Ongoing Drilling of Kiena Deep A Zone Continues to Return High Grades and Extends “A” Zone Over 350 Metres Along Strike and Remains Open

TORONTO, June 26, 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. Recent drilling from the exploration ramp intersected multiple high grade lenses, including 77.4 g/t Au over 14.4 m core length (12.8 g/t cut, 10.8 m true width in hole 6299)  (See news release dated May 17, 2018).

An additional 18 drill holes totaling approximately 5,100 metres have been completed into the A Zone and recent drilling along the northern and southern extensions of the zone returned high grades over good widths and have now extended the A Zone along strike in excess of 350 metres. A total of 8 drill holes are reported, assays are pending for the other 10.The A Zone remains open along strike in both directions and down dip.

Results Highlights:

Kiena Deep A Zone

• Hole 6300: 132.1 g/t Au over 13.2 m core length (13.4 g/t cut, 6.4 m true width)
• Hole 6308: 42.6 g/t Au over 12.6 m core length (6.8 g/t cut, 10.4 m true width)
• Hole 6309: 16.5 g/t Au over 7.8 m core length (7.6 g/t cut, 7.1 m true width)
• Hole 6322: 12.7 g/t Au over 12.2 m core length (8.1 g/t cut, 8.6 m true width)

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

Mr. Duncan Middlemiss, President and CEO, commented “We are particularly excited with the ongoing drilling of Kiena Deep Zone A that continues to return high grade results and has further confirmed multiple zones, and the continuity of the gold mineralization of the A Zone. More recent step-out drilling along strike and down dip has successfully extended the gold mineralization now over 350 metres along strike and will continue to be a major focus of the drilling for the remainder of 2018 with the goal to complete a resource estimate by the end of Q4. Additionally, drilling is ongoing at the Upper Quartz Vein Zone and a fourth drill rig is now testing the VC Zone from a recently completed drill platform development on 670 metre level.”

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 the majority of the drill holes within predominantly shear zone hosted quartz veins. The drilling has confirmed the continuity of the mineralized zones, and the dip of the contact is now interpreted to shallow to the east and provides additional potential for down plunge mineralization along the bend or “kink” in the hosting shear zone. This area remains open along strike and down dip and remains a focus for ongoing drilling. The results are highlighted below and summarized in Table 1 and illustrated in Figures 1a, 1b and 2.

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-Boule (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-Boule (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 134.2 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”

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.

Maps accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/e1382cf5-f4b9-4dbc-82a3-d4bb6369d027
http://www.globenewswire.com/NewsRoom/AttachmentNg/323b9675-894c-4331-b474-9e0cc72e1b99
http://www.globenewswire.com/NewsRoom/AttachmentNg/6f5c1eff-4a37-47d7-bc10-e88620a8b1ef