Visible Gold Appears in First-Ever Drill Program at New Target

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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.

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQX; X7W:FSE) reported visible gold in its first drill program targeting Mud Lake North, approximately three kilometers north of Gold Rock. The program was designed to follow up on high-grade surface samples collected during the company's 2025 field mapping campaign.

The first two drill holes intersected broad zones of alteration accompanied by significant sulphide mineralization. The third hole intersected similar alteration and sulphide mineralization along with visible gold. Core photographs from drill hole DML-008 showed multiple specks of visible gold in a quartz-filled fracture and additional specks on the opposite side of the core. Assays remained pending for all three holes.

The company said the major goal of testing at Mud Lake North was to prove the periodicity of target areas within the Gold Rock Camp. Drilling continued at Mud Lake, with approximately 2,000 meters planned to test down-plunge and along strike.

Trey Wasser, CEO of Dryden Gold, stated, "The discovery of visible gold at Mud Lake North is very exciting and provides strong initial support for our 'String of Pearls' theory, similar to the active mines in the Red Lake District." Wasser added, "Seeing visible gold in these drill holes is an encouraging early indicator that our geological model may be correct and strengthens our confidence in the potential for additional discoveries across the Gold Rock Camp."

In a separate corporate update issued September 17, Dryden Gold reported that the TSX Venture Exchange had approved its Omnibus Equity Incentive Plan, which shareholders previously approved at the company's annual general meeting on July 8, 2026, in Vancouver, British Columbia. The Omnibus Plan replaced the company's existing 10% rolling Stock Option Plan, with all options granted under the previous plan continuing under the Omnibus Plan.

Dryden Gold also extended its engagement with Bunt Capital Corporation, originally announced on March 7, 2025. Under the 12-month extension, the company agreed to pay Bunt CA$16,500 per month and grant 200,000 stock options. The options are exercisable for five years at CA$0.26 and vest quarterly over one year. Bunt will communicate directly with existing shareholders, analysts, and prospective investors. The extension remained subject to TSX Venture Exchange approval.

Gold Trades Above US$4,300 as Markets Weigh Rates and Central Bank Demand

Gold prices moved above US$4,300 per ounce as investors assessed shifting interest-rate expectations, inflation pressures, and continued central bank demand.

BullionVault reported on September 16 that gold had rebounded after falling to a five-week low earlier in the week. The recovery came as crude oil prices declined and government bond yields eased ahead of the Federal Reserve's interest-rate decision.

Precious metals strategist Nicky Shiels pointed to differing signals from gold and broader interest-rate markets. "Gold is saying the Fed should hike once within 6 months; broader market is saying it should hike twice," Shiels said, according to BullionVault. She added, "Real policy rates are barely positive against 3.7% [inflation]."

Metals Focus also identified opposing forces affecting the metal. "[While] a more hawkish interest rate outlook has weighed on investor interest," the consultancy said, "healthy buying by central banks during July-August has provided important support to gold prices."

The Wall Street Journal subsequently reported that gold's direction had become increasingly connected to the pace of U.S. interest-rate increases following the Federal Reserve's rate increase. The Fed raised rates after higher energy prices and stronger-than-expected underlying inflation added to price pressures.

According to the report, MUFG's Soojin Kim wrote, "Inflation and elevated Treasury yields limit gold's upside despite geopolitical and safe-haven providing support."

On September 17, Trading Economics reported that gold had climbed above US$4,300 per ounce as easing oil prices reduced inflationary pressures. Gold was quoted at US$4,346.80 per ounce, representing a 1.95% daily increase and a 19.30% gain over the previous year.

Trading Economics said gold had remained under pressure following the Federal Reserve's 25-basis-point rate increase, which brought the federal funds rate to a range of 3.75% to 4%.

The source described gold as "one of the most widely followed precious metals" and said it was "often regarded as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk." Trading Economics also cited financial markets, jewelry consumption, and industrial use as sources of demand, with investment demand representing a major component of the global gold market.

Analyst Lifts Target After Drilling and New Discoveries

Couloir Capital analyst Ron Wortel reiterated a Buy rating on Dryden Gold in a June 5 research report while raising his price target to CA$1.20 per share.

Wortel cited drilling across 15 mineralized structures, as well as the subsequent discoveries at Sparrow and Buccaneer.

Drilling, Regional Targets, and a 45,000-Meter 2026 Program

Dryden Gold's September 2026 presentation outlined a two-prong exploration approach consisting of near-term work at the Gold Rock Camp and regional exploration across its district-scale property. The presentation described Gold Rock Camp as the company's flagship, Hyndman as its discovery, and Sherridon as a grassroots discovery. It identified a 12-kilometer by 2.5-kilometer gold-in-till anomaly at Hyndman and stated that Sherridon was contiguous to the Kenorland/Centerra joint venture.

The company's 2026 plans included accelerating the drill program at Gold Rock and adding a second drill rig. At the Gold Rock Camp, the presentation identified North Mud Lake and the Walmsley Deformation Zone among planned and permitting exploration targets. Regional work included expanded areas at Hyndman and Sherridon, a till-substrate sampling program on new ground, mapping and prospecting of priority target areas, and regional heavy metal concentrate sampling.

