Pirate Gold Intersects 30.6 g/t Au over 1.35m and 4.25 g/t Au over 6.65m at Moosehead; Identifies New Gold Structure
Rhea-AI Summary
Pirate Gold (TSXV:YARR, OTCQB:YARRF) reported new exploration results from the Moosehead zone at its 100%-owned Treasure Island Project in central Newfoundland. Shallow drilling at the Eastern Trend returned 30.6 g/t Au over 1.35 m, including 89.7 g/t Au over 0.40 m in hole PGC-26-112. At the Western Trend, hole PGC-26-087 intersected 4.25 g/t Au over 6.65 m, including 40.8 g/t Au over 0.50 m, extending high-grade mineralization down plunge. The Rib Vein, which links the Eastern and Western Trends, has now been traced over 200 m of strike and to 90 m depth, with intercepts such as 1.29 g/t Au over 4.25 m and 6.15 g/t Au over 0.55 m.
Pirate Gold also identified a new parallel structure, the Caribou Fault, about 150 m west of the Western Trend. Nineteen shallow holes tested 400 m of strike, with eight holes returning significant gold, including 2.88 g/t Au over 2.45 m. Separately, the company engaged ICP Securities to provide automated market making services for a monthly fee of C$7,500.
Positive
- Eastern Trend intercept 30.6 g/t Au over 1.35 m, incl. 89.7 g/t over 0.40 m (PGC-26-112)
- Western Trend intercept 4.25 g/t Au over 6.65 m, incl. 40.8 g/t over 0.50 m (PGC-26-087)
- Rib Vein continuity traced over 200 m strike and to 90 m depth with multiple gold intercepts
- New Caribou Fault structure tested over 400 m strike; 8 of 19 holes with significant gold, up to 2.88 g/t over 2.45 m
- Extensive Moosehead footprint fault and vein network traced over ~1,500 m strike and to depths exceeding 200 m
- ICP Securities engagement four‑month automated market making agreement at C$7,500 per month starting August 28, 2026
Negative
- Additional operating cost new automated market making services add C$7,500 in monthly cash outflow for at least four months
News Explained
The four-month market-making contract adds a monthly cash fee but discloses no equity compensation or third-party trading funds.
Pirate Gold has engaged ICP Securities under an agreement signed with an
The release describes automated market making as activity intended primarily to correct temporary share supply-and-demand imbalances; ICP bears its own trading costs, while ICP and its clients may acquire company securities in the future, so no ownership change is committed by this agreement.
The contract runs for an initial four months and then renews in one-month terms unless either party gives at least 30 days' written notice, making the renewal or termination dates the relevant contract milestone to monitor.
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- Eastern Trend shallow drilling continues to deliver high-grade assay results along its southern extension with 30.6g/t Au over 1.35m including 89.7g/t Au over 0.40m in PGC-26-112
- Western Trend drilling down plunge of the surface vein exposure yielded 4.25g/t Au over 6.65m including 40.8g/t Au over 0.50m in PGC-26-087
- Caribou Fault Zone is a newly identified parallel fault structure to the Eastern and Western Trend Faults where shallow drilling has identified significant assay grades up to 2.88g/t Au over 2.45m including 4.63g/t Au over 0.90m in PGC-26-100
- Rib Vein results include 1.29 g/t Au over 4.25 m in PGC-26-082 and 6.15 g/t Au over 0.55m in PGC-26-080. The vein has been traced over 200m of strike and to depths of 90m
- Episode 17 of Pirate Gold Treasure Hunters now airing: https://youtu.be/sxmJRcmAtog
St. John's, Newfoundland and Labrador--(Newsfile Corp. - August 28, 2026) - Pirate Gold Corp. (TSXV: YARR) (OTCQB: YARRF) ("Pirate Gold" or the "Company") is pleased to announce field exploration results from Moosehead at its Treasure Island Project. The Treasure Island Project in Central Newfoundland covers over 90 km of strike along the Valentine Lake Fault Zone in Canada's newest gold district.
Figure 1. Footprint of mineralized zones at Moosehead
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Eastern and Western Trend Drilling:
PGC-26-112 was drilled at the southern end of the Eastern Trend and encountered high-grade mineralization at approximately 20m vertical depth, returning 30.6 g/t Au over 1.35m, including 89.7 g/t Au over 0.40m.
