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Total Metals Corp
Symbol TT
Shares Issued 57,391,311
Close 2025-12-19 C$ 0.76
Market Cap C$ 43,617,396
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Total Metals signs option agreement for Menary

2025-12-22 15:09 ET - News Release

Mr. Tyler Thorburn reports

TOTAL METALS OPTIONS HIGH GRADE MENARY GOLD PROJECT WITH HISTORIC RESULTS UP TO 8,120 G/T AU; HIGHLIGHTS STRATEGIC POSITION SURROUNDED BY COEUR MINING IN THE RAINY RIVER DISTRICT

Total Metals Corp. has entered into an option agreement with Destroismaisons CLM Holdings Corp., pursuant to which the company, upon certain payments and expenditures as outlined herein, may acquire 100 per cent of Destroismaisons's right, title and interest in the Menary gold project, located near Kenora, Ont. The property is strategically located in the Kenora mining division of Ontario, sharing a common southern boundary with the Rainy River claims being acquired by Coeur Mining Inc. following its approximately $7-billion (U.S.) acquisition of New Gold Inc.

Highlights:

  • Galbraith A zone grab samples: Exceptional high-grade grab samples returning 8,120 grams per tonne gold, 1,885 g/t Au and 1,400 g/t Au, confirming the presence of bonanza-grade shoots.
  • Galbraith A channel sampling: Continuous channel sampling across the shear structure returned 243.00 g/t Au over 1.0 metre and 45.38 g/t Au over 1.0 metre, demonstrating width continuity of the high-grade zones.
  • Wagg zone drilling: Diamond drill hole MIN-11-18 intersected 16.99 g/t Au over 6.3 metres (core length), identifying a new, previously unknown mineralized zone at depth.
  • Strategic location: The Menary property is located approximately 65 kilometres northwest of Fort Frances and borders the land package of the Rainy River mine. The recent acquisition of New Gold by Coeur Mining for an estimated $7-billion (U.S.) validates the district as a premier North American mining jurisdiction.
  • All grab samples, channel samples, drill hole samples and bulk sample information are from the technical report on the Menary township gold property, prepared for Kings Bay Gold Corp., prepared by Russell Malcolm Crosby, MSc, PGeo, dated June 13, 2012 (updated Nov. 6, 2013). This report will be available on the Total Metals website.

"The exploration data from Menary confirms the presence of a potent, high-grade gold system," stated Michael Dehn, executive chairman of Total Metals. "With grab samples exceeding 8,000 grams per tonne and drill intercepts showing substantial width and grade, Menary represents a compelling exploration asset. Furthermore, the current acquisition of the district by Coeur Mining validates the strategic importance of the Rainy River belt. We are situated in the heart of an emerging mining powerhouse district."

Pursuant to the agreement, Destroismaisons has granted the company an exclusive right to acquire a 100-per-cent interest in the property, subject to an existing net smelter return (NSR) royalty (as defined below), by making aggregate payments of $1.01-million in cash and issuing $1.01-million in common shares in the capital of the company over a four-year period.

The consideration is structured as follows: (i) $210,000 in cash and $210,000 in shares within five days of the acceptance of the TSX Venture Exchange; and (ii) $200,000 in cash and $200,000 in shares on each of the first, second, third and fourth anniversaries of the acceptance. Share issuances will be priced based on the prior 10-day volume-weighted average price of the shares trading on the TSX-V. Upon completion of all payments and share issuances, the company will have earned a 100-per-cent interest in the property, subject to the NSR royalty of 4.5 per cent payable to Western Troy Capital Corp. (as to 3 per cent) and William McNerney (as to 1.5 per cent). The option agreement and transaction remain subject to the review of the TSX-V.

Property description

The Menary property consists of 27 mining claims and one mining lease together comprising an area of 276.5 hectares. The property is road accessible providing year-round access.

Historical exploration results

Galbraith A shear zone

Exploration by previous operators at the Galbraith A zone focused on a northwest-southeast-trending shear structure hosting boudinaged, hematite-stained quartz veins. Channel sampling along the structure returned numerous high-grade intervals. Following channel sampling, selective grab samples were also collected from the high-grade shoots, returning exceptionally high gold values.

The most recent drilling on Galbraith A by a previous operator was in 2011, where three holes were drilled under a lower-grade section of the vein. The best result returned was 7.94 g/t Au over 0.5 m from 35.7 m to 36.2 m in hole GAL-A-11-03.

Wagg gold zone drilling

The Wagg zone, located approximately one kilometre south of Galbraith A, hosts a series of stacked gold-bearing quartz veins. The most recent drill programs (2010 to 2011) successfully intersected high-grade mineralization and identified new zones not visible at surface.

Geological context

The Menary property is located in the Off Lake-Burditt Lake geological area of the Rainy River greenstone belt, at the contact with the Sabaskong batholith. Mineralization is hosted in sheared mafic metavolcanics and is associated with quartz-feldspar porphyry dikes. Gold mineralization, consisting of native gold accompanied by pyrite and chalcopyrite, occurs in deformed sugary-textured quartz veins, often accompanied by hematite staining. Historical preliminary metallurgical work on a composite 1,000-ton bulk sample indicates that the sample material is free milling and that gold and silver can be recovered by gravity separation.

Regional consolidation

The company notes the recent definitive agreement whereby Coeur Mining will acquire New Gold. The Menary property is immediately adjacent to the Rainy River claims. This acquisition highlights the long-term mining potential of the district.

Quality assurance/quality control and regulatory disclaimers

Samples submitted by previous operators were analyzed by Accurassay Laboratories (Thunder Bay) and ALS Minerals (Vancouver). Methods included fire assay with AA finish and gravimetric finish for overlimits. Screen metallic with AA finish was also utilized for select samples with visible gold. Review of assay QA/QC results has not been done by the company.

Grab samples are selective by nature and are unlikely to represent average grades on the property. Historical results and interpretations, including bulk sampling data referenced in past technical reports, assay results from drilling and channel sampling assay results, have not been independently confirmed by the company and should not be relied upon. The results presented herein have not been independently verified by the company's qualified person.

Qualified Person

Robert Penczak, MSc, PGeo (Ontario), vice-president of exploration for the company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information used in this news release.

About Total Metals Corp.

Total Metals is focused on its 100-per-cent-owned Electrolode project covering over 3,300 contiguous hectares in Northwestern Ontario. The Electrolode project is targeting high-potential critical mineral plus gold resources and targets in three favourable geologic trends, located near major mines in the Red Lake gold camp, and is strategically located between Kinross Gold's Great Bear project and First Mining Gold's Springpole project. The Electrolode project is fully permitted for exploration drilling and hosts 10 historic mineralized zones with significant expansion potential plus new, untested targets ready for further exploration. Total Metals also owns 100 per cent of the High Lake and West Hawk Lake project covering 958 hectares in two gold properties located along the Trans-Canada Highway straddling the Manitoba/Ontario border. The Purex zone on the High Lake property has significant exploration potential and will be the primary target for initial exploration and potential future mining activities. The West Hawk Lake property comprises a single mineral lease, located within southeastern Manitoba.

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