Pirate Gold Announces Initial High-Grade Results and Discovery of New Zone at Treasure Island

Rhea-AI Summary

Pirate Gold (OTCQB: SICNF) reported initial high-grade drill results from the Moosehead Zone and a new discovery at Treasure Island on February 27, 2026. Five of six Moosehead holes returned high-grade gold, with assays ranging up to 51.20 g/t Au over 0.50 m. A regional hole, PGC-25-006, intersected multiple intervals including 1.14 g/t Au over 8.10 m, representing a new zone and open for follow-up drilling.

The program continues with shallow expansion and district-scale targeting across >50 km of prospective strike.

Positive

• Five of six Moosehead holes returned high-grade gold
• High-grade vein peak: 51.20 g/t Au over 0.50 m (PGC-25-007)
• Broad new discovery: 1.14 g/t Au over 8.10 m (PGC-25-006)
• Shallow intercepts: mineralization intersected at ~45–125 m vertical depths
• District potential: >b>50 km of prospective strike at Treasure Island

Negative

• Many high grades are narrow veins (e.g., 0.35–0.75 m widths)
• True widths unknown for regional targets; interpretation uncertainty
• Early-stage results; follow-up drilling required to define continuity

• Initial six drill holes along the Moosehead Eastern and Western trends confirm the high-grade nature of the vein structures, with five of six holes intersecting 5.6 - 51.2 g/t Au
• Regional Geophysical Target yields significant new zone with intervals of gold mineralization along a 77 meter down hole length
• Episode 6 of Pirate Gold Treasure Hunters now airing: https://youtu.be/PB5bb8rB72s

St. John's, Newfoundland and Labrador--(Newsfile Corp. - February 27, 2026) - Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) ("Pirate Gold" or the "Company") is pleased to announce high-grade gold results from the Moosehead Zone and the discovery of a new gold zone at its Treasure Island Project in central Newfoundland. The Treasure Island project covers over 90 km of strike along the Valentine Lake Fault Zone in Canada's newest gold district.

Moosehead Drilling Highlights:

Drill Hole ID	From (m)	To (m)	Length (m)	Au (g/t)
PGC-25-001	23.75	24.10	0.35	20.47
PGC-25-002	46.00	46.45	0.45	42.48
PGC-25-004	66.40	71.50	5.10	2.84
Incl.	68.00	68.45	0.45	24.80
PGC-25-007	119.40	125.25	5.85	4.79
Incl.	119.40	119.90	0.50	51.20

 

Table 1 - Assay Highlights from Moosehead Zone
*Downhole intervals reported, true widths estimated to be 80-90% of reported intervals

Regional Geophysical Drillhole Highlights:

Drill Hole ID	From (m)	To (m)	Length (m)	Au (g/t)
PGC-25-006	43.40	51.50	8.10	1.14
Incl.	45.65	46.40	0.75	4.20
PGC-25-006	62.30	63.30	1.00	1.72
PGC-25-006	75.75	76.95	1.20	2.13
PGC-25-006	82.60	83.45	0.85	1.49
PGC-25-006	96.50	97.15	0.65	1.42
PGC-25-006	119.85	120.85	1.00	2.27

 

Table 2 - Assay Highlights from Regional Geophysical Targets
*Downhole intervals reported, true widths are unknown at this time

"This is a great start for the first eight drill holes of the program and it's good to see gold in the box this early. Hole PGC-25-006 is important, as it suggests Moosehead may be part of a broader mineralized system rather than an isolated zone. We are still in the early stages, but the combination of high-grade intercepts and new zone discovery gives us real confidence in the scale potential at Treasure Island. In exploration, sometimes you intersect broad zones and sometimes you intersect narrow high-grade veins that point you toward something much larger. Both are important, and these first holes confirm we have a gold-bearing system and a structural model that is working. We are excited about what the coming weeks and months of drilling may deliver," said Denis Laviolette, Executive Chairman & CEO.

Greg Matheson, VP Exploration, added:

"Step-out drilling along the Moosehead Eastern and Western trends has yielded strong high-grade assay results as we continue to expand the footprint of these sub-parallel structures. Five of the first six holes reported from Moosehead intersected high-grade gold, confirming both the strength and continuity of the system. These intercepts remain relatively shallow for an orogenic gold environment, and we see significant room for growth along both fault structures. The announcement last week of a newly discovered vein linking the Eastern and Western trends is important and adds a new element to the potential for additional new zones as the drilling continues.

