Dryden Gold Corp. acquires strategic property contiguous to its Gold Rock Camp

Dryden Gold Corp. has entered into a purchase agreement to acquire 100% ownership of 32 tenured mineral claims from Cross River Ventures Corp. The Property is strategically located in the historic Gold Rock Mining Camp and is contiguous to the Company's Kenwest patented claims. 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.

 

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.

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