Total Metals Confirms Bonanza-Grade Gold up to 102 g/t Au in Chip Sampling at Menary Project, Bordering Coeur Mining’s Rainy River Claims in Ontario

Total Metals reports high-grade gold samples at Menary, but value hinges on future drilling.

What the company is saying

Total Metals Corp. (TSXV:TT, OTCQB:TTTMF, FSE:O4N) is emphasizing the discovery of exceptionally high-grade gold values from its September 2026 chip sampling at the Menary Gold Property in Northwestern Ontario, highlighting results of 102 g/t and 31.7 g/t gold at the Galbraith “A” zone. The company draws attention to Menary’s strategic location, directly bordering the Rainy River Gold Mine claim block, recently acquired by Coeur Mining Inc. in a US$7 billion deal, to underscore regional significance. Executive Chairman Michael Dehn frames the results as a “step forward in unlocking the scale” of Menary and links the new data to upcoming exploration plans. The announcement details the integration of a recently completed high-resolution drone magnetic survey with surface data to define 2027 drill targets. The company also references historical results—such as an 8,120 g/t gold grab sample and a 1,000 ton bulk sample yielding 346.1 ounces of gold—to reinforce the project’s high-grade potential. The tone is confident and forward-looking, with technical approval from Vice President of Exploration Robert Penczak, M.Sc., P.Geo.

What the data suggests

The September 2026 sampling program at Menary produced two standout chip samples: 102 g/t and 31.7 g/t gold from the Galbraith “A” zone, with additional significant values of 23.4 g/t and 13.6 g/t gold from the Wagg zone. Eleven samples were collected in total, with assay results ranging from sub-gram to bonanza grades. Historical data includes a 45.379 g/t Au channel sample over 1.0 m and a bulk sample of 1,000 tons from the Wagg zone that produced 346.1 ounces of gold and 14.6 ounces of silver, confirming free-milling, gravity-separable mineralization. The Menary property covers 275.6 hectares and is under option for 100% ownership. No resource estimate or economic study is presented, and all results are from surface sampling or historical work. The company has completed a drone magnetic survey and is preparing for a 2027 drill campaign, but no drilling has yet occurred based on the new geophysical data. The evidence supports high-grade occurrences but does not yet demonstrate scale or continuity required for a resource.

Analysis

The announcement provides detailed and credible technical results from recent sampling at the Menary Gold Property, including specific assay grades, sample IDs, and historical production figures. These realised facts support the company's claim of high-grade mineralisation and ongoing exploration progress. However, the tone is somewhat inflated by referencing the proximity to a recently acquired $7 billion mine and by highlighting historical grab samples with extremely high grades, which may not be representative of broader mineralisation. The majority of forward-looking statements concern future exploration steps (geophysical integration, permitting, and a 2027 drill campaign), meaning any material value creation is long-dated and contingent on successful future work. No large capital outlay is disclosed for the immediate next steps, and the company is at an early exploration stage, so the absence of financials is not a deficiency. The gap between narrative and evidence is moderate: while the technical data is robust, the announcement leans on historical context and future potential to amplify perceived value.

Risk flags

• ●The project remains at an early exploration stage, with all recent results derived from surface sampling; there is no current drill data or resource estimate, making the continuity and scale of mineralization unproven.
• ●Historical grab and chip samples, while high-grade, are selective and may not represent the average grade or mineable widths, introducing significant uncertainty about economic viability.
• ●Permitting and execution risks exist for the planned 2027 drill campaign, as the advanced exploration permit has not yet been submitted or approved.
• ●The company’s narrative leans heavily on proximity to a US$7 billion acquisition and historical results from previous operators, which do not directly translate to current asset value or development certainty.
• ●No financial data, funding status, or exploration budget is disclosed, leaving questions about the company’s ability to execute planned work and sustain operations through the next exploration phase.

Bottom line

Total Metals Corp. has reported impressive high-grade gold assays from surface sampling at the Menary property, including 102 g/t and 31.7 g/t gold, but these results are isolated and not yet supported by drilling or a resource estimate. The company is positioning Menary as a high-potential asset due to its location next to the Rainy River Gold Mine and the recent US$7 billion acquisition in the district, but the announcement provides no evidence of scale, continuity, or economic viability. All near-term catalysts—geophysical data integration, permit submission, and drilling—are scheduled for late 2026 into 2027, so material value realization is at least several quarters away. The reliance on historical and selective sampling, without new drilling or resource definition, means the investment case is still speculative. Investors should focus on whether the 2027 drill program can demonstrate consistent, mineable grades and widths across a meaningful strike length. The most important takeaway is that while the grades are exceptional, the path to a defined resource and project de-risking remains long and uncertain.

Announcement summary

(TSXV:TT, OTCQB:TTTMF, FSE:O4N) Total Metals Corp. announced assay results from a follow-up sampling program at the Menary Gold Property in Northwestern Ontario. The Menary property is located 18 km northeast of the Rainy River Gold Mine and shares a direct southern boundary with the Rainy River Gold Mine claim block, recently acquired by Coeur Mining Inc. in its approximately US$7 billion acquisition of New Gold Inc. The company reported chip sampling results of 102 g/t and 31.7 g/t gold from the Galbraith “A” zone. Historical grab samples from previous operators returned values up to 8,120 g/t gold in the Galbraith “A” zone and 186.5 g/t gold in the Wagg zone. In September 2026, 11 samples were collected across both veins and adjacent wall-rocks, with significant results including 23.4 g/t gold (sample E5551178, Wagg Pit A), 13.6 g/t gold (sample E5551176, Wagg Pit B), 2.999 g/t gold (sample E5551180, Wagg Pit A), and 1.841 g/t gold (sample E5551179, Wagg Pit A). Historic channel sampling at Galbraith “A” returned 45.379 g/t Au over 1.0 m along a 45 metre strike length of quartz vein. From 1992 to 1994, a 1,000 ton bulk sample from the Wagg zone produced 346.1 ounces of gold and 14.6 ounces of silver, with the gold found to be free milling and amenable to gravity separation. The Menary property covers 275.6 hectares and is optioned from Destroismaisons CLM Holdings Corporation, with Total Metals having the right to earn a 100% interest. The company completed a high-resolution drone magnetic survey in late October 2026 and is integrating geophysical and surface data to define high-priority drill targets for a 2027 exploration campaign. Next steps include revising the geological interpretation and submitting a comprehensive advanced exploration permit for drilling and expanded trenching in 2027. Robert Penczak, M.Sc., P.Geo (Ontario), Vice President of Exploration, reviewed and approved the technical information. Total Metals also owns 100% of the High Lake and West Hawk Lake Projects (958 hectares) along the Manitoba/Ontario border, and the Pick Lake property (75 claims and a mining lease covering over 5,260 hectares). The Pick Lake deposit has an average strike length of approximately 250m and a depth extension tested between 300 to 1200m. The Electrolode Project is fully permitted for exploration drilling and hosts 10 historic mineralized zones. The company is focused on developing high-grade gold and critical mineral assets in Eastern Canada.

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