"While much of the drilling to date has focused on expanding the known Moosehead trends, we believe the broader opportunity lies in testing near-surface geophysical targets across the property. We're truly excited by the success in drill hole PGC-25-006 and plan to not only further define this new zone but continue the hunt for additional new discoveries. With more than 50 kilometres of comparable geology and structural setting across Treasure Island North, we believe we are only beginning to unlock the district-scale potential of this system."

Fig. 1 - Moosehead Zone Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/285609_829c944b24f7ead5_001full.jpg

Drilling Program:

PGC-25-001,002 targeted a previously untested segment of the Moosehead Eastern trend fault, both holes intersected the structural zone at shallow depths and reported high gold assay grades from stylolitic veins including 20.47g/t Au over 0.35m in PGC-25-001 and 42.48g/t Au over 0.45m in PGC-25-002.

PGC-25-003,004,005,007 targeted the depth extension of the Moosehead Western trend and all four holes intersected the fault system at shallow depths from 45 to 80m vertically. Drill hole PGC-25-004 reported 2.84g/t Au over 5.10m including high grades from a stylolitic vein including 24.80g/t Au over 0.45m. The deepest hole testing the Western Trend PGC-25-007 intersected 4.79g/t Au over 5.85m including high grade results from a stylolitic vein assaying 51.20g/t Au over 0.5m.

PGC-25-006 targeted a disruption in the magnetic signature of a mafic dyke believed to represent a fault structure or hydrothermal alteration. The drill hole successfully intersected intermittent zones of high sulphide mineralization associated with quartz veining within and surrounding the mafic dyke from 14m to 120m downhole. Six intervals of mineralization assayed above 1g/t Au including a broader interval of 1.14g/t Au over 8.10m including higher grades of
4.20g/ Au over 0.75m. This represents a new discovery and remains wide open as additional follow up drilling is underway.

Fig. 2 - Map Showing the Moosehead Mineralized Zones, Structural Corridor, Interpreted Faults and Regional Geophysical Drill Targets

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/285609_829c944b24f7ead5_002full.jpg

Drill Hole	Easting	Northing	Azimuth	Dip	Length (m)
PGC-25-001	613829	5428281	347	-50	122
PGC-25-002	613856	5428278	315	-50	86
PGC-25-003	613685	5428515	226	-59	152
PGC-25-004	613667	5428481	243	-48	92
PGC-25-005	613721	5428507	230	-45	158
PGC-25-006	612947	5427681	240	-45	203
PGC-25-007	613721	5428508	237	-54	149
PGC-25-008	612440	5427550	240	-45	185

 

Table 3 - Drill Hole Information for PGC-25-001 through PCG-25-008

Drill Hole ID	From (m)	To (m)	Length (m)	Au (g/t)
PGC-25-001	23.75	24.10	0.35	20.47
PGC-25-002	46.00	46.45	0.45	42.48
PGC-25-003	85.00	85.65	0.65	4.69
PGC-25-004	47.00	47.65	0.65	5.62
PGC-25-004	66.40	71.50	5.10	2.84
Incl.	68.00	68.45	0.45	24.80
PGC-25-005	111.40	120.90	9.50	0.78
Incl.	111.40	113.15	1.75	1.92
	120.30	120.90	0.60	2.52
PGC-25-006	43.40	51.50	8.10	1.14
Incl.	45.65	46.40	0.75	4.20
PGC-25-006	62.30	63.30	1.00	1.72
PGC-25-006	75.75	76.95	1.20	2.13
PGC-25-006	82.60	83.45	0.85	1.49
PGC-25-006	96.50	97.15	0.65	1.42
PGC-25-006	119.85	120.85	1.00	2.27
PGC-25-007	119.40	125.25	5.85	4.79
Incl.	119.40	119.90	0.50	51.20
PGC-25-008	NSR

 

Table 4 - Significant Assays Intervals from PGC-25-001 through PCG-25-008

Pirate Gold Treasure Hunters Season 1 Episode 6

Episode 6 of Pirate Gold Treasure Hunters breaks down the first eight drill holes of the 2026 campaign and what they mean for the growing Treasure Island story. The episode features:

• Initial assays from eight holes, including six at Moosehead, with five of six returning high-grade gold along the Eastern and Western trends
• Confirmation that high-grade mineralization is concentrated within stylolitic veins inside broader 3-5 metre structural arrays, refining the Company's evolving 3D geological model
• A regional discovery hole (PGC-25-006) drilled 500 metres southwest of Moosehead, intersecting multiple gold intervals across a ~75 metre downhole corridor
• Ongoing shallow expansion drilling at Moosehead, including planned systematic testing of a ~300 metre structural gap between known mineralized zones
• Advancement of additional district-scale targets across 50-60 kilometres of prospective strike length, including newly permitted areas at Stony Lake

Cannot view this video? Visit:
https://www.youtube.com/watch?v=PB5bb8rB72s

Qualified Person

Greg Matheson, P.Geo., VP Exploration for Pirate Gold, a "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Pirate Gold Corp.

