St. John’s, Newfoundland and Labrador — February 27, 2026 — Leads & Copy — Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) has announced 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. Initial drilling along the Moosehead Eastern and Western trends confirmed the high-grade nature of the vein structures, with five of six holes intersecting 5.6 – 51.2 g/t Au. Drilling of a regional geophysical target also yielded a significant new zone with intervals of gold mineralization along a 77-meter downhole length.
Denis Laviolette, Executive Chairman & CEO, said the results are a great start for the first eight drill holes of the program. He noted that Hole PGC-25-006 suggests Moosehead may be part of a broader mineralized system rather than an isolated zone. Laviolette added that the combination of high-grade intercepts and the new zone discovery gives the company real confidence in the scale potential at Treasure Island. He also expressed excitement about what the coming weeks and months of drilling may deliver.
Greg Matheson, VP Exploration, stated that step-out drilling along the Moosehead Eastern and Western trends has yielded strong high-grade assay results as the company continues to expand the footprint of these sub-parallel structures. He added that five of the first six holes reported from Moosehead intersected high-grade gold, confirming both the strength and continuity of the system. Matheson also noted that these intercepts remain relatively shallow for an orogenic gold environment, and there is significant room for growth along both fault structures. He stated that 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.
Matheson also stated that while much of the drilling to date has focused on expanding the known Moosehead trends, the broader opportunity lies in testing near-surface geophysical targets across the property. He expressed excitement about the success in drill hole PGC-25-006 and plans to further define this new zone and continue the hunt for additional new discoveries. With more than 50 kilometers of comparable geology and structural setting across Treasure Island North, he believes the company is only beginning to unlock the district-scale potential of this system.
Drilling Program Details:
PGC-25-001 and 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, and 007 targeted the depth extension of the Moosehead Western trend. 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.
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.
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.
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.
Source: Pirate Gold Corp.
