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Total Metals ( (TSE:TT) ) has provided an update.
Total Metals Corp. has closed the acquisition of the Menary Gold Project in Ontario’s Kenora Mining Division, a 276.5-hectare property adjoining Coeur Mining’s Rainy River Mine, recently bolstered by Coeur’s multibillion-dollar purchase of New Gold. Historical work on Menary has returned bonanza-grade grab samples, high-grade channel results, and a new mineralized zone at depth, underscoring its exploration upside in a highly active gold district.
Under an option agreement with the vendors, Total Metals can earn a 100% interest in Menary by paying $1.01 million in cash and issuing $1.01 million in shares over four years, subject to a 4.5% net smelter royalty held by third parties. The company has already completed the first cash and share payment, advancing its strategy to consolidate high-potential gold assets in Ontario and complementing its existing Electrolode, High Lake, and West Hawk Lake projects to strengthen its regional exploration pipeline.
More about Total Metals
Total Metals Corp. is a Canadian mineral exploration company focused on its 100%-owned Electrolode Project in northwestern Ontario, targeting critical minerals and gold along three favorable geological trends near major operations in the Red Lake gold camp. The company also owns the High Lake and West Hawk Lake gold properties along the Manitoba–Ontario border, where the Purex Zone at High Lake is the primary target for initial exploration and potential future mining activities.
YTD Price Performance: -52.24%
Average Trading Volume: 233,419
Technical Sentiment Signal: Sell
Current Market Cap: C$17.63M
For a thorough assessment of TT stock, go to TipRanks’ Stock Analysis page.