Dryden Gold Announces Strategic Property Purchase

Rhea-AI Summary

Dryden Gold Corp. (TSXV: DRY) (OTCQB: DRYGF) has announced a strategic property purchase, signing a binding mineral claims purchase agreement with Shear Gold Exploration Corp. The deal involves acquiring 41 mineral tenures in the Lower Manitou project area for $80,000 cash, giving Dryden Gold an undivided, royalty-free 100% interest. The claims are strategically located, contiguous to the Company's Sherridon and Gaffney projects, and the Cross River Property in the Gold Rock Camp.

CEO Trey Wasser stated that this acquisition continues the consolidation of Dryden Gold's district-scale land package. Following a recent upsized financing, the company is fully funded for an aggressive exploration program in 2025. While the main focus remains on expanding mineralization at the Elora and Big Master gold systems at Gold Rock, Dryden Gold plans to expand and upgrade its district-scale project pipeline.

Positive

• Strategic acquisition of 41 mineral tenures for $80,000 cash
• Fully funded for aggressive exploration program in 2025
• Expansion of district-scale land package
• Royalty-free 100% interest in the acquired claims

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 21, 2024) - Dryden Gold Corp. (TSXV: DRY) (OTCQB: DRYGF) ("Dryden Gold" or the "Company") is pleased to announce that it has signed a binding mineral claims purchase agreement (the "Purchase Agreement") with Shear Gold Exploration Corp. ("Shear Gold"), to acquire 41 mineral tenures (the "Shear Gold Claims") in its Lower Manitou project area. The Purchase Agreement calls for a purchase price of $80,000 cash to be paid at closing for an undivided, royalty-free 100% interest in the Shear Gold Claims. Shear Gold is an arms-length private Ontario corporation and closing is expected on October 22, 2024.

The Shear Gold Claims

The Shear Gold Claims consist of 41 single cell and multi-cell mining claims (see "Dryden Gold Land Addition" in Figure 1) that are strategically located; (1) contiguous to the Company's Sherridon and Gaffney projects and (2) contiguous to Gaffney and the Cross River Property, in the Gold Rock Camp, which the Company purchased earlier this year (see press release dated February 2, 2024). Initial results from the summer field program and re-logging of historic core have made both of these areas priority targets for the Company's expanded exploration program in 2025.

"The Shear Gold Claims represent another strategic acquisition as Dryden Gold continues to consolidate its important district-scale land package (see Figure 1). Having completed our recent upsized financing, we are now fully funded for an aggressive exploration program in 2025. While our main focus will remain the expansion of mineralization on the Elora and Big Master gold systems at Gold Rock, we also plan to expand and upgrade our district-scale project pipeline," stated CEO Trey Wasser. "We still have drill samples in the lab from fall drilling at Gold Rock and drilling is scheduled to resume early next month. 2025 will be an extremely exciting year for Dryden Gold".

Figure 1 - Dryden Gold Land package with new addition of land coloured in orange

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9776/227224_3eeb184d144ec9dc_001full.jpg

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") 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.

For more information go to our website www.drydengold.com.

CONTACT INFORMATION

Trey Wasser, CEO
Email: twasser@drydengold.com
Phone: 940-368-8337

Ashley Robinson, Investor Relations
Email: ir@drydengold.com
X: @DrydenGold

Maura Kolb, M.Sc.. P. Geo., President
Email: mjkolb@drydengold.com
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.

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 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 including receipt of TSX Venture Exchange approval for the acquisition of the Property; risks related to environmental regulation and liability; 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227224

FAQ

What is the recent acquisition made by Dryden Gold Corp. (OTCQB: DRYGF)?

Dryden Gold Corp. (OTCQB: DRYGF) has acquired 41 mineral tenures in the Lower Manitou project area from Shear Gold Exploration Corp. for $80,000 cash, giving the company a 100% royalty-free interest in the claims.

How does the new acquisition fit into Dryden Gold's (OTCQB: DRYGF) existing projects?

The newly acquired claims are strategically located, contiguous to Dryden Gold's existing Sherridon and Gaffney projects, as well as the Cross River Property in the Gold Rock Camp, further consolidating the company's district-scale land package.

What are Dryden Gold's (OTCQB: DRYGF) exploration plans for 2025?

Dryden Gold (OTCQB: DRYGF) plans an aggressive exploration program in 2025, focusing on expanding mineralization at the Elora and Big Master gold systems at Gold Rock, while also expanding and upgrading its district-scale project pipeline.

When is Dryden Gold Corp. (OTCQB: DRYGF) resuming drilling operations?

According to the press release, Dryden Gold Corp. (OTCQB: DRYGF) is scheduled to resume drilling operations in early November 2024.