At Hyndman, the presentation described a 12-kilometer by 2.5-kilometer gold-in-till anomaly corridor. It stated that the initial drill program intersected gold mineralization in all six drill holes and that the anomaly corridor remained open along strike. Dryden Gold was expanding its land position by staking an additional 12,000 hectares based on gold-in-till anomalies. A comprehensive exploration program and 2026 drill program were being planned, with permitting underway.

The company's resource pipeline identified 2026 exploration emphasis on Gold Rock Camp targets, including growing the Gold Rock target area on strike and at depth, and drill testing at Mud Lake. Regional discovery work was focused on Hyndman's 12-kilometer by 2.5-kilometer anomaly corridor and other follow-up targets identified through the property-wide gold-in-till program.

Dryden Gold's presentation listed a 2026 funded exploration budget of CA$17.5 million. Gold Rock footprint expansion, down-plunge drilling, and the addition of a second drill rig were allocated CA$10.5 million, with CA$5 million spent to date and approximately 23,000 meters reported. Gold Rock Camp work, including Mud Lake drilling and mapping of additional targets, was allocated CA$2 million, with CA$1 million spent to date and approximately 1,000 meters reported. Regional targets, including drilling at Hyndman and Sherridon and follow-up soil-till and mapping work, were allocated CA$5 million, with CA$2.5 million spent to date and approximately 3,000 meters reported. 

The overall 2026 budget included 45,000 meters of drilling. The presentation's timeline showed Gold Rock drilling focused on expanding the footprint and testing down-plunge, regional fieldwork, Mud Lake drilling, and Hyndman drilling extending through the company's 2026 program.

The presentation separately identified continuing to grow 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 the Sherridon regional target, and reviewing the property-wide soil-till program with the goal of adding new regional targets among its 2026 catalysts.

Dryden Gold's management team was also scheduled to be available for investor meetings at the Precious Metals Summit in Beaver Creek, Colorado, from September 22 through September 25, 2026, and the Mining Forum Americas in Colorado Springs from September 27 through September 30. The company said it expected to provide an exploration update on its fully funded 45,000-meter drill program and discuss its ongoing exploration activities.

Ownership & Share Information¹

Dryden Gold Corp. has a market cap of approximately CA$65.25 million, with 246.22 million shares outstanding. The company's 52-week range is CA$0.23-CA$0.48.

Institutions own 12.46% of shares, while Strategic Investors own 10.41%. Management & Insiders own 3.04%, and the remaining 74.09% of shares are held by Retail.

Frequently Asked Questions

What did Dryden Gold discover at Mud Lake North?

Dryden Gold Corp. reported visible gold in its first drill program at Mud Lake North, approximately three kilometers north of Gold Rock. The third drill hole intersected alteration and sulphide mineralization along with visible gold.

Did Dryden Gold find visible gold in drill core at Mud Lake North?

Yes. Dryden Gold reported visible gold in drill hole DML-008. Core photographs showed multiple specks of visible gold in a quartz-filled fracture, with additional specks observed on the opposite side of the core.

Are assay results available from Dryden Gold's Mud Lake North drilling?

No. Assays were pending for all three holes reported from the Mud Lake North drill program.

How much drilling is planned at Mud Lake?

Dryden Gold said drilling was continuing at Mud Lake, with approximately 2,000 meters planned to test down-plunge and along strike.

What is Dryden Gold's 2026 exploration and drilling plan?

The company's September 2026 presentation outlined a 45,000-meter drilling program that included work at Gold Rock, Mud Lake, and regional targets. Plans also included adding a second drill rig, regional fieldwork, mapping and prospecting, and additional sampling programs.

What is Dryden Gold doing at Gold Rock in 2026?

Dryden Gold identified Gold Rock footprint expansion and down-plunge drilling as part of its 2026 program. The company also planned to accelerate drilling at Gold Rock and add a second drill rig.

What exploration work is planned for Dryden Gold's Hyndman target?

Dryden Gold's presentation identified Hyndman as a focus of regional exploration. The company reported a 12-kilometer-by-2.5-kilometer gold-in-till anomaly corridor and said its initial drilling intersected gold mineralization in all six holes. Permitting was underway for additional work.

What other Dryden Gold exploration targets are part of the 2026 program?

In addition to Gold Rock, Mud Lake, and Hyndman, the company's plans included further testing of the Sherridon regional target, work around the Walmsley Deformation Zone, a till-substrate sampling program on new ground, mapping and prospecting of priority targets, and regional heavy metal concentrate sampling.

What is Dryden Gold's 2026 exploration budget?

Dryden Gold's September presentation listed a funded 2026 exploration budget of CA$17.5 million and 45,000 meters of drilling. The budget included CA$10.5 million for Gold Rock, CA$2 million for Gold Rock Camp work, and CA$5 million for regional targets.

What is the analyst price target for Dryden Gold stock?

In a June 5 research report, Couloir Capital analyst Ron Wortel maintained a Buy rating on Dryden Gold and raised his price target to CA$1.20 per share. Wortel pointed to drilling across 15 mineralized structures and the discoveries at Sparrow and Buccaneer.