• Expansionary drilling has now tested the Rib Vein discovery at Moosehead along 150m strike and 90m vertical depth - consistent high-grade results up to 6.97g/t Au over 5.35m including 69.1g/t Au over 0.45m in PGC-26-033. Rib Vein remains open at depth.
• New Moosehead Regional discovery 500m southwest of Moosehead announced on Feb 27, 2026 - 75m downhole corridor in PGC-25-006 contained six intervals of mineralization above 1g/t Au including 1.14g/t Au over 8.10m.
• Follow up to Moosehead Regional discovery - results include 1.27g/t Au over 7.00m in PGC-26-049 and high-grade results of 5.74g/t Au over 1.60m in PGC-26-041 expanding the footprint to 200m of strike length.
• Some of the deepest drilling to date at Moosehead Western Trend expands mineralization at its southern extents - PGC-26-051A intersecting 21.4g/t Au over 2.20m including 91.1g/t Au over 0.50m at a vertical depth of 140m.
• Episode 11 of Pirate Gold Treasure Hunters now airing: https://youtube.com/watch?v=z3jWZ7DjdrQ

St. John's, Newfoundland and Labrador--(Newsfile Corp. - May 26, 2026) - Pirate Gold Corp. (TSXV: YARR) (OTCQB: YARRF) ("Pirate Gold" or the "Company"), is pleased to announce expansionary drill results from the Moosehead zone 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.

Rib Vein Structure:

A newly discovered vein structure first announced on April 13, 2026, returned high-grade results of 65.1g/t Au over 3.25m in PGC-26-028. The vein has now been tested with sixteen holes and expanded to 150m of strike length and 90m of vertical depth. New high-grade results include:

• 6.97g/t Au over 5.35m including 69.1g/t Au over 0.45m (PGC-26-033)
• 6.65g/t Au over 2.95m including 29.4g/t Au over 0.45m (PGC-26-034)
• 21.0g/t Au over 1.0m (PGC-26-040)

Regional Discovery Zone:

On February 27, 2026, the Company announced the discovery of a broad 75m interval in hole PGC-25-006 containing six intervals grading above 1g/t Au, including 1.14g/t Au over 8.10m. Hosted in an altered mafic dyke, the zone of mineralization is located 500m southwest of the Moosehead main zones. Follow-up drilling with seven additional holes has expanded the zone to 200m strike length and to vertical depths of 80m, returning the following highlights:

• 3.36g/t Au over 3.60m including 5.74g/t Au over 1.60m (PGC-26-041)
• 0.74g/t Au over 15.80m including 1.27g/t Au over 7.00m (PGC-26-049)

Moosehead Eastern and Western Trend:

Drilling has continued to expand the Western Trend including the deepest high-grade intercept to date along its southern extents. Hole PGC-26-051A intersected high-grade mineralization at a vertical depth of 140m, returning 21.4g/t Au over 2.20m including 91.1g/t Au over 0.50m. Follow-up drilling is ongoing to further expand this zone at depth.

"We continue to add mineralization at a persistent pace across new discoveries at Moosehead. The Rib Vein has now grown to a scale and consistency of grade that warrants further exploration for additional linkages between the Eastern and Western trend faults. The regional zone southwest of Moosehead continues to demonstrate the scale potential to contribute to the broader mineralized footprint and is now delivering high grades, while deeper drilling at the Western Trend confirms the fault network can continue to host high-grade mineralization at depth. Across all three areas, we continue to see Moosehead expanding in multiple directions," said Greg Matheson, VP Exploration.

Fig. 1 - Map showing the location of the Moosehead Zone 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/298815_3de12573f4c83b3b_001full.jpg

Fig. 2 - Map showing recent drilling at the Moosehead Zone

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/298815_3de12573f4c83b3b_002full.jpg

Table 1 - Significant Assay Results

¹True widths estimated to be 65-80% of reported intervals
²True widths are unknown at this time

Table 2 - Drill Hole Information

Pirate Gold Treasure Hunters Season 1 Episode 11 - Growing the Tentacles

Episode 11 of Pirate Gold Treasure Hunters explores the many areas of the Moosehead Zone where new high-grade mineralization is expanding the overall footprint. The episode features:

• New high-grade drill results from the Rib Vein, including visible gold and growing evidence of a linkage structure between the Eastern and Western Trends
• Expansion of the Rib Vein footprint through additional drilling, with the structure remaining wide open in multiple directions
• A growing regional gold discovery southwest of Moosehead, where drilling continues to define a broad stockwork-style mineralized system over hundreds of meters
• One of the deepest high-grade intercepts yet at the Western Trend, reinforcing the potential for Moosehead mineralization to continue at depth
• Ongoing drilling across the Moosehead Zone as Pirate Gold continues expanding the overall mineralized footprint along the Valentine Lake Fault System

Cannot view this video? Visit:
https://www.youtube.com/watch?v=z3jWZ7DjdrQ

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.

QAQC Statement

Diamond drill holes are HQ size and are processed at the Company's secure core logging facility in Grand Falls-Windsor, NL by qualified geologists and technicians. Drill core samples are sawn in half and submitted to ALS Canada Ltd. ("ALS"), Thunder Bay, ON for gold determination by PhotonAssay™ method and Vancouver, BC for multi-element analysis.

Drill core samples analyzed at ALS are submitted under prep codes LOG-21, CRU-31 and SPL-32a. ALS performs Au-PA02 analysis on all samples. Any sample received with an Au-PA02 value greater than 0.8 ppm undergoes Au-PA02e. Results of Au-PA02e use a weighted average for final assay determination.

The Company inserts quality control (QC) samples at regular intervals, including blanks, reference materials and field duplicates to monitor the performance of the laboratory. Additionally, Pirate Gold Corp conducts check assays at a third-party facility which is independent of ALS Canada Ltd.

Acknowledgment

Pirate Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Investors are cautioned that trading in the securities of the Company should be considered highly speculative. This news release contains "forward-looking statements" within the meaning of the applicable Canadian securities legislation that are based on expectations, estimates, assumptions, geological theories, and projections as at the date of this news release. The information in this news release about any information herein that is not a historical fact may be "forward-looking statements." Actual results may differ materially. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (which may, but not always, include phrases such as "anticipates", "plans", "scheduled", "believed" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) including statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, and other matters are not statements of historical fact and may be forward-looking statements and are intended to identify forward-looking statements. Factors that may cause results to vary include delays in obtaining necessary approvals, changes in the market for the Company's securities, results of exploration, loss of title to properties, delays in obtaining permits or access to mineral properties, including as a result of adverse weather, fire or flood, changes to the Tax Act, rejection of expenditures as Qualifying Expenditures, and factors included in the documents filed from time to time with the Canadian securities regulatory authorities by Pirate Gold Corp. Pirate Gold Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298815

Source: Pirate Gold Corp.