At the Western Trend, PGC-26-087 tested 45m down plunge of the interpreted intersection between the north-south trending Western Trend and the east-west trending Rib Vein. The hole returned 4.25 g/t Au over 6.65m, including 40.8 g/t Au over 0.50m.
Drilling at shallow levels of the Western Trend has confirmed high gold grades over 500m of strike and to depths of 140m. Surface trenching in 2024 exposed the interpreted Western Trend and Rib Vein intersection. Channel sampling returned 22.6 g/t Au over 4.85m across the Western Trend and 7.09 g/t Au over 8.1m across the Rib Vein.
Rib Vein Drilling:
The Rib Vein is a new discovery linking the Eastern and Western Trend Zones at Moosehead (Figures 1 and 2) which was announced on April 13, 2026, with highlights from PGC-26-028 yielding 65.1 g/t Au over 3.25m including 309.5g/t Au over 0.5m. The zone has continued to expand with PGC-26-033 grading 6.97g/t Au over 5.35m including 69.1g/t Au over 0.45m announced on May 26, 2026. Recent results have now connected the vein structure from Eastern to Western Trend including PGC-26-080 reporting 6.15g/t Au over 0.55m.
The vein structure now measures over 200m in strike length and to depths of 90m. It is untested along strike past the intersection with the Eastern and Western Trend Faults and the vein remains open at depth.
Caribou Fault Structure Drilling:
The latest discovery at Moosehead is the Caribou Fault which lies approximately 150m west of, and parallel to, the Western Trend Fault Zone. Nineteen shallow holes tested the structure over 400 m of strike, with eight holes reporting significant gold results. PGC-26-100 returned 2.88 g/t Au over 2.45m, including 4.63 g/t Au over 0.90m. The northernmost hole, PGC-26-103, returned 1.04 g/t Au over 4.35m.
Mineralization along the Caribou Fault shares similarities with the Eastern and Western Trend Faults, including vein networks with massive, stylolitic and brecciated textures. Mineralization typically consists of pyrite and arsenopyrite, with localized boulangerite.
"The Moosehead zone comprises a broad network of faults and veins which to date have been traced along over 1500m of strike length and to depths exceeding 200m in the case of the Eastern Trend Fault. The discovery of the Caribou Fault was no surprise as we always believed that other parallel structures should exist here. The recent shallow drilling has shown that we have a fertile structure that is continuous along at least 400m and most importantly that it can host high-grade gold mineralization. I believe that further structural analysis and exploration of this fault in context with the more heavily explored Eastern and Western Fault Zones can lead us to identify additional high-grade mineralization along the structure which remains open along strike and at depth," said Greg Matheson, VP Exploration.
"Moosehead continues to deliver high-grade gold. We're reporting 30.6 g/t gold over 1.35m and 4.25 g/t gold over 6.65m from established trends while also identifying another gold-bearing structure at Caribou. These results sharpen our understanding of the system and strengthen Moosehead's technical foundation. Together with the copper-gold opportunities we are advancing across Crippleback, Moosehead demonstrates the breadth of the discovery potential at Treasure Island," said Denis Laviolette, Executive Chairman and CEO.
Fig. 2 - Recent drilling at Moosehead
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Moosehead Background:
Located in the northern part of the Treasure Island Project (Figure 3), Moosehead is a high-grade orogenic fault system believed to represent a second order fault network to the regional Valentine Lake Fault. The primary gold mineralization is hosted within two parallel fault zones at the Eastern and Western Trends where high-grade mineralization has been traced through drilling along 800m of strike length and nominally to a depth of 200m. In addition to the Eastern and Western Trends, a third parallel zone, the 552 Zone, lies 200m to the east and has yielded several high-grade results.
