Pirate Gold Drilling Expands Large Alteration System at Crippleback Lake Diamond drilling at Crippleback Lake has confirmed a large advanced argillic alteration system with features associated with high sulphidation epithermal and copper porphyry mineral
Pirate Gold Drilling Expands Large Alteration
System at Crippleback Lake
Diamond drilling at Crippleback Lake has confirmed a large advanced argillic alteration
system
with features associated with high sulphidation epithermal and copper porphyry mineral
systems
Three holes completed to date have expanded alteration footprint
defined in historic 2024
drilling
The alteration system currently measures approximately 1,700 m in length, 700 m in
width, and extends to depths exceeding 400 m vertically;
remains open in multiple directions
Alteration and sulphide mineralization closely correlate to the
Electromagnetic Conductive
anomaly
Episode 10 of
Pirate Gold Treasure Hunters
now airing
:
https://youtu.be/e1_uGzdDJ8Q
St. John's, Newfoundland and Labrador--(Newsfile Corp. - May 1, 2026) -
Pirate Gold Corp.
(TSXV:
YARR) (OTCQB: SICNF) ("Pirate Gold" or the "Company"), is pleased to announce the confirmation of a
large advanced argillic alteration zone at Crippleback Lake 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.
Crippleback Lake Anomaly:
Located in the southern portion of the Treasure Island project and hosted within the Crippleback intrusive
suite (Figure 1), the Crippleback Lake anomaly spans 6.5 x 1.0km and forms an electromagnetic
resistivity low (Figure 2).
Drilling in 2024 along the margins of the anomaly identified broad zones of clay alteration exceeding 200
m in downhole length, with sulphide contents ranging from 1% to 8%. The clay alteration and pyrite are
interpreted as the primary drivers of the geophysical anomaly.
Alteration mineralogy identified to date includes kaolinite, montmorillonite, pyrophyllite and muscovite,
along with vuggy silica textures. These alteration assemblages and textures are key indicators of high-
level Epithermal and Copper-Porphyry mineral systems.
The 2026 drilling program aims to further investigate the anomaly at depth and toward its core.
Crippleback Lake Drilling Highlights:
Three drill holes have been completed targeting the Crippleback Lake anomaly. Drilling continues to
intersect extensive alteration zones across multiple lithologies, with consistent sulphide mineralization
throughout. 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
targeted 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 438m
intersected monzonite with phengite and montmorillonite alteration with pyrite as semi-massive
stringers and disseminations; 438 to 600m intersected monzonite dominated by chloritic
alteration, local potassic feldspar alteration carrying pyrite and semi-massive pyrite stringers; a
fault zone at 600m bounds further clay alteration from 600 to 690m dominated by muscovite and
montmorillonite with localized vuggy silica segments, disseminated pyrite is common throughout
the interval, 690 to 797m encountered relatively fresh quartz monzonite with localized mafic dykes.
PGC-26-068
was drilled from the same location as PGC-26-058 at a 44° angle extending further
north into the anomaly; this hole intersected felsic volcanics with muscovite dominated alteration
sequences from 12.8 to 175m; felsic volcanic with montmorillonite dominated alteration from 175
to 255m depth; from 255 to 275m a strongly magnetic intrusive unit with semi massive pyrite and
disseminated chalcopyrite; 275 to 326 intersected altered felsic volcanic with chlorite and
montmorillonite alterations; 326 to 428m intersected largely muscovite dominated felsic volcanics
with local silicified zones and disseminated pyrite; 428 to 596m intersected felsic volcanics with
muscovite alteration, localized gypsum with disseminated pyrite.
The Company cautions that the presence of visible mineralization is not indicative of high assay grades
and that drill core samples have been submitted to a certified laboratory for analysis. Assay values for
the discussed intervals will be released when available. All intervals are downhole depths, and true
widths are not known at this time.
"With three holes completed testing the Crippleback Lake anomaly, we are continuing to expand our
geological understanding of this system," said
Greg Matheson, VP Exploration
. "It is apparent we have
many of the markers of a high sulphidation epithermal system, including advanced argillic alteration
and core textures such as vuggy silica. Our current drilling is focused on the eastern side of the
anomaly along strike of PGC-26-068 to better assess the scale of alteration. The Crippleback Lake
intrusive suite remains an excellent orogenic gold target with similarities to the nearby Valentine Lake
Mine, and as we await assay results, one drill has shifted to testing the 35+ km of prospective strike
along the Valentine Lake Fault."
"Moosehead continues to demonstrate the kind of high-grade vein systems that drive near-term
discovery, but Crippleback is a different opportunity entirely," said Denis Laviolette, Executive
Chairman and CEO. "What we're seeing now is scale. Widespread alteration, strong sulphide
development, and a system that is just beginning to take shape. These are the kinds of geological
footprints that can point to something much larger, and that's what we're focused on defining."
Drilling is ongoing, with additional holes planned to test deeper levels of the system and further define
the core of the Crippleback anomaly.
Fig. 1 - Map showing the location of the Crippleback Intrusive Suite
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/295402_6ae8a2c0c4111848_001full.jpg
Fig. 2 - Map Showing drill holes PGC-26-058,064 and 068 overlaid on Airborne Electromagnetic
Apparent Resistivity
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/295402_6ae8a2c0c4111848_002full.jpg
Fig. 3 -PGC-26-064 - Vuggy Silica Textures with Pyrite Infill - 129.5m Downhole
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/295402_6ae8a2c0c4111848_003full.jpg
Fig. 4 -PGC-26-064 - Vuggy Silica Textures with Pyrite Infill - 148.5m Downhole
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/295402_6ae8a2c0c4111848_004full.jpg
*Figure 3 and 4 are not meant to be representative of mineralization in PGC-26-064
Drill Hole
Easting
Northing
Azimuth
Dip
Length (m)
PGC-26-058
562451
5398587
345
-65
602
PGC-26-064
562724
5399556
145
-45
797
PGC-26-068
562451
5398587
345
-44
596
Table 1 - Drill Hole Information
Pirate Gold Treasure Hunters Season 1 Episode 10 - Pyrite Gold
Episode 10 of Pirate Gold Treasure Hunters moves to Crippleback, where drilling begins to reveal the
scale and intensity of a large hydrothermal system taking shape beneath the surface. The episode
features:
Heavy sulphide mineralization in core, with pyrite and chalcopyrite helping vector toward potential
gold mineralization
Over 500 meters of continuous clay alteration, highlighting the scale and intensity of the system
Strong geological evidence of a high sulphidation epithermal system, with potential links to a
deeper gold-copper porphyry source
Ongoing drilling adding detail to the model, expanding the system and sharpening the path toward
discovery
Cannot view this video?
Visit:
https://www.youtube.com/watch?v=e1_uGzdDJ8Q
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
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
:
Cathy Hume, VP Corporate Development & Director
T:
416-868-1079 x 251
E:
Website:
www.pirategold.ca
:
@PirateGoldCorp
:
@PirateGoldCorp
LinkedIn:
@PirateGoldCorp
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Actual results may differ materially. Any statement that involves discussions with respect to
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as Qualifying Expenditures, and factors included in the documents filed from time to time with the
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forward-looking statements to reflect events or circumstances after the date hereof, except as required
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