New Copper-Gold Discovery Delivers 180.8 Meters of Mineralization in Newfoundland

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Pirate Gold Corp. (YARR:TSX.V) announced exploration drill results from Crippleback at its Treasure Island Project in central Newfoundland. The company said the project covers more than 90 km of strike along the Valentine Lake Fault Zone in Canada's newest gold district.

The results came from the Moby Dick alteration zone, which the company described as an advanced argillic alteration system with characteristics consistent with a copper-gold porphyry to high-sulphidation epithermal environment. Pirate Gold said drilling has confirmed the zone to measure 3,100 meters long, 850 meters wide, and 500 meters deep, with the full extent not yet known and limited by drilling to date.

Drill hole PGC-26-058 returned 0.38% copper equivalent over 112.4 meters, including 0.72% copper equivalent over 45.0 meters. Drill hole PGC-26-068 returned 0.54% copper equivalent over 180.8 meters, including 1.48% copper equivalent over 49.4 meters. The company said the first three drill holes to test Moby Dick showed broad intervals of copper and gold mineralization consistent with a copper porphyry and high-sulphidation epithermal style mineralizing system.

"Today marks a new dawn of discovery on Treasure Island," Executive Chairman and CEO Denis Laviolette said in the company news release. "At a time when large, multi-billion-tonne copper discoveries are increasingly rare, we have completed the first few drill holes into what could prove to be an industry unicorn: a large-scale gold-copper system with district potential."

PGC-26-058 targeted the Moby Dick alteration system and intersected silicified volcanic rock, highly altered quartz monzonite, altered volcanic sequences, and silicified monzonite and volcanic sequences. The company said mineralization in the hole was comprised of pyrite, chalcopyrite, and one instance of visible gold.

PGC-26-068 was drilled from the same location as PGC-26-058 at a shallower dip and encountered the same broad gold-copper mineralized envelope approximately 100 to 150 meters up dip. The company said mineralization in the hole was comprised of disseminated chalcopyrite and pyrite, with locally semi-massive pyrite and chalcopyrite present.

Pirate Gold said PGC-26-088 was drilled 1,700 meters east of PGC-26-058 and PGC-26-068 and entered an intense clay alteration zone at 30 meters depth. The hole was abandoned before reaching target depth due to the swelling nature of the clay alteration. Assay results for PGC-26-088 are pending.

The company also said it acquired twelve additional mineral licenses adjoining or near the Treasure Island Project. Under one agreement, Pirate Gold will acquire three mineral licenses through a one-time cash payment of US$15,000, the issuance of 250,000 common shares, and a 1.0% NSR royalty. Under a second agreement, the company will acquire nine mineral licenses through several cash payments, the issuance of common shares, and two separate 1.0% NSR royalties.

Commodity and Precious Metals Commentary

In a June 18 Reuters commentary, metals columnist Andy Home reported that investor interest in copper remained strong despite a retreat from the record prices reached earlier in the year. Home wrote that both institutional and retail investors continued to be attracted to copper because of its exposure to energy transition and artificial intelligence-related demand themes. He noted that money managers had increased long positions on the CME copper contract from 35,802 contracts in March to 77,131 contracts at the beginning of June. Home also reported continued activity in smaller retail-focused copper products and wrote that there were "very few bears left in the U.S. copper market."

Chen Lin wrote on June 18 that gold had rebounded to a key technical level but said he remained cautious in the near term. "Gold rebounded to the exact downtrend line yesterday, and shorts showed up at the Fed meeting," Lin wrote. He added that he remained cautious on gold and silver through the summer and was "trimming liquid miners on the rebound."

A June 19 article by Bart Bogacz examined recent volatility in the gold market. According to the article, gold finished the week near US$4,200 per ounce after experiencing significant price swings. The report stated that easing inflation concerns following a diplomatic breakthrough in the Middle East briefly helped push gold above US$4,300 per ounce before prices retreated after the U.S. Federal Reserve left interest rates unchanged.

