Wesdome Gold Mines Ltd. (TSX: WDO) reported its first-quarter production results for the year and saw a combined production of 28,369 ounces.
The Toronto-based company announced the results on Monday from its complexes including the Eagle River complex which saw a strong performance with continued positive grade reconciliation from the Falcon Zone, resulting in 20,492 ounces. The remainder of the stockpiled Mishi ore was also processed during the quarter.
During the quarter, the Kiena Mine in Quebec maintained its operational focus and produced 7,877 ounces of gold. The pastefill plant, which was introduced in Q4 of 2022, has been performing excellently and meeting its designed throughput, resulting in expected enhancements in stope cycle times and a decrease in dilution.
However, the mine is still processing lower-grade ore as it progresses through the ramp in 2023. Furthermore, the company said the development performance in the ramp to Kiena Deep has continued to surpass expectations.
Table via Wesdome.
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“2023 is off to a strong start with total combined first-quarter production of 28,369 ounces,” said CEO Warwick Morley-Jepson.
“We are also pleased to see progressive ramp-up and development at Kiena and continue to expect production at both sites to be higher in the second half of the year. We remain on track to deliver on guidance,” Morley-Jepson said.
Wesdome has two high-grade underground mines, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The company also retains meaningful exposure to the Moss Lake gold deposit in Ontario through its equity position in Goldshore Resources Inc. (TSXV: GSHR) (OTC Markets: GSHRF) (FWB: 8X00).
Company stock went down by 0.50 per cent to $7.89 on the Toronto Stock Exchange.
