PRECIOUS METALS

Wesdome extends 303 lens at Eagle River

303 lens extension at Eagle River increases future production profile

The 303 lens extension at Eagle River, Ontario

The 303 lens extension at Eagle River, Ontario

The 303 lens was discovered in 2015 and was initially defined from the 750m-level to 1,000m-level. It has now been extended an additional 300m down plunge to the 1,300m-level, with above average widths and grades. Highlights of the recent drilling included 11.1m grading 92.8 grams per tonne gold.

"The continued expansion of the high-grade 303 lens that has provided above average reserve grades over 2019 and planned into 2020. This additional expansion of the 303 lens an additional 300 metres down plunge provides an opportunity to mine these high grades well into the future with additional mine development," said president and CEO Duncan Middlemiss.

Wesdome has five underground and one surface drill rig working at the Eagle River deposit to extend the known 7 East and 311 West zones proximal to existing development and infrastructure, and testing for parallel zones of mineralisation in the eastern portion of the mine diorite.

The company produced 28,910 ounces in the third quarter to September 30, an increase of 29% over the second quarter. The company has increased its guidance for 2019 from 72,000-80,000oz to 88,000-93,000oz.

With higher than anticipated production and favourable gold prices Wesdome is accelerating work within the Eagle River tailings area to increase capacity, install and commission a new Falcon gravity concentrator in the mill and enhance exploration.

Shares in Wesdome Gold Mines are trading at C$7.11, valuing the company at $975 million.

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.