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Total Metals ( (TSE:TT) ) has shared an announcement.
Total Metals Corp. has secured an option to acquire 100% of the Menary Gold Project near Kenora, Ontario, a high-grade property that directly borders the Rainy River land package now controlled by Coeur Mining following its multibillion-dollar acquisition of New Gold. Historical work on Menary has returned bonanza-grade results, including grab samples up to 8,120 g/t gold, channel samples of 243 g/t gold over 1 metre, and a drill intercept of 16.99 g/t gold over 6.3 metres, underscoring the project’s exploration potential. Under the option terms, Total Metals will pay a total of $1.01 million in cash and issue $1.01 million in shares over four years, earning full ownership subject to a 4.5% net smelter royalty, pending TSX Venture Exchange approval. Strategically located with year-round road access in what is emerging as a premier North American gold district, the Menary acquisition could significantly enhance Total Metals’ exploration pipeline and district-scale exposure alongside a major industry player.
More about Total Metals
Total Metals Corp. is a Toronto-based mineral exploration company focused on precious metals, with its shares listed on the TSX Venture Exchange, OTCQB and Frankfurt. The company is building a portfolio of high-grade gold assets in established Canadian mining camps, positioning itself within proven districts alongside major producers to leverage existing infrastructure and demonstrated geological potential.
Average Trading Volume: 138,439
Technical Sentiment Signal: Hold
Current Market Cap: C$38.59M
See more insights into TT stock on TipRanks’ Stock Analysis page.