617 G/T Gold Sample Spurs Summer Drill Plans in Ontario

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Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) has received exploration permits from the Ontario Ministry of Mines for its Sherridon Property, clearing the way for drill testing of historically high-grade surface gold zones. According to the company, past surface samples from Sherridon returned grades as high as 617.00 grams per tonne (g/t) gold, with multiple additional samples exceeding 100 g/t gold.

With the necessary permits now in place, Dryden Gold intends to launch a 1,000 to 2,000-meter drill program at Sherridon in the summer of 2025. Ahead of this work, the company has completed geological mapping and developed a structural model based on both recent and historical surface and drill data. In addition, Dryden has engaged Mira Geoscience to conduct a 3D inversion study, a geophysical modeling technique designed to improve subsurface geological interpretation and identify prospective drill targets beneath surface cover.

"This permit along with our new permit at Gold Rock are major milestones for the Dryden Gold team," said CEO Trey Wasser in a company news release. "These permits will enable us to systematically explore and drill test new targets on our large strategic property."

Dryden is concurrently conducting a spring drilling campaign at its Gold Rock Camp, targeting the down-plunge extension of the Elora Structure and following mineralization along strike toward historic targets such as the Laurentian Mine and Mud Lake. The company's total planned drill activity for 2025 includes approximately 15,000 meters across the Dryden Gold District, with work focused on expanding known high-grade systems and exploring under-tested regional structures.

At Sherridon, gold mineralization has been found in association with an east-west striking, steeply dipping foliation and pyroxenite dykes containing up to 5% disseminated sulfides. A previous 2012 drill hole returned 15.40 g/t gold over 5.50 meters, including 83.10 g/t gold over 1.00 meter. The current exploration program also covers newly acquired ground adjacent to the original claims. The 3D inversion study will now be extended to the expanded land package to search for similar geophysical signatures linked to known mineralized zones.

"I am very excited to complete the 3D inversion study on Sherridon," said Maura Kolb, President of Dryden Gold, in a company news release. "We have completed this type of study on Gold Rock and Hyndman, which have both resulted in favorable new exploration targets. We now have exploration permits for Gold Rock and Sherridon which allows us to test our theories for high-grade controls on these targets and expand their footprints."

Gold Prices Break Records 

The gold sector entered the final days of March with record-setting momentum in futures markets, while mining equities continued to trail behind the underlying metal. On March 26, GoldFix reported that Bank of America raised its gold price forecast to US$3,500 per ounce, stating, "We believe gold could rally to US$3,500/oz if investment demand increases by 10%." Goldman Sachs also lifted its year-end target to US$3,300, with a forecast range of US$3,250 to US$3,520. In more extreme market conditions, the firm noted that gold could "plausibly trade above US$4,200/toz by end-2025 and exceed US$4,500/toz within the next 12 months."

Also on March 26, Barry Dawes of Martin Place Securities observed that "gold is moving quietly ahead and should soon start accelerating," contrasting the current trend with prior bull markets characterized by high volatility. Dawes highlighted that corporate activity in the sector showed "capital markets are freeing up in the resources sector," with acquisitions now focused on operating cashflows.

On March 27, Egon von Greyerz published a commentary titled Bonfire of the Paper Asset Vanities & the Rebirth of Gold, noting a long-term shift in sentiment. "Today, for the first time in the last 25 years, mainstream media and investors are starting to talk about gold," he wrote. Von Greyerz emphasized that US$3,000 was not a stopping point but rather a psychological level, stating, "US$3,000 is certainly not a target — it is not even a price where gold will consolidate."

Later that day, Shad Marquitz of Excelsior Prosperity confirmed that the June gold futures contract pierced US$3,100, reaching US$3,113.52 before closing at US$3,090.90. He called it "another all-time daily closing high," and pointed out that many investors might be confused by varying prices across platforms. Marquitz explained that "most of the trading universe uses the futures contract," rather than spot pricing, to gauge gold values. He also noted the disparity between gold prices and miner performance, writing, "The industry margins are as fat as they've ever been, making the miners more profitable than they've ever been," yet equities like GDX remained far below prior highs.

