FULL DISCLOSURE: Total Metals is a sponsor of theDeepDive.ca.
Total Metals (TSXV: TT) is turning its focus to the critical minerals sector, announcing this morning the acquisition of the Pick Lake property from Frontier Energy Limited. The deal centers on a high-grade zinc-copper-silver-gold deposit that is found within northwestern Ontario.
Pick Lake is not a greenfield gamble. The property, found in the Winstone Lake greenstone belt, has seen exploration identify a deposit on site, known as the Pick Lake Deposit. The deposit is said to have an average strike length of 250 metres, with depth extensions of up to 1,200 metres. Highlight drill results include hole UP-0154, which intersected 30.47% zinc, 1.44% copper, 57.7 g/t silver and 0.22 g/t gold over 13.4 metres.
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A historical resource estimate conducted in 2020 meanwhile has outlined a 1.78 million tonne indicated resource, grading 19.2% zinc, 0.9% copper, 0.3 g/t gold and 36.1 g/t silver. A further 0.27 million tonnes exists in the inferred category, which grades 16.4% zinc, 1.0% copper, 0.3 g/t gold and 38.0 g/t silver.
“The exploration upside at Pick Lake is absolutely phenomenal. When you look at the sheer scale of this expansive land package and the concentration of historical mineral occurrences that have barely been scratched by modern techniques, the potential for new discoveries is incredibly exciting,” commented Total Metals Executive Chairman Michael Dehn.
The transaction was executed through the purchase of all issued and outstanding shares of Frontier’s subsidiary, Frontier Zinc. In exchange, Total Metals paid $2.2 million in cash for the project, with the property also having a 2% NSR payable to a prior owner of the property.
Total Metals last traded at $0.325 on the TSX Venture.
FULL DISCLOSURE: Total Metals Corp is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Total Metals. The author has been compensated to cover Total Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
