11:22 AM EDT, 07/03/2024 (MT Newswires) -- Wesdome Gold Mines ( WDOFF ) on Wednesday released exploration results from it Eagle River mine in Ontario, confirming high-grade mineralization near the site's infrastructure.

Highlights include 71.7 grams per tonne (g/t) gold over 3.3 meters and 93.7 g/t gold over 3.0 meters in the 6 Central Zone.

The company said drilling has extended the high-grade zone 150 meters to the east in the 6 Central Zone, adjacent to existing infrastructure.

"This year's exploration program at Eagle River is expanding the existing resource base of known zones and identifying targets near existing infrastructure," chief executive Anthea Bath said in a release. "In the coming months, our objective is to integrate results from this drill program with recently initiated asset optimization studies to potentially extend mine life, leverage existing development more effectively and increase utilization of Eagle River's 1,200 tonne-per-day mill."

National Bank of Canada on Wednesday rated Wesdome shares at outperform with a $15.00 price target.

The bank said in a Wednesday note that the results were "overall encouraging but [are] not expected to move the needle."

Wesdome shares were last seen up $0.63 to $11.76 on the Toronto Stock Exchange.

Price: 11.76, Change: +0.63, Percent Change: +5.66