Total Metals Reports Remaining Results from Winter 2026 Exploration Program at its Electrolode Critical Metals Project
Hornet Zone assays confirm modest VMS continuity, though the stock has shed 80% from its promotional peak.
Total Metals Corp. (TT) announced the results of the final 15 holes from its 8,408-meter winter drilling campaign at the Electrolode critical metals project in northwestern Ontario. The most significant intercept came from the Hornet Zone at Copperlode, where hole EL-26-013 returned 7.67 meters at 2.90% zinc, 1.15% copper, 13.30 grams per tonne silver, and 0.06 grams per tonne gold (core length). This interval included a higher-grade segment of 1.74 meters at 3.62% zinc, 3.19% copper, 37.29 grams per tonne silver, and 0.23 grams per tonne gold.
Other holes at the Copperlode zone yielded thinner, lower-grade intercepts, such as 1.15 meters at 3.19% zinc and 0.10% copper, and 1.05 meters at 1.69% zinc and 0.01% copper. Drilling at peripheral targets, including the Far East and Garnet Lake areas, returned mostly sub-1% zinc or ppm-level intercepts with narrow widths.
Total Metals stated that the Hornet and Arrow zones remain open. The company plans to model the remaining data and evaluate deeper geophysics, with Garnet Lake identified as a priority for future permitting.
Total Metals Corp. (TT) released drill results that analysts describe as incremental rather than transformative. The best new hole shows moderate grade-thickness in a zone that was already known to exist, failing to demonstrate a large, continuous, high-grade VMS lens. Consequently, the findings do not materially change the inferred resource base or the discovery thesis.
The stock price has been declining steadily from a high of $1.38 in October 2025 to $0.24 prior to this release. Initial bonanza hits in June caused only a brief one-week pop to $0.32 before reverting. This indicates the market has priced in the high-grade potential and is now focused on dilution risk and burn rate. Today’s intercepts are unlikely to reverse that trend.
As an explorer with no revenue, the company’s primary value driver is future discovery. At a ~$12M market cap, the stock already heavily discounts the existing resources and land package. The news is positive but incremental, not transformational.
Total Metals Corp. (TSX-V: TT) is a junior explorer listed on the TSX Venture Exchange, formed through a reverse takeover of Compton Mining in 2025. The company’s flagship asset is the Electrolode project in Red Lake, Ontario, which covers 3,300 hectares and targets volcanogenic massive sulfide copper-zinc-silver-gold deposits. An NI 43-101 inferred resource for the Arrow zone reports 2.11 million tonnes at 4.74% zinc, 0.66% copper, 17.92 grams per tonne silver, and 0.66 grams per tonne gold. While the project contains high-grade historic intercepts, much of the tonnage resides in small, discontinuous lenses.
In April 2026, Total Metals acquired the Pick Lake property, a 5,260-hectare site featuring a historic indicated resource of 1.78 million tonnes at 19.2% zinc, 0.9% copper, and 36.1 grams per tonne silver. The deposit is characterized as a legacy high-grade asset with likely complex geometry. The company also holds the High Lake and West Hawk Lake gold projects in the Kenora area, acquired from McFarlane Lake. These properties contain a combined indicated resource of 45,800 ounces at 9.38 grams per tonne gold and an inferred resource of 96,200 ounces at 10.43 grams per tonne gold within narrow veins.
Additionally, the Menary gold property is in the early stages, having been optioned in late 2025 with minimal work completed to date. The site has produced bonanza grab samples up to 8,120 grams per tonne gold and narrow high-grade drill hits.
Financially, Total Metals reported $2.78 million in cash and total assets of $15.3 million, primarily consisting of intangibles, as of Q2 2026. The company carries no debt other than $50,000. With a burn rate of approximately $0.7 million per quarter, the current cash position indicates a runway of roughly four quarters without new financing. The company has raised $10 million in late 2025 through frequent financings since its listing, resulting in significant dilution.