Fig. 3 - Location of Moosehead within the Treasure Island Project
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| Drill Hole | From (m) | To (m) | Length (m) | Au (g/t) | Target Zone |
| PGC-26-069 | NSR | Western Trend | |||
| PGC-26-070 | NSR | Western Trend | |||
| PGC-26-0712 | 19.90 | 21.35 | 1.45 | 1.21 | Caribou Fault |
| PGC-26-0722 | 24.05 | 24.80 | 0.75 | 2.81 | Caribou Fault |
| PGC-26-073 | NSR | Caribou Fault | |||
| PGC-26-075 | NSR | Caribou Fault | |||
| PGC-26-076 | NSR | Caribou Fault | |||
| PGC-26-0772 | 32.90 | 33.55 | 0.65 | 1.28 | Caribou Fault |
| PGC-26-078 | NSR | Caribou Fault | |||
| PGC-26-0801 | 38.50 | 39.05 | 0.55 | 6.15 | Rib Vein |
| PGC-26-081 | NSR | Rib Vein | |||
| PGC-26-0821 | 60.75 | 65.00 | 4.25 | 1.29 | Rib Vein |
| PGC-26-0831 | 97.50 | 98.00 | 0.50 | 1.34 | Rib Vein |
| PGC-26-0841 | 170.60 | 172.10 | 1.50 | 1.30 | Rib Vein |
| PGC-26-0851 | 12.70 | 15.00 | 2.30 | 1.88 | Western Trend |
| PGC-26-0871 | 30.50 | 33.75 | 3.25 | 1.11 | Western Trend |
| and | 41.00 | 47.65 | 6.65 | 4.25 | |
| incl. | 46.40 | 46.90 | 0.50 | 40.8 | |
| PGC-26-0891 | 17.60 | 18.15 | 0.55 | 4.80 | Western Trend |
| and | 22.00 | 23.00 | 1.00 | 2.17 | |
| PGC-26-0902 | 20.40 | 21.00 | 0.60 | 1.02 | Caribou Fault |
| PGC-26-091 | NSR | Caribou Fault | |||
| PGC-26-0922 | 42.20 | 43.15 | 0.95 | 1.32 | Caribou Fault |
| PGC-26-094 | NSR | Caribou Fault | |||
| PGC-26-0952 | 33.90 | 35.55 | 1.65 | 1.52 | Caribou Fault |
| PGC-26-096 | NSR | Caribou Fault | |||
| PGC-26-097 | NSR | Caribou Fault | |||
| PGC-26-098 | NSR | Caribou Fault | |||
| PGC-26-1002 | 33.15 | 35.60 | 2.45 | 2.88 | Caribou Fault |
| incl. | 33.95 | 34.85 | 0.90 | 4.63 | |
| PGC-26-101 | NSR | Caribou Fault | |||
| PGC-26-102 | NSR | Caribou Fault | |||
| PGC-26-1032 | 16.50 | 20.85 | 4.35 | 1.04 | Caribou Fault |
| PGC-26-1061 | 70.90 | 71.75 | 0.85 | 1.35 | Western Trend |
| PGC-26-1081 | 51.60 | 52.60 | 1.00 | 2.31 | Western Trend |
| PGC-26-1121 | 13.45 | 13.90 | 0.45 | 1.19 | Eastern Trend |
| and | 33.40 | 34.75 | 1.35 | 30.6 | |
| incl. | 33.40 | 33.80 | 0.40 | 89.7 | |
| PGC-26-1141 | 63.20 | 64.00 | 0.80 | 1.93 | Western Trend |
| and | 177.00 | 177.70 | 0.70 | 3.28 | |
| and | 184.25 | 187.75 | 3.50 | 0.94 | |
| and | 190.50 | 191.00 | 0.50 | 7.86 | |
| PGC-26-1161 | 228.60 | 229.50 | 0.90 | 1.28 | Eastern Trend |
Table 1 - Significant Assay Results
1True widths estimated to be 70
2True widths are unknown at this time
| Drill Hole | Easting | Northing | Azimuth | Dip | Length (m) |
| PGC-26-069 | 613703 | 5428285 | 220 | -60 | 113 |
| PGC-26-070 | 613666 | 5428292 | 250 | -45 | 68 |
| PGC-26-071 | 613521 | 5428327 | 250 | -45 | 170 |
| PGC-26-072 | 613538 | 5428098 | 75 | -43 | 272 |
| PGC-26-073 | 613582 | 5428135 | 225 | -51 | 65 |
| PGC-26-075 | 613507 | 5428322 | 250 | -45 | 59 |
| PGC-26-076 | 613517 | 5428342 | 250 | -45 | 68 |
| PGC-26-077 | 613536 | 5428332 | 250 | -45 | 56 |
| PGC-26-078 | 613526 | 5428314 | 250 | -45 | 53 |
| PGC-26-080 | 613690 | 5428436 | 170 | -45 | 59 |
| PGC-26-081 | 613664 | 5428449 | 170 | -45 | 71 |
| PGC-26-082 | 613703 | 5428467 | 170 | -45 | 80 |
| PGC-26-083 | 613721 | 5428507 | 180 | -51 | 125 |
| PGC-26-084 | 613707 | 5428563 | 170 | -45 | 203 |
| PGC-26-085 | 613739 | 5428557 | 170 | -45 | 185 |
| PGC-26-087 | 613640 | 5428466 | 222 | -47 | 74 |
| PGC-26-089 | 613629 | 5428463 | 240 | -45 | 50 |
| PGC-26-090 | 613545 | 5428351 | 250 | -45 | 95 |
