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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 adjacent to the Rainy River land package recently added to Coeur Mining through its multi-billion-dollar purchase of New Gold Inc. The project hosts multiple high-grade gold zones, including grab and channel samples returning bonanza grades and a newly identified mineralized zone at depth, enhancing the company’s exposure to a premier North American gold district.
Under an option agreement with the vendors, Total Metals can earn a 100% interest in Menary by paying $1,010,000 in cash and issuing $1,010,000 in shares over four years, subject to a 4.5% net smelter royalty held by third parties. The first tranche of consideration, comprising $210,000 in cash and 507,678 shares, has been completed, signaling a strategic expansion of Total Metals’ portfolio that could materially strengthen its exploration pipeline and regional footprint if further work confirms the property’s high-grade potential.
More about Total Metals
Total Metals Corp. is a Canadian mineral exploration company focused on its 100%-owned Electrolode Project in northwestern Ontario, targeting high-potential critical minerals and gold across three favourable geological trends near major Red Lake district operations. The company also owns the High Lake and West Hawk Lake gold properties along the Manitoba–Ontario border, both considered to have significant exploration upside and permitted for further work.
Average Trading Volume: 232,283
Technical Sentiment Signal: Sell
Current Market Cap: C$18.73M
Learn more about TT stock on TipRanks’ Stock Analysis page.