Total Metals Corp. (“Total Metals” or the “Company”) (TSX-V: TT) (OTCQB: TTTMF) (FSE: O4N) is pleased to announce that it has acquired a 100% interest (the “Acquisition”) in the mineral rights underlying the Pick Lake Critical Minerals Property (the “Project”) from Frontier Energy Limited (ASX: FHE) (“Frontier”) and Frontier’s wholly owned subsidiary, Pick Lake Mining Limited (“Pick Lake”). The Acquisition was completed on a purchase and sale agreement dated April 15, 2026 (the “Purchase Agreement”).
“This Project is one of the absolute best, high-grade Critical Mineral assets in the world” stated Tyler Thorburn, President and CEO. “Pick Lake resides in the prolific mining jurisdiction of NW Ontario and aligns with our goal of acquiring and advancing spectacular Canadian high-grade assets in Tier 1 mining jurisdictions.”
“The exploration upside at Pick Lake is absolutely phenomenal,” commented Michael Dehn, Executive Chairman. “When you look at the sheer scale of this expansive land package and the concentration of historical mineral occurrences that have barely been scratched by modern techniques, the potential for new discoveries is incredibly exciting. We have a robust pipeline of historical targets with all the right geological signatures ready for follow-up. We are eager to get to work and uncover the true, district-scale potential of this high-grade system.”
Pick Lake Critical Minerals Property
The Pick Lake property, consisting of 75 claims and a mining lease covering over 5,260 hectares, is accessible via a road connected to the Trans-Canada Highway to the south.
The Property is located within the Winston Lake greenstone belt which is part of the Archean Wawa-Abitibi Terrane of the Superior Province of the Canadian Shield. Within the Winston Lake greenstone belt, the Winston Lake Sequence is comprised of a series of predominately felsic to intermediate volcanics, volcaniclastics and sediments with minor mafic flows, all with a calc-alkalic affinity. The sequence reaches a maximum thickness of 2km and a strike of approximately 6km. A gabbroic intrusive marks the contact with the adjacent Bick Duck Lake assemblage which occupies the northern third of the property. The Big Duck Lake assemblage and later felsic intrusives are known to host several gold occurrences in the belt.
The Pick Lake Deposit, within the Pick Lake Critical Mineral Property, has an average strike length of approximately 250m and a depth extension tested between 300 to 1200m. Mineralization at Pick consists of massive fine to medium grained sphalerite, pyrrhotite, with minor chalcopyrite and pyrite.
Selected drilling results from Pick Lake Deposit lower Zone:
|
UP-0154 |
13.4m @ 30.47% Zn |
1.44% Cu |
57.7 g/t Ag |
0.22 g/t Au |
|
UP-0178 |
3.9m @ 36.35% Zn |
1.25% Cu |
64.4 g/t Ag |
0.33 g/t Au |
|
UP-0015 |
1.4m @ 40.60% Zn |
0.35% Cu |
16.2 g/t Ag |
0.16 g/t Au |
The calculated Resource is:
Indicated 1.78 Mt @ 19.2% Zn, 0.9% Cu, 0.3 g/t Au and 36.1 g/t Ag; Inferred 270 kt @ 16.4% Zn, 1.0% Cu, 0.3 g/t Au and 38.0 g/t Ag NI43-101 2.2a**
|
** |
Tonnes |
Zn Grade |
Cu Grade |
Au Grade |
Ag Grade |
|
Pick Lake |
(Mt) |
(%) |
(g/t) |
(g/t) |
(g/t) |
|
Indicated |
1.78 |
19.2 |
0.9 |
0.3 |
36.1 |
|
Inferred |
0.27 |
16.4 |
1.0 |
0.3 |
38.0 |
**The Pick Lake Deposit Historical Mineral Resource estimates were prepared by independent resource consultant MASSA Geoservices. Mineral Resources were estimated and reported with an effective date of October 15, 2020, using 3% Zn as a lower cut-off, are summarized in the statement and table above.
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Transaction Details
Pursuant to the Acquisition, the Company paid Pick Lake Mining Limited CAD$2,200,000 in cash for the Project. No securities were issued in connection with the Acquisition. The Acquisition is an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”) and qualifies as an “Exempt Transaction” under TSXV Policy 5.3. No finder’s fees were payable in connection with the Acquisition. For more information regarding the Acquisition, please refer to the APA, a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca.
There is an existing royalty consisting of a 2% NSR payable to a previous owner of the property, 50% of which may be bought back for CAD$1.0 million.
The Acquisition is not considered a “Fundamental Acquisition” of the Company, pursuant to the Policies of the TSXV, as the Company remains focused on the exploration and development of its Electrolode Project, with approx. C$2,400,000 having been spent on the property to date. The Electrolode Project continues to be the material property of the Company and is expected to be the focus of the Company over the next 12-month period. The Acquisition was conducted in the normal course of the Company’s operations.
Qualified Person
Robert Penczak, M.Sc., P.Geo (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 Corp. is focused on its 100% 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 favorable 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% 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 is comprised of a single mineral lease, located within southeastern Manitoba.
www.totalmetalscorp.com
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in its policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Tyler Thorburn
President and Chief Executive Officer
(416) 873-7662
Forward-Looking Information
This press release includes “forward-looking information” that is subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements in this news release which are not purely historical are forward looking. Although the Company believes that any forward-looking statements in this news release are reasonable, there can be no assurance that any such forward-looking statements will prove to be accurate. The Company cautions readers that all forward-looking statements, are based on assumptions none of which can be assured and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Such forward-looking statements represent management’s best judgment based on information currently available. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSX-V. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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