Pirate Gold Discovers Widespread Advanced Argillic Alteration at Clipper Brook

• Field spectral analysis has shown the presence of alunite and pyrophyllite alteration across over 3 km of outcrop and sub-crop at Clipper Brook; this type of advanced argillic alteration is believed to represent a preserved surface alteration envelope of a copper-gold porphyry/epithermal environment
• The Clipper Brook target is a broad region of low electromagnetic ("EM") resistivity that spans over 10 km and is located 12 km east of the Moby Dick alteration zone
• The EM Signature closely matches the EM response from the Moby Dick alteration zone, where initial drilling has identified advanced argillic alteration along 3,100 m and drilling results from PGC-26-068 yielded 0.54% Cu Eq over 180.8 m, including 1.48% Cu Eq over 49.4 m
• Episode 16 of Pirate Gold Treasure Hunters now airing: https://youtu.be/9x3mlGds6z8

St. John's, Newfoundland and Labrador--(Newsfile Corp. - August 5, 2026) - Pirate Gold Corp. (TSXV: YARR) (OTCQB: YARRF) ("Pirate Gold" or the "Company") is pleased to announce field exploration results from Crippleback 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:

The Crippleback Intrusive Suite ("CIS") is a Neo-Proterozoic multiphase intrusive complex comprised of Quartz-Monzonite to Dioritic intrusions and coeval Felsic to Mafic volcanic units.

Located in the southern portion of the Treasure Island Project, it covers over 200 square kilometres (see figure 1). Multiple broad target regions show potential to host copper-gold porphyry and epithermal style mineralization (see figure 2).

Fig. 1 - Map showing the location of Crippleback

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Fig. 2 - Map showing regional potential across 32 km of the Crippleback Intrusive Suite

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Alteration Mapping:

Initially discovered in 2024 the Moby Dick advanced argillic alteration zone now spans 3100 m by 850 m wide and to depths of 500 m as defined by diamond drilling. The alteration pattern is suggestive of a highly acidic magmatic fluid system most commonly associated with the lithocap environment of copper-gold porphyry and epithermal style mineral systems. Notable alteration minerals include montmorillonite, kaolinite and pyrophyllite.

Initial assay highlights from drilling have shown broad intervals of copper and gold mineralization with PGC-26-068 yielding 0.54% Cu Eq (0.13% Cu; 0.36g/t Au; 1.73g/t Ag) over 180.8 m including 1.48% Cu Eq (0.28% Cu; 1.07g/t Au; 3.42g/t Ag) over 49.4 m. Drilling is ongoing at this target to expand the area of copper gold mineralization.

See the Company's June 17, 2026, news release for complete assay results, QA/QC procedures and metal-equivalent assumptions. Reported intervals are downhole lengths and true widths are unknown.

The Moby Dick alteration zone also presents a strong geophysical signature in near surface EM resistivity models, (see figure 3). Similar low EM resistivity geophysical signatures have been noted throughout the CIS, most notably at Clipper Brook.

Field reconnaissance utilizing portable spectral analyzers, a device used to assess alteration minerals has been ongoing across the CIS for three months covering over 11,000 hectares and recording 1,100 spectral alteration analysis in addition to geochemical and geological mapping.

Clipper Brook:

A broad EM resistivity low stretches for over 10 km and ranges from 500 to 1,500 m in width, (see figure 3). Within this broad geophysical signature spectral analysis has shown the presence of both Alunite and Pyrophyllite across over 3 km and is believed to represent the preserved lithocap environment of a copper-gold porphyry epithermal mineral system.

Several historical field surveys show early indications of copper and gold mineralization throughout Clipper Brook including float and outcrop samples containing chalcopyrite, areas that show copper and gold soil anomalies and till sampling yielding grains of native copper.

"This style of alteration is a significant discovery unto itself, and confirmation Moby Dick may be just the first in a series of discoveries to come from the Crippleback Intrusive Suite. It's a clear validation that Crippleback could be host to a copper-gold porphyry district as alteration is demonstrated now across many kilometers. More importantly the presence of Alunite is a strong indication that limited erosion has occurred creating a strong case for the preservation of the entire mineral system. Given the footprint of both the geophysical signature at Clipper Brook and the defined alteration zone we can infer the scale of this target is worthy of more intensive exploration efforts. We recently received drilling permits for this region and efforts are underway to conduct some initial drilling here," said Greg Matheson, VP Exploration.

"Finding another large advanced argillic target 12 km east of Moby Dick is exactly what makes Crippleback a district-scale opportunity," said Denis Laviolette, CEO and Executive Chairman. "Clipper Brook strengthens our view that Moby Dick may not be an isolated system, but one target within a much broader copper-gold porphyry/epithermal environment. With another target now permitted for drilling, we are beginning to test just how large this emerging district could be."

Fig. 3 - Map showing EM Resistivity, Moby Dick and Clipper Brook Target Zones and locations of Alunite and Pyrophyllite Field Spectral Analysis

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Pirate Gold Treasure Hunters Season 1 Episode 16 - Clipper Brook

Episode 16 of Pirate Gold Treasure Hunters follows the exploration team to Clipper Brook, where field mapping and spectral mineral analysis are uncovering a second large advanced argillic alteration system within the Crippleback Intrusive Suite, strengthening the district-scale copper-gold porphyry and epithermal exploration model. The episode features:

• Clipper Brook, located 12 km east of the Moby Dick discovery
• Widespread alunite and pyrophyllite identified through spectral analysis
• Advanced argillic alteration confirmed across more than 3 km at surface
• A 10 km-long EM trend with similarities to the Moby Dick alteration system
• Insights from Dr. Miguel Nassif on using spectral mineralogy to vector toward mineralization
• Newly received drill permits and the next phase of exploration at Clipper Brook
• Growing evidence for a district-scale copper-gold porphyry and epithermal system at Crippleback

Cannot view this video? Visit:
https://www.youtube.com/watch?v=9x3mlGds6z8

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 a Newfoundland-focused exploration company advancing its 100%-owned Treasure Island Project, a district-scale property covering more than 90 km 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 also holds a portfolio of Newfoundland gold projects, including the district-scale Fleur de Lys Project.

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/308071

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