Total Metals Mobilizes Drill Rig to its High-Grade High Lake Gold Project, Northwestern Ontario
Total mobilizes a drill rig at its High Lake project as cash reserves decline to $1.7 million amid a going concern warning.
Total Metals Corp. announced the mobilization of a diamond drill rig to its 100% owned High Lake gold project in Northwestern Ontario, with drilling expected to commence on October 9, 2026. The initial phase targets 2,500 metres of exploration diamond drilling on the High-Grade Purdex Zone.
Strategic objectives for the program include expanding the known mineralized footprint, establishing continuity, and defining the scale potential of the zone. Geological and geophysical evidence suggests the mineralized system remains open in multiple directions. The program is structured to allow scaling activity and the deployment of additional rigs based on initial results. The company previously confirmed it is fully financed for the upcoming drill program.
Total Metals Corp. (TT) has mobilized its drill rig, marking a routine operational milestone following the signing of a definitive drill contract on October 5, 2026, and the identification of high-priority targets on September 28, 2026. The announcement contains no genuinely new, unexpected, or market-moving information, as the market was already aware of the planned 2,500-metre program and the company's financing status.
Historical high-grade results, including assays up to 148.37 g/t Au, and the NI 43-101 technical report confirming the resource of 152,000 tonnes in the Indicated category and 287,000 tonnes in the Inferred category, were already disclosed in prior releases. The news is expected and incremental, confirming the execution of a previously announced plan without materially altering the fundamental risk profile or valuation.
Total Metals Corp. is a junior exploration company focused on gold and critical metals in Ontario and Manitoba. Its flagship asset is the High Lake Gold Project, located in Northwestern Ontario near the Manitoba border. The Purdex Zone at High Lake hosts an NI 43-101 resource of 152,000 tonnes Indicated at 9.38 g/t Au (45,800 koz) and 287,000 tonnes Inferred at 10.43 g/t Au (96,200 koz).
Other assets include Electrolode (critical metals/VMS), Menary (high-grade gold adjacent to Coeur's Rainy River), and Pick Lake (high-grade zinc/copper). The company is in the exploration phase with no operating revenue, relying entirely on equity financings and flow-through units.