hole N033-6901. Additionally, historic hole 4344 returned 65.5 g/t Au over 1.0m core length (see the Company's press release dated April 8, 2024). These results highlight the potential of this underexplored area at Kiena.

Follow-up drilling is targeting several promising locations, including the down-plunge section of the Wish Area, where recent drilling recorded 26.3 g/t Au over 3.5m core length in Hole N033-6904.

With limited drilling completed so far, extending exploration into the Wish Area and areas to the north remains a priority. Due to the ongoing success in exploration, an additional 2,000 metres of drilling has been authorized for 2024 in this region.

Surface Program

Presqu'île Deposit

The expanded 2024 drill program for the Presqu'île orebody consists of 6,600 budgeted metres across 20 holes. The primary aim is to test the lateral and down-plunge extensions of zones No. 2 and No. 2A, with seven of the holes specifically targeting inferred resources for potential upgrading. Preliminary assay results from infill drillhole PR-24-088 revealed high-grade mineralization, showcasing visible gold and yielding an impressive 42.3 g/t Au (capped) over a true width of 2.6m (see Table 1). This encouraging outcome underscores the potential for conversion to reserves at year-end.

In 2025, we plan to continue targeting lateral and depth extensions from the surface. By the end of Q1 2025, we anticipate that the development of the Presqu'île ramp will have progressed sufficiently to establish a drilling platform to commence underground delineation of the zone.

Dubuisson Deposit

The exploration drilling program planned for 2024 originally involved 7,500 metres of drilling to upgrade resources in the Northern and Southern zones at the Dubuisson deposit, and to delineate the geometry of the ore zone. Based on drilling to date, the program at Dubuisson, which was expanded to 12,000 metres across 38 holes, confirmed the continuity of the deposit, facilitated resource upgrades and enabled down-plunge extension testing of the deposit, highlighting potential for higher-grade zones.

The deposit is understood to have a combination of shallow-dipping and steep-dipping veins within sheared, carbonatized and chloritized intrusions (diorite) along with brittle feldspar porphyry dykes that crosscut broadly deformed ultramafic rocks. Results to date from the 2024 drill program (Table 1) confirm this interpretation and the extension of the Dubuisson deposit with one hole (DB-24-024) yielding 9.1 g/t Au over a core length of 19.5m, and another hole (DB-24-023) showing 18.1 g/t Au over a core length of 5.9m. These results are being incorporated into an updated model to enable interpretation of a true width.

The 2025 drilling program will aim to upgrade the mineral resource categories and to test both the lateral and down-plunge extensions of the zone.

Duchesne Zone

In 2024, a small drill program totaling 1,880 metres was completed in the Duchesne Zone to enhance the understanding and confirm the continuity of the zone, which is located approximately 500 metres south of the 33-level infrastructure. Duchesne consists of gold-bearing and brecciated quartz-pyrite veins associated with three separated shear zones crosscutting mafic volcanic rocks (basalt) that exhibit silicate, carbonate and chlorite alteration. An ongoing structural interpretation from an optical and acoustic borehole survey suggests that shear zones and gold-bearing veins are subvertical and strike northeast-southwest.

Initial results from the 2024 drilling program show that high-grade gold intersections were obtained in at least three drillholes (see Table 1), including one intersection of 24.4 g/t Au over a core length of 3.2m in hole DU-24-003.

These findings will assist the team in refining the initial geological interpretation of the zone, with completion expected during the winter season. Additionally, a more extensive surface drilling program is planned for 2025 to explore the potential extension of the zone and clarify its geometry.

Northwest Zone

The Northwest Zone was discovered in 1986. Between 1987 and 1989, follow-up drilling from surface confirmed the extension of this zone yielding results in hole S279 with 2.1 g/t Au over 3.4m and 3.0 g/t Au over 2.0m, and hole 1480 (13.1 g/t Au over 1.9m) from underground.

Various drilling campaigns have been conducted over time including limited drilling in 2008 and a more extensive 15-hole campaign in 2011. Significant gold intercepts during these campaigns confirmed the internal geometry and continuity of the Northwest Zone. A limited program in 2023 testing the lateral extension east and west of the Northwest Zone had positive results in Hole S-23-857 with 31.5 Au g/t over 3.2m showing the potential of the zone.

