Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB; X7W:FSE) reported results from its regional gold-in-till exploration campaign, which identified multiple gold anomalies across the company's land package. The company stated that results were especially strong throughout the Gold Rock Camp and demonstrated extensive anomalism at its Hyndman project. Based on these results, the company staked more than 5,200 additional hectares at Hyndman.
According to the company, 3,816 till substrate samples were collected during a first pass, property-wide survey that outlined multiple priority regional gold targets across the Dryden Gold District. Sampling was completed during the summer of 2025 using an auger to collect B and C horizon material at 200-meter by 500-meter spacing.
The results identified a 65-kilometer corridor of gold anomalies along the Manitou-Dinorwic deformation zone extending from Sandybeach to Sherridon. The company stated that anomalies clustered along intersections of major D1 and D2 structural corridors, which indicated structural controls for gold mineralization and defined new target areas. Strong results at Hyndman supported the strategic staking of additional claims, expanding the project to more than 20 kilometers.
The survey also outlined large regional target areas with minimal historical exploration at Avery and Sandybeach. In addition, a strong arsenic anomaly was identified trending along the Manitou-Dinorwic deformation zone. The company noted that arsenic is recognized as a key pathfinder element for Archean orogenic gold systems, while the Hyndman area showed a notable absence of anomalous arsenic, suggesting a different mineralization model with an alternate pathfinder signature.
Trey Wasser, CEO of Dryden Gold, stated in the news release, "These results mark an important step forward in defining the district-scale potential of our large strategic land package. We are especially pleased with Hyndman, where sampling revealed multiple anomalies that were much stronger and extensive than we had expected and led directly to a strategic land expansion."
All 2025 soil samples were collected by consultants using hand augers and analyzed by ALS Canada Ltd. Sample preparation included drying and sieving to minus 63 microns, followed by aqua regia digestion and ICP-MS analysis for gold and 52 additional elements. The company reported that all results passed laboratory and company QA/QC screening and were within acceptable limits.
On February 24, Dryden Gold also announced that it qualified to upgrade its U.S. listing to the OTCQX Market from the OTCQB. The company stated that its shares began trading on February 24, 2026, on OTCQX under the same ticker symbol, DRYGF. According to the company, U.S. investors can access current financial disclosure and real-time Level 2 quotes through the OTC Markets platform.
The company noted that the OTCQX Market is designed for established, investor-focused companies and requires participants to meet financial standards, follow corporate governance best practices, and comply with securities laws. Chief Executive Officer Trey Wasser stated that the upgrade was intended to provide "improved trading optionality for US shareholders" as the company's 2026 marketing efforts focus on the U.S. market.
Gold Sector Driven by Physical Demand, Financial System Risks, and Central Bank Buying
According to a February 22 report by Jonny Haycock, recent volatility in precious metals markets occurred even as both gold and silver "continued to find their stride as well as a secular direction north." He wrote that price movements earlier in the year were tied in part to market structure issues, with Matthew Piepenburg describing a sharp decline in silver prices as "an entirely engineered price-flushing by the CME and Western exchanges to effectively bail the larger bullion banks out of an otherwise fatal short squeeze." Piepenburg added that such events reflected derivative risks rather than underlying demand weakness, stating that exchanges and banks "cannot solve for the rising and more powerful forces of supply and demand for the physical metals."
The same report also pointed to broader financial system stress factors influencing the sector. Haycock wrote that concerns were emerging around "percolating capital controls and other historically rhyming repression mechanisms emanating from debt-strapped and hence desperately centralising sovereigns." Piepenburg further noted that private credit markets showed "default rates and banking exposures" that were "eerily reminiscent of pre-2008 banking, credit and default risks," reinforcing interest in physical precious metals as a store of value.
Writing on February 22, Josh Chiat reported that strong demand dynamics had continued to support gold prices even at elevated levels. He cited fund manager Roscoe Widdup, who described gold as "the biggest trade in global markets presently," while noting that a combination of structural and cyclical factors supported ongoing demand. Widdup stated that "a perfect storm of both elevated central bank and ETF demand" had contributed to sustained strength in the market.
The report also highlighted the role of physical demand and reserve diversification trends. According to Chiat, Westpac's Justin Smirk stated that "central bank purchases remained a key pillar of support," adding that buying was expected to continue due to "elevated geopolitical risks and ongoing concerns around reserve diversification." Smirk also said that "physical demand has also been stronger than expected," including seasonal buying activity and broader shifts in asset allocation toward gold.
