Total Metals Executes Drill Contract for Its High-Grade High Lake Gold Project, Northwestern Ontario
The planned program targets expansion and continuity of the Purdex Zone, with potential additional rigs depending on drilling results.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Total Metals (TTTMF) signed a definitive agreement with Platinum Diamond Drilling for a minimum 2,500-metre drilling program at High Lake. The initial deposit has been submitted, and drilling is expected to commence shortly at the Northwestern Ontario gold project.
The company plans to expand the known mineralized footprint, establish continuity and further define the Purdex Zone's scale. Targets include Purdex and interpreted structural trends; additional rigs could be deployed depending on results.
The Purdex mineral resource estimate, effective April 14, 2023, contains 45.8 thousand ounces of indicated gold in 152 thousand tonnes at 9.38 grams per tonne and 96.2 thousand ounces of inferred gold in 287 thousand tonnes at 10.43 grams per tonne, using a 2.6-gram-per-tonne cutoff. Previous 2022–2023 drilling included 24.96 grams of gold per tonne over a 14.90-metre core interval in hole MLHL-22-06.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointDefinitive agreement with Platinum Diamond Drilling secures a minimum 2,500-metre High Lake drilling program.
- Moderate pointPurdex indicated resource: 45.8 thousand gold ounces, 152 thousand tonnes at 9.38 grams per tonne; effective April 14, 2023.
- Minor point. Forward-looking: it has not happened yet and may not happen.Initial deposit submitted; drilling is expected to commence shortly.
- Minor point. Forward-looking: it has not happened yet and may not happen.Planned drilling targets Purdex and interpreted structural trends to expand mineralization and establish continuity.
- Minor point. Forward-looking: it has not happened yet and may not happen.Potential additional drill rigs could accelerate follow-up on successful targets, depending on results.
11 minor points
- Minor pointPurdex inferred resource: 96.2 thousand gold ounces, 287 thousand tonnes at 10.43 grams per tonne; effective April 14, 2023.
- Minor point2022–2023 hole MLHL-22-06 intersected 24.96 grams of gold per tonne over 14.90 metres of core.
- Minor point2022–2023 hole MLHL-22-04 intersected 32.58 grams of gold per tonne over 1.45 metres of core.
- Minor point2022–2023 hole MLHL-22-05 intersected 4.95 grams of gold per tonne over 7.49 metres of core.
- Minor point2022–2023 hole MLHL-22-05 also intersected 4.49 grams of gold per tonne over 6.38 metres of core.
- Minor point2022–2023 hole MLHL-22-17 intersected 148.37 grams of gold per tonne over 1.3 metres of core.
- Minor point2022–2023 hole MLHL-22-17 also intersected 3.89 grams of gold per tonne over 4.6 metres of core.
- Minor point2022–2023 hole MLHL-22-25 intersected 6.85 grams of gold per tonne over 2.97 metres of core.
- Minor point2022–2023 hole MLHL-22-23 intersected 21.67 grams of gold per tonne over 1.75 metres of core.
- Minor point2022–2023 hole MLHL-22-23 also intersected 13.3 grams of gold per tonne over 0.70 metres of core.
- Minor point2022–2023 hole MLHL-22-28 intersected 9.42 grams of gold per tonne over 9.38 metres of core.
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - October 5, 2026) - Total Metals Corp. (TSXV: TT) (OTCQB: TTTMF) (FSE: O4N) ("Total Metals" or the "Company") is pleased to announce that it has executed a definitive agreement and submitted the initial deposit to Platinum Diamond Drilling Inc. ("Platinum Drilling"), a Centreport, MB-based drilling contractor. Under the terms of the agreement, Platinum Drilling will conduct a minimum 2,500 metre diamond drilling program at the Company's high-grade High Lake gold project, situated in Northwestern Ontario near the Manitoba/Ontario border and adjacent to the Trans-Canada Highway.
Michael Dehn, Executive Chairman of Total Metals, commented, "We are pleased to continue our collaboration with Platinum Drilling, following their strong operational performance during our Q1 2026 drill program at Electrolode and demonstrated commitment to safety and environmental management. We look forward to working with them again as we take this important next step toward testing high-priority drill targets at High Lake through a larger, focused, multi-target drill program."
