Shares of Wesdome Gold Mines Ltd, the Canadian gold mining company, climbed a substantial 49 per cent this week, closing at $2.24. The news comes after the Toronto based miner revealed strong results from its drilling program in Kiena.
The drilling programme saw the company drill three holes to date hitting four high grade intersections. In a press release, the company stated that the results included over 18 grams per tonne of gold.
George Mannard, VP of Exploration at Wesdome beamed, and rightly so, “These early results exceed expectations, and these rich veins are unlike anything previously encountered at this property,”
Here are nine things about Wesdome and Kiena in light of the results:
- Wesdome has been mining gold in Canada for almost 30 years. Created as a joint venture in 1976 for the exploration and development of the Wesdome property in Val D’Or.
- The name Wesdome derives from the two partners – Western Quebec Mines Inc. and Dimes Mine Ltd. - There is no truth in the rumour that the Domewes as a name was lost at the flip of a coin.
- The Val d’Or assets include 7,500 hectares of wholly owned property on the Kiena, Wesdome, Shawkey and Siscoe properties. The company also owns a 920 metre shaft, 2000 tpd CIP mill and extensive surface and underground infrastructure.
- Wesdome has also merged with Western Quebec Mines Inc, boosting an already massive hectare asset portfolio with an additional 1000, and with River Gold Mines in which it took ownership of the Wawa assets in Ontario.
- The Wawa assets (gold deposits and infrastructure in the Mitsubishi greenstone belt) have produced in excess of 1,000,000 ounces of gold to date.
- Wesdome Gold Mines Ltd. trades on the TSX Exchange under the symbol “WDO” and has 116.2 million shares outstanding.
- Wesdome prides itself on remaining 100 percent unhedged and has never hedged.
- Mining activities at the Kiena mine were suspended entirely in 2013, with the company determining the operations not economically feasible.
- Alas, and in light of recent results and the announcement that more drilling is required to “define the geometry, true widths and extent of this extraordinarily rich mineralized system”, the company is a firm believer that the Kiena mine will deliver value to shareholders at a future date.
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