- Total Metals Corp. (TSXV:TT) acquired a 100 per cent interest in the Pick Lake Critical Minerals Property from Frontier Energy Ltd. (ASX:FHE) and its subsidiary, Pick Lake Mining Ltd., for C$2.2 million in cash
- The Pick Lake property covers over 5,260 hectares in northwestern Ontario, includes 75 claims and a mining lease, and is accessible by road connected to the Trans‑Canada Highway
- The property hosts the Pick Lake Deposit within the Winston Lake greenstone belt, with a historical NI 43‑101 mineral resource outlining indicated and inferred zinc, copper, silver, and gold‑bearing mineralization
- Total Metals stock (TSXV:TT) opened trading at $0.33
Total Metals (TSXV:TT) has acquired a 100 per cent interest in the mineral rights underlying the Pick Lake Critical Minerals Property from Frontier Energy Ltd. (ASX:FHE) and its wholly owned subsidiary, Pick Lake Mining Ltd.
Under the terms of the transaction, Total Metals paid Pick Lake Mining Ltd. C$2.2 million in cash for the property. No securities were issued as part of the acquisition.
The Pick Lake Critical Minerals Property is in northwestern Ontario and consists of 75 mineral claims and a mining lease covering more than 5,260 hectares. The site is accessible by road, with a connection to the Trans‑Canada Highway located to the south.
“This project is one of the absolute best, high-grade critical mineral assets in the world” Total Metals’ president and CEO, Tyler Thorburn, said in a news release. “Pick Lake resides in the prolific mining jurisdiction of NW Ontario and aligns with our goal of acquiring and advancing spectacular Canadian high-grade assets in Tier 1 mining jurisdictions.”
Geologically, the property is situated within the Winston Lake greenstone belt, part of the Archean Wawa‑Abitibi Terrane of the Superior Province of the Canadian Shield. Within this belt lies the Winston Lake Sequence, a stratigraphic package made up largely of felsic to intermediate volcanic rocks, volcaniclastics, and sedimentary units, with lesser mafic flows. These rocks exhibit a calc‑alkaline affinity and form a sequence reaching up to two kilometres in thickness with an approximate strike length of six kilometres.
A gabbroic intrusive marks the contact between the Winston Lake Sequence and the adjacent Big Duck Lake assemblage, which occupies the northern portion of the Pick Lake property. The Big Duck Lake assemblage, along with younger felsic intrusions elsewhere in the belt, is known to host several gold occurrences.
The Pick Lake Deposit is located within the property boundary and has an average strike length of approximately 250 metres. Drilling has tested the deposit to depths ranging from roughly 300 metres to 1,200 metres. Mineralization consists primarily of massive, fine‑ to medium‑grained sphalerite and pyrrhotite, with minor amounts of chalcopyrite and pyrite.
A historical mineral resource estimate for the Pick Lake Deposit was completed by independent resource consultant MASSA Geoservices, with an effective date of October 15, 2020. The resource was estimated and reported using a 3 per cent zinc cut‑off grade.
According to the estimate (in accordance with NI 43‑101), the deposit contains an indicated resource of 1.78 million tonnes grading 19.2 per cent zinc, 0.9 per cent copper, 0.3 grams per tonne gold, and 36.1 grams per tonne silver. The inferred resource is estimated at 270,000 tonnes grading 16.4 per cent zinc, 1.0 per cent copper, 0.3 grams per tonne gold, and 38.0 grams per tonne silver.
Total Metals has not indicated whether it intends to update or verify the historical resource estimate, which would be required before it could be considered current under NI 43‑101 standards.
The acquisition gives Total Metals full control over the Pick Lake property and its associated mineral rights, adding a zinc‑ and copper‑rich volcanogenic massive sulphide deposit to the company’s asset base.
Total Metals Corp. acquires, explores, and develops mineral properties in North America.
Total Metals stock (TSXV:TT) opened trading at $0.33 and has lost 6.45 per cent since this time last year.
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