The playbook — gold · August 28, 2026
Pirate Gold hits 30.6 g/t at Moosehead and finds a new fault
Two grade-rich holes and a fresh gold structure — Caribou — at the Newfoundland project run by the New Found Gold alumni.
Pirate Gold Corp. pulled two grade-rich holes out of its Moosehead project in central Newfoundland and, in the same release, said it found a brand-new gold structure it calls the Caribou Fault. The headline number is 30.6 grams of gold per tonne over 1.35 metres — rich enough that a single tonne of that rock carries about an ounce of gold — from a hole on the Eastern Trend, only about 20 metres below surface. A second hole on the Western Trend ran 4.25 grams per tonne over 6.65 metres, a longer but softer hit.
Here’s the mechanism. Multiply grade by width and you get “gram-metres,” a rough measure of how much metal a hole carries. The flashy 30.6 g/t hole scores about 41; the wider Western hole scores about 28. Both are meaningful reference points, neither is exceptional by the standards of large orogenic deposits — the gold is packed into thin veins, and inside that first interval sits a knife-edge slug of 89.7 g/t over just 0.40 metres that flatters the average. What matters more than any one hole is the architecture. Pirate Gold has now traced a set of stacked parallel faults — Eastern, Western, 552, Rib Vein, and now Caribou — over 1,500 metres of strike, and the system stays open at depth. The company’s geologists describe Caribou as a genuine new discovery: 8 of 19 shallow holes hit gold across 400 metres. The team knows this rock. CEO Denis Laviolette founded New Found Gold; VP Exploration Greg Matheson took that company’s Queensway project to a two-million-ounce first resource. Eric Sprott holds roughly 22% of the shares after an October 2025 financing.
Now the honest part. Pirate Gold did not disclose true widths — every interval is reported as core length, and those ultra-high half-metre slugs suggest a nuggety, steeply-dipping vein where core length may overstate real thickness. Cut-off grade, compositing rules and QA/QC protocols aren’t in the release, and no qualified person is named. Several holes on the new Caribou Fault returned no significant results — 8 of 19 is fertile, not uniform. There is no resource estimate, no economic study, and Laviolette sits on the boards or executive teams of five or more other public companies. Assays from Caribou, Rib Vein and the Moby Dick step-outs are pending, and a barge-mounted rig is slated to drill beneath Crippleback Lake in early Q3 2026.