Junior Miner Strikes Visible Gold in Canada

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* Disclosure for the quote from the Clive Maund article published on April 15, 2025

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Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) has released an update on its 15,000-meter drill program at the Gold Rock project in Ontario, reporting that 6,084 meters have been completed to date. The company highlighted a significant intercept in Hole KW-25-003, which returned 301.67 grams per tonne (g/t) of gold over 3.90 meters, including 1,930 g/t gold over 0.60 meters. This result, from a newly identified Hanging Wall Zone (HW Zone), is among the highest-grade intervals reported to date and has prompted follow-up drilling both near surface and around 200 meters.

Gold Rock hosts Archean Lode-Gold style mineralization, which is strongly influenced by structural deformation. Dryden Gold is actively refining its understanding of the area's structural history, recently identifying a third gold-bearing structural trend, referred to as the D3 Structure. This new trend has been incorporated into current drill planning. Targets include the Jubilee Zone, the historical Laurentian Mine, and the structurally complex Intersection Target. President Maura J. Kolb noted in the news release, "The team continues to adjust the drill plan as new data is collected, helping us have the best chances for intersecting high-grade gold mineralization at the most effective cost."

The Jubilee Zone, initially drilled in 2024, has demonstrated a strike length of approximately 100 to 150 meters and remains open down plunge at depths of 300 to 500 meters. Hole KW-25-003 intersected both Jubilee and the HW Zone, leading the geology team to revise the structural model to reflect a more southerly plunge than initially interpreted.

Dryden has also started testing the Laurentian Mine, which operated in the early 1900s and produced 20,000 tonnes at an average grade of 14 g/t gold. Drilling is underway to evaluate potential extensions beneath the historic workings. Meanwhile, the company is pursuing its structural model at the Intersection Target, where three deformation zones converge, supported by geophysical and mapping data.

Dryden Gold will provide further updates at several upcoming investor events, including The Mining Investment Event of the North in Quebec City from June 3 to 5, and 121 Mining Investment New York on June 9 and 10. Management will also host investor meetings in Montreal and Quebec City during the first week of June.

On May 14, Jeff Clark of The Gold Advisor and Paydirt Prospector had an interview with Dryden, which you can see here. In the interview, Clark points out that the company "has already hit some high grades," talking about the news above. Clark continued and said, "This could be potentially be . . .  a new Red Lake — not just project — but district." He also mentioned his high opinion of the team behind Dryden. 

Gold Mining in a High-Price, Stagflationary Environment

Gold developers operated in an increasingly favorable environment through mid-May, driven by macroeconomic pressure, investor demand, and elevated bullion prices. On May 7, Ahead of the Herd highlighted that rising inflation and slowing growth had contributed to a potential "stagflation for the ages," a condition historically beneficial for gold. The site noted, "Gold does well in stagflationary periods and outperforms equities during recessions," referencing a 32.2% average return for gold during past stagflationary periods.

On May 9, Morris Hubbartt of Super Gold Signals stated, "We're in the ‘blastoff' zone now for a lot of the junior miners," emphasizing a technical and sentiment shift in favor of smaller gold exploration companies. His commentary accompanied the rebranding of his service to reflect "the growing global importance of gold," reinforcing the broader narrative of sectoral momentum.

Gold's strong price performance continued to support industry activity. Rob McEwen, writing in Junior Stocks on May 12, observed that gold had risen more than 25% in 2025, while equities lagged behind. He noted that although some investors were still hesitant due to past underperformance, the stage had been set for a sharp rally in gold equities. "The equities will follow," McEwen stated, referring to what he called an "explosive" setup in the sector driven by geopolitical tensions, central bank buying, and inflation concerns.

A May 15 report from Stockhead noted that while gold remained the primary focus for many investors, the gold-silver ratio had reached a historically rare level of 100, signaling potential upside for silver. With gold at US$3,200 per ounce and silver at US$32.80 per ounce, the ratio remained well above its long-term average of 60. John Forwood of Lowell Resources Fund told Stockhead, "The gold-silver ratio is currently at historic highs of over 100:1," and added that a reversion to the mean could send silver to new highs even if gold prices held steady. The article also highlighted increasing industrial demand for silver, particularly from the photovoltaic sector, which now accounted for about 20% of total industrial usage and continued to grow at a rate of 20 to 25% annually. Despite this demand, supply remained inelastic due to the limited number of silver-dominant mines globally.

