Vancouver, British Columbia — March 25, 2024 — Dryden Gold Corp. [TSXV: DRY] (“Dryden Gold” or the “Company”) reports assay results from its Phase 3 drill program testing the Elora Gold system. Drill hole KW-24-008 returned multiple intercepts of both quartz veining and sulphide mineralization assaying 14.10 g/t gold over 7.54 meters including 43.81g/t gold over 1.42 meters and 92.10 g/t gold over 0.30 meters. The hole targeted the depth extension of historic drilling with visible gold being noted at 211.9 meters. The Company also drilled its highest-grade intercept to date in the Gold Rock Camp, with drill hole KW-24-003 returning 53.51 g/t gold over 1.05 meters including 181.00 g/t gold over 0.30 meters. For a summary video of today’s drill results, please click here.
“The Elora drill results continue to demonstrate the expanding near-surface potential of the Gold Rock Camp and underscores the effectiveness of our methodical drilling that has successfully expanded the footprint of gold mineralization to three parallel systems over 1.5 kilometers, with only 2,904 meters of drilling. With every drill hole, we expand our understanding of the system architecture while identifying mineralogy, structural and geochemical controls on mineralization. Having an ever-expanding footprint, while identifying multiple high-grade gold occurrences, is the key to unlocking the full potential of the Gold Rock Camp and the entire Dryden Gold District”, stated Trey Wasser, Dryden’s CEO.
Currently, the 2023-2024 drill program is designed in 4 Phases to maximize the drill budget and expand the footprint of gold mineralization while identifying new high-grade gold occurrences. Historic drilling in the Gold Rock Camp was primarily focused on a single identified high-grade shoot, on the Big Master 2. Results and interpretation from Phases 1 & 2, released February 21, 2024, identified three additional high-grade shoots, including drill hole KW-23-009A which intersected 26.11 g/t gold over 3.16 meters on the parallel Big Master 1. In addition, two significant step-out holes confirmed the Big Master gold system over 1.5 kilometers. The Phase 3 results have proven a third near-surface high-grade parallel gold system further expanding the footprint of the Gold Rock Camp which has over 20 kilometers of potential strike length.
Highlights:
- Hole KW-24-008 intercepted 14.10 g/t gold over 7.54 meters including 43.81 g/t gold over 1.42 meters and 92.10 g/t gold over 0.30 meters demonstrating the grade and width potential of the Elora system.
- Hole KW-24-003 intercepted Dryden Gold’s highest gold assay value to date consisting of 53.51 g/t gold over 1.05 meters including 181.00 g/t gold over 0.30 meters and was drilled 160 meters along strike of hole KW-24-008.
- Step-out hole KW-24-006 was drilled 293 meters along strike of hole KW-24-008 and intercepted 1.22 g/t gold over 2.07 meters. This hole confirmed the structural and mineralogical extension of the Elora system to the south-west.
- Phase 4 drilling has been completed with results pending. This phase consisted of an additional six holes totaling 1,254 meters focused on the depth expansion of one of the new high-grade shoots identified in Phase 1 & 2 drilling on the Big Master gold system. Phase 4 also includes drill step-outs of 1.5 km to the south-west on the Elora gold System.
Dryden Gold President, Maura Kolb stated “The Elora drill results confirm a sulphide system with high levels of pyrite and visible gold. The Elora gold system hosted three historic mines within the Gold Rock Camp, including the highest producing Laurentian Mine (@12.81 g/t gold) located about 600 meters north of our current drilling and the Selby Mine 1,500 meters to the southwest. Phase 4 drilling has been completed and includes a large step-out to the Selby Mine area and the Company’s deepest hole to date on the Big Master gold system. If successful, Phase 4 could expand the Gold Rock Camp footprint to over 3 kilometers (see Figure 1). Going forward, historic mining, geological mapping and 3-D geophysical interpretations indicate dozens of additional targets within the 20-kilometer Gold Rock Camp.”
The eight drill holes reported today represent the third phase drill program completed in January 2024 for a total of 1,291 m (Table 1).
Table 1. Elora Drill Results with intercepts over 10 g/t gold bolded
Technical Overview- Phase 3 Drill Program
The program can be defined with three specific objectives: to test high-grade controls on the Elora system, complete extensional holes from the known mineralization and to test larger step-out holes along strike of the Elora gold system. In these systems it is important to define the envelop of mineralization and the high-grade pods or shoots will be captured within the overall mineralized footprint. This high-grade is typically defined by geological controls and has a predictable periodicity while being a part of the overall mineralized system. This can be seen in similar orogenic deposits, such as Red Lake.
