Pirate Gold Provides Crippleback Drilling Update, Appoints New CFO and Releases Episode 8 of Treasure Hunters
MWN-AI** Summary
Pirate Gold Corp. recently announced significant developments at its Crippleback Lake target zone, part of the Treasure Island Project in Newfoundland. Active drilling is underway using two drill holes, PGC-26-058 and PGC-26-064, to explore the argillic alteration envelope indicative of high sulphidation epithermal systems or copper porphyry deposits. Drill hole PGC-26-058 intersected vuggy silicified volcanic rock with strong pyrite mineralization, while PGC-26-064 uncovered broad zones of silicified volcanic and intrusive rocks, further highlighting the extensive alteration footprint now exceeding 1,700 meters in length and 700 meters in width.
Greg Matheson, VP of Exploration, noted the promising geological characteristics displayed in the drilling, with mineral assemblages revealing advanced argillic alteration consistent with the targeted deposit types. Assay results from these drill activities are pending, with additional drilling planned to refine the geological model.
Simultaneously, Pirate Gold appointed Natalia Samartseva as the new Chief Financial Officer, effective April 1, 2026. Samartseva brings over 15 years of relevant experience in public company reporting and financial strategy. She replaces Eric Myung, whose contributions to the company were acknowledged during the transition.
Additionally, Episode 8 of the "Pirate Gold Treasure Hunters" series is now available, emphasizing the ongoing exploration efforts at Crippleback. The episode showcases the acceleration of drilling operations, highlighting the significance of the high-grade work being carried out within the Treasure Island Project.
For updates on drilling progress, results, and insights from the latest episode, viewers can visit [Pirate Gold Treasure Hunters](https://youtu.be/Nii-tDFo2cE).
MWN-AI** Analysis
Pirate Gold Corp. (TSXV: YARR) has recently reported promising drilling updates at its Crippleback Lake site, part of the larger Treasure Island Project. The ongoing exploration campaign features two active drill holes targeting an extensive argillic alteration zone, indicative of high-sulphidation epithermal systems or copper porphyry deposits. Both drill holes, PGC-26-058 and PGC-26-064, have revealed significant vuggy silicification and disseminated pyrite mineralization, which could signal a substantial mineral resource.
The notable findings from drill hole PGC-26-058 include substantial intervals of silicified volcanic rock with pyrite mineralization spanning over 500 meters. Meanwhile, PGC-26-064 intersected similar mineralization with a strong presence of clay-alteration, reinforcing the region's potential. Greg Matheson, VP of Exploration, highlighted the impressive size of the alteration footprint now exceeding 1,700 meters in length by 700 meters wide.
In addition to the drilling update, Pirate Gold has appointed Natalia Samartseva as Chief Financial Officer. Her extensive experience in financial leadership positions, particularly within resource companies, should strengthen the company’s fiscal management as it advances its exploration initiatives.
Market sentiment for mining and exploration stocks often reacts vigorously to such encouraging updates, especially in areas indicating potential mineral wealth. Investors should monitor this situation closely, as promising drilling results can lead to increased share value. However, it is imperative to approach the situation cautiously, keeping in mind the highly speculative nature of exploration stocks.
The upcoming assays will be crucial in determining the economically recoverable mineral resources within the identified alteration system. Investors should not only watch drill results but also consider the overall management transitions and strategic direction proposed by the new CFO. Patience and diligence will be necessary as the company moves through this exploratory phase.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
- Two drills are actively targeting the argillic alteration envelope at Crippleback Lake, the alteration envelope thought to indicate high sulphidation epithermal system or porphyry style mineralization
- Drill hole PGC-26-058, encountered vuggy silicified mineralization near the bedrock surface; indications of advanced argillic alteration and silicification and strong pyrite mineralization throughout
- Drill hole PGC-26-064, encountered a broad zone of vuggy silicified mineralization from 120 to 300m depth showing advanced argillic style alteration
- Episode 8 of Pirate Gold Treasure Hunters now airing: https://youtu.be/Nii-tDFo2cE
St. John's, Newfoundland and Labrador--(Newsfile Corp. - April 2, 2026) - Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) ("Pirate Gold" or the "Company"), is pleased to provide an update on drilling at the Crippleback Lake target zone ("Crippleback") within its district-scale Treasure Island Project in central Newfoundland, alongside the release of Episode 8 of The Pirate Gold Treasure Hunters series.
Crippleback: Drilling Into the System
Two drill holes are ongoing targeting the argillic alteration zone first encountered in 2024. One drill is operating on the north and one on the south side of the alteration anomaly. Below is a general summary of the drilled intervals and alteration sequences:
PGC-26-058 targeted the alteration system from the south side of Crippleback Lake; this hole intersected an interval of vuggy, silicified volcanic rock from 15 to 137m downhole containing disseminated pyrite and muscovite alteration; from 137 to 247m in highly altered quartz monzonite marked by chlorite and montmorillonite alteration with pyrite mineralization. This included a veined zone from 224.5 to 232.0m with locally massive to semi massive pyrite; 247 to 293m intersected a phengite dominated volcanic sequence with disseminated pyrite and locally chalcopyrite; 293 to 395m intersected a kaolinite dominated alteration in both volcanic and felsic intrusive rocks with pyrite mineralization including a veined zone from 343.0 to 349.5m containing semi-massive pyrite mineralization; 395 to 562m intersected a volcanic sequence with muscovite-phengite alteration and disseminated pyrite mineralization; 562 to 602m intersected highly silicified monzonite and volcanic sequence containing pyrite as stringers.
