Total Metals Corporation (“Total metals“Or”company“) (TSX-V:TT)(OTCQB: : tttmf)(FSE: : o4n) is pleased to announce that it has secured 100% interest (“acquisition“) in the underlying mineral rights of the Pick Lake Critical Minerals Property (“Project“) from Frontier Energy Limited (ASX: FHE) (“marginal“) and Frontier’s wholly owned subsidiary, Pick Lake Mining Limited (“pick up the lake“). The acquisition was completed on April 15, 2026 upon a purchase and sale agreement (“purchase agreement“).
“This project is one of the best, high-grade critical mineral properties in the world,” said Tyler Thorburn, President and CEO. “Pick Lake resides in NW Ontario’s prolific mining jurisdiction and aligns with our goal of acquiring and pursuing spectacular Canadian high-grade assets in a Tier 1 mining jurisdiction.”
Executive Chairman Michael Dane commented, “Exploration at Pick Lake is absolutely unprecedented.” “When you look at the sheer scale of this extensive land package and the concentration of historic mineral occurrences that have barely been scratched by modern technologies, the potential for new discoveries is incredibly exciting. We have a strong pipeline of historic 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.”
Select Lake Critical Minerals Assets
The Pick Lake property, which consists of 75 claims and a mining lease of over 5,260 hectares, is accessible via a road connected to the Trans-Canada Highway in 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 consists of a series of predominantly felsic to intermediate volcaniclastic, volcaniclastic, and minor mafic flow sediments, all with a calc-alkaline affinities. This sequence reaches a maximum thickness of 2 km and a strike of about 6 km. A gabbroic intrusion marks the contact with the adjacent Bic Duc Lake assemblage which occupies the northern third of the property. The Big Duck Lake Assemblage and subsequent felsic intrusions are known to host numerous gold occurrences in the belt.
Within the Pick Lake Critical Mineral Property, the Pick Lake deposit has an average strike length of approximately 250 meters and tested depths spanning between 300 and 1200 metres. Mineralization at Pik consists largely of fine to medium grained sphalerite, pyrrhotite, with minor chalcopyrite and pyrite.
Selected drilling results from the Pick Lake Deposit lower zone:
|
UP-0154 |
13.4m @ 30.47% Zn |
1.44% cu |
57.7 g/t AG |
0.22 g/t and |
|
UP-0178 |
3.9m @ 36.35% Zn |
1.25% Cu |
64.4 g/t AG |
0.33 g/t and |
|
UP-0015 |
1.4m @ 40.60% Zn |
0.35% Cu |
16.2 g/t AG |
0.16 g/t and |
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; Estimated 270 kt @ 16.4% Zn, 1.0% Cu, 0.3 g/t Au and 38.0 g/t Ag NI43-101 2.2a**
|
** |
Ton |
jn grade |
CU grade |
au grade |
ag grade |
|
pick up the lake |
(mount) |
(%) |
(G/T) |
(G/T) |
(G/T) |
|
informed |
1.78 |
19.2 |
0.9 |
0.3 |
36.1 |
|
guessed |
0.27 |
16.4 |
1.0 |
0.3 |
38.0 |
**Pick Lake Deposit historical mineral resource estimates were prepared by independent resource consultants MASSA Geoservices. Mineral resources were estimated and reported with an effective date of October 15, 2020, using 3% Zn as the lower cut-off, described above and summarized in the table.
transaction details
Pursuant to the acquisition, the Company paid Pick Lake Mining Ltd. 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 purposes of the policies of the TSX Venture Exchange (“TSXV”) and qualifies as an “Exempt Transaction” under TSXV Policy 5.3. No finder’s fee was payable in connection with the acquisition. For further information regarding the Acquisition, please refer to the APA, a copy of which is available on the Company’s SEDAR+ profile. www.sedarplus.ca.
The existing royalty consists of a 2% NSR payable to the previous owner of the property, 50% of which can be bought back for CAD$1.0 million.
Per TSXV policies, the acquisition is not considered a “fundamental acquisition” of the company, as the company remains focused almost exclusively on the exploration and development of its Electroload project. C$2,400,000 has been spent on the property so far. The Electroload project remains the Company’s material asset and is expected to remain the Company’s focus over the next 12 month period. This acquisition was made in the normal course of operations of the company.
qualified person
Robert Penczak, M.Sc., P.Geo (Ontario), the Company’s Vice President of Exploration 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 Corporation
Total Metals Corp. concentrates its 100% ownership electroload The project covers more than 3,300 contiguous hectares in northwestern Ontario. electroload The project is targeting high potential significant mineral plus gold resources and targets in three favorable geologic trends, located near the lead mines in the Red Lake Gold Camp and strategically located between Kinross Gold’s Great Bear Project and First Mining Gold’s Springpole Project. electroload The project is fully permitted for exploration drilling and has 10 historic mineralized areas with significant expansion potential as well as new, untapped targets ready for further exploration. total metals also owns 100% of High Lake and West Hawk Lake The project covers 958 hectares across two gold properties located along the Trans-Canada Highway spanning the Manitoba/Ontario border. on purex zone high lake The property has significant exploration potential and will be the primary target for initial exploration and potential future mining activities. West Hawk Lake The property consists of a single mineral lease, located in southeastern Manitoba.
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
tyler thorburn
President and Chief Executive Officer
info@totalmetalscorp.com
(416) 873-7662
forward looking information
This press release contains “forward-looking information” that is subject to assumptions, risks and uncertainties, many of which are beyond the Company’s control. The statements made in this news release, which are not strictly 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 expressed in the forward-looking statements. Such forward-looking statements represent management’s best judgment based on currently available information. Readers are advised to rely on their own assessment of such risks and uncertainties and not to 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 made to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws or the TSX-V. Forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
