Dryden Gold Corp. Provides Exploration Update and Welcomes Rob McEwen as a New Shareholder
Dryden Gold Corp. Provides Exploration
Update and Welcomes Rob McEwen as a New
Shareholder
Vancouver, British Columbia--(Newsfile Corp. - 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.
Exploration Update
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
.
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.
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/
CONTACT INFORMATION
Trey Wasser CEO
Email:
Phone: 940-368-8337
Maura Kolb, M.Sc.. P. Geo., President
Email:
Phone: 807-632-2368
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.
UNITED STATES ADVISORY.
The securities referred to herein have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been
offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated
under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the
account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States
Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from
the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the
securities must not be conducted unless in accordance with the U.S. Securities Act. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be
any sale of securities in the state in the United States in which such offer, solicitation or sale would be
unlawful.
Not for distribution to United States news wire services or for dissemination in the United
States.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/194056