- Pirate Gold (TSXV:YARR) discovered a new gold vein at the Moosehead zone within its Treasure Island project in Newfoundland, yielding a highlight intercept of 65.1 grams per ton of gold over 3.25 metres (PGC-26-028)
- The junior mining company is the top explorer in the Valentine Lake fault zone in Newfoundland, Canada’s newest gold district
- Pirate Gold stock last traded at C$0.20 and has added 310 per cent year-over-year
Pirate Gold (TSXV:YARR) discovered a new gold vein at the Moosehead zone within its Treasure Island project in Newfoundland, yielding a highlight intercept of 65.1 grams per ton of gold over 3.25 metres (PGC-26-028).
According to Monday’s news release, the new linkage between the project’s Eastern and Western trend faults, now known as the Rib Vein, shows favorable continuity along 150 m of strike length and up to 90 m depth, offering a new orientation for gold mineralization from the majority of the 135,000 m drilled on the project to date.
In terms of ongoing exploration, three diamond drills are active at Treasure Island, including two at the Crippleback target and one at the Moosehead zone, each of which are keen to tease out further potential between the project’s 78,600-hectare land package and the geologically similar, multi-million-ounce Valentine gold mine to the south.
The company keeps the market up to date through a Youtube series called Pirate Gold Treasure Hunters. You can click here to watch episode 9, covering Monday’s news release.
Leadership commentary
“The discovery of a new high-grade vein structure at the Moosehead zone exemplifies the potential to expand the mineralized footprint at shallow depths,” Greg Matheson, vice president of exploration at Pirate Gold, said in a statement. “While much of the known mineralization occurs in the Eastern and Western trend faults which are oriented to the northwest, we now see that this linkage structure connecting the two zones can occur oblique to this orientation and opens a new exploration frontier to build out the density of veining. With sixteen drill holes now defining a 150 m long and 90 m deep vein domain, the continuity of this structure is quite strong. It’s very early days in understanding the structural complexity of this type of orogenic system.”
“This is exactly what you want to see in a high-grade system. The Rib vein confirms that gold at Moosehead isn’t limited to a single structure. We’re now starting to unlock multiple orientations, which is how these systems scale,” added Denis Laviolette, executive chair and chief executive officer of Pirate Gold.
About Pirate Gold
Pirate Gold is a junior mining company backed by an experienced management team active in the Valentine Lake fault zone in Newfoundland, Canada’s newest gold district.
Pirate Gold stock (TSXV:YARR) last traded at C$0.20 and has added 310 per cent year-over-year.
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