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CHF WEEKLY ROUND-UP: April 27 - May 1, 2026

Global shares were mixed this week, and many world markets will be closed today for May Day. Crude oil prices remain above USD$110.00/bbl, driving inflation fears and uncertainty, as prospects for a ceasefire deal in the Iran war remain distant.


The TSX composite index closed the month on a high note, aiming for the all-time high hit at the beginning of March. The Venture exchange (TSXV) continues to suffer from erratic trading with unsettled commodity prices. Statistics Canada (StatsCan) said real gross domestic product (GDP) rose 0.2% in February, but that there were early signs the Canadian economy might have stalled. Early estimates for March suggest real GDP was essentially unchanged for the month, which would set the first quarter up for an annualized growth rate of 1.7%. On Wednesday, the Bank of Canada (BoC) held its key policy interest rate at 2.25% as it warned of short-term higher inflation, economic slack, and a soft labour market. BoC Governor Macklem said, “The surge in gasoline prices, combined with still-elevated food price inflation, is squeezing more Canadians. We’re prepared to respond as needed.” Projections are heavily dependent on the outcome of trade negotiations with the United States and on the war in Iran. On Tuesday, the Finance Minister tabled a mid-year fiscal update that includes CAD$54.5 billion in new costs and spending, a range of new and undefined priorities, strategies, and general objectives. However, it lacked detail on spending targets and expected results, with few mentions of risks and specific objectives. While the federal government’s efforts to diversify the economy and protect it against recent global trade shocks are encouraging, they will likely have a negligible impact on inflation forecasts.


U.S. stock futures edged higher this morning after the major indices closed at or near all-time highs yesterday, with resilient corporate earnings helping to steady investor confidence as they looked past geopolitical turmoil despite the ongoing supply shock in oil markets. On Wednesday, the Federal Reserve (Fed) announced it will leave interest rates unchanged within its current range of 3.5% to 3.75% due to concerns about further inflation and heightened uncertainty stemming from the war in Iran. The U.S. economy is expanding, with low levels of job gains and elevated inflation due to the recent rise in global energy prices. It now appears that Trump’s nominee, Kevin Warsh, will be approved, after the Federal Justice Department dropped its probe into alleged cost overruns at the Fed's Washington headquarters. Current Fed Chair Powell announced that he will stay on as a Fed governor as his board seat runs through January 2028. The U.S. economy grew at an inflation-adjusted annual rate of 2.0% in Q1. Business investment surged at its fastest pace in nearly three years, driven by spending on AI-related equipment and software. Exports jumped sharply. The U.S. dollar (USD) was stronger through the second half of April but appears weaker this morning.


Precious metals are not finding any clear direction from the latest U.S. economic data, as economic growth continues to slow and core inflation remains muted, and no interest rate cuts were announced by the Bank of Japan, BoC, the Fed, the Bank of England, or the European Central Bank. The second half of April was weak as cash moved to U.S. treasuries and technology shares. Gold is opening at USD$4,575.10/oz this morning, and silver is at USD$73.42/oz. The gold market remains fairly resilient despite these headwinds, with rising oil prices driving inflation, which remains the biggest risk. Major bank analysts remain bullish on gold for the long term and maintain an outlook that prices will be above USD$5,000/oz by the end of the year. Be cautious, if history tells us anything, the gold market rarely moves in straight lines. It shakes out those with weak conviction before it rewards the patient holder.


Base and industrial metals have held up during the month, with copper at USD$5.86/lb today. Nickel has been climbing, reaching USD$8.75/lb today. Uncertainty over supply and the disruption caused by higher oil costs clouds the markets.


In recent months, lithium prices have shot up on persistent worries over supply. The global lithium market may be entering what looks to be a near-decade-long deficit and expectations are that supply will fall short of demand growth forecasts as a lack of sufficient mine investment persists. Lithium is at USD$25.92/kg this week, and cobalt continues to hold at USD$25.53/lb. Battery-ready material prices remain strong as the oil shock drives purchasers to alternative power sources. China has further tightened its control on rare earth production by strengthening oversight of the sector, a move that reinforces Beijing’s grip on the supply of those minerals. Chinese export restrictions combined with rising military spending have sent the price of tungsten soaring in recent months.  Uranium prices continue to trend higher as the nuclear option gathers acceptance. Major companies continue to make deals to gain access to near-term production and additional resources. M&A in the mining sector is at a 13 year high.


We are pleased to present our round-up of client news for the week of April 27 to May 1, 2026.


Mining


On April 27, 2026, Arya Resources Ltd. (TSXV: RBZ) announced a new gold discovery at its Wedge Lake Gold Project in Saskatchewan's La Ronge Gold Belt, following the receipt of preliminary high-grade assay results from drill hole AR26-16. The Company previously reported a broad interval of sulphidized iron formation from the drill hole on March 2, 2026. The Company has officially named this high-priority area the Triplet Zone. Assay Highlights (Drill hole AR26-16) Triplet Zone The preliminary assay results suggest the potential for a previously unknown gold-bearing system within the newly discovered iron formation.


