Gold Explorer Hits High-Grade 1,055 g/t Intercept in Saskatchewan

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1. 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.

Trident Resources Corp. (ROCK:TSXV; TRDTF:OTCMKTS) announced assay results from five diamond drill holes conducted during the 2026 winter drill program at the Contact Lake Gold Project in northern Saskatchewan, according to an April 29 release.

The standout drill hole, CL26036, delivered the most impressive results to date for Trident, showcasing high-grade gold values from a broad zone of variably sheared host rocks within and adjacent to the Bakos Shear Zone.

The drilling was strategically executed on the ice of Contact Lake, specifically targeting the BK3 Zone, which is situated over 200 meters east-northeast along strike from the Contact Lake Main Zone, the company said.

The results from these holes confirm the presence of a mineralizing system at Contact Lake that consistently yields broad mineralized intervals with significant high-grade cores. Notably, the gold mineralization at Contact Lake is extensive both laterally and vertically and remains open in all directions.

"Results thus far from the winter program at Contact Lake demonstrate significant continuity of mineralization, support the scalability of the deposit, and indicate substantial remaining exploration potential," said Chief Executive Officer Jon Wiesblatt. "The intercept reported in Hole CL26036 represents a rare, high-grade result in Canadian gold exploration. Results to date at Contact Lake are comparable in style and tenor to other significant high-grade discoveries in Canada, including the Dixie Project in Red Lake and Eskay Creek in British Columbia's Golden Triangle."

He continued, "What makes these results particularly compelling is the fact that mineralization remains open in all directions, highlighting the significant growth potential we see across the system. We are seeing high-grade gold associated with multiple, parallel shear zones in drilling, which is exciting as the potential convergence of these zones at depth represents an untested high-priority drill target."

Highlights of the Results

Among the highlights, hole CL26036 reported an exceptional 15.11 grams per tonne (g/t) of gold over 51.83 meters from a depth of 256 meters, including several high-grade sections such as 14.6 g/t gold over 12.77 meters and 20.69 g/t gold over 28.69 meters within the Bakos shear, the release said. This hole also included two remarkable single assay results of 256 g/t gold over 0.55 meters and 1,055 g/t gold over 0.5 meters. Another drilled hole, CL26032, yielded 5.07 g/t gold over 21.5 meters from 359.5 meters.

With the winter drilling activity concluded after completing 29 holes, plans are underway for additional drilling scheduled to commence in late spring.

Wiesblatt emphasized that the recent exploration successes at Contact Lake are beginning to reveal the broader potential of the La Ronge Gold Belt, a historically significant gold-producing region in Canada that has received relatively limited modern, systematic exploration and investment.

Trident's methodical and thorough approach to exploration, which includes routine sampling of every drill hole from start to finish, is enhancing the geological understanding of Contact Lake, the CEO noted. This strategy is set to better define the true scale and continuity of mineralization. With approximately CA$30 million in treasury, Trident is well-positioned financially for 2026 and beyond, allowing for aggressive advancement of the project. With 15 additional holes still pending from Contact Lake, specifically targeting the high-grade BK3 zone, and an extensive drilling program planned for the summer and fall, Trident anticipates considerable upside as it continues to unlock the potential of this promising system.

Currently, the finalized assay numbers for fifteen additional holes are still pending, the company said. The holes discussed in this release specifically targeted the BK3 zone, an area where the Bakos shear zone is known to host gold. This zone features an anastomosing network of variably sheared horizons, with significant gold mineralization observed not only in the hanging wall above the main shear but also within the Bakos shear zone itself and in the weakly altered footwall below. These findings contribute to a deeper understanding of the mineralization pattern and potential of the area.

'Best Drill Hole I Have Seen in Years'

Trident Resources has recently reported exceptional results from their winter drilling program at Contact Lake, capturing significant attention with what is described as one of the most impressive drill results in recent years, Bob Moriarty of 321gold.com wrote on April 29.

"Trident Resources just delivered the very best drill hole I have seen in years," he wrote. "In a press release sent out early in the morning on April 29, the company reported five holes from their winter drill program at Contact Lake."

Moriarty noted that Hole CL26036, which yielded an intercept of 15.11 g/t gold over a span of 51.83 meters starting from 2560 meters depth, translated to a notable 783.15 gram-meters score, making it the most successful drill result ever recorded at Contact Lake.

