Total Metals Provides Exploration Drilling Update at its High Lake High-Grade Gold Project, Northwestern Ontario
TORONTO, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Total Metals Corp. (“Total Metals” or the “Company”) (TSX-V: TT) (OTCQB: TTTMF) (FSE: O4N) is pleased to announce the completion of three high-priority drill holes at its High Lake high-grade gold project in Ontario.
“Completing our first three drill holes into the Purdex Zone marks a strong start to our exploration campaign at High Lake,” said Michael Dehn, Executive Chairman for Total Metals Corp. “With RC drilling continuing uninterrupted, we look forward to reporting initial assay results next month as we advance and expand our drill program into 2027.”
Overview of Priority Targets
A summary of current target areas, including the Purdex Zone, and interpreted structural trends at the High Lake Property are shown in Figure 1. Areas of exploration focus include confirming and expanding occurrences as well as prioritized areas of structural trends, especially in where they intersect or bend in areas of lithological complexity. The Company will provide further updates as details and results emerge.
Figure 1. High Lake property geology highlighting target zones, interpreted structural trends as well as other mineral occurrences*. (*from Ontario Mineral Inventory (OMI), Ontario Geological Survey)
Summary of Previous Significant Results
Exploration drilling completed by McFarlane Lake Mining at the Purdex Zone has demonstrated the presence of a robust gold system with high gold grades.
Select core length intervals^ highlighting drill results from the 2022 – 2023 program include:
^Intervals calculated from uncut gold assays. Holes highlighted are included in current mineral resource.
The High Lake Property hosts a high-grade gold resource within the Purdex Zone which the company plans to confirm and expand in initial upcoming drill programs. The Mineral Resource Estimate (MRE) for the Purdex Zone has an effective date of April 14, 2023. A NI 43-101 Technical Report with an effective date of November 30, 2025 titled “Technical Report and Initial Mineral Resource Estimate of the High Lake – West Hawk Lake Gold Project” by English River Geoscience Ltd. confirms the currency of this MRE and is available on the Company’s issuer profile at SEDAR+.
Table 1. Mineral Resource Estimate for the Purdex Zone of the High Lake Deposit.
Notes:
The MRE was independently prepared by Mr. Charles Spath, P.Geo in accordance with NI 43-101, with an effective date of April 14, 2023
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. Metal prices used were US$1,800/oz Au and 0.77 C$/US$ foreign exchange rate with process recoveries of 95% Au. A C$40/t process cost and C$15/t G&A cost were used.
6. The underground mining cost was C$130/t. The underground Mineral Resource grade blocks were quantified above the 2.6 g/t Au cut-off within the constraining mineralized wireframes. Underground Mineral Resources selected exhibited continuity and reasonable potential for extraction by the long hole underground mining method.
7. Grade estimation was undertaken with the Inverse Distance Cubed method on 1.0 m capped composites.
Next Steps:
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 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 Purdex 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. The Company has an option on the Menary gold property, 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. ("Coeur") following its ~US$7 billion acquisition of New Gold Inc. The most recent addition to the Company is the Pick Lake property, consisting of 75 claims and a mining lease covering over 5,260 hectares, accessible via a road connected to the Trans-Canada Highway to the south. The Pick Lake critical minerals deposit has an average strike length of approximately 250m and a depth extension tested between 300 to 1200m.
Total Metals Corp. is focused on developing and advancing its high-grade gold and critical mineral assets located in Eastern Canada. 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.
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
Investor Relations
info@totalmetalscorp.com
(416) 873-7662
www.totalmetalscorp.com
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bbb3e4f1-f2ba-4e20-b96a-7d89514ba140