Pirate Gold Unearths Evidence of Orogenic Gold at Scurvy Fault

0:01Thank you.

0:30Treasure Island project, a district-scale property covering more than 90 kilometers of strike along the Valentine Lake Fault Zone in central Newfoundland. Subscribe to Pirate Gold's channel on YouTube where you'll find a good video explainer about all the company's news, including scurvy. Denny Laviolette is CEO. Denny, welcome to Mining Stock Daily. Thanks for having me back, Mike. Great to be here. So in your latest news release, you say Crippleback is not a one-deposit story and there is potential for multiple mineral systems? It's a very, very exciting time. You know, much to our surprise, well, I shouldn't say to our surprise, I mean, sort of the raison d 'etre of us being there in that region, and really what piqued our attention was the analog to Valentine Lake, just the setup, the fact that you have the Valentine Lake Fault, and this mega intrusive suite.

1:23Now, granted, we got very excited with Moby Dick, and the discovery of obviously porphyry epithermal copper gold mineralization within the intrusive suite but it still begs the question well what about the you know why we were interested in this first place the organic feature right the valentine and its and its offshoots and as they run you know close to uh the margins of these intrusions or of this overall intrusive suite and what's very very interesting there's actually two structures is north arm and there's the valentine now this one at scurvy is a bit of an inlier so it's sorts it's it's not quite at the edge it's it's still within the intrusive suite but it's it's plays off of the valentine and so it's sort of a second order structure if you will off the valentine or a braid of it um which was very very interesting for us to investigate notwithstanding it was nice and close uh to uh the moby dick so it's only a kilometer and a half to the south and we had you know drills in the area and access and it was easy for us to you know to try try a few holes into it and we ended up drilling about 13 holes uh into scurvy and uh quite reliably hit uh the mineralization again and again and again and still begs the question what's all this gonna grade but what it tells us is that we have both types of systems alive and well we have our epithermal porphyry driven system but we also have this world-class, potentially world-class orogenic system that has created many world-class deposits across the island and has manifested mineralization along it in very similar, you know, regions.

3:03And so, you know, we got a lot of evidence that, you know, it's alive and breathing and the structures, there was veining, there were sulfides, again, short of, you know, having assays. I don't think we saw any visible gold in it, but short of having assays, it's hard to say what it's going to run or if it's going to run or, you know, as these things goes. But anyway, so we're anxiously awaiting all of the results to trickle in. But just on a technical basis, it does confirm that we do have orogenesis. We do have orogenic veining and structure and fluid. And so and there's mineralization that goes with that.

3:44so it's going to be pretty exciting but it also gets us super excited in both the North Arm Fault on the north side and also the Valentine proper where we have the Rochester and Lake Conglomerate so that's something we want to go out and test Help us out then again with Strike right now and then what your terms of like just because you said that it was in line right now what are you looking like in terms of scale and how it fits within your property Well it's got about to 15 kilometer strike to it, this inlying structure, at least from the geophysics that we can really trace it nicely. So it's got about a 15 clicks strike.

4:23One of the things that makes it really, really jump out is that there's quite a bit of graphite in that structure. And so the graphite consequently ended up giving us a really strong conductor. So that's how we were able to position ourselves on it the way we were. And so, and that's subsequently what allows us to trace it out beyond what we've drilled out. Now we've drilled about a 300 meter, 350 meter sort of strike to that, so to speak right now. But we can see it on the geophysics for about 15 kilometers. So, I mean, we suspect there's going to be areas where, you know, this thing's no good.

5:01There's going to be areas where it's great. And, you know, you would think. So, so I think, you know, based on what we've what we've seen the whole thing's worth looking at um you know so it's it's going to be a matter of trying to vector in on the better sparts the jogs the bends those are usually areas that are really interesting uh things like that so that's that's where we can expect to see you know a little bit more fluid flow um but yeah that's essentially the layout of that but then of course you've got the valentine that undergirds the entire crippleback complex and it runs for about 50 kilometers.

5:33You know, the next question, Denny, that I want to ask about is, you know, ordering the attention and the resources you're going to put on this system versus also what's happening in the porphyry. But I think we should kind of step back for a minute and then also just talk about what orogenic deposits are. You did make an analogy within the news release talking about the dust or porcupine as well as the larder Cadillac zones. Yeah, okay. Well, Origenesis is really, it's a mountain building. So what you have that creates this setup is you have continental collision. So when you have a continental collision margin, one piece of the crust goes under and the other piece goes over and it's like a car crash, right?

