Wesdome Gold shares up on Eagle River drill results

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Wesdome Gold Mines Ltd. [WDO-TSX; WDOFF-OTC] reported results from the continuing underground exploration drilling program at the company’s 100%-owned Eagle River mine in Wawa, northern Ontario.

Although exploration drilling is currently operating at a reduced capacity due to COVID-19 restrictions, three underground drills and one surface drill are in operation. One drill continues to better define and extend the down-plunge extension of the Falcon 7 Zone. The Falcon 7 Zone was originally discovered from surface drilling located in volcanic rocks approximately 200 metres west of the mine diorite.

It is interpreted that the Falcon 7 Zone now extends from surface down a steep easterly plunge approximately 1,000 metres and is part of the up-plunge extension of the 7 Zone currently being mined near the 1,000-metre elevation.

The current drilling is focused near a previous hole that returned 314 g/t gold over 6.0 metres. This drilling was completed from the 772-metre elevation that was established to test the down-plunge extension of the Falcon Zone. Since that time, additional mine development has been completed on the 622-metre elevation to allow for drilling, and is now within 50 metres in the footwall of the Falcon 7 Zone.

Highlights of the recent drilling included Hole 622-E-02 that returned 51.3 g/t gold over 1.8 metres core length (38.2 g/t gold cut, 1.5 metre true width). Hole 622-E-11 returned 18.6 g/t gold over 12.5 metres core length (18.4 g/t gold cut, 8.0 metres true width). Hole 622-E-12 returned  56.8 g/t gold over 1.8 metres core length (42.9 g/t gold cut, 1.5 metres true width).

Assays are capped at 125 g/t gold. True widths are estimated.

Duncan Middlemiss, President and CEO, commented: “We continue to be pleased with our ongoing exploration drilling of the Falcon 7 Zone that continues to return high grades. With nearby development already established on the 772 and 622 m elevations, it is becoming more apparent that these zones will have the potential to be included in future mine production and ultimately augmenting production rates in the medium term. We expect to define mineral resources and reserves from the Falcon 7 Zone that will be released as part of our end-of-year resource and reserve statement. Additional drilling in this area continues to be a priority for the remainder of 2020. We have also commenced our surface fly drilling program with one drill in operation to test regional exploration targets.”

In trading on Thursday October 1, Wesdome shares gained $0.36 to $12.93 on a volume of 275,300 shares traded.


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