Drilling Continues To Grow Kiena Deep And Intercept High Grades Near Mine Infrastructure

TORONTO - Wesdome Gold Mines Ltd. reported on exploration activities at the Kiena Mine in Val d'Or, Quebec. The latest drilling results have continued to better define the Footwall Zone: 1) Hole N127-6913: 55.6 g/t Au over 3.5 m core length (25.7 g/t Au capped, 2.0 m true width). 2) Hole N127-6912: 13.8 g/t Au over 11.1 m core length (13.8 g/t Au capped, 5.0 m true width), and 22.0 g/t Au over 6.7 m core length (19.6 g/t Au capped, 3.0 m true width). 3) Hole N127-6890: 35.7 g/t Au over 5.3 m core length (20.9 g/t Au capped, 3.0 m true width). Drilling continues to extend this zone down plunge and confirm the continuity of high-grade mineralization: 1) Hole N103-6807W5: 30.3 g/t Au over 5.8 m core length (17.7 g/t Au capped, 5.0 m true width). 2) Hole N103-6807W4: 25.2 g/t Au over 6.0 m core length (18.4 g/t Au capped, 1.6 m true width). Initial reconnaissance drilling closer to surface has intersected high-grade gold values similar to those at Kiena Deep: Hole N033-6901: 36.4 g/t Au over 1.5 m core length.

Anthea Bath, President and Chief Executive Officer, said, “We expect that 2024 will see a significant increase in exploration at Wesdome with approximately $30 million budgeted between our two sites, or 185,000 meters across surface and underground exploration as well as delineation drilling. Currently, we are seeing immediate returns from this stepped-up effort at Kiena, with results that are not only expanding and defining existing zones at Kiena Deep, but also identifying potentially significant gold mineralization in historically underexplored areas like Wish from the 33-level.

As the main ramp at Kiena Deep progresses towards the 136-level by year end, additional drill platforms are being established to facilitate drilling in previously discovered but not fully explored zones. Initial drilling at both the Footwall and South Limb zones is being used to better define the high-grade mineralization with a view to converting existing Inferred Resources to the Indicated category. Drilling is also expected to continue to build upon our early success and aim to expand and extend the known size of these zones.

In the shallower Wish Zone area, the first hole we drilled from 33-level returned a high grade interval, which combined with other results in the same area, suggests the potential for additional high-grade lenses. This is highly prospective, and we expect to follow up this area with an expanded drill program in the coming months. Furthermore, as 33-level development is currently being rehabilitated further east of this zone, we expect to have more optimal drilling platforms available from the eastern side of the interpreted zone in the second half of 2024.

We underscore that these initial high-grade results are all in proximity to our existing underground infrastructure such that they could be low-cost to develop and potentially provide additional operational flexibility as we optimize the asset. With Kiena Deep open down-plunge, and significant gold mineralization being identified closer to surface at Wish, Presqu'île and Dubuisson, we expect Kiena’s track record of exploration success to continue.”