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Wesdome Gold Mines Announces Fourth Quarter and Full Year 2022 Production Results; Provides 2023 Guidance
TORONTO, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4”) and full year 2
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4”) and full year 2022 production results and 2023 guidance. All figures are in Canadian dollars unless otherwise stated. 2022 Operating Performance Q4 2022 Q4 2021 FY 2022 FY 2021 Ore milled (tonnes) Eagle River 58,306 56,159 223,734 228,759 Mishi - 6,215 23,153 36,508 Kiena 51,419 38,000 115,171 68,470 109,725 100,374 362,058 333,737 Head grade (grams per tonne, “g/t”) Eagle River 14.0 13.7 11.5 13.8 Mishi - 2.1 3.2 2.4 Kiena 5.9 14.1 7.9 10.4 Gold production (ounces) Eagle River 25,502 24,267 79,997 99,120 Mishi - 363 2,005 2,283 Kiena 9,614 16,929 28,848 22,440 Total Gold Production 35,116 41,559 110,850 123,843 Production sold2 31,500 37,544 113,000 118,501 Notes: Numbers may not add due to rounding. YTD 2021 production sold includes 1,793 ounces of gold sold from the Kiena bulk sample which was processed in Q4 2020 and sold in Q1 2021. Duncan Middlemiss, President and CEO of Wesdome, commented: “2022 was a challenging year for the Company, with production misses at both assets. At Eagle, underperformance was primarily related to the variability of the Falcon Zone, which negatively impacted our ability to accurately forecast near term production. The Falcon Zone mineralization has a high nugget effect and we have experienced both positive and negative reconciliations since we commenced mining this area in Q4 of 2021. With the implementation of short-term block models, improved reconciliation procedures, and an increased inventory of drilled reserves, near term grade projections are improving. Production in Q4 2022 was below expectations as a result of the planned higher grades at the Falcon Zone slipping into Q1 2023, partially due to severe snowstorms hindering our ability to truck the high-grade ore to the mill. Preliminary milled ore grades for the first two weeks of January have been strong at 17 g/t. For the 2023 budget we have taken a conservative approach and mitigated the risk of the variability of this zone by applying tighter drilling spacing and having additional ore develop...