Mining Company Uncovers Visible Gold in Ontario with Big Upside

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Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) announced on April 10  that it has received a CA$200,000 grant through the Ontario Junior Exploration Program (OJEP). This initiative, administered by the provincial government, supports mineral exploration by providing up to CA$200,000 per project to cover 50% of eligible exploration costs. Dryden Gold will apply the grant funding to its exploration program at Gold Rock Camp, where drilling is currently underway.

The company's 2025 plans include up to 15,000 meters of drilling focused on the Elora Gold System and additional untested structural intersections along strike. "Our government is committed to unlocking Ontario's rich critical minerals to drive our economic growth and create good-paying jobs," said Stephen Lecce, Ontario's Minister of Energy and Mines. He added that support for projects like Dryden's will help secure the province's long-term resource development.

Trey Wasser, CEO of Dryden Gold, called Ontario "one of the very best mining jurisdictions worldwide," citing both geological potential and strong public support for junior explorers. "We remain committed to supporting local businesses and our First Nations communities," Wasser stated in the company's news release.

As part of its outreach, Dryden Gold will be participating in upcoming industry events. Wasser is scheduled to attend the Capital Events conference in Scottsdale, Arizona from April 11–13, 2025. President Maura Kolb will present at the Ontario Prospectors & Developers Symposium (OPES) on April 16 in Thunder Bay, where she will provide updates on recent drill results and upcoming exploration plans.

One of the company's key recent findings was announced by Kolb, who stated, "This new zone is the most significant amount of VG [visible gold] that Dryden Gold has intersected to date." The intercept occurred in a parallel hanging wall zone to the main Elora mineralized structure, suggesting further potential within the Gold Rock Camp property.

The Gold Rock Camp sits within a 70,250-hectare land package along the Manitou-Dinorwic deformation zone in Northwestern Ontario. This zone hosts gold-bearing structures similar to those found in the Red Lake District. Drilling has returned multiple high-grade intercepts near surface, including 30.72 g/t gold over 5.70 meters, 15.17 g/t over 6.95 meters, and 26.11 g/t over 3.16 meters, with select intervals reaching grades above 300 g/t.

Gold Market Strengthened by Policy Shifts and Structural Demand

In an April 8 report, Stewart Thomson of 321Gold emphasized the defensive role of gold against macroeconomic disruptions, writing that "governments are modern-day pirates" whose tariff policies contribute to inflation and economic strain. He added, "The US government is fighting another unwinnable war, like fiat money itself is fighting an unwinnable war against gold." Thomson highlighted that average citizens face growing risks from inflation, while investors increasingly turn to gold as "supreme money" rather than relying on fiat currencies.

The following day, April 9, Kitco reported that gold surged over 3% following a temporary suspension of U.S. tariff escalations. According to Treasury Secretary Scott Bessent, the policy change reduced tariffs for all countries except China back to 10%.

Jeff Clark of The Gold Advisor concluded, "Dryden Gold is still very much a buy at current levels. I remain overweight."

This announcement reversed recent declines in gold prices, with the June futures contract closing at US$3,099.80 after rising by US$101.50 during New York trading hours. Kitco noted that gold-backed ETFs saw significant demand in early 2025, with "inflows of 226.5 metric tons, valued at approximately US$21.1 billion — the largest quarterly inflow in three years," according to the World Gold Council.

Also on April 9, Reuters reported that spot gold prices reached US$3,059.76 per ounce by midafternoon, having risen more than US$400 in 2025 to date. Bart Melek, head of commodity strategies at TD Securities, said, "Ultimately, gold continues to be seen as a hedge against instability here." The report tied gold's rise to safe-haven flows as the U.S. imposed 125% tariffs on Chinese import,s and Federal Reserve minutes revealed growing concern about inflation risks.

On April 10, GoldFix published an in-depth review of Goldman Sachs's updated gold outlook. Goldman revised its base 2025 gold price target to US$3,300 per ounce, with an upper bound of US$3,520 and a tail-risk scenario of US$4,500. The bank attributed this revision to "upside surprises in ETF inflows and persistent, large-scale central bank gold purchases." Central bank buying was expected to average 70 tonnes per month, driven by ongoing geopolitical hedging. The report added, "The geopolitical hedging motive has gained relevance since the freezing of the Russian central bank assets in 2022," which had led to a permanent shift in reserve management strategies.

