Vancouver, British Columbia--(Newsfile Corp. - February 2, 2024) - Dryden Gold Corp. (TSXV: DRY) ("Dryden Gold" or the "Company") is pleased to announce it has entered into a purchase agreement (the "Agreement") to acquire 100% ownership of 32 tenured mineral claims (the "Property") from Cross River Ventures Corp. ("Cross River"). The Property is strategically located in the historic Gold Rock Mining Camp and is contiguous to the Company's Kenwest patented claims (Figure 1). The Property is situated along the Manitou-Dinorwic Deformation Zone and hosts several cross-cutting east-west structures interpreted to be the source for gold mineralization in this orogenic gold system. The Property includes an active exploration permit for drilling and trenching. The Agreement is subject to approval of the TSX Venture Exchange ("TSXV")
"We are excited to add such a strategically placed property to our land package in the Gold Rock Camp. While this may not be our last acquisition in the Dryden district, it is expected to be one of the most important. Our field work combined with 3-D geophysical studies have confirmed several compelling targets and because the Property has an active drill permit, work could begin as early as Q2, 2024" (Figure 2), stated Trey Wasser, CEO of Dryden Gold Corp.
Figure 1: Dryden Gold property map displaying the Cross River ground and adjacent properties and companies.
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Figure 2: Airborne geophysical map displaying the second vertical derivative with target areas from Mira Geosciences interpretation.
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The Agreement
Pursuant to an earlier agreement, the Company has previously made a $175,000 cash payment to Cross River for the acquisition of the Property in 2023. Under the terms of the current Agreement, Dryden Gold will issue 400,000 common shares of Dryden Gold at a deemed price of $.22 per share (the "Consideration Shares").. The Property is subject to 2 pre-existing net smelter royalty agreements as follows:
(a) A total of five multi cell mining claims and two single cell mining claims totaling 67 cells with a 1.50% net smelter returns royalty payable to Solstice Gold. The Company can buy down 0.50%, at any time, for $500,000.
(b) A total of 22 multi cell mining claims and three single cell mining claims totaling 250 cells with a 1.50% net smelter returns royalty payable to EMX Royalty. The Company can buy down 0.75%, at any time, for $500,000. Thereafter, the balance of the royalty carries a right of first refusal in favor of Dryden Gold.
The Consideration Shares are being issued in accordance with an exemption from prospectus requirements under applicable security legislation and will be subject to a hold period of four months and one day.
Qualified Person
The technical disclosure in this news release has been reviewed and approved by Maura J. Kolb, M.Sc., P.Geo., President of Dryden Gold and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
ABOUT DRYDEN GOLD CORP.
Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX Venture Exchange ("DRY"). The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition and consolidation, exploration success, and mergers & acquisitions. Dryden Gold controls a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold's property package includes historic gold mines but has seen limited modern exploration. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys First Nations support and proximity to an experienced mining workforce.
For more information go to our website www.drydengold.com.
CONTACT INFORMATION
Trey Wasser CEO
email: twasser@drydengold.com
phone: 940-368-8337
Maura Kolb, M.Sc.. P. Geo., President
Email: mjkolb@drydengold.com
Phone: 807-632-2368
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the acquisition of the Property, receipt of corporate and regulatory approvals, issuance of common shares; future development plans; future acquisitions; exploration programs; and the business and operations of Dryden Gold. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings including receipt of TSX Venture Exchange approval for the acquisition of the Property; risks related to environmental regulation and liability; the potential for delays in exploration or development activities; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in Dryden Gold's and the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and Dryden Gold and the Company do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Dryden Gold's and the Company's expectations or projections.
UNITED STATES ADVISORY. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.
Not for distribution to United States news wire services or for dissemination in the United States.
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SOURCE: Dryden Gold Corp.
