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New Firm Consolidates Rich Ontario Gold Sites, Adds Expert

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Dryden Gold Corp. is a relatively new exploration company focused on discovering high-grade gold mineralization. It enjoys a 100% interest in a strategic land position in the Dryden Camp in the greenstone belt in the Canadian Shield of Northwestern Ontario, Canada.

Dryden Gold Corp.'s (DRY:CVE;DRY:TSX) primary interests include the Gold RockLower Manitou, and Tremblay projects.

The Gold Rock project revolves around a 20-kilometer strike on the northeast-trending gold-bearing Manitou Dinorwic deformation zone (MDdz). In contrast, the Lower Manitou project is located at the southern extension and consists of the Gaffney Patents, Gaffney East, Gaffney Extension, and Sherridon properties.

The Tremblay project is Located at the northern extent of the Dryden Gold land package and consists of the Turtlepond, Tabor, Avery, Hyndman, and Sandybeach properties.

 A New, Experienced Investor

On January 15, Dryden Gold announced the addition of Goldcorp [now Newmont Corp. (NEM:NYSE)] founder and former Chairman Rob McEwen to its nascent shareholder base. McEwen was a lead order in the company's recent RTO financing and now holds 5.01% of Dryden Gold's common shares on a fully diluted basis.

In his previous role, McEwen operated the Red Lake Mine in Ontario and discovered the prolific high-grade zone, producing over 26 million ounces of gold through 2020. McEwen is currently the Executive Chairman and Chief Owner of McEwen Mining Inc.

McEwen says about his new investment, "I am very familiar with Dryden Gold's property and have always felt it had high-grade potential and was under-explored. Goldcorp held the patented claims for many years, and I was disappointed to see it sold without ever being drilled by Goldcorp."

Maura Kolb, the President and Head of Exploration for Dryden Gold, said, "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."

Summary From Mapping Program

On January 18, Dryden reported a summary of its 2023 surface mapping program in the Tremblay area. This area, a piece of Dryden's 48,000-hectare strategic land package, is 300km2.

McEwen says about his new investment, "I am very familiar with Dryden Gold's property and have always felt it had high-grade potential and was under-explored. Goldcorp held the patented claims for many years, and I was disappointed to see it sold without ever being drilled by Goldcorp."

The goal of the program was to thoroughly examine and create maps of the land area. This was done in order to gain a better understanding of how to access the terrain for future exploration, to identify rock types within the area that could potentially contain gold deposits, and to outline the possible locations and types of gold deposits that may exist across the northern portion of the land being studied.

In this release, President and Head of Exploration Maura Kolb stated, "It is key for us to gain a better understanding of the potential types of deposits hosted on the Dryden Gold property and explore the ground with a very systematic and structured approach. We will rank and rate the exploration targets based on multiple criteria, strategically select grassroots targets for further exploration, and identify areas for property expansion."

Why This Industry? Gold is Money in Friendly Jurisdictions

Gold remains the critical monetary metal worldwide, as it has for millennia, with no end in sight. However, where we get gold and how we secure it is constantly changing. As the international geopolitical climate continues to deteriorate, the value of owned assets on the ground will be directly affected by how easy it is to navigate the jurisdictions where those assets are located.

Gold ore in Canada is, quite frankly, much easier for Western owners to access (and thus profit from) than gold in Russia, China, or other unstable and unpredictable jurisdictions.

As Ernst & Young's Top 10 Business Risks and Opportunities for Mining and Metals in 2024 report explains, "The race for minerals and metals required for the energy transition has driven a new range of government incentives and restrictions."

"As countries move to incentivize local investment, including through the U.S. Inflation Reduction Act (IRA) and the EU Critical Minerals Act, miners will need to be agile enough to take advantage of new opportunities while managing the risk of government intervention."

"Resource nationalization and more taxes, royalties, and restrictions mean miners should expect tougher operating conditions in some countries." 

Why This Company? Great People, Great Holdings

Even before McEwen joined the roster, Dryden Gold enjoyed a strong management team and Board of Directors comprising experienced individuals with a track record of building shareholder value through property acquisition, consolidation, and exploration success.

The company controls a 100% interest in a dominant strategic land position, including several historical gold mines that have seen limited modern exploration. In all, the property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. Additionally, the property has excellent infrastructure, enjoys First Nations support, and is located close to an experienced mining workforce.

Why now? Upcoming Drilling Results

Dryden Gold initiated an exploration drilling campaign at the Gold Rock Camp in November 2023. This ongoing program encompasses four distinct phases.

A phased approach enables an integrated geological assessment, and the insights gained from each program phase are worked into the subsequent phases, enhancing the understanding and targeting strategy.

The company accomplished approximately half of the anticipated 3,000-meter drill program during November and December 2023, with a total of 13 holes drilled, accounting for 1,613 meters in total depth. Assays from these holes are pending but could cause the stock to pop if they're as rich as anticipated.

The initial drill phase in November 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 1900s and has undergone exploration by Dryden's predecessors. Five holes were strategically placed to test the areas beneath mapped and chip-sampled veins that had never undergone drill testing before.

During December's drilling phase, the primary objective was enhancing 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.

streetwise book logoStreetwise Ownership Overview*

Dryden Gold Corp. (DRY:CVE;DRY:TSX)

*Share Structure as of 1/22/2024

The company is working from the theory that high-grade mineralization aligns with the steep plunge of either the intersection lineation of fault structures or the regional folding. So, the geology team conducted drilling along this steep plunge projection adjacent to the previously drilled high-grade mineralization.

The current month's drill phase is centered on testing the Elora vein trend, encompassing two historic mines dating back to the turn of the century. Previous drilling decades ago rendered promising results, so the upcoming drill program aims to test the southward extension of this vein trend.

Ownership and Share Structure

As of January 2024, Dryden Gold has a cash balance of CA$4 million, with 87,845,041 shares issued and outstanding. The company has 42,024,395 warrants outstanding, with 38,549,395 at CA$0.30 expiring on December 27, 2025. An additional 3,100,000 ESOP options are also outstanding for a fully diluted base of 132,969,436 shares.

Management and insiders hold some 17.37% of the company and are subject to a 36-month escrow. Other large investors include Alamos Gold (10.25%), EuroPac Gold Fund (8.31%), Delbrook Capital (7.77%), and Eric Sprott (4.55%). Rob McEwan can now be added to that list with his new 5.01% stake.

The company's outside counsel is Farris & Co., with Davidson & Co. acting as auditors and Odyssey Trust Company as transfer agent. In addition to being listed on the TSX Venture Exchange (under ticker DRY), the company is pending listing on the OTCQB.

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Important Disclosures:

  1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of [Dryden Gold Corp.].
  2. [Owen Ferguson] wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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