Announcement • Apr 14
Pirate Gold Corp Announces High-Grade Gold Results and New Rib Vein Discovery At Moosehead Zone
Pirate Gold Corp. announced high-grade gold results from the Moosehead Zone and the discovery of a new gold vein, the Rib Vein. The Treasure Island project covers over 90 km of strike along the Valentine Lake Fault Zone in Canada's newest gold district. Moosehead Rib Vein Drilling Highlights: Drill Hole ID From (m) To (m) Length (m) Au (g/t) PGC-26-021 78.45 80.45 2.00 5.17 PGC-26-023 75.40 76.70 1.30 13.8 Including 75.40 76.00 0.60 28.7 PGC-26-028 48.25 51.50 3.25 65.1 Including 50.00 50.65 0.65 309.5 Table 1 - Assay Highlights from Moosehead Rib Vein *Downhole intervals reported, true widths estimated to be 65-80% of reported intervals. Sixteen holes to date have intersected this new structure - The Rib Vein shows strong continuity and drill tested along 150m of strike length and to depths of 90m. Expanding footprint of high-grade vein structures - Most of the 135,000 meters of drilling to date has focused on a single structural orientation and potential for additional structures similar to Rib Vein could increase the overall network of gold bearing structures. Drilling Program Results: PGC-25-014 - tested a regional geophysical target, a deformation zone was intersected from 158 to 181m but had not provided any significant gold assay results. PGC-25-013 - Targeted the northern extension of the Western Trend and intersected the structural zone from 20 to 45m; significant assays 1.90g/t Au over 1.15m including 3.06g/t Au over 0.45m. PGC-26-015,017,018 - Targeted the northern extension of the Eastern Trend with all three holes intersecting the interpreted structural zone. PGC-26-017 reported 1.51 g/t Au over 1.45m. PGC-25-010, PGC-26-016,019,022A - tested regional geophysical targets, PGC-25-010 intersected pyrite mineralization at depth yielding 1.15g/t Au over 0.40m the remaining three holes intersected strong fault zones but did not provide any significant gold assay results. PGC-26-020,021,023,028 - Targeted the Moosehead western trend and the newly discovered Rib Vein; drilling highlights from the Rib Vein include PGC-26-021 - 5.17g/t Au over 2.0m including 9.24g/t Au over 0.65m; PGC-26-023 - 13.8g/t Au over 1.30m including 28.7g/t Au over 0.6m; PGC-26-028 - 65.1g/t Au over 3.25m incl 309.5g/t Au over 0.65m. PGC-25-009,011,012,PGC-26-026,024 - Targeted the Western Trend depth extension, with all holes intersecting the Western Trend structure, visible gold mineralization was noted in holes PGC-25-011,012 and PGC-26-026; significant assays included PGC-25-011 - 3.28g/t Au over 1.40m; PGC-25-012 - 3.54g/t Au over 0.9m; PGC-26-026 - 8.33g/t Au over 1.0m. PGC-26-025, 027 - Targeted a southern segment of the Eastern trend, both holes intersected the fault structure with limited veining and anomalous gold assay results; PGC-26-029 was terminated before reaching target depth. Three diamond drills are currently active at the Treasure Island Project; two drills are active at the Crippleback target, and one drill is active at the Moosehead Zone. To date twelve additional holes have focused on the expansion of the Rib Vein at Moosehead. Initial visual observations from recently completed drill holes are summarized below: Drill Hole Target Visual Observations PGC-26-031 Moosehead Rib Vein Intersected the Rib Vein Zone from 52.8 to 55.1m with individual stylolitic veins up to 25cm; mineralization consists of pyrite, boulangerite, chalcopyrite and visible gold. PGC-26-032 Moosehead Rib Vein Intersected the Rib Vein Zone from 73.7 to 74.3m seen in PGC-26-028 with quartz vein to 10cm; mineralization consists of pyrite and boulangerite. Intersected the Western Trend structural zone from 126.6 to 129.4m with veins up to 40cm, mineralization consists of pyrite, boulangerite and visible gold. PGC-26-033 Moosehead Rib Vein Intersected the Rib Vein Zone from 41.0 to 46.8m with individual veins up to 30cm; mineralization consists of pyrite, arsenopyrite, boulangerite and visible gold. PGC-26-034 Moosehead Rib Vein Intersected the Rib Vein Zone from 49.1 to 53.0m with individual veins up to 30cm; mineralization consists of pyrite, arsenopyrite, sphalerite, boulangerite and visible gold. PGC-26-035 Moosehead Rib Vein Intersected the Rib Vein Zone from 23.5 to 25.0m with brecciated and quartz fractured zones; mineralization consists of pyrite and sphalerite. PGC-26-036 Moosehead Rib Vein Intersected the Rib Vein Zone from 32.25 to 33.6m with brecciated and quartz fractured zones; mineralization consists of pyrite. PGC-26-039 Moosehead Rib Vein Intersected the Rib Vein Zone from 37.7 to 45.1m with brecciated and quartz fractured zones; mineralization consists of pyrite. PGC-26-040 Moosehead Rib Vein Intersected the Rib Vein Zone from 65.8 to 67.2m with brecciated and stylolitic vein up to 75cm. Mineralization consists of pyrite, boulangerite, sphalerite and visible gold. PGC-26-042 Moosehead Rib Vein Intersected the Rib Vein Zone from 58.2 to 62.0m with individual stylolitic veins up to 30cm. Mineralization consists of pyrite. PGC-26-043 Moosehead Rib Vein Intersected the Rib Vein Zone from 79.3 to 80.8m with individual stylolitic veins up to 10cm. Mineralization consists of pyrite, boulangerite and sphalerite. PGC-26-045 Moosehead Rib Vein Intersected the Rib Vein Zone from 109.9 to 113.0m with brecciated and quartz fractured zones. Mineralization consists of pyrite, boulangerite and sphalerite. PGC-26-048 Moosehead Rib Vein/Western Trend Intersected the Rib Vein Zone from 91.1 to 94.3m with quartz fractured zones. Mineralization consists of pyrite. Intersected the Western Trend fault zone from 134.8 - 140.0m, mineralization consists of pyrite. The Company cautions that the presence of visible gold mineralization is not indicative of high gold assay grades and that drill core samples will or have been submitted to a certified laboratory for analysis of gold content.
