Wesdome Gold Mines Ltd. (OTCPINK: WDOFF) closed its last trading day up 16.60 percent at $9.41 and has been trading in a $8.22 to $9.55 range. This month, Wesdome stock surged over 2.79%; the average volume was 81.86K shares for the month. An increase in WDOFF stock followed the discovery of a new high-grade footwall zone.
What has WDOFF found out?
Wesdome is a 100% Canadian gold mining company which has operated continuous gold mining operations in Canada for over 30 years. A key objective of WDOFF is to develop two gold mines between Ontario and Quebec, producing 200,000+ ounces of gold.
Gold production at the Eagle River Complex in Wawa, Ontario has increased recently due to the high-grade Eagle River Underground Mine. The WDOFF Kiena Complex in Val d’Or, Quebec, is being actively explored for brownfields opportunities. A 930-meter shaft and a 2,000 tonnes-per-day mill at the Kiena Complex are part of a fully permitted former mine.
Wesdome announced yesterday that drilling results from its 100%-owned Kiena Mine Complex in Val d’Or, Quebec, had confirmed a high-grade gold discovery in the footwall of the Kiena Deep A Zone.
A 50-meter wide corridor adjacent to the footwall of the A2 Zone defines WDOFF’s Footwall Zone, which contains new intersections of gold mineralization. Mineralization is associated with quartz veins containing visible gold, and the veins are spatially associated with amphibolitized komatiite and basaltic komatiite units.
What does WDOFF anticipate?
There are several benefits to this new discovery of Wesdome (WDOFF), including the update of the mineral resource estimate, the number of ounces per vertical meter, and the global economic characteristics of the project. In addition, WDOFF is still confirming that a high-grade corridor exists in the footwall leading into the A Zone.