Author: Atrium Research August 19, 2026
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
- TT reported results from its initial sampling program at Menary highlighted by 31.7 g/t Au in the Galbraith “A” Zone.
- Two quartz veins displayed visible gold, one being the highlight at Galbraith “A” Zone.
- The Wagg Zone also returned highlight intercepts including 9.61 g/t.
- Total Metals is moving forward with a MAG survey and Phase 2 field work, while preparing for a drill program, guided by these results.
This morning, Total Metals Corp. (TT:TSXV, TTMF:OTC, O4N:FSE) released assay results from its initial property mapping and sampling program at the Menary Gold Project in Northwestern Ontario. Results were highlighted by a 31.7 g/t Au grab sample in the Galbraith “A” Zone, while gold. The program successfully validated the high-grade potential for a robust gold system at Menary, particularly with respect to the Galbraith “A” and Wagg zones, and generated high-priority drill targets for TT’s upcoming drill program. We are maintaining our BUY rating and target price of $0.60/share on Total Metals.
The initial program included 83 grab samples of quartz vein and altered rock material, and >50% of the samples taken were mineralized, with two quartz vein samples demonstrating visible gold. Of the 2 samples with visible gold, one returned the highest grade at Galbraith “A” (below); however, the second yielded 0.21 g/t.
Highlight samples include:
- Galbraith “A” Zone: 31.7 g/t Au (visible gold)
- Wagg Zone: 9.61 g/t Au
- Galbraith “A” Zone: 6.42 g/t Au
- Wagg Zone: 3.46 g/t Au
Recall, prior to Total Metal’s acquisition of the Menary Property in March, past exploration defined 4 high-grade zones: Galbraith “A”, Wagg New Shear, and Road. Most historic work was completed in the Galbraith “A” and Wagg zones, highlighted by grab samples up to 8,120 g/t at Galbraith “A”, and drill intercepts including 17 g/t over 6.3m and 14.81 g/t over 4.3m at Wagg.
Next Steps. TT now plans to leverage these strong results and define property-scale structural controls at Menary. This will allow the Company to determine high-priority targets for an upcoming drill program, and permit work to facilitate drilling is underway. Ahead of drilling, TT will complete a high-resolution airborne MAG survey across the property, and complete Phase 2 field work with more intensive channel sampling to further prioritize drill targets.
Our Take
This morning’s release reinforces our thesis that TT has assembled a strong portfolio with high-grade opportunities in tier-1 jurisdictions, and we continue to watch for this to be proven out via strategic exploration. First-pass drilling at Electrode this winter enhanced geological understanding and returned strong grades with results released in June and July, and this initial program at Menary positions the Company to tactically advance toward drilling.
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