High-Priority Drilling Strategy
Drilling is expected to commence shortly at High Lake, where historic drilling has demonstrated significant gold mineralization. Geological and geophysical evidence indicates that the system remains open in multiple directions. The planned program is an initial phase of a drilling strategy with objectives to further expand the known mineralized footprint, establish continuity and further define the scale potential of the Purdex Zone.
The drill program has been structured to allow the company to scale activity in response to results, including the potential deployment of additional drill rigs to accelerate follow-up on successful targets. This flexibility is intended to allow Total Metals to rapidly advance encouraging results while continuing to evaluate the broader high-potential targets.
High-priority drill targets include the Purdex Zone and interpreted structural trends at the High Lake Property as 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.
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)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12787/317353_71a80bbd849c9827_002full.jpg
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:
Drilling intersected 24.96 g/t Au over 14.90 m in drill hole MLHL-22-06 from 325.56 to 340.46 m. This intersection includes 43.22 g/t of Au over 7.99 m and 53.87 g/t of Au over 3.15 m. Visible gold was observed in these higher-grade intervals. Drill hole MLHL-22-04 intersected 32.58 g/t Au over 1.45 m from 187.00 to 188.45 m, located higher on the same section within the Purdex A Zone;
Drill hole MLHL-22-05 intersected two mineralized intervals. The first interval graded 4.95 g/t Au over 7.49 m from 242.51 to 250.00 m, including 11.18 g/t Au over 1.94 m. The second interval graded 4.49 g/t Au over 6.38 m from 267.45 to 273.83 m;
Drill hole MLHL-22-17 intersected 148.37 g/t gold over 1.3 m from 113.20 to 114.50 m, including 557 g/t Au over 0.3 m. Visible gold was observed in this interval. This drill hole also includes a second mineralized intersection of 3.89 g/t Au over 4.6 m from 56.00 to 60.60 m. Drill hole MLHL-22-25, approximately 100 m vertically below MLM-22-17, intersected 6.85 g/t Au over 2.97 m from 202.10 to 205.07 m, including 27.5 g/t Au over 0.60 m;
Drill hole MLHL-22-23 intersected 21.67 g/t Au over 1.75 m from 171.05 to 172.8 m and 13.3 g/t Au over 0.70 m from 74.85 to 75.55 m within the Purdex A Zone. Drill hole MLHL-22-28 intersected 9.42 g/t gold over 9.38 m from 29.62 to 39.00 m, including 117 g/t gold over 0.55 m and 12 g/t gold over 1.00 m
^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. Purdex Zone Mineral Resource | |||
| Estimate at 2.6 g/t Au Cut-Off (1-7) | |||
| Classification | Tonnes (k) | Au (g/t) | Au (koz) |
| Indicated | 152 | 9.38 | 45.8 |
| Inferred | 287 | 10.43 | 96.2 |
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
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
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.
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.
Metal prices used were US
$1,800 /oz Au and 0.77 C$/US$ foreign exchange rate with process recoveries of95% Au. A C$40 /t process cost and C$15 /t G&A cost were used.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.Grade estimation was undertaken with the Inverse Distance Cubed method on 1.0 m capped composites.
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 owns
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
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317353
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much drilling has Total Metals contracted at High Lake, and when will it start?
Total Metals contracted a minimum 2,500 metres of diamond drilling with Platinum Diamond Drilling, with work expected to commence shortly. The definitive agreement has been executed and the initial deposit submitted.
What assumptions underpin Total Metals' Purdex gold resource estimate?
The estimate uses a 2.6-gram-per-tonne gold cutoff, a US$1,800-per-ounce gold price and 95% gold recovery. Other assumptions include a 0.77 C$/US$ exchange rate, C$40-per-tonne processing costs, C$15-per-tonne general and administrative costs, and C$130-per-tonne underground mining costs.
Has Total Metals' Purdex resource estimate been confirmed in a later technical report?
A technical report effective November 30, 2025 confirms the currency of the Purdex mineral resource estimate effective April 14, 2023. Prepared by English River Geoscience, the report is titled “Technical Report and Initial Mineral Resource Estimate of the High Lake - West Hawk Lake Gold Project” and is available on Total Metals' SEDAR+ issuer profile.