Analysts Highlight Dryden Gold's Discovery Momentum and Technical Strength

Dryden Gold drew renewed interest from market analyst Chen Lin in the April 9 edition of his newsletter What is Chen Buying? What is Chen Selling?, where he spotlighted a recent drill intercept as a "blind discovery." Lin explained that the company encountered visible gold at a depth of approximately 200 meters, about 80 meters above the expected target zone, in an area with no previous drilling. He reported, "They hit 2 meters of highly visible gold," and while he did not expect the interval to match the company's earlier result of "5 kg/ton gold," he described the new hit as potentially "very high" grade.

Lin noted that Dryden Gold had delivered "great presentations" at the Metals Investor Forum and confirmed that the company had remained on his watchlist since then. He disclosed that the new discovery prompted him to increase his personal position and added that the company was working to obtain assay results ahead of its next appearance at the May forum. Ongoing drilling was focused on defining the geometry and extent of the newly identified mineralized zone.

*In a separate analysis dated April 15, Technical Analyst Clive Maund called Dryden Gold an "Immediate Very Strong Buy," citing both its technical setup and favorable conditions in the gold sector. He wrote that the broader precious metals market had recently broken out of a five-year consolidation pattern, which he described as a "Bowl" formation, suggesting that "stocks like Dryden Gold will have the wind at their back."

Maund pointed to consistent support for Dryden Gold shares at the CA$0.10 level, which had been tested multiple times since the company's debut. He highlighted recent signs of accumulation, including increased trading volume and block purchases, as indicators of growing investor interest. "The writing is on the wall," Maund stated, describing the stock as positioned to enter a longer-term uptrend. He identified near-term resistance between CA$0.22 and CA$0.24 and set an initial price target of CA$0.40, with potential for further gains as exploration results continue to develop.

What to Watch: Key Catalysts for Dryden Gold

According to its May 2025 investor presentation, Dryden Gold is focused on growing its Gold Rock Camp project and advancing multiple early-stage targets across its 702 km² land package. High-grade intercepts at Gold Rock have included 30.72 g/t gold over 5.70 meters, 15.17 g/t gold over 6.95 meters, and 26.11 g/t gold over 3.16 meters. Historic drill data includes a standout result of 3,497.0 g/t gold over 8.50 meters, including 53,700 g/t gold over 0.55 meters.

Dryden's 2025 exploration budget totals CA$5.8 million, with CA$1.5 million allocated to drilling at Gold Rock, CA$1.6 million for Gold Rock Extension, and CA$800,000 for drilling at priority regional targets including Hyndman and Sherridon. Additional budget items include CA$700,000 each for geochemical surveys and mapping, CA$250,000 for 3D geophysics, and CA$150,000 for channel sampling.

Regional targets continue to deliver encouraging results. At Sherridon, historic surface samples have returned up to 617.00 g/t gold, while recent drill holes include 15.40 g/t gold over 5.50 meters and 83.10 g/t gold over 1.00 meter. At Hyndman, 2024 field programs expanded on 2023 discoveries, with multiple surface samples returning over 10.00 g/t gold and new geophysical anomalies identified.

Dryden benefits from strategic infrastructure, including highway and grid access, year-round drilling capability, and collaborative relationships with First Nations communities. The company's regional land position spans 50 kilometers of the Manitou-Dinorwic deformation zone, a known gold-bearing structure. With limited historical drilling and increasing geological clarity, Dryden is continuing to refine and prioritize targets throughout 2025.

Ownership and Share Structure

According to the company, management and insiders own 7.57%, with strategic entities owning 57.43% of Dryden.  

Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) holds 9.99% with  Alamos Gold Inc. (AGI:TSX; AGI:NYSE) holding a 14.35% stake in it. Euro Pacific Asset Management LLC owns 4.55%. There are 160 million shares outstanding. 

Its market cap is CA$32 million, and it trades in a 52-week range of CA$0.40 and CA$0.095.