Holes Testing High-Grade Controls
Three holes, KW-24-008, KW-24-001 and KW-24-002 were designed to target and test higher-grade controls within the Elora system. Hole KW-24-008 was drilled at a 340-degree azimuth targeting the depth potential of Elora by testing 150-meter vertical depth in the system. Historic drillholes were used in the planning phase of this program, but due to the age of the holes, new drilling was needed in this area. Hole KW-24-008 intersected multiple intercepts of both quartz veining and sulphide mineralization with visible gold being noted at 211.9 meters depth (Figure 2). This hole returned 14.10 g/t gold over 7.54 meters including 43.81 g/t over 1.42 meters and 92.10 g/t gold over 0.30 meters.
Drill hole KW-24-001 was drilled at a 340-degree orientation targeting the southern edge of the known Elora mineralization (Figure 3). This hole intercepted multiple zones of both quartz veining and sulphidation with up to 15% pyrite and returned 2.30 g/t gold over 4.35 meters including 15.90 g/t gold over 0.33 meters. Multiple intercepts of over 1 g/t material was observed in the hanging wall of the Elora system. Drilled from the same setup as KW-24-001 at a 316-degree azimuth, drill hole KW-24-002 was focused on understanding the mineralization potential the mineralization south-west of hole KW-24-001. Pyrite mineralization was observed and returned 3.23 g/t gold over 1.98 m.
Extensional Holes
Three holes were planned to investigate the near-deposit extension potential, KW-24-003, KW-24-004 and KW-24-007. Drill hole KW-24-003 was drilled approximately 160 meters along strike of KW-24-008 at a 306-degree azimuth. Holes KW-24-004 and KW-24-007 were drilled from the same set up 185 meters from KW-24-008. All three holes intersected multiple intervals of sulphidation with up to 60% pyrite and with an average of 20% pyrite. Hole KW-24-003 intersected 53.51 g/t gold over 1.05 meters including the highest-grade intercept Dryden Gold has drilled to date, 181.00 g/t gold over 0.30 meters. Hole KW-24-004 returned 2.42 g/t gold over 4.87 meters including 12.70 g/t gold over 0.30 meters.
Step Out Holes
Two holes, KW-24-005 and KW-24-006 were designed to test along strike of the known Elora system, 225 meters and 281 meters respectively from hole KW-24-008. Both holes intercepted mineralization (grades over 0.80 g/t gold) with hole KW-24-006 returning 1.22 g/t gold over 2.07 meters showing that the mineralized structure continues to the south where the company is identifying future step out targets.
Qualified Person
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.
Analytical Laboratory and QA/QC Procedures
All sampling completed by Dryden Gold Corp. within its exploration programs is subject to a Company standard of internal quality control and quality assurance (QA/QC) programs which include the insertion of certified reference materials, blank materials, and a level of duplicate analysis. Drill samples from the 2023 program were sent to Activation Laboratories, with sample preparation and analysis in Thunder Bay, where they were processed for gold analysis by 50-gram fire assay with an atomic absorption finish and over limits determined by Fire Assay with a gravimetric finish. Activation Laboratories systems conform to requirements of ISO/IEC Standard 17025 guidelines and meets assay requirements outlined for NI 43-101.
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 and consolidation, exploration success, and mergers and acquisitions. Dryden Gold controls a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold acknowledges all Indigenous Peoples and that it is operating on the traditional homelands of the Wabigoon Lake Ojibway Nation and Eagle Lake First Nation. 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 www.drydengold.com.
CONTACT INFORMATION
Trey Wasser, CEO
email: twasser@drydengold.com
phone: 940-368-8337
Maura Kolb, M.Sc., P. Geo., President
Email: mjkolb@drydengold.com
Phone: 807-632-2368
Ashley Robinson, Marketing
Email: ir@drydengold.com
X: @DrydenGold
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.
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 acquisition of the Property, receipt of corporate and regulatory approvals, issuance of common shares; future development plans; future acquisitions; exploration programs; 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 (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) 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 affect actual events or results to differ from those reflected in the forward-looking statements including, the potential for delays in exploration or development activities; 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; 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 conditioned 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.
