Dryden Gold receives permit to drill Mud Lake discovery target

Vancouver, British Columbia--(Newsfile Corp. - July 16, 2026) - Dryden Gold Corp. (TSXV: DRY) (OTCQX: DRYGF) (FSE: X7W)  (" Dryden Gold " or the " Company ") is pleased to announce that it has received the exploration permit for its Mud Lake target . The permit allows Dryden Gold to drill test extension targets identified through its 2025 drill program and geological mapping . Surface samples collected on a high-grade shear zone similar to Elora, where a significant fold in the mineralized structure occurs, assayed 93.00 g/t gold (Figure 1).

This target is north of the previously permitted area and indicates a repetition that demonstrates the potential to extend the known mineralized system providing the foundation for a much larger gold-bearing district (Figure 2) . This type of structural periodicity is typical of many high-performing gold camps in Northwest Ontario, including Red Lake . Trey Wasser, CEO of Dryden Gold stated, "Based on the data and strong geological similarities, our team believes that Mud Lake has the potential to emerge as a significant extension within the Gold Rock Camp.

We are increasingly encouraged by the prospect that the Manitou Dinorwic deformation zone ("MDdz") could host multiple gold deposits along strike. Securing this drill permit is an important step toward testing the discovery potential at Mud Lake to prove periodicity, at the deposit scale. With our strong treasury providing a robust 2026 field program, our exploration teams will continue mapping and prospecting at several additional high-priority targets across the Gold Rock Camp." Recent geological mapping at the Mud Lake target has identified a mineralized structural corridor that shares several key characteristics with Big Master and Elora at Gold Rock.

The 2026 mapping program also identified an en-echelon structural trend, where high-grade gold mineralization was discovered, further strengthening the Company's geological interpretation of the target. The approved drill permit also includes the Wamsley target; another high-priority area identified during the 2025 mapping campaign (Figure 2) . At Gold Rock, exploration drilling continues to advance several high-priority targets, including a newly interpreted central mineralized corridor located between the Elora and Big Master systems.

A second drill is now operating and is testing the depth extensions of the known high-grade gold zones while the other drill is expanding the structural footprint at Gold Rock. One rig will be deployed to drill Mud Lake in early August. Figure 1.

Detailed map of the Mud Lake target highlighting key 2025 results   To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/9776/305379_0309969564d53a30_001full.jpg Figure 2. Geology map Gold Rock Camp (left side), detailed map of Gold Rock and Mud Lake drill targets (right side) To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/9776/305379_0309969564d53a30_002full.jpg Qualified Person The technical disclosure in this news release has been reviewed and approved by Maura 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. Analytical Laboratory and QA/QC Procedures The Company is drilling NQ size core.

Samples are cut in half, with half going to the lab for analysis and half kept as a record. True thickness/widths of the mineralization is unknown, result intervals are reported as the drilled core lengths unless otherwise stated. All sampling completed by Dryden Gold Corp. within its exploration programs is subject to a Company standard of internal quality control and quality assurance (QA/QC) programs which include the insertion of certified reference materials, blank materials, and a level of duplicate analysis.

Drill samples from the 2024, 2025 and 2026 programs were sent to Activation Laboratories, with sample preparation and analysis in Dryden, where they were processed for gold analysis by 50-gram fire assay with an atomic absorption finish and over limits determined by Fire Assay with a gravimetric finish. Select samples were analyzed using metallic screens. Activation Laboratories systems conform to requirements of ISO/IEC Standard 17025 guidelines and meets assay requirements outlined for NI 43-101.

ABOUT DRYDEN GOLD CORP. Dryden Gold is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX-V (" DRY ") and traded on the OTCQX (" DRYGF ") and FSE (" X7W "). 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 and acquisitions. Dryden Gold controls 100% interest in mining claims in a dominant strategic land position in the Dryden District of Northwestern Ontario.

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 collaborative relationships with First Nations communities and benefits from proximity to an experienced mining workforce. Dryden Gold is committed to building respectful, collaborative relationships with Indigenous Nations and communities throughout our area of operations.

We recognize the importance of ongoing dialogue, mutual understanding, and meaningful engagement as we advance our exploration activities. For more information go to our website www.drydengold.com . CONTACT INFORMATION   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: receipt of corporate and regulatory approvals, issuance of common shares; future development plans; 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 which include the number of metres of drilling the company may complete in 2026 and the timing of certain exploration programs during the coming year. 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; 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 offering; 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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305379 Newsfile Corp. July 16, 2026 - 3:00 AM PDT News by QuoteMedia www.quotemedia.com