Broad Near-Surface Gold Hit Extends Discovery Footprint in Second-Pass Drilling

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1. Disclosure for the quote from the John Newell article published on December 22, 2025

1. For the quoted article (published on December 22, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, between US$2,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB; X7W:FSE) has released assay results from its second-pass drill program at the Sherridon gold discovery, highlighting a broad interval of near-surface mineralization from hole DSH-25-004. The hole returned 1.10 g/t gold over 15.50 meters, including a higher-grade interval of 25.20 g/t gold over 0.50 meters. This drillhole, located 150 meters east of DSH-25-001 — which was previously reported on October 14, 2025 — extends the mineralized footprint to the east.

The 2026 follow-up program included three drill holes testing large step-outs. DSH-25-004 was drilled 150 meters east on strike from DSH-25-001, DSH-25-005 targeted an area 300 meters southeast, and a third hole was collared approximately one kilometer west-northwest of the original program to evaluate a high magnetic anomaly and the regional extent of the shear zone.

According to a company news release, preliminary multi-element geochemical data from the 2025 program suggest that Sherridon's gold mineralization exhibits a unique fluid signature, distinct from gold systems in the nearby Gold Rock camp. A 1,226-sample till substrate survey conducted in 2025, along with drill hole geochemistry and ongoing 3-D geophysical inversion studies, is informing the next phase of exploration across the Sherridon property. The company stated that early interpretations point to an intrusion-related source for the mineralization, potentially allowing vectoring toward the system's core in future programs.

Maura Kolb, President of Dryden Gold, commented in the release: "The mineralization at Sherridon is very different from anything we have encountered in the Dryden Gold District. From our initial logging, the geology team noticed different textures and fabrics to the mineralized zones. Initial geochemistry from the 2025 drill program is supporting a very different deposit model. Our team believes that what we have encountered, to date, on the Sherridon Property, represents alteration and halo mineralization to a much larger system. The newly received till substrate results and ongoing 3-D geophysical inversion studies will be used to target the source or the major trap for mineralization at Sherridon. Mapping and Prospecting this summer will focus on outlining the true potential at Sherridon."

Gold Sector Trends and Geopolitical Drivers

In a January 20 report published by GOLDINVEST, gold prices temporarily rose above US$4,700 per ounce amid political tensions and trade conflicts. The publication stated that continued demand for gold was driven by investors seeking protection against geopolitical and economic policy uncertainty.

GOLDINVEST wrote that gold remained in demand as a classic "safe haven," adding that the move above US$4,700 was viewed by many market participants as a signal that "the risk premium in the price is continuing to solidify." The article referenced the World Economic Forum's Global Risks Report 2026, which identified "geo-economic confrontation" as the greatest risk for the year, reinforcing the environment in which gold demand persisted.

John Newell of John Newell & Associates described the company as a district-scale opportunity "uncovering stacked high-grade gold zones across a commanding land position in northwestern Ontario." 

Also on January 20, Stewart Thomson wrote that global governments were increasingly reliant on debt and fiat systems, which he argued reinforced gold's role as an alternative form of savings. He stated that "gold is the money of 'citizen kings'," and described gold savings as a response to what he characterized as instability driven by government policy and geopolitical conflict.

Thomson wrote that "the fundamentals in favour of gold are 'through the roof'," citing central bank actions, geopolitical tensions, and loss of confidence in fiat currencies as factors supporting sustained interest in gold as a monetary asset.

On January 21, GoldFix reported that Poland's central bank approved a plan to purchase up to 150 tons of gold, positioning the country among the most gold-concentrated reserve holders in the developed world. According to the report, the National Bank of Poland said the decision would significantly expand its bullion holdings, with GoldFix quoting the bank as stating, "This will place Poland among the elite 10 countries with the largest gold reserves in the world." The publication noted that central bank gold accumulation had been a major driver of gold's price performance and described the move as confirmation of a broader shift toward bullion as a strategic reserve asset amid geopolitical and financial fragmentation.

Third-Party Analysts Cite Strong Results, District Potential, and Strategic Momentum

On December 1, Couloir Capital reported that the company's initial three-hole drill program at the Mud Lake target yielded promising early results, highlighting "a vein intercept of 43.1 g/t gold over 0.5 meters," and noting that surface sampling returned grades "up to 93 g/t gold" from a high-grade shear zone.

Writing on December 11, Brien Lundin of Gold Newsletter stated that the 2025 exploration program had fulfilled its objectives. "Taken together — Mud Lake, Elora, Big Master and the early wins at Sherridon and Hyndman — Dryden Gold Corp.'s 2025 program has delivered on its stated exploration goals," he wrote, adding that the company was "now positioned to drill aggressively in 2026 with a fully funded program aimed at expanding both scale and continuity across the Gold Rock camp."

In a December 18 commentary, Jeff Clark of The Gold Advisor said a major drill campaign had "tripled the size of the core Gold Rock Zone," extending strike length, confirming stacked mineralized zones, and reinforcing geological similarities to the Red Lake district. He also cited encouraging indications of scale at Sherridon and Hyndman and noted that confirmation of "periodicity" suggested the potential for multiple Gold Rock-style deposits. Clark concluded that he was "overweight, Dryden."

¹On December 22, John Newell of John Newell & Associates described the company as a district-scale opportunity "uncovering stacked high-grade gold zones across a commanding land position in northwestern Ontario." Referencing intercepts of 301.67 g/t gold over 3.90 meters and historic results of 3,497 g/t over 8.5 meters, Newell rated the stock a "Speculative Buy" at CA$0.34.

In a January 8 letter, Chen Lin of What is Chen Buying? What is Chen Selling? noted that "DRY.v announced continued CGAU support and is doing a financing," and added that it "could be a good entry point if you are bullish on the sector and want to get involved." He also confirmed the company's participation in his upcoming panel event.

Expanded Drill Program and Targeting of Regional Discoveries Set the Stage for 2026

According to Dryden Gold's January 2026 corporate presentation, the company has expanded its 2026 drill program to a minimum of 32,000 meters, up from 23,000 meters, following recent warrant exercises and a top-off investment from strategic partner Centerra Gold. The increased budget of CA$11 million supports aggressive drilling at key targets, including Gold Rock, Sherridon, and Hyndman.

The company's exploration plan continues to focus on growing high-grade zones within the Gold Rock Camp while pursuing district-scale discoveries at Hyndman and Sherridon. Drilling is ongoing at the Gold Rock flagship, with results pending from the Pearl Zone. Drilling is also underway at the Hyndman discovery, where 2025 channel sampling returned 23.32 g/t gold over 2.80 meters.

At Sherridon, fieldwork is supported by geophysical inversion and soil-till integration to pinpoint new targets. The company has permits in place for further drilling at both Sherridon and Hyndman. As part of the 2026 regional exploration effort, Dryden also plans to review the property-wide soil-till dataset in search of additional regional targets. 

Ownership and Share Structure²

According to the company, contingent on post private placement, management and insiders own 5.45%, while strategic entities hold 50.25% of the shares. 

Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) holds 9.90%, Alamos Gold Inc. (AGI:TSX; AGI:NYSE) owns 10.57%, Delbrook Capital Advisors has 10.82%, and Euro Pacific Asset Management LLC owns 5.68%. There are currently 218 million shares outstanding. 

The company’s market capitalization is CA$74.6 million, and it trades in a 52-week range of CA$0.395 to CA$0.105.