Total Metals Provides Exploration Drilling Update at its High Lake High-Grade Gold Project, Northwestern Ontario

Total Metals advances High Lake drilling; initial assay results expected next month.

What the company is saying

Total Metals Corp. is announcing the completion of three high-priority drill holes at its High Lake gold project in Ontario, specifically targeting the Purdex Zone. Executive Chairman Michael Dehn frames this as a strong start to the exploration campaign, emphasizing that RC drilling is ongoing and that initial assay results are expected next month. The company highlights its focus on confirming and expanding known mineral occurrences and structural trends, with an eye toward systematic growth into 2027. The release foregrounds historical high-grade gold intercepts from previous drilling at Purdex, including intervals such as 24.96 g/t Au over 14.90 m and 148.37 g/t Au over 1.3 m, to support the narrative of robust mineralization. The tone is confident and forward-looking, with management discussing plans to accelerate drilling, expand the geological model, and pursue district-scale growth. The announcement also details the company's broader property portfolio and strategic positioning near major gold camps, reinforcing its ambition to build a mid-tier mining company.

What the data suggests

The company has completed three new drill holes at High Lake, but no assay results from these holes are yet available; results are expected in the coming month. Historical drilling at the Purdex Zone yielded high-grade gold intercepts, such as 24.96 g/t Au over 14.90 m (MLHL-22-06), 43.22 g/t Au over 7.99 m, 53.87 g/t Au over 3.15 m, and 148.37 g/t Au over 1.3 m (MLHL-22-17), with visible gold observed in several intervals. The most recent NI 43-101 Mineral Resource Estimate for Purdex, effective April 14, 2023, reports Indicated resources of 152,000 tonnes at 9.38 g/t Au (45,800 oz) and Inferred resources of 287,000 tonnes at 10.43 g/t Au (96,200 oz), using a 2.6 g/t Au cut-off. The MRE is based on a US$1,800/oz gold price, 95% recovery, C$40/t process cost, C$15/t G&A, and C$130/t underground mining cost. Total Metals owns 100% of High Lake and West Hawk Lake (958 hectares), has an option on the Menary property, and recently added the Pick Lake property (5,260 hectares, 75 claims, 250 m strike, 300–1200 m depth tested). The Electrolode Project is fully permitted for drilling and hosts 10 historic mineralized zones. All disclosed figures are technical and resource-focused; no financial results, revenue, or cash flow data are provided, which is typical for a company at this exploration stage. The evidence supports a technically credible, early-stage exploration narrative, but the impact of current drilling remains unproven until assays are released.

Analysis

The announcement is generally proportionate in tone for an exploration-stage update, with a focus on the completion of three high-priority drill holes and the expectation of initial assay results next month. The release is supported by specific, credible technical data: detailed historical drill intercepts, a NI 43-101 compliant Mineral Resource Estimate (MRE) with explicit tonnage, grade, and cost assumptions, and clear project ownership. However, the narrative includes several forward-looking statements about expanding the drill program, district-scale ambitions, and significant exploration potential, which are not yet substantiated by new assay results or resource growth. The majority of realised facts pertain to completed drilling and historical results, while the benefits of current exploration remain unproven until assays are received. There is no evidence of a large capital outlay or immediate financial impact, and the absence of revenue or profit metrics is normal for this exploration stage. The overall hype is moderate, as the language about future expansion and company-building is aspirational but not excessive relative to the technical progress disclosed.

Risk flags

• ●There is no disclosure of assay results from the current drilling, so the actual gold content and economic potential of the new holes remain unverified. This creates a risk that upcoming results may not match historical grades or expectations.
• ●The company's forward-looking statements about expanding the resource and building a mid-tier company are not yet supported by new technical data or resource growth, making these ambitions speculative until further results are disclosed.
• ●The Mineral Resource Estimate is based on technical and cost assumptions (US$1,800/oz gold, 95% recovery, C$40/t process, C$15/t G&A, C$130/t mining) that may not reflect future market or operational realities, potentially impacting project economics if conditions change.
• ●Execution risk exists in scaling exploration and advancing multiple properties simultaneously, especially given the early stage of drilling at High Lake and the need for further permitting, technical studies, and capital to move toward development.

