Advanced LiDAR Survey Set to Unlock New Gold Exploration Insights

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* Disclosure for the quote from the Clive Maund article published on September 10, 2024

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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

Dryden Gold Corp. (DRY:TSXV;  DRYGF:OTCQB) has announced that ALS Goldspot Discoveries Ltd. has been engaged to conduct a LiDAR and Ortho-Photogrammetry Survey across the Dryden Gold Project. The aerial survey, scheduled for this month, will utilize ALS Goldspot's M-PASS platform, deploying an Air Tractor AT-502B equipped with a Riegl VQ780II-S LiDAR scanner and UltraCam Falcon Mark II camera.

According to Maura J. Kolb, President of Dryden Gold, in the news release, "This advanced technology will give us detailed insights into the landscape and help us better understand the geology of our property. With this data, we can more accurately plan our exploration efforts, focusing effectively on the areas with the most exploration potential." Deliverables from the survey will include various detailed topographic data, including colorized point clouds, Digital Surface and Terrain Models, and a stitched RGB orthomosaic.

The Golden Sector

As Reuters noted on September 19, the Federal Reserve's recent monetary easing bolstered gold prices, which surged past US$2,600. UBS also targeted further gains for gold, projecting prices reaching US$2,700 by mid-2025, supported by sustained demand. These trends emphasized the solid performance of the gold sector in 2024, reinforcing Dryden Gold's position within a buoyant gold market as the company expands its exploration activities.

According to The Speculative Investor on October 7, both the upcoming U.S. presidential candidates proposed policies likely to impact the U.S. dollar's foreign exchange value, predicting a weakening dollar that would be "bullish for gold," with upward momentum anticipated over the next 12 months. This environment created favorable conditions for gold-focused companies, including Dryden Gold, which continued its extensive exploration programs amid strong gold sector trends.

On October 7, Bloomberg reported on gold's steady demand as a safe-haven asset, which has led to record highs, with gold surging approximately 30% this year. Bloomberg's survey data showed that Costco, as a representative U.S. retailer, struggled to keep bullion stocked due to heightened consumer demand. The rush for physical gold highlighted the metal's appeal in uncertain economic climates, reflecting positive trends in gold's demand fundamentals and aligning well with Dryden's ongoing exploration activities in gold-rich territories.

Dryden's Catalysts

Incorporating the latest in LiDAR technology offers the possibility for significant advancements in understanding and mapping key geological structures within its Dryden Gold Project. The survey will aid in identifying structural breaks, outcrop mapping, and zones of alteration, enabling more efficient resource allocation toward promising geological formations, such as shear zones and faults.

As highlighted in the company's October 2024 investor presentation, Dryden Gold's strategic land position in a prolific mining region, coupled with infrastructure advantages, presents a robust exploration foundation. Further, the deployment of advanced tools like LiDAR supports Dryden Gold's goal of delineating high-grade targets and aligns with its commitment to structured, district-wide exploration planning.

Analysis of Dryden Gold

*According to Technical Analyst Clive Maund on September 10, Dryden Gold Corp. demonstrated "continually improving technical condition," making it a "Strong Buy" for both fundamental and technical reasons.

Maund highlighted three major drivers for Dryden Gold's favorable outlook. Firstly, he cited the ongoing gold bull market and noted that Dryden's relatively fixed all-in-sustaining costs (AISC) have positioned it well to benefit from gold price increases. Secondly, Maund emphasized the "impressive district-scale land package in a favorable jurisdiction with excellent infrastructure" owned by Dryden, noting that substantial gold reserves have already been delineated across this land. Lastly, he described Dryden's "dynamic and broad-ranging exploration program." The program has included cost-effective logging and impressive results from new drill core and fieldwork.

Maund also underscored the strong structure of Dryden Gold's ownership, with over half of the company's 93.8 million shares held by large investors, including notable figures such as Alamos Gold, Europac Gold Fund, Eric Sprott, and Rob McEwen. This concentration of shares among significant stakeholders contributed to Maund's positive outlook on the company's long-term fundamentals, further supporting his recommendation for Dryden Gold as a "Strong Buy."

Ownership and Share Structure

According to Refinitiv, Strategic entities own 31.10% of Dryden.  Alamos Gold Inc. (AGI:TSX; AGI:NYSE) holds an almost 10.73% stake in it. EuroPac Gold Fund owns 5.43%. Eric Sprott owns 2.97%, Rob McEwen owns 2.48 %, Dynamic Funds owns 3.38%, and other important stakeholders, including management and insiders, own 9.02%, with Director Robert Quartermain holding .74%. Only 60% of the 134.53 million shares are available to retail investors. 

Its market cap is CA$21.52 million, and it trades in a 52-week range of CA$0.40 and CA$0.10.