6:15But, you know, and imagine, you know, the hood of one car goes underneath and the other hood of the other car on a head-on collision would go above, you know, when they have no place to go. And so they're both being shoved together. And so what ends up happening is you end up with this crinkling up that happens as well. So imagine the hoods of the cars get crinkled up. And that builds what we call an accretion arc. So think about like an accordion, you know, like you're pushing everything out, you're building an accretion arc. That is your mountain range. So that is an orogenesis. That's an orogeny, right?

6:50So when you hear about mountain building, like in the Cordilleras, you know, west, you know, the Patagonia region, you know, you name your, pick your poison, right? Any mountain range, the Himalayas. These are all formed the same way, and this is how they form. And so this is about the formation of Appalachia, the Appalachian Mountains, which are older and largely eroded. So glaciation and weather has eroded these mountains. But the vestiges are there. If you go to, say, the Abitibi in Kirkland Lake, and so a lot of the structural setup there, that's Archean orgenic stuff. So that goes back billions of years, you know, 2.6, 2.7 billion years to take you back on the Abitibi.

7:40So much older than these rocks and have subsequently undergone much more erosion. But what ends up happening when you squish these rocks together, what happens is you get what we call in geology metamorphosis, right? So these rocks begin to metamorphose. What does that mean? Well, it means they're being squeezed and they're being cooked and they start to change their composition. And in that process, about four to five percent of that rock turns into fluid. So it's like imagine squeezing a sponge and that sponge has fluid in it and you're squeezing it and it's kicking out its excess fluid. And that itself is the very fluid that is interesting to us.

8:24So this is fluid, hydrothermal fluids that are under intense temperature and pressure. And those fluids scour the rock. And they also mix with mantle fluids, right? So fluids that come from down deep at the crust mantle interface. And you end up getting all this fluid. And that fluid is basically scavenging metal from the surrounding rocks, as well as bringing metal from down deep. And then this fluid ends up finding its way into cracks and into openings. And sometimes, so we call that dilation. or, you know, so areas that have undergone the structural preparation to create fluid pathways to allow for that fluid to go somewhere.

9:09Fluid wants to go in the path of least resistance. And so cracks that form in rocks that break. So these fault lines are incredible places for this stuff, right? Because these rocks are really busted up. And those pathways allow that fluid to come in. And then they precipitate. So they cool and they crystallize in the form of quartz oftentimes. And so we see quartz veins. And with that, you get your gold or you get your other metals that precipitate out with that fluid in those rocks. So that is the overall description of the orogenesis process. And that type of metamorphism is called, is green schist facies metamorphism.

9:51So that metamorphism is strong enough that it forms greenstone, which is really chlorite, right? And so a lot of a common theme between the Abbot-Tibbe and Newfoundland is that both of them are metamorphosed to this level of intensity. So they're both greenstone belts, if you will. and effectively the rocks themselves that were there that got smushed together were vms rich rocks so the abitibi had vms rich rocks when it got smushed and so did newfoundland and so the setup and the analogs are very similar now the main largest most prominent structures the biggest faults of all those ones are big crustal faults we call the cadillac break the destra porcupine right those are a couple of key examples in the abitibi there's also the pipestone uh there's there's du parquet there's uh casa berardi there's several large structures but these ones the cadillac and the dester are host to many many mines and the analog here in newfoundland is you'd have your dog bay line and your valentine break and so on and you've got you know uh these are the these large structures that span the entirety of the island these big faults uh these big places where the rock failed.

11:15And those are the primary conduits. That's where your fluid loves to go. Um, and, and could be a source for that fluid. Right. So hope that helps. Yeah, no, I thank you. Thank you very much. Um, and, uh, so, uh, talk about, uh, talk about the ordering our priorities and, uh, Denny. So, uh, you know, you have been making the announcements just regarding your porphyry, uh, But you also have this irogenic as well, too. So how do you, you know, you're excited that you do have these multiple mineral systems. But what are you looking at in terms of resources that you're going to be putting into pushing these both forward?

11:57OK, so I guess we'll start with the epithermal side. So the porphyry epithermal side. So these are large, very deep holes because it's such a wide and grandiose system. you know you're drilling hundreds of meters of altered rock and mineralized rock right so the turnaround time on assays for stuff like that's a lot slower you know you've got to send limited batch numbers so you have like let's say one imagine this is a 600 or 700 meter hole you might have a dozen i don't know how many dozen batches how many holes goes in a batch but or how many samples goes in a batch but maybe let's assume it's like 50 samples or something and that's 50 meters of rock.

