9.40 g/t Gold Over 4.60 Meters Extends Spyglass Zone to 330 Meters Depth

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Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQX; X7W:FSE) reported results from four drill holes testing the down-plunge extension of high-grade gold mineralization at the Spyglass and Buccaneer zones at Gold Rock, extending both zones to greater vertical depths.

At Spyglass on BM2, hole DGR-073 returned 9.40 g/t gold over 4.60 meters, including 78.40 g/t gold over 0.38 meters. The drilling extended Spyglass from approximately 190 meters to 330 meters vertical depth and added approximately 110 meters by 50 meters to its interpreted mineralized footprint. The company said the expanded drilling approximately doubled the interpreted size of the Spyglass zone.

All four drill holes intersected visible gold at Spyglass in locations predicted by Dryden Gold's geological interpretation. Other Spyglass results included DGR-071 with 4.60 g/t gold over 2.00 meters, including 12.40 g/t gold over 0.50 meters; DGR-072B with 5.47 g/t gold over 1.65 meters, including 13.90 g/t gold over 0.50 meters; and DGR-074 with 2.54 g/t gold over 4.78 meters, including 10.10 g/t gold over 0.75 meters. Reported intervals are drilled core lengths, true width is unknown and assay values are uncut.

DGR-073 also intersected the Buccaneer zone on BM1 at 370 meters true depth. The company said Buccaneer has been extended from approximately 185 meters to 370 meters vertical depth, returning 0.95 g/t gold over 5.55 meters, including 7.70 g/t gold over 0.55 meters. The intersection was south of the modeled high-grade zone. Buccaneer was extended from approximately 185 meters to 370 meters vertical depth.

"The continued expansion of Gold Rock at depth is a very important achievement for the technical team," CEO Trey Wasser said in the company announcement. "One of our key objectives of this drill campaign is to expand the known high-grade zones at depth, and these four holes prove our model is working."

Wasser said the interpreted footprint of Spyglass increased by approximately 5,500 square meters. He also said Gold Rock now contains 15 discovered mineralized structures and that the target area has expanded to more than one kilometer by 750 meters.

Dryden Gold also reported that it entered a promotional services agreement dated February 27, 2026, with Epstein Research, an arm's-length service provider. Epstein Research was engaged to provide investor awareness and promotional services, including social media communications and the preparation and distribution of three written articles every three months. The agreement has an initial three-month term, subject to renewal or termination under its terms. Dryden Gold paid a cash fee of US$7,500 in advance, with no securities or other equity-based compensation issued or to be issued under the agreement.

Gold Market Responded to Inflation, Rates, and Geopolitical Developments

According to an August 28 report from Kitco News, gold came under selling pressure after Federal Reserve Chair Kevin Warsh emphasized inflation during his speech at the annual Central Bank Symposium in Jackson Hole, Wyoming. Warsh said the Fed's preferred inflation measure stood above its 2% target and described price stability as a greater concern than labor-market conditions. "We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do," Warsh said. Kitco reported that the remarks contributed to renewed market expectations for a possible interest-rate increase.

The report also cited Jeffrey Roach, chief economist for LPL Financial, who characterized the speech as reflecting a changing approach to monetary policy. "The distinctly hawkish speech gave support to the dollar as the chairman appears comfortable keeping policy higher for longer," Roach said. Kitco reported that gold prices declined more than 1% during the session as markets reacted to Warsh's comments.

Yahoo Personal Finance reported on August 31 that precious metals had continued to face pressure from developments involving monetary policy and geopolitical tensions. "Renewed military conflict in the Middle East and growing bets that the Fed will soon raise rates are weighing on precious metal prices this morning," Tim Manni wrote. The report said U.S. attacks on Iranian rocket launchers had marked the first escalation since July, contributing to higher oil prices and inflation concerns. It also noted that gold's opening price was down 3.3% from one week earlier but remained 9.3% higher than one month earlier and 30.6% higher than one year earlier.

Trading Economics reported on September 1 that gold had traded below US$4,450 per ounce and hovered near two-week lows as higher oil prices and Warsh's remarks strengthened expectations for a U.S. rate increase during the month. Gold was quoted at US$4,382.57 per ounce, while the data showed the metal remained up 8.12% over the preceding month and 24.04% over the preceding year. Trading Economics reported that markets had priced in a greater than 65% probability of a September rate increase, compared with around 36% before Warsh's remarks.