  • Drill hole AR26-16 returned two gold zones from a 35.45 m interval of sulphide-bearing iron formation and altered dacite, grading:

    • 6.05 g/t Au over 10.85 m from 177.15 m - 188.00 m, including a 2.70 m interval grading 15.47 g/t Au from 178.3 m - 181 m

    • 1.08 g/t Au over 6.25 m from 204.75 m - 211.00 m, including 2.50 g/t Au over 1.25 m

  • Drill hole AR26-16 also returned two mineralized intervals from a series of gold-bearing quartz veins above the iron-formation package, grading:

    • 1.11 g/t Au over 2.15 m from 124.85 m - 127 m and

    • 0.89 g/t Au over 2.25 m from 113.85 m - 116 


These results are preliminary, and additional results from the 2026 winter drilling program at the Twin Zone remain pending. Rasool Mohammad, CEO of Arya, stated, "The assays from AR26-16 could be a major transformation for the Wedge Lake Project. By naming this the Triplet Zone, we are recognizing a major new gold discovery that was previously unknown at depth. Intersecting a broad 35-metre mineralized envelope validates our objective to find broader and more intensely altered systems." Peter Deacon, Director of Arya Resources, also commented, "We are very excited to find this new discovery in our first drill hole at deeper depths. This new zone shows a lot of potential, and we look forward to continuing our fully-funded drilling program." 


The Triplet Zone discovery resulted from a 25 m step-out drill hole designed to evaluate the down-dip extension of known quartz veining in AR25-10. Hole AR26-16 intersected multiple quartz-vein intervals followed by an unexpected broad interval of sulphide-bearing iron formation characterized by disseminated-to-semi-massive sulphides, strong silicification, and sericite and chlorite alteration. These geological characteristics are similar to those of the Twin Zone, located 1,000 m to the east.



On April 30, 2026, Arya Resources Ltd. (TSXV: RBZ) CEO Rasool Mohammad appeared on “The Market Mindset” to break down what the latest results actually mean, as well as what still needs to be proven. The focus is on what comes next. At this stage, it is not about one strong hole. It is about continuity, geometry, and proving this is not a one-off See Video here: Arya Resources: Defining the System – Twin, Triplet & What Comes Next 


On April 29, 2026, Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) advised that it has filed an amending agreement with the TSXV in regard to its acquisition of four mineral licences from Paradigm Minerals Inc. ("Paradigm"), Ian Farrell, and Katie Lewis. The amount of consideration payable remains the same but has been reallocated so that the Company will now make a one-time cash payment of $400 to Ian Farrell and $11,960 to Paradigm and will issue 280,000 common shares to Paradigm and 20,000 common shares to Ian Farrell. All other terms of the agreement remain unchanged. 


On May 1, 2026, Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) announced the confirmation of a large advanced argillic alteration zone at Crippleback Lake 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. 


Located in the southern portion of the Treasure Island project and hosted within the Crippleback intrusive suite, the Crippleback Lake anomaly spans 6.5 x 1.0 km and forms an electromagnetic resistivity low. Three holes completed to date are: PGC-26-058, PGC-26-064 and PGC-26-068. Drilling is ongoing, with additional holes planned to assess deeper levels of the system and further define the core of the Crippleback Lake anomaly. Drilling has continued to intersect extensive alteration zones across multiple lithologies, with consistent sulphide mineralization throughout.  


Drilling in 2024 along the margins of the anomaly identified broad zones of clay alteration exceeding 200 m in downhole length, with sulphide contents ranging from 1% to 8%. The clay alteration and pyrite are interpreted as the primary drivers of the geophysical anomaly. Alteration mineralogy identified to date includes kaolinite, montmorillonite, pyrophyllite and muscovite, along with vuggy silica textures. These alteration assemblages and textures are key indicators of high-level Epithermal and Copper-Porphyry mineral systems. 


"With three holes completed testing the Crippleback Lake anomaly, we are continuing to expand our geological understanding of this system," said Greg Matheson, VP Exploration. "It is apparent we have many of the markers of a high sulphidation epithermal system, including advanced argillic alteration and core textures such as vuggy silica. Our current drilling is focused on the eastern side of the anomaly along strike of PGC-26-068 to better assess the scale of alteration. The Crippleback Lake intrusive suite remains an excellent orogenic gold target with similarities to the nearby Valentine Lake Mine, and as we await assay results, one drill has shifted to testing the 35+ km of prospective strike along the Valentine Lake Fault." 


"Moosehead continues to demonstrate the kind of high-grade vein systems that drive near-term discovery, but Crippleback is a different opportunity entirely," said Denis Laviolette, Executive Chairman and CEO. "What we're seeing now is scale. Widespread alteration, strong sulphide development, and a system that is just beginning to take shape. These are the kinds of geological footprints that can point to something much larger, and that's what we're focused on defining."






On May 1, 2026, Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) released Episode 10 of Pirate Gold Treasure Hunters “Crew Shifts to Crippleback”, where drilling begins to reveal the scale and intensity of a large hydrothermal system taking shape beneath the surface. The episode features:


  • Heavy sulphide mineralization in core, with pyrite and chalcopyrite helping vector toward potential gold mineralization

  • Over 500 meters of continuous clay alteration, highlighting the scale and intensity of the system

  • Strong geological evidence of a high sulphidation epithermal system, with potential links to a deeper gold-copper porphyry source

  • Ongoing drilling adding detail to the model, expanding the system, and sharpening the path toward discovery



In a new interview with Michael McCrae of Mining Stock Daily, Pirate Gold CEO Denis Laviolette breaks down why Crippleback is drawing comparisons to Equinox Gold’s Valentine deposit.


 

NEW TECHNICAL PRESENTATION: Inside Crippleback: The Geology Behind Pirate Gold’s Newest Target, led by VP Exploration Greg Matheson, outlining the geological model at Crippleback.



Get all of the details from the newly updated Pirate Gold Website: Pirate Gold Corp.

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