Follow-up drilling in 2024 unexpectedly intersected high-grade mineralization to the north, while targeting the Northwest Zone at depth. Drillhole NW 24-005 yielded an encouraging 93.0 g/t over a core length of 2.9m, including 337 g/t Au uncapped over 0.8m core length from approximately 135 metres downhole. Mineralization was proximal to a diorite and komatiite contact within a brecciated quartz-carbonate-chlorite veins associated with 5% pyrite and 1% pyrrhotite and included visible gold.

The 2024 exploration program aimed to target the down-plunge extension of the zone towards the southeast. Expanding the resource in the Northwest Zone could be meaningful as it lies 400 metres north of the planned Presqu'île ramp, placing the zone close to infrastructure. Assays from 10 holes drilled in 2024, including the remainder of hole NW 24-005, are currently pending.

Northeast Zone

As part of this summer's barge drilling program, Wesdome completed a limited exploration initiative consisting of 10 holes, totalling approximately 3,500 metres, targeting the Northeast Zone. Located north of the Kiena mine, historic drillholes in this area showed promising results. With additional drilling in 2024 our goal was to confirm the continuity of this zone. The Northeast Zone comprises two main areas within northwest-southeast trending shear zones, alongside a third area associated with an east-west trending fault. The northwest-southeast trending mineralization is found within a stockwork of carbonate-chlorite ± albite related to a diorite dyke that intersects schistose mafic to ultramafic rocks. In contrast, the east-west trending veins are linked with chlorite + biotite ± silica veins, which include pyrite-pyrrhotite sulphides related to the mineralization. Assays from all holes drilled at the Northeast Zone in 2024 are pending.

About Wesdome

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Quebec. 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.

For further information, please contact:
Raj Gill, SVP, Corporate Development & Investor Relations
Trish Moran, VP, Investor Relations
Phone: +1 (416) 360-3743
E-Mail: invest@wesdome.com

Technical Disclosure
The technical and geoscientific content of this release has been compiled, reviewed, and approved by Bruno Turcotte, P.Geo., (OGQ #453) Geology Superintendent of the Kiena mine, and Denys Vermette, P. Geo, (OGQ #564) Surface Exploration Manager, each 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 >10 g/t Au was re-run using the fire assay method with gravimetric finish, and also 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.

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including but not limited to statements regarding: Wesdome's exploration activities, budget allocations and operational plans at the Kiena Mine; the prospectivity and potential life of the Kiena Mine; resource conversion and expansion, and associated grades of the deposit at the Kiena Mine; the expansion and integration of certain mining zones at the Kiena Mine into the life of mine plan; the operational flexibility and optimization at Kiena that leverages existing infrastructure to lower costs; the planned additional drilling platforms to be added in the future; the timing of initial reserve estimates; the potential reduction in overall mine unit costs; and the schedule of potential future stope production and potential new mining fronts. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance or achievements of Wesdome to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of Wesdome has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking statements or information 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.

Figure 1 - Kiena Southern Corridor Plan View

Figure 2 - Kiena Deep Section View Looking Southwest

Figure 3 - Presqu'île Zone Section View Looking East-Northeast

Figure 4 - Dubuisson Section View Looking North

Figure 5 - Duchesne-Wish Plan View

Figure 6 - Northwest Plan View

Table 1: Kiena Drill Results (Previously Unreleased)

Composite Results
Figures in table may not add due to rounding.

Assay Results

Figures in table may not add due to rounding.

Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/408f41a6-0b92-4b39-bcce-e61695950cbc
https://www.globenewswire.com/NewsRoom/AttachmentNg/ce291a8a-abb9-4835-8498-853f42f0a3a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/2b74a12a-570b-45da-9ec6-31608e3f1a78
https://www.globenewswire.com/NewsRoom/AttachmentNg/2b63ca00-5706-41af-ba77-7c8fabc0b7aa
https://www.globenewswire.com/NewsRoom/AttachmentNg/76bf24cc-fb7a-453f-9f6d-2cb5881574b4
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b748795-e71d-4979-bb43-5a7c37fe9cbd

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