Dryden Gold Corp. Provides Exploration Update and Welcomes Rob McEwen as a New Shareholder
Vancouver, British Columbia – January 12, 2024 – Dryden Gold Corp. (TSXV: DRY) (“Dryden Gold” or the “Company“) is pleased to provide an update for its 2023 and 2024 exploration program. The Company would also like to welcome Mr. Rob McEwen to its growing shareholder base. Mr. McEwen was a lead order in the Company’s recent RTO financing (the “Financing”) and currently holds 5.01% of Dryden Gold’s common shares on a fully diluted basis. For complete details of the Financing see the Company’s press release of January 4, 2024, and filed on SEDAR+.
As the founder and former Chairman of Goldcorp, Mr. McEwen operated the Red Lake Mine in Ontario and discovered the prolific high-grade zone (HGZ). The Red Lake mining district has produced over 26 million ounces of gold through 2020. Currently, Mr. McEwen is the Executive Chairman and Chief Owner of McEwen Mining Inc. He commented on his Dryden Gold investment, “I am very familiar with Dryden Gold’s property and have always felt it had high-grade potential and was under-explored. Goldcorp, now Newmont Corporation (NYSE: NEM) held the patented claims for many years and I was disappointed to see it sold without ever being drilled by Goldcorp”.
“We are honored to have Mr. McEwen as a significant shareholder, as he is very experienced in orogenic gold systems from his past success in Red Lake. Our technical team looks forward to Mr. McEwen’s input as we develop our strategic land package in the Dryden District,” stated Maura Kolb, the President and Head of Exploration for the Company.
Dryden Gold initiated an exploration drilling campaign at the Gold Rock Camp in November 2023. The ongoing program consists of four distinct phases. This phased approach enables an integrated geological approach and the insights gained from each phase of the program are worked into the subsequent phases, enhancing the understanding and targeting strategy. Dryden has accomplished approximately half of the anticipated 3,000-meter drill program during November and December. Up to this point, a total of 13 holes have been drilled, accounting for 1,613 meters in total depth. Assays from these holes are pending.
In November, the initial drilling phase concentrated on extending the known strike along the northeast portion of the Big Master vein system. This vein system has a history of shallow mining dating back to the early 1900’s and has undergone exploration by Dryden’s predecessors. These initial five holes were strategically designed to test the areas beneath mapped and chip-sampled veins that had never undergone drill testing before.
In December’s drilling phase, the primary objective was to enhance our comprehension of the orientation of high-grade mineralization in the Big Master vein system. In 2011, the property yielded its highest-grade historic intercept, recording a grade of 3,497 g/t Au over 8.45 meters including, within the vein itself, 53,700 g/t Au over 0.55 meters. For more information, refer to the Assessment Report filed with the Ontario Mining Ministry by Manitou Gold Inc. on the Kenwest Property-2011 and 2012 Diamond Drill Program (January 2013) found here.
The working hypothesis suggests that the high-grade mineralization aligns with the steep plunge of either the intersection lineation of fault structures or the regional folding. To validate this theory, the geology team conducted drilling along this steep plunge projection, adjacent to the previously drilled high-grade mineralization.
In 2024, the January drill phase will center on testing the Elora vein trend. This trend notably encompasses two historic mines dating back to the turn of the century. Previous drilling conducted during the 1980s and 1990s rendered promising results. The upcoming drill program aims to test the southward extension of this vein trend. This drill phase involves both infilling the existing trend and further extending its reach along the strike.
The Company has prepared and filed a technical report in respect of the Dryden Gold Properties titled “NI 43-101 Technical Report Dryden Gold Project” and dated effective September 6, 2023, prepared for the Company by Calvin Church, P.Geo, a copy of which can also be found under the Company’s profile at www.sedarplus.ca.
The technical disclosure in this news release has been reviewed and approved by Maura J. Kolb, M.Sc., P.Geo., President of Dryden Gold and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
ABOUT DRYDEN GOLD CORP.
Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX Venture Exchange (“DRY”). The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition & consolidation, exploration success and merger & acquisitions. Dryden Gold controls a 100% interest in a dominate strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold’s property package includes historic gold mines but has seen limited modern exploration. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys First Nations support and proximity to an experienced mining workforce.
For more information go to our website https://drydengold.com/media/
For more information go to our website www.drydengold.com.
Trey Wasser CEO
Maura Kolb, M.Sc.. P. Geo., President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further details of the Amalgamation, the Listing and the business plan will be included in subsequent news releases and disclosure documents to be filed by Dryden Gold Corp.
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the Amalgamation; the terms and conditions of the Financing; use of proceeds from the Financing; future development plans; and the business and operations of Dryden Gold. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in Dryden Gold’s and the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and Dryden Gold and the Company do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Dryden Gold’s and the Company’s expectations or projections.
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