12:39So you got to have a lot of batches that you send to the lab and then they have to all come back, right? Whereas like an orogenic system, you can be a little bit more discreet with your sampling. You can sort of like, you know, you're hitting a vein area that's, you know, maybe tens of meters. And so you're, you know, you're winging that off and then that's going to the lab. And so the turnaround is quicker. And so in terms of our budgeting priorities, both are of course a priority. I mean, obviously we have, we have, uh, we have a fish on with Moby Dick, right? So that one, that one's obviously, uh, right now standing out as our priority.

13:18Number one, the orogenic picture is a priority two in close second, uh, to the extent that it's, it's around Moby Dick. So it's, you know, it's complimentary in that way. um so it's something that we want to advance but we still haven't hit you know i don't think uh but who knows we'll have to see what the asses are but we haven't hit what we're kind of like you know what we what we saw in queen's way or even at moose head like you know spectacular vg or whatever like we know what these this organic system's capable of delivering when you really whack it and so we haven't seen those rocks so we still gotta there's a lot more structure we want to test and so i would put um the organic story as explorative um high priority but not the highest and then right now uh crippleback is in systematic uh expiration so crippleback is all about we're in it we got our hooks in it we've got it modeled we're filling it in we're growing it at you know, we're, we're, we're systematically attacking that system.

14:24Whereas the, the, the orogenic thing, like we might still jump around and try other spots, right. Uh, on this, on what we see for the structure, uh, before we commit, um, in the same way we're committing to, uh, Moby Dick with our systematic exploration. Now, Danny, to kind of add on to, uh, the focus, uh, you're going to be having a fourth drill rig that's going to be arriving. yeah the the fourth rig is going to be barge mounted so we're really excited about that i think um and and that'll allow us to target the the shallower portions of the uh the mineralization uh that we've hit or at least get right over top of it um so right now we're sort of forced to hit it from a little far away uh further away than we'd like so we're getting you know it's the rather deep holes but i think we want to be you know over over top of of of this thing and it seems to be kind of directly under the lake i hate to say but um one of the things though mike is that this lake it turns out is basically a man-made lake uh we didn't know that but apparently crippleback lake is literally flooded it was like manually fled by human beings which is pretty cool i think you asked me about the lake last time yeah uh denny uh your cash position and when do you think you might need to raise cash position is I think about 15 mil roughly right now so we're fine we're good we're working hard we don't need to raise right now lastly Denny I understand that this is an expiration story but also you're somebody also that has been telling a story certainly around type of the video.

16:13You know, you've got your hooks in this in terms of understanding the geological model. What are you kind of most excited about in terms of timelines that you see that are going to be arriving given all the variabilities, but in terms of kind of telling this fuller story right now, either regarding kind of the porphyry epithermal or talking about the orogenic, as you kind of look up months ahead, what do you think are going to be kind of like some top catalysts for investors, months that you're kind of looking most forward to in terms of telling the full story that you're doing there at Pirate?

16:46Yeah, well, of course, we've got the assays on scurvy, which of course, I'd be remiss to say I'm not excited to see what those are going to come back as. But then beyond that, we've got the step outs that we've done over at Moby Dick. So we've done out a few step out holes now on Moby Dick awaiting assay. so it'll be very exciting we should see assays coming back on that uh as well as um further drilling once we get the barge on i'm pretty looking forward to that kind of stuff we've got a clipper brook which is really interesting so i'm hoping to get into clipper brook here in august um you know if not you know early september but very very key uh area um that's starting to look really really strong from a historic data and you know all the all the old ingredients which we talked about in our videos but um you know this whole clipper brook region seems to be becoming more and more compelling um we also have a cool new geophysics survey that we want to do like so this airborne mt survey which uh um was was was a quite helpful tool over at kirken lake discoveries.

17:59And so it's something that we think will be a good fit here. So we're looking to get that sucker airborne and fly that over this area just to give us a little bit more to chew on as we venture into new regions like Clipper Brook and Coronation and stuff where, you know, we could get a little bit more refinement maybe in our targeting, especially if we see how that, what kind of signal we can get off of Moby Dick and see if we can fingerprint it. So I think that's pretty exciting. so there's lots lots of new hopefully new discovery holes coming up you know as we venture into these new areas we've got all of our follow-up drilling which is going to allow people to get some grips on tonnage you know or not necessarily tonnage but scale if you will on on Moby Dick and and of course scurvy and all these things right lots to look forward to Denny thanks for speaking with Mining Stock Daily.

18:57Thanks, Mike. The information presented should not be considered investment advice. Mining Stock Daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.