The article also referenced a June 10 report from State Street Investment Management that outlined several potential scenarios for gold prices. Under its base-case outlook, the firm assigned a 70% probability that gold would trade between US$4,750 and US$5,500 per ounce during the second half of the year. State Street stated that "strong structural demand combined with low ownership could support the physical market, as well as allocations in gold ETFs." The firm also identified investor demand, central bank purchases, interest rates, oil prices, and currency movements as key factors affecting the gold market.

Also on June 19, Shad Marquitz of Excelsior Prosperity discussed performance across the broader precious metals sector, noting that different segments had advanced on different timelines. Marquitz wrote that "there have been various waves of the PM bull market" and said that "it really comes down to which aspect or subsector of the precious metals complex someone is talking about when they are discussing THE PM BULL MARKET."

Marquitz pointed to gold's longer-term performance, writing that "Gold's last Major Low happened in December 2015 at $1045" and that the metal had risen to more than US$5,600 by January. He also noted that gold producers, silver producers, mining exchange-traded funds, developers, and explorers had participated in the sector's advance during different periods. According to Marquitz, "We've seen a textbook precious metals bull market play out for the last decade in the gold price."

Marquitz also addressed the sector's recent pullback, writing that "over the last few months, many of these same best-in-class gold producers have put in substantial corrections." He added that "this sector has clearly been in a cyclical bear market for the last few months," while noting that market participants were monitoring whether gold, silver, and precious metals equities could stabilize following the recent correction.

A Third-Party Outlook on the Moby Dick Project

In a June 22 statement to Streetwise Reports, Bob Moriarty of 321 Gold offered the assessment, "Pirate Gold seems to have discovered a new copper/gold porphyry in central Newfoundland. Recent assays showed 0.54% Cu Eq over 180.8 meters at their Moby Dick project. Those assays indicate potential for a district-scale copper/gold project."

A Year of Drilling and Field Work

Pirate Gold's corporate presentation described a 50,000-meter drilling program at Treasure Island as fully funded throughout 2026. The program includes work at Moosehead and Crippleback.

At Moosehead, the presentation stated that there is room to grow the known mineralized zones along strike and at depth. It also stated that more than a dozen other geophysically identified structures have similar orientation and potential to multiply the Moosehead main structure.

The presentation also described previous drilling at the 511 Zone and Stony Lake Zone, where broad areas of gold mineralization were identified. The company said those results were suggestive that a large mineral system could be present.

At Crippleback, the presentation stated that newly identified orogenic secondary fault structures crosscutting the intrusive suite have been shown to be gold-bearing, with only one hole having intersected them. It also described a large alteration zone identified in 2024 drilling with associated copper, gold, and molybdenum mineralization as suggestive of a porphyry target.

The Crippleback area sits along 35 km of the Valentine Lake Fault Zone, according to the presentation. The company said the area has a similar orogenic geological setting to the Valentine Lake mine, with no drilling having tested that targeted horizon across more than 35 km of strike length.

The presentation also outlined several milestones from September through May 2026. Denis Laviolette was appointed chairman and CEO, and Greg Matheson was appointed vice president of exploration. Claims were tripled along 65 km of the Valentine Lake Fault. Trading began on the TSXV under the symbol YARR, and a 50,000-meter drilling program was launched.

The company also reported high-grade Moosehead results and a new zone discovery, a US$26 million financing led by Eric Sprott with full overallotment, airborne magnetic and electromagnetic programs, multiple visible gold intercepts, land expansion, a Crippleback drill permit, the start of Crippleback drilling, a Rib Vein discovery of 65.1 g/t gold over 3.25 meters, an OTCQB ticker change to YARRF and confirmation of the Crippleback alteration system.

Ownership and Share Structure¹

Management and insiders hold approximately 22% of the company's issued and outstanding shares, representing about 12.6 million shares.

Richard Billingsley is identified by the company as a 10%+ shareholder and reporting insider. Strategic investors own 25%. Insitutions hold around 1%, and the rest is held by Retail.

As of June 2026, GSP Resource had 57.89 million shares outstanding and 78.22 million shares on a fully diluted basis. The company reported working capital of CA$1.3 million and a market capitalization of approximately CA$7.2 million.