| PGC-26-091 | 613550 | 5428339 | 250 | -45 | 62 |
| PGC-26-092 | 613554 | 5428324 | 250 | -45 | 71 |
| PGC-26-094 | 613554 | 5428305 | 250 | -45 | 59 |
| PGC-26-095 | 613559 | 5428284 | 250 | -45 | 62 |
| PGC-26-096 | 613565 | 5428263 | 250 | -45 | 52 |
| PGC-26-097 | 613566 | 5428239 | 250 | -45 | 50 |
| PGC-26-098 | 613574 | 5428215 | 250 | -45 | 47 |
| PGC-26-100 | 613580 | 5428190 | 250 | -45 | 71 |
| PGC-26-101 | 613585 | 5428163 | 250 | -45 | 59 |
| PGC-26-102 | 613581 | 5428190 | 250 | -65 | 68 |
| PGC-26-103 | 613507 | 5428476 | 250 | -45 | 110 |
| PGC-26-106 | 613877 | 5428274 | 254 | -45 | 182 |
| PGC-26-108 | 613853 | 5428273 | 255 | -45 | 224 |
| PGC-26-112 | 613824 | 5428260 | 252 | -45 | 197 |
| PGC-26-114 | 613862 | 5428242 | 250 | -45 | 227 |
| PGC-26-116 | 614157 | 5428724 | 282 | -45 | 290 |
Table 2 - Drill Hole Information
Pirate Gold Treasure Hunters Season 1 Episode 17 - Moosehead Flyover
Episode 17 of Pirate Gold Treasure Hunters takes viewers on a flyover of Moosehead, tracing the high-grade gold vein network in the northern part of the Treasure Island Project. The episode revisits previously reported discoveries and the structural relationships behind them, highlighting the gold potential across this extensive orogenic system. The episode features:
- More than 135,000 m of drilling outlining Moosehead's high-grade vein network
- Discoveries across the Eastern and Western Trends, including a previously reported Eastern Trend intersection of 70.3 g/t Au over 9.05 m (January 31, 2019)
- The Rib Vein, linking the Eastern and Western Trends over 200 m of tested strike, with a previously reported discovery intersection of 65.1 g/t Au over 3.25 m (April 13, 2026)
- Lightly drilled fault corridors extending north toward Bow Tie Pond, where past drilling encountered visible gold
- Year-round access from the Trans-Canada Highway, near Grand Falls-Windsor and Bishop's Falls
- Multiple mineralized zones that remain open, highlighting Moosehead's potential for further gold discoveries
Subscribe to Pirate Gold's YouTube channel for weekly episodes of Treasure Hunters and follow the drill in real time: https://www.youtube.com/@PirateGoldCorp
Pirate Gold Engages ICP Securities Inc. for Automated Market Making Services
Pirate Gold is pleased to announce that it has engaged the services of ICP Securities Inc. ("ICP") to provide automated market making services, including use of its proprietary algorithm, ICP Premium® in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of C
There are no performance factors contained in the agreement and no stock options or other compensation in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future.
ICP is an arm's length party to the Company. ICP's market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company's shares. ICP will be responsible for the costs it incurs in buying and selling the Company's shares, and no third party will be providing funds or securities for the market making activities.
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 a Newfoundland-focused exploration company advancing its
For more information, please contact:
Denis Laviolette, Executive Chairman, CEO & Director
E: denis@pirategold.ca
Joshua Duggan, Investor Relations
T: 647-526-1881
E: josh@pirategold.ca
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 suspected of having visible gold or received with an Au-PA02 value greater than 10 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/311929