Bottom line

Total Metals Corp. has completed its first three high-priority drill holes at the High Lake project, targeting the high-grade Purdex Zone, with initial assay results due within weeks. Historical drilling at Purdex has returned strong gold grades, and the current NI 43-101 resource estimate confirms a high-grade but modest-sized deposit. The company is positioning itself for growth, with a portfolio of gold and critical mineral properties and plans for expanded exploration. The absence of current assay data means the immediate impact of this drilling is uncertain, and the company's multi-year growth ambitions remain unproven until new technical results are delivered. Investors should focus on the upcoming assay results as the next key milestone; confirmation of high grades or resource expansion would materially improve the investment case. The main takeaway is that while Total Metals is technically advancing its projects and has credible historical results, the real test will come with the release of new drill assays.

Announcement summary

(TSXV:TT, OTCQB:TTTMF, FSE:O4N) Total Metals Corp. has completed three high-priority drill holes at its High Lake high-grade gold project in Ontario, targeting the Purdex Zone. Michael Dehn, Executive Chairman, stated that completing the first three drill holes marks a strong start to the exploration campaign at High Lake, with RC drilling continuing uninterrupted and initial assay results expected next month. The company is focusing exploration on confirming and expanding occurrences and prioritized structural trends at the High Lake Property, especially where trends intersect or bend in areas of lithological complexity. Previous drilling by McFarlane Lake Mining at the Purdex Zone returned significant gold grades, including 24.96 g/t Au over 14.90 m in hole MLHL-22-06 (325.56 to 340.46 m), with sub-intervals of 43.22 g/t Au over 7.99 m and 53.87 g/t Au over 3.15 m, and visible gold observed. Hole MLHL-22-04 intersected 32.58 g/t Au over 1.45 m (187.00 to 188.45 m), and MLHL-22-05 returned 4.95 g/t Au over 7.49 m (242.51 to 250.00 m, including 11.18 g/t Au over 1.94 m) and 4.49 g/t Au over 6.38 m (267.45 to 273.83 m). MLHL-22-17 intersected 148.37 g/t Au over 1.3 m (113.20 to 114.50 m, including 557 g/t Au over 0.3 m) and 3.89 g/t Au over 4.6 m (56.00 to 60.60 m). MLHL-22-25 intersected 6.85 g/t Au over 2.97 m (202.10 to 205.07 m, including 27.5 g/t Au over 0.60 m). MLHL-22-23 returned 21.67 g/t Au over 1.75 m (171.05 to 172.8 m) and 13.3 g/t Au over 0.70 m (74.85 to 75.55 m). MLHL-22-28 intersected 9.42 g/t Au over 9.38 m (29.62 to 39.00 m, including 117 g/t Au over 0.55 m and 12 g/t Au over 1.00 m). The Purdex Zone Mineral Resource Estimate (MRE) at a 2.6 g/t Au cut-off, effective April 14, 2023, reports Indicated resources of 152,000 tonnes at 9.38 g/t Au for 45,800 ounces and Inferred resources of 287,000 tonnes at 10.43 g/t Au for 96,200 ounces. The MRE uses a gold price of US$1,800/oz, a 0.77 C$/US$ exchange rate, 95% process recoveries, a C$40/t process cost, C$15/t G&A cost, and a C$130/t underground mining cost. Total Metals owns 100% of the High Lake and West Hawk Lake Project, covering 958 hectares in two gold properties along the Manitoba/Ontario border. The company also holds an option on the Menary gold property in the Kenora Mining Division of Ontario, adjacent to Rainy River claims being acquired by Coeur Mining, Inc. following its ~US$7 billion acquisition of New Gold Inc. The Pick Lake property, the company's most recent addition, consists of 75 claims and a mining lease covering over 5,260 hectares, with a critical minerals deposit averaging a 250 m strike length and depth extension tested between 300 to 1200 m. The Electrolode Project targets critical mineral plus gold resources in three geologic trends near the Red Lake Gold camp, between Kinross Gold’s Great Bear Project and First Mining Gold’s Springpole Project, and is fully permitted for exploration drilling. The Electrolode Project hosts 10 historic mineralized zones with significant expansion potential and new, untested targets. Robert Penczak, M.Sc., P.Geo (Ontario), Vice President of Exploration, is the Qualified Person for the release.

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