Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Dryden Gold Corp. (TSXV: DRY) (OTCQB: DRYGF) ("Dryden Gold" or the "Company") is pleased to provide an update on the Phase 5 drill program at its Gold Rock Project, Dryden Ontario. Drilling and logging began in late July and was completed last week with core cutting and sample analysis ongoing. This drill program was designed to follow up on the high-grade shoots discovered on the Elora and Big Master Gold Systems. In the Phase 5 drill program, the Company drilled nine holes totalling approximately 1,600 meters.
Highlights:
Three new Elora drill holes follow up on previously released result from drill hole KW-24-008of 14.10 g/t gold over 7.54 meters
Visible gold in Elora drill holes KW-24-017 and KW-24-024 below 200 meters
The Elora Gold System Three holes have been completed to test the extension of the Elora gold system along the high-grade plunge. Earlier this year, Dryden Gold completed drill hole KW-24-008 which targeted the depth extension of historic drilling. Multiple intercepts of both quartz veining and sulphide mineralization returned 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. On August 12, 2024, the Company announced that visible gold was observed multiple instances in the first follow-up hole at Elora, KW-24-017. This hole intersected a mineralized a zone of similar width that is 30 meters deeper and 45 meters along strike from hole KW-24-008. The zone intersected in hole KW-24-017 is located at 220 meters true depth. Two additional holes have now been completed down plunge and both intercepted a similar sized mineralized zone with visible gold observed in hole KW-24-024 (see Figure 1). Assays are pending for these three drill holes at Elora.
"We are extremely pleased with what we are seeing and learning from the Elora drilling and the modeling of historic data. The Elora Gold System has over two kilometers of known strike length. Between the historic mine sites and our fieldwork, we now have several additional targets at Elora for our fall drill program. It is exciting to see these intercepts at depth as Archean systems in Ontario tend to have very deep roots. The team is diligently refining their knowledge of the controls for these high-grade shoots to improve prediction and facilitate the expansion of these structures. These are extremely exciting times for Dryden Gold", stated Trey Wasser, CEO and Director of Dryden Gold Corp.
Figure 1: Long section showing grade x width interpretation on the Elora gold system. Section shows the area where the new drilling has occurred - see Figure 2 for location on plan map.
Strike Length & Down Plunge Potential Elora saw a significant amount of historic exploration from the 1980's to early 2000's. The technical team has now re-interpreted the historic data. The results show a high-grade shoot, starting at surface, extending to over 220 meters and open at depth. Two historic mines, the Elora-Jubilee and Laurentian Mines, are located north of the current drilling. The Elora-Jubilee Mine lies directly north. The Laurentian Mine is approximately 1 km further north (Figure 2) and was the most productive mine in the entire Kenora Mining District. 20,000 tons of ore at 14 g/t gold to 140 meters depth.1 were recovered at Laurentian. The Gold Rock Camp was historically mined to very shallow depths, while similar deposits in the region continue to depths of over a kilometer (Figure 2). The team is currently working on drill plans and permitting for an expanded fall drill program. The goals of the fall drill campaign will be to: (1) test near surface, and down dip extension on the identified Elora high-grade shoot (2) test along strike on the Elora gold system where fieldwork has identified favourable settings for other high-grade shoots to occur (3) step out drilling to test the Laurentian Mine area along strike.
Big Master Gold System Phase 5 drilling has just been completed on two high-grade shoots on the Big Master Gold System. Drill core is being logged and cut. In addition, the re-logging program is currently being focused in this area. The Company will be providing an update shortly.
Upcoming Conferences and Events Dryden Gold will be attending the Precious Metals Summit in Beaver Creek that is taking place September 10-13, 2024. Management will be available to take meetings in the lobby of the Park Hyatt Resort; investors are encouraged to contact [email protected] to arrange a time.
Management will also be presenting at the Noble Capital Markets Virtual Equity Conference, taking place September 25-26, 2024, as well as hosting one-to-one meetings with interested investors. Additional information will be made available soon.
For more information about future conferences and roadshows that management will be participating in, please visit our website.
1.Blackburn, C.E., 1981, Boyer Lake - Meggisi Lake Area, District of Kenora, Ontario Geological Survey, Report 202, 139p.
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") and on the OTCQB marketplace ("DRYGF"). 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'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 collaborative relationships with First Nations communities and benefits from proximity to an experienced mining workforce.
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.
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 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.