To further establish the continuity of mineralization, Trident also highlighted results from hole CL26032, which itself would be considered a significant find. This hole showed 5.07 g/t gold over 21.5 meters, amounting to 109 gram-meters of gold. These results are part of a broader effort by Trident, which already boasts a 2-million-ounce (Moz) gold resource as per NI 43-101 standards and had commenced the drill program with CA$12 million in funding.

The impressive drill results are expected to substantially increase the gold ounces at Contact Lake and are anticipated to drive the company's stock price significantly higher, Moriarty said. Comparatively, the last notable high-grade deposit similar to this was the Great Bear project, which saw its share price escalate from CA$0.50 to a buyout at CA$29. However, it's worth noting that Great Bear had almost twice the number of shares outstanding, and the price of gold was lower back in 2022.

Stock 'Destined to Be a Ten-Bagger'

According to FactSet on February 6, Fundamental Research Corp. Analyst Sid Rajeev gave Trident a Buy rating with a CA$4.27 target price.

On April 17, 2026, Moriarty noted in a Streetwise Reports contributed opinion piece that, "I believe the corporation is destined to be a ten-bagger in due course. With CA$32 million in the coffers as far as cash and tradable securities, the enterprise is robustly financed for a mound of drilling."

The Catalyst: The Return of Safe-Have Demand?

On Thursday, gold prices saw a notable increase as the dollar weakened and oil prices slightly declined, with analysts attributing part of this rise to increased safe-haven demand amid escalating tensions in the U.S.-Iran conflict, reported Reuters in an article published by CNBC on April 30. Spot gold rose by 1.9% to US$4,630.03 per ounce, recovering from its lowest point since March 31 during the previous session. Despite this uptick, bullion was still down by about 0.9% for the month. Similarly, U.S. gold futures for June delivery experienced a 1.8% increase to US$4,642.90.

The depreciation of the dollar by 0.3% played a role in making gold, which is priced in dollars, more accessible to holders of other currencies. Independent analyst Ross Norman commented on the situation, noting, "Certainly some sense of uncertainty in the Middle East is fueling something of a recovery in gold. From the strength of the recovery at the moment, there was also some suggestion that the price seems to have found for now a temporary floor."

Adding to the geopolitical concerns, a report from Axios indicated that U.S. President Donald Trump was scheduled to receive a briefing about potential military strikes on Iran. This news comes as Brent oil prices initially surged to four-year highs due to fears of further conflict escalation, although they later reversed and turned negative.

Gold, traditionally seen as a safe-haven asset during times of uncertainty, has declined about 12% since the onset of the U.S.-Iran conflict. The rising energy prices have heightened inflation fears, potentially leading to higher interest rates, which could negatively impact gold, a non-yielding asset, Reuters noted.

However, some analysts, like Nitesh Shah, a commodity strategist at WisdomTree, suggest that safe-haven demand for gold might be increasing, the article noted. Shah observed, "Gold is behaving a bit more like we should expect it to behave. It should be rising in times of geopolitical risks, and clearly that geopolitical risk is that there’s speculation that the U.S. is getting ready for the next level of escalation."

The gold market has maintained its early gains but didn't shown significant movement in response to the latest U.S. economic data, which indicates a continued slowdown in economic growth and stable core inflation levels, Neils Christensen wrote for Kitco News on April 30. On Thursday, the U.S. Bureau of Economic Analysis (BEA) released the first estimate of the U.S. Gross Domestic Product (GDP) for the first quarter, revealing a 2% growth rate. This marks an increase from the 0.5% growth observed in the fourth quarter of the previous year. However, this growth was slightly below the anticipated 2.2% economists had forecasted for the first quarter.

The BEA report highlighted that the primary drivers of GDP growth in the first quarter included investment, exports, consumer spending, and government spending, Christensen wrote. Additionally, imports, which negatively impact GDP calculations, also saw an increase.

In a related report, the BEA addressed inflation concerns, noting that while inflation pressures remain high, they are not surpassing expectations. The Personal Consumption Expenditures (PCE) Index, a key measure of inflation, rose by 0.7% last month, a rise from the 0.4% increase seen in February. Economists have pointed out that ongoing global energy supply disruptions, exacerbated by the conflict in Iran, continue to push headline prices upward, with inflation reaching 3.5% for the year.

Ownership & Share Information¹

Trident Resources Corp. has a market cap of CA$121.81 million, with 39.29 million shares outstanding. The company's 52-week range is CA$0.52-CA$3.70.

Institutions own 5.08% of shares, while Management & Insiders own 3.62%. The remaining 91.3% of shares are held by Retail.