Pirate Gold raises $13.6 million for Newfoundland exploration
Pirate Gold Corp. [YARR-TSXV, YARRF-OTCQB] said it has closed a previously announced brokered private placement financing that raised $13.6 million for exploration on properties in Newfoundland.
Under the terms of the offering, the company issued 48.3 million flow-through common shares priced at 21.5 cents per FT share, for gross proceeds of $10.4 million, and 13.05 million special flow-through common shares (special FT shares) priced at $0.2475 each for gross proceeds of $3.2 million.
On Thursday, the shares were unchanged9 at 15 cents and currently trade in a 52-week range of 39 cents and 14.5 cents.
Pirate Gold is a Newfoundland-focused exploration company that is advancing its 100%-owned Treasure Island Project, a district-scale property covering 90 kilometres of strike along the Valentine Lake Fault Zone. Exploration is focused on the high-grade Moosehead gold system, the Moby Dick copper-gold porphyry/epithermal discovery and multiple regional targets across the Crippleback Intrusive Suite. The company holds a portfolio of Newfoundland gold projects, including the district-scale Fleur de Lys Project.
In a news release on September 2, 2026, Pirate Gold reported assay results from drilling at the Moby Dick copper-gold discovery and the Western EM anomaly within the Crippleback Intrusive Suite at the Treasure Island project in central Newfoundland.
Drilling highlights include PGC-26-118, which was collared approximately west of discovery holes PGC-26-058 and PGC-26-068. It returned 0.24% CuEq (copper equivalent) over 299.4 metres from 12.6 metres downhole. The broad interval includes 0.43% Cu Eq over 56.5 metres, including 0.52% CuEq over 35.6 metres and a separate interval of 0.43% CuEq over 19.8 metres.
The company said assays are pending from 11 additional holes targeting Moby Dick, with visible chalcopyrite logged in eight holes. It also said the next phase of drilling is underway as barge drilling is preparing to test beneath Crippleback Lake, while MobileMT surveying is targeting the deeper potential across Crippleback.
“With copper-gold mineralization encountered from the bedrock surface to nearly 500 metres downhole in PGC-26-118, we are beginning to see the scale taking shape at Moby Dick,’’ the company said in a press release.
“The broad mineralized envelope in this hole, alongside the higher-grade core encountered in PGC-26-068, is an encouraging result that adds to our confidence in the size and continuity of the system.’’
Hosted within the Crippleback Intrusive Suite in the southern portion of the Treasure Island Project, Mody Dick is a large advanced argillic alteration zone first identified in 2024. Drilling has now traced the alteration over approximately 4,000 metres of strike and up to 850 metres in width and to a depth of 500 metres. Its full extent remains unknown and is constrained only by drilling to date.
Resource World Magazine Inc. has prepared this editorial for general information purposes only and should not be considered a solicitation to buy or sell securities in the companies discussed herein. The information provided has been derived from sources believed to be reliable but cannot be guaranteed. This editorial does not take into account the readers investment criteria, investment expertise, financial condition, or financial goals of individual recipients and other concerns such as jurisdictional and/or legal restrictions that may exist for certain persons. Recipients should rely on their own due diligence and seek their own professional advice before investing.