Newfoundland Gold Discovery Keeps Growing With 91.1 g/t Hit and Expanding High-Grade Zones

Pirate Gold Corp. (YARR.TSX.V) announced expansionary drill results from the Moosehead Zone at its Treasure Island Project in Central Newfoundland, where the company reported new high-grade gold intercepts from the Rib Vein Structure, the Regional Discovery Zone, and the Moosehead Eastern and Western Trends. The Treasure Island Project covers more than 90 kilometers of strike along the Valentine Lake Fault Zone.

The company stated that expansionary drilling at the Rib Vein discovery has now tested the structure along 150 meters of strike length and 90 meters of vertical depth. The Rib Vein Structure was first announced on April 13, 2026, when hole PGC-26-028 returned 65.1 g/t Au (Gold) over 3.25 meters. Pirate Gold reported that the vein has since been tested with sixteen holes and returned additional high-grade intervals, including 6.97 g/t Au over 5.35 meters, including 69.1 g/t Au over 0.45 meters in hole PGC-26-033, 6.65 g/t Au over 2.95 meters, including 29.4 g/t Au over 0.45 meters in hole PGC-26-034, and 21.0 g/t Au over 1.0 meter in hole PGC-26-040.

At the Regional Discovery Zone, located 500 meters southwest of the Moosehead main zones, the company said follow-up drilling expanded the mineralized footprint to 200 meters of strike length and vertical depths of 80 meters. Pirate Gold reported that hole PGC-26-041 returned 3.36 g/t Au over 3.60 meters, including 5.74 g/t Au over 1.60 meters, while hole PGC-26-049 returned 0.74 g/t Au over 15.80 meters, including 1.27 g/t Au over 7.00 meters. The company previously announced on February 27, 2026, that hole PGC-25-006 intersected six mineralized intervals above 1 g/t Au within a 75-meter corridor, including 1.14 g/t Au over 8.10 meters.

Pirate Gold also reported continued expansion of mineralization at the Moosehead Western Trend. Hole PGC-26-051A intersected 21.4 g/t Au over 2.20 meters, including 91.1 g/t Au over 0.50 meters, at a vertical depth of 140 meters. The company stated that follow-up drilling is ongoing to further expand the zone at depth.

Greg Matheson, VP Exploration, stated in the company news release, "We continue to add mineralization at a persistent pace across new discoveries at Moosehead. The Rib Vein has now grown to a scale and consistency of grade that warrants further exploration for additional linkages between the Eastern and Western trend faults."

Matheson added, "The regional zone southwest of Moosehead continues to demonstrate the scale potential to contribute to the broader mineralized footprint and is now delivering high grades, while deeper drilling at the Western Trend confirms the fault network can continue to host high-grade mineralization at depth."

The company also announced that Episode 11 of Pirate Gold Treasure Hunters is now airing and features drilling activity and exploration work across the Moosehead Zone.

Inflation and Commodity Trends Continued Supporting Interest in Gold

During the May 23 edition of Gold Matters hosted by Jonny Haycock, participants discussed inflation, bond yields, commodities, and hard assets. Kirrol Sakalof stated, "We're going to have big inflation and bond yields are going to rise significantly. As a result, capital will migrate from the US$300 trillion in fixed income securities and other debt around the world into hard assets, which is the best place to preserve value."

Matt stated during the discussion that "currency debasement is a massive tailwind for secular rising gold," while adding that gold's rise reflected "the tanking trust in broke nations and their failing monetary systems." He also stated that "the bond, the stock, and the hard asset commodity markets are screaming signals of inflation."

Reuters reported on May 24 that spot gold increased 1.2% to US$4,561.51 per ounce, while U.S. gold futures for June delivery rose 0.9% to US$4,563.60. According to Reuters, expectations surrounding a possible peace agreement involving Iran contributed to declines in oil prices and the U.S. dollar, which supported gold prices.

"Financial assets are strongly influenced by oil prices at present, and gold prices are not an exception," UBS analyst Giovanni Staunovo said in the Reuters report. Staunovo also stated that "Lower oil prices lift gold, in anticipation that it impacts the monetary policy of the Federal Reserve."

Reuters reported that gold prices had declined about 14% since the Iran conflict began in late February, as higher energy prices increased inflation concerns and expectations for higher U.S. interest rates. The report stated that traders were pricing in a 40% probability of a 25-basis-point U.S. Federal Reserve rate increase in December.

The following day, Reuters reported that spot gold rose 1.1% to US$4,559.07 per ounce while U.S. gold futures gained 0.8% to US$4,559.80. Reuters stated that optimism tied to possible U.S.-Iran negotiations weakened the U.S. dollar and pressured oil prices lower, easing inflation expectations.

"Trump has been raising market hopes for some sort of deal with Iran, which could lead to the reopening of the Strait of Hormuz," Tim Waterer, chief market analyst at KCM Trade, said in the Reuters report. Waterer added that the development had "weighed on oil prices and, by extension, given gold a welcome lift from an inflation perspective."

Reuters also reported that the U.S. dollar traded near one-week lows during the session, making dollar-denominated bullion less expensive for holders of other currencies. The report stated that oil prices fell to two-week lows.

High-Grade Results Draw Positive Reaction From Analyst

According to Bob Moriarty of 321gold.com on April 15, several companies have recently reported strong drill results, including Pirate Gold Corp. Moriarty highlighted the company's reported intercept of 65.1 g/t gold, noting that the result exceeded 211 grams-meters. He described the intercept as "a home run hole."

"Those are wonderful numbers," Moriarty told Streetwise Reports. "Two-ounce gold is pretty rare, much less over a nice mining width."

Exploration and Development Activity

According to the company's Q1 2026 corporate presentation, Pirate Gold's Treasure Island Project now covers 92 kilometers along the Valentine Lake Fault Zone and includes more than 78,600 hectares of mineral rights. The company stated that Moosehead is an advanced, high-grade gold zone with more than 650 drill holes completed to date.

The corporate presentation stated that the company is conducting a fully funded 50,000-meter drilling program throughout 2026 at Moosehead and Crippleback. At Moosehead, Pirate Gold stated that additional drilling is targeting expansion of known mineralized zones along strike and at depth, as well as more than a dozen geophysically identified structures with similar orientation to the Moosehead main structure. The company also stated that previous drilling at the 511 Zone and Stony Lake Zone identified broad areas of gold mineralization. 

At Crippleback, the company stated that newly identified orogenic secondary fault structures crosscutting the intrusive suite have shown to be gold-bearing, while a large alteration zone identified during 2024 drilling was associated with copper, gold, and molybdenum mineralization. Pirate Gold also stated that the Crippleback area covers more than 35 kilometers of strike length along a similar geological setting to the Valentine Lake Mine. 

The company's Q1 2026 presentation also outlined several milestones completed between September 2025 and May 2026, including the launch of a 50,000-meter drill program, expansion of claims along the Valentine Lake Fault Zone, commencement of drilling at Crippleback, and the completion of airborne magnetic and electromagnetic programs. Pirate Gold also reported that a US$26 million financing led by Eric Sprott closed with full over-allotment.

Ownership & Share Information¹

Pirate Gold Corp. has a market cap of CA$108.93 million, with 506.63 million shares outstanding. The company's 52-week range is CA$0.03-CA$0.39.

Institutions own 1% of shares, while Strategic Investors own 25%. Management & Insiders own 8% of shares, and the remaining 66% of shares are held by Retail.