Pirate Gold Corp. is led by an experienced management team and is the dominant explorer along the Valentine Lake Fault Zone in Newfoundland, Canada's newest gold district. The Company's primary focus is its 100% owned district-scale Treasure Island Gold Project, along with a portfolio of gold projects, including the district-scale Fleur de Lys Project.

For more information, please contact:

Denis Laviolette, Executive Chairman, CEO & Director
E: denis@pirategold.ca

Cathy Hume, VP Corporate Development & Director
T: 416-868-1079 x 251
E: cathy@chfir.com

Website: www.pirategold.ca
Twitter: @PirateGoldCorp
Facebook: @PirateGoldCorp
LinkedIn: @PirateGoldCorp

QAQC Statement

Diamond drill holes are HQ size and are processed at the Company's secure core logging facility in Grand Falls-Windsor, NL by qualified geologists and technicians. Drill core samples are sawn in half and submitted to ALS Canada Ltd. ("ALS"), Thunder Bay, ON for gold determination by PhotonAssay™ method and Vancouver, BC for multi-element analysis.

Drill core samples analyzed at ALS are submitted under prep codes LOG-21, CRU-31 and SPL-32a. ALS performs Au-PA02 analysis on all samples. Any sample received with an Au-PA02 value greater than 0.8 ppm undergoes Au-PA02e. Results of Au-PA02e use a weighted average for final assay determination.

The Company inserts quality control (QC) samples at regular intervals, including blanks, reference materials and field duplicates to monitor the performance of the laboratory. Additionally, Pirate Gold Corp conducts check assays at a third-party facility which is independent of ALS Canada Ltd.

Acknowledgment

Pirate Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Investors are cautioned that trading in the securities of the Company should be considered highly speculative. This news release contains "forward-looking statements" within the meaning of the applicable Canadian securities legislation that are based on expectations, estimates, assumptions, geological theories, and projections as at the date of this news release. The information in this news release about any information herein that is not a historical fact may be "forward-looking statements." Actual results may differ materially. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (which may, but not always, include phrases such as "anticipates", "plans", "scheduled", "believed" 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) including statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, and other matters are not statements of historical fact and may be forward-looking statements and are intended to identify forward-looking statements. Factors that may cause results to vary include delays in obtaining necessary approvals, changes in the market for the Company's securities, results of exploration, loss of title to properties, delays in obtaining permits or access to mineral properties, including as a result of adverse weather, fire or flood, changes to the Tax Act, rejection of expenditures as Qualifying Expenditures, and factors included in the documents filed from time to time with the Canadian securities regulatory authorities by Pirate Gold Corp. Pirate Gold Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285609

FAQ

What did Pirate Gold (SICNF) announce on February 27, 2026 about Treasure Island drilling?

They announced initial high-grade assays from Moosehead and a new discovery at Treasure Island. According to Pirate Gold, five of six Moosehead holes returned high-grade gold, and PGC-25-006 yielded a new multi-interval zone including 1.14 g/t Au over 8.10 m.

Which drill hole produced the highest assay at Treasure Island and what was the result?

PGC-25-007 produced the highest reported assay of 51.20 g/t Au over 0.50 m. According to Pirate Gold, this high-grade vein lies within a broader 5.85 m interval grading 4.79 g/t Au, indicating narrow high-grade veins inside wider zones.

How significant is the new zone discovered in PGC-25-006 for SICNF investors?

PGC-25-006 represents a meaningful new discovery with multiple gold intervals across ~75 m downhole. According to Pirate Gold, it includes an 8.10 m interval at 1.14 g/t Au and remains open for additional follow-up drilling.

Are the Moosehead drill intercepts at Treasure Island shallow or deep for orogenic gold systems?

The company reports the Moosehead intercepts as relatively shallow for an orogenic system. According to Pirate Gold, many intercepts occurred between ~45 m and 125 m vertical depth, suggesting room for vertical and lateral expansion.

What are Pirate Gold's next steps for Treasure Island after the February 27, 2026 results?

Pirate Gold plans follow-up and step-out drilling to define Moosehead and the new PGC-25-006 zone. According to Pirate Gold, ongoing shallow expansion and systematic testing target a ~300 m structural gap and district-scale targets across >50 km strike.