On March 30, technical analyst Clive Maund reported that the GDX index had broken out of a long-forming "Cup" technical pattern that began in mid-2020. The publication described this as "the most positive action in the PM sector for many years" and noted that gold itself had been rising in "an orderly uptrend" since early 2024. While short-term overbought conditions may have warranted consolidation, the long-term technical structure pointed to sustained strength in the sector.

The Company Catalysts: 2025 Fieldwork and Expansion Strategy

According to Dryden Gold's investor presentation, the company has allocated a 2025 exploration budget of CA$5.8 million, with more than half dedicated to drilling at Gold Rock and its extension zones. The budget includes CA$1.5 million for the primary Gold Rock drill program, CA$1.6 million for Gold Rock extension targets, and CA$800,000 for regional drilling at sites including Sherridon and Hyndman. Additional expenditures include CA$250,000 for geophysics, CA$700,000 for mapping and sampling, and CA$700,000 for soil and till geochemistry surveys.

Dryden's strategic focus in 2025 includes expanding the high-grade footprint of the Elora Gold System and testing newly identified targets along the Manitou-Dinorwic deformation zone. Recent drill results from Gold Rock have confirmed several high-grade structures near surface, including 30.72 g/t gold over 5.70 meters and 15.17 g/t gold over 6.95 meters. These outcomes support Dryden's approach of exploring shallow zones with structural complexity, drawing comparisons to the Red Lake mining camp's early discovery profile.

With over 70,250 hectares of consolidated land in a district considered underexplored, Dryden has outlined a multi-phase plan to advance both brownfield and greenfield opportunities. The company's project pipeline spans early-stage conceptual targets through to drill-ready zones across multiple properties. Upcoming work includes inversion studies, follow-up drilling at Elora, and broader regional testing at Hyndman, Sherridon, and additional deformation zones.

Dryden Gold is also scheduled to present at several industry events during 2025, including the Capital Events conference in Scottsdale, the Ontario Prospectors & Developers Symposium in Thunder Bay, and the Metals Investor Forum in Vancouver. These forums are expected to provide further exposure to institutional and retail investors as the company advances its exploration strategy throughout the year.

What Are Analysts Saying?

Gold market analysts have taken note of Dryden Gold's exploration progress and strategy, emphasizing recent developments as key indicators of long-term potential. On February 7, Ron Wortel of Couloir Capital stated that the company's model aligns with its objectives in the Dryden Gold Camp. "Dryden Gold Corp. was created to explore and generate shareholder value through gold resource discovery and delineation of the Dryden Gold Camp using an Archean orogenic gold deposit model," he wrote, adding that with a "fully funded 2025 exploration program, we see the company generating additional discoveries leading to increased market interest and higher valuations."

Also, on February 7, Brien Lundin of Gold Newsletter added Dryden Gold to his watchlist, pointing to improved target precision. "A key reason I added Dryden Gold Corp. to our list last week is a sense that the company had an increasingly good idea of where to look for more gold on the Gold Rock project," he noted. "With drilling underway at Elora, the chances of high-grade assays from this effort are quite good. Dryden's a Buy at current levels."

Later, on February 26, Lundin commented on the company's permitting progress, highlighting its significance for future activity. "Dryden Gold Corp. announced it had received permits from the Ontario Ministry of Mines to test the northeastern trend at Elora and the newly discovered Mud target," he wrote. "These additions will expand the company's overall drilling campaign in 2025 to up to 15,000m."

Ownership and Share Structure

According to the company, management and insiders own 7.62%, with strategic entities owning 56.78% of Dryden.  

Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) holds 9.37% with  Alamos Gold Inc. (AGI:TSX; AGI:NYSE) holding a 14.44% stake in it. Euro Pacific Asset Management LLC owns 4.58%. There are 159 million shares outstanding. 

Its market cap is CA$16.44 million, and it trades in a 52-week range of CA$0.40 and CA$0.095.