Goldman further identified China's policy shift permitting insurers to invest in gold as a key structural driver, with a potential allocation of 280 tonnes expected to support prices during corrections. The report noted, "Gold, unlike FX reserves, cannot be frozen or confiscated when held domestically," reinforcing its appeal amid increasing focus on reserve security.

Visible Gold Discovery Strengthens Third-Party Confidence in Dryden

On April 10, Jeff Clark of The Gold Advisor offered a positive assessment of Dryden Gold Corp., citing the company's ongoing 15,000-meter drill program at the Elora target within the Gold Rock property in northwestern Ontario as a key reason for his recent buy recommendation. Clark noted that visible gold was encountered in the core from deeper drilling at Elora, describing it as "the most significant amount of visible gold Dryden has encountered at Elora to date." He explained that Hole 3 also revealed multiple mineralized structures, which he stated mirrored characteristics seen in well-known Archean lode systems like those in Red Lake, Kirkland Lake, and Timmins.

According to Clark, this supports Dryden's theory that the gold mineralization at Gold Rock may have deep roots similar to those prolific Canadian deposits. He added that "Dryden's drill program at Gold Rock has the potential to produce high-grade results over the balance of the year," and reported that the company's share price increased by nearly 40% following the visible gold announcement. Clark concluded, "Dryden Gold is still very much a buy at current levels. I remain overweight."

Drilling and Discovery Drive 2025 Exploration Strategy in the Dryden District

Dryden Gold's April 2025 investor presentation outlines several near-term catalysts stemming from its ongoing work at Gold Rock Camp. The exploration strategy includes follow-up drilling at depth and along strike on the Elora and Big Master Gold Systems, where recent drilling has confirmed new high-grade zones and expanded the mineralized footprint. According to the company, three new high-grade structures have been discovered, with visible gold observed in one of the most significant zones drilled to date.

Additional exploration efforts will target regional prospects such as Sherridon and Hyndman. At Hyndman, recent field samples and geophysical surveys have identified new anomalies similar to those surrounding previous discoveries. Mapping and sampling are scheduled to continue in 2025, along with till and soil geochemical surveys to define further drill targets.

The company's exploration budget for 2025 is CA$5.8 million, with CA$3.9 million allocated to drilling across Gold Rock and its extension, as well as other regional targets. The remainder will be used for LiDAR surveys, geophysics, mapping, and sampling. Permits for the next phases of drilling have been submitted and are currently pending approval.

Dryden Gold's position in a geologically prospective but underexplored region, combined with strong infrastructure, year-round access, and provincial support through grants and tax incentives, has allowed the company to pursue both brownfields expansion and greenfields discovery. With a strategic land package and backing from institutional investors, including Centerra Gold Inc. and Alamos Gold, Dryden Gold continues to advance multiple high-grade gold targets within the Dryden Gold District.

Dryden Gold's Blind Discovery Draws Attention

Dryden Gold received positive attention from market commentator Chen Lin in his April 9 newsletter, What is Chen Buying? What is Chen Selling?. Lin described a new development from the company as a "blind discovery," referring to a drill intercept containing highly visible gold at approximately 200 meters depth, 80 meters ahead of the company's projected target. According to Lin, the visible gold was found in a zone the company had not previously drilled, adding that "they hit 2 meters of highly visible gold," which could prove to be "very high" in grade, although likely not as high as a previous intercept of "5 kg/ton gold."

Lin recalled Dryden Gold's participation at the Metals Investor Forum (MIF), noting that they had given "great presentations" and that he had maintained interest in the company's developments since. The new discovery, as he reported, prompted him to increase his personal position in the stock. He also highlighted the company's ongoing effort to obtain assay results before the upcoming May MIF conference, and wrote that Dryden was planning to continue drilling to define the structure and strike of the newly discovered zone.

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$22 million, and it trades in a 52-week range of CA$0.40 and CA$0.095.