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Wesdome Gold Mines Ltd. (TSX:WDO) announced that it has significantly increased the mineral reserves at its Ontario-based Eagle River and Mishi gold mines.
Wesdome Gold Mines Ltd. (TSX:WDO) announced that it has significantly increased the mineral reserves at its Ontario-based Eagle River and Mishi gold mines.
Highlights include:
- Eagle River Proven and Probable reserves increase 57% to 265,000 ounces at an average grade of 10.1 gAu/tonne
- Mishi Proven and Probable surface mineable reserves increase 8% to 121,000 ounces at an average grade of 2.1 gAu/tonne
- Reserve blocks remain open to expansion
- Significant increases in definition drilling are planned in 2015, particularly at the open pit Mishi mine to further expand mineral reserves and mineral resources.
Rolly Uloth, president of Wesdome, commented:
In 2014, we modestly increased drilling and dramatically increased mineral reserves. This work demonstrates the potential of the recently discovered parallel structures which, along with the mine’s main producing structure remain open laterally and at depth. In 2015 the Company will focus on demonstrating the long term potential of our producing mines in this camp. So far in this regard we have accomplished significant reserve increases net of depletion, upgraded resources to reserves, increased milling capacity, and validated the new parallel zones. These building blocks put the Company in a position of strength to capitalize on our internal growth prospects and see forward well beyond five years. Importantly, reserves demonstrate high grades with fully diluted underground grades of over 10 grams per tonne, and open pit grades over 2 grams per tonne. These grades provide both a strong defense and natural hedge should gold prices unexpectedly decline and represent tremendous upside margin leverage at current or improved gold prices.
Click here to read the full Wesdome Gold Mines Ltd. (TSX:WDO) press release.