Despite the recent decline, Trading Economics reported that gold had gained about 10% during August following U.S. Treasury plans to double liquidity-support buybacks of longer-dated bonds. The report described gold as "one of the most widely followed precious metals". It noted that demand had been driven by financial markets, jewelry consumption, and industrial use. At the same time, the metal had also been regarded as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk.

Couloir Capital Upgrades Price Target to CA$1.20

In a June 5 report, Couloir Capital analyst Ron Wortel reiterated a "Buy" rating on Dryden Gold and increased his price target to CA$1.20 per share. Wortel cited exploration results from the Gold Rock system, where drilling had intersected 15 mineralized structures across a 600-meter-wide corridor.

Wortel also highlighted subsequent drilling at Gold Rock, including the Sparrow and Buccaneer discoveries. He cited 32.87 g/t gold over 4.25 meters at Sparrow and 13.08 g/t gold over 3.80 meters at Buccaneer. He wrote that "subsequent drilling identified three new high-grade veins, including 32.87 g/t gold over 4.25 meters at Sparrow and 13.08 g/t gold over 3.80 meters at Buccaneer."

The analyst also pointed to the maiden drilling program at Hyndman, where all six holes intersected gold mineralization. Wortel cited the company's financial and strategic position as supporting its ongoing drilling program and planned exploration work.

Drilling, Regional Programs, and 2026 Exploration Work

Dryden Gold's fully funded 45,000-meter drill program will continue testing down-plunge extensions of known high-grade zones across its 15 mineralized structures at Gold Rock. The program will also continue identifying new high-grade zones along strike and testing the continuity of lower-grade gold mineralization between high-grade zones.

Follow-up drilling at Buccaneer will test the company's model to the north following the DGR-073 intersection south of the modeled high-grade zone. The company's 2026 presentation also identifies the acceleration of drilling at Gold Rock and the addition of a second drill rig among the company's 2026 activities.

The presentation states that the 2026 exploration budget totals CA$17.5 million and includes 45,000 meters of drilling. Gold Rock footprint expansion and down-plunge drilling, including the addition of a second drill rig, accounts for CA$10.5 million. As of the presentation, CA$3 million had been spent on approximately 10,000 meters under that program.

Gold Rock Camp work carries a budget of CA$2 million and includes Mud Lake drilling and mapping of additional targets. The company's 2026 exploration emphasis includes growing the Gold Rock target area along strike and at depth, and drill testing at Mud Lake. The presentation's timeline places Mud Lake drilling later in 2026.

Regional targets carry a budget of CA$5 million, with CA$2 million spent to date on approximately 3,000 meters. Work includes drilling at Hyndman and Sherridon, follow-up on the soil-till program, and mapping.

At Hyndman, the company identifies a 12-kilometer by 2.5-kilometer gold-in-till anomaly corridor. Its initial drill program intersected gold mineralization in all six holes. The anomaly corridor remains open along strike, and Dryden Gold has continued expanding its land position by staking an additional 12,000 hectares based on gold-in-till anomalies. The presentation states that a comprehensive exploration program and 2026 drill program are being planned, with permitting underway.

Other planned 2026 work includes planning and permitting new exploration targets at North Mud Lake and the Walmsley Deformation Zone within the Gold Rock Camp, as well as expanded areas at Hyndman and Sherridon. Dryden Gold also lists a till substrate sampling program on new ground, mapping and prospecting of priority target areas, and regional heavy mineral concentrate sampling.

The company's listed 2026 catalysts also include continued expansion of the Gold Rock target area, testing for periodicity on strike in the Gold Rock Camp through drilling at Mud Lake, drill testing the Hyndman Granodiorite discovery, further testing of the Sherridon regional target, and reviewing the property-wide soil-till program with the goal of adding new regional targets.

Dryden Gold's management is scheduled to be in Beaver Creek, Colorado, from September 22 to 25, 2026, followed by participation in Mining Forum Americas in Colorado Springs from September 27 to 30. President Maura Kolb is scheduled to speak at 8:40 MDT on September 30.