Explorer Targets High-Grade Gold in Tier 1 Ontario District
Research Report

1. Dryden Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dryden Gold Corp. 
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Disclosures for Couloir Capital and Dryden Gold Corp., February 7, 2025:

DISCLAIMER: This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations.

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Couloir Capital Analyst Ron Wortel wrote that the outlook for the stock for Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) is "positive," giving it a Buy rating and a CA$0.45 per share target price, a projected return of 346% at the time of the note on February 7.

"The company’s strong financial position with institutional and major investor backing positions the company for further consolidation of the camp or the purchase of other projects that can add value to its portfolio and asset base," Wortel wrote. "We recommend Dryden Gold as a buy for investors looking for exposure to gold exploration success with discovery upside in a positive gold price market."

The stock "remains a higher-risk opportunity as the company does not hold any compliant resource gold deposits," Wortel noted. However, "We expect the company to generate significant news flow in 2025 to keep market interest in the story with their planned and fully funded exploration programs."

A New District Player?

Dryden Gold is a well-funded junior explorer launching its 2025 exploration program targeting high-grade gold in the Tier 1 mining jurisdiction of northwestern Ontario. With over 40 kilometers of highly prospective structures, the "district-scale land package is ideal for Archean orogenic lode gold deposits," Wortel wrote.

The Dryden gold camp saw small-scale production at the turn of the 20th century but has had limited exploration since then, he noted.

"The team that created this new (company) saw this as an opportunity to build a new district player and use their regional experience to make discoveries and build on the known gold prospects," according to Wortel.

The company's team included technical personnel with extensive experience in northwest Ontario’s Red Lake Camp, which hosts the region’s largest gold deposits and active mines, the analyst wrote.

"This team worked as both exploration and production geologists to give them the outlook that exploration needs to find gold that can be mined profitably," Wortel wrote. "This team identified the Dryden gold camp area as an analog to Red Lake, which is at a much less advanced level of understanding. The area also provided open ground and significant blocks to build a district-scale land package. The company was able to find financial support as a private company to make deals with landholders and build their now 60,000-hectare (ha) plus land package."

NW Ontario Junior Explorers Attracting 'Investor Attention'

While the claim block remains under-explored with no significant historical production, "past drilling has returned spectacular gold results," the analyst said.

The camp also is in a strategic location with infrastructure, including established road networks, power, and a supportive mining ecosystem, he said.

The company is fully funded for 2025 with CA$7.1 million in cash at the end of last year and a 2025 exploration budget of CA$5.8 million, the research report said.

"Junior explorers in NW Ontario are attracting increasing investor attention, with Dryden Gold positioned as a standout opportunity in this active mining district," Wortel wrote.

Wortel continued, "We believe that the success of the programs thus far in identifying new high-grade targets coupled with the shallow and well-understood targets lends to a lower potential finding cost overall and as they continue to refine their model."