Ron Struthers wrote on February 23 that macroeconomic pressures had also shaped sector conditions, stating that "gold is real money and faith is being lost in the fiat currencies with years of government reckless spending." He noted that market dynamics had shifted toward physical supply and demand, writing that "the gold price is no longer being set in the paper markets like Comex, but price is being driven by physical markets." Struthers also observed that central banks viewed gold as "the only real solid asset and will keep buying no matter the price," reflecting ongoing demand tied to currency concerns.
Independent Analysts Highlight Structural Discoveries, Financing Activity, and Exploration Scale
In a January 8 letter, Chen Lin of What is Chen Buying? What is Chen Selling? wrote that "DRY.v announced continued CGAU support and is doing a financing," adding that it "could be a good entry point if you are bullish on the sector and want to get involved." He also confirmed the company's participation in an upcoming panel event.
A February 4 commentary from The Gold Advisor included analysis from senior analyst Jeff Valks, who stated that recent drilling at the Pearl zone marked the first confirmation of significant mineralization in the footwall of the Elora shear, adding a new structural layer to the Gold Rock Target Area. Valks reported that five drill holes totaling approximately 1,600 meters were completed along a 600-meter strike from Jubilee to Pearl, with intercepts encountered at shallow vertical depths ranging from 15 to 70 meters. He highlighted results including 6.4 grams per tonne gold over 3.30 meters from a newly identified footwall zone, 77.90 grams per tonne gold over 0.50 meters from a second footwall zone, and 1.61 grams per tonne gold over 16.40 meters within the main Elora shear. Valks wrote that the results reinforced a recurring pattern of "multiple stacked structures, combining narrow high-grade zones with broader envelopes of lower-grade mineralization," and said the discovery of footwall mineralization reflected a continuation of the structural style previously observed at Jubilee, but identified across the Elora shear rather than along its hanging wall.
In a February 13 equity research report, Ron Wortel, Senior Analyst at Couloir Capital, reaffirmed a Buy rating on Dryden Gold Corp. with a fair market value target of CA$1.00 per share. He wrote that the updated target reflected "strong drilling results, the discovery of high-grade mineralization in parallel structures, and additional capital raised to fund an expanded exploration program." The report noted that drilling at Pearl identified "two new high-grade footwall zones developed parallel to the main Elora shear structure, marking the first significant gold mineralization discovered in footwall rocks at Pearl." Wortel also stated that follow-up drilling at the Sherridon discovery expanded mineralization, writing that the enlarged footprint "materially enhances the company's district-scale exploration thesis." The report further stated that the company's 2026 exploration budget stood at CA$11.0 million and supported approximately 32,000 meters of drilling.
2026 Exploration Programs and Regional Work Plans
The company stated it is planning additional gold-in-till work for the 2026 field season. This may include sampling on newly acquired ground, tighter spaced geochemical sampling, and heavy mineral concentrate surveys.
Dryden Gold reported that a 2026-funded exploration budget of CA$11.0 million includes additional sampling and surveys for early-stage regional targets, follow-up work on the soil and till program, mapping, channel sampling, and compilation work across regional targets, including Gold Rock, Sherridon, Hyndman, and other areas. The budget also includes drilling at drill targets across Gold Rock, Hyndman, and Sherridon, with a total of 32,000 meters of drilling planned.
The company stated that regional exploration activities are targeting new discoveries across a highly prospective land package. Planned work includes structural synthesis and tectonic evolution studies, with multiple deposit models being evaluated, including ultramafic-hosted targets at Sherridon and granodiorite-hosted targets at Hyndman. The company noted that all permits for this work have been approved.
Streetwise Ownership Overview*
Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQX; X7W:FSE)
At Hyndman, the company reported that its first-ever drill program has been completed, and channel sampling conducted in 2025 expanded the understanding of mineralization width and enabled sampling in terrain that is difficult to access using traditional methods. Field programs conducted in 2024 and 2023 identified new gold showings, with 19 samples returning values above 1.00 grams per tonne gold and six samples exceeding 5 grams per tonne gold.
At Sherridon, the company stated that soil and till data are being integrated into regional targeting, and a geophysical inversion study is underway to help vector toward targets.
Ownership and Share Structure1
According to the company, contingent on post private placement, management and insiders own 5.451%, while strategic entities hold 54.68% of the shares.
Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) holds 9.840%, Alamos Gold Inc. (AGI:TSX; AGI:NYSE) owns 10.50%, Delbrook Capital Advisors has 10.76%, and Euro Pacific Asset Management LLC owns 5.68%. There are currently 219 million shares outstanding.
The company's market capitalization is CA$82 million, and it trades in a 52-week range of CA$0.48 to CA$0.105.
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Important Disclosures:
- Dryden Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dryden Gold.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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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.