PGC-26-064 is targeting the alteration system from the north side of Crippleback Lake. This hole intersected quartz monzonite from 0 to 107m depth dominated by chlorite alteration and disseminated pyrite mineralization; from 107 to 197m depth intersected silicified and vuggy volcanic and intrusive sequences with pyrite as stringers and disseminations dominated by muscovite and kaolinite alteration; 197 to 215m intersected heavily clay altered volcanic rocks dominated by pyrophyllite with local vuggy segments and pyrite
mineralization; 215 to 295m contained heavily clay altered volcanic rock with vuggy textures dominated by muscovite and kaolinite alteration carrying pyrite as disseminations and stringers; 295 to 349m intersected volcanic sequence heavily altered with pyrophyllite, pyrite as disseminations; 349 to 422m intersected monzonite with phengite and montmorillonite alteration with pyrite as semi-massive stringers and disseminations.
Greg Matheson, VP Exploration, commented:
"Preliminary observations from drilling at Crippleback have shown the alteration envelope has an extensive footprint now exceeding 1,700m in length and 700m in width at to vertical depths exceeding 400m. The scale of alteration is impressive and more importantly, we are seeing mineral assemblages of advanced argillic alteration consistent with high sulphidation epithermal systems and/or copper porphyry deposits. The vuggy silica textures encountered in both holes with pyrite mineralization throughout both drill holes are certainly encouraging; assays are now being submitted to the laboratory for analysis. We expect to complete several more holes in this phase of the exploration campaign before shifting our focus to the orogenic potential at Crippleback."
| Drill Hole | Easting | Northing | Azimuth | Dip | Length (m) |
| PGC-26-058 | 562451 | 5398587 | 345 | -65 | 122 |
| PGC-26-064 | 562723 | 5399556 | 145 | -45 | 422* |
*Drilling ongoing
Fig. 1 - Crippleback Zone Drill Holes PGC-26-058 and PGC-26-064
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/290989_59f89cfd949c4bf4_001full.jpg
Pirate Gold Treasure Hunters Season 1 Episode 8 - Sounding the Deep
Episode 8 of Pirate Gold Treasure Hunters advances the 2026 exploration campaign at Crippleback, with multiple drills now active and targeting the system at depth. The episode features:
- Second drill brought online at Crippleback, accelerating exploration across the target
- Drilling on both sides of Crippleback Lake, testing large-scale geophysical anomalies
- Broad zones of advanced argillic alteration and vuggy silicification intersected at depth, with disseminated sulfides
- Three drills now turning across the project, including ongoing high-grade work at Moosehead
- Continued refinement of the geological model as drilling tests a large-scale alteration footprint at depth
Cannot view this video? Visit:
https://www.youtube.com/watch?v=Nii-tDFo2cE
Fig. 2 - Crippleback Zone Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/290989_59f89cfd949c4bf4_002full.jpg
Pirate Gold Appoints Natalia Samartseva as Chief Financial Officer
The Company is pleased to announce the appointment of Natalia Samartseva as Chief Financial Officer ('CFO") and Corporate Secretary of the Company, effective April 1, 2026.
Ms. Samartseva is a Chartered Professional Accountant with significant experience in public company reporting, IFRS, internal controls and auditing. She brings over 15 years of experience across diverse financial leadership positions having previously served as Chief Financial Officer and Director of Financial Reporting of companies listed in Canada and the United States. She has also held a variety of public accounting practice positions, including senior audit manager, and consulting engagements focused on financial reporting and analysis for junior resource companies. During her career, Ms. Samartseva has overseen projects related to internal control improvements implementation, preparation of financial models, forecasts, business valuation models, transition from exploration to commercial production stage for mining companies and other complex accounting and tax issues.
Concurrent with this appointment, Eric Myung has stepped down as CFO. The Board of Directors and executive management team of the Company extend their gratitude to Mr. Myung for his valuable contributions during his tenure and his support ensuring a seamless transition.
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
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/290989
FAQ**
How do the findings from drill holes PGC-26-058 and PGC-26-064 enhance the potential for high sulphidation epithermal systems or porphyry-style mineralization at Crippleback Lake, specifically in the context of Sokoman Iron Corp Ord SICNF?
What are the specific mineral assemblages and alteration sequences observed in the recent drilling at Crippleback Lake, and how do they compare to typical profiles seen in other high sulphidation systems relevant to Sokoman Iron Corp Ord SICNF?
What are the next steps in the exploration campaign following the preliminary results from the ongoing drilling at Crippleback Lake, and how might these affect the strategic positioning of Sokoman Iron Corp Ord SICNF in the region?
Can you elaborate on the significance of the scale of the alteration envelope exceeding 1,700m in length and its implications for the exploration outlook of Sokoman Iron Corp Ord SICNF at Crippleback?
**MWN-AI FAQ is based on asking OpenAI questions about Pirate Gold Corp. (OTC: SICNF).
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