Author: Atrium Research November 10, 2026
Riley Venton, P.Eng | Equity Research Analyst | [email protected] | 705-927-0466
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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Follow-up chip sampling at Menary returned up to 102 g/t Au over 0.11m and 31.7 g/t Au over 0.25m from wall rock next to the high-grade Galbraith “A” vein.
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A property-wide drone MAG survey is complete, and targeting and permitting are underway for a 2027 drill program.
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At High Lake, drilling is underway into the deeper Purdex structures, with initial assays expected this month.
This morning, Total Metals Corp. (TT:TSXV, TTTMF:OTC, O4N:FSE) reported assays from follow-up sampling at its Menary Gold Project in northwestern Ontario, which shares its southern boundary with Coeur Mining’s Rainy River claims. TT collected 11 samples in September, and results were headlined by 102 g/t Au over 0.11m and 31.7 g/t Au over 0.25m at Galbraith “A”, supported by 23.4 g/t Au and 13.6 g/t Au at Wagg. Separately, drilling at the flagship High Lake project is progressing, with three holes completed into the Purdex Zone and first assays expected this month. We are maintaining our BUY rating and target price of $0.60/share on Total Metals.
Highlight chip samples include:
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Galbraith “A” Zone: 102 g/t Au over 0.11m
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Galbraith “A” Zone: 31.7 g/t Au over 0.25m
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Wagg Zone (Pit A): 23.4 g/t Au over 0.28m
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Wagg Zone (Pit B): 13.6 g/t Au over 1.20m
Gold extends beyond the vein at Galbraith “A”. The four Galbraith “A” chip samples were taken adjacent to a historic channel sample of 45.38 g/t Au over 1.0m, located on a continuous 45m strike length of high-grade quartz vein exposed by 2011 trenching. Notably, both standout values came from the wall rock rather than the vein, and TT highlighted a strong association between gold and reddish hematite alteration in the wall rock and vein-cutting fractures, even where sulphide mineralization is weak or absent. We view the Galbraith “A” sampling results as encouraging and warranting of follow up.
Drill targeting and permitting set up a 2027 program. The high-resolution drone MAG survey at Menary was completed in late October, with processed products expected in the coming weeks. TT will use the data to revise its geological interpretation and targeting framework, the same approach that generated the High Lake targets, and plans to submit an advanced exploration permit covering drilling and expanded surface trenching.
Our Take We are encouraged to see TT continue to advance its multiple properties in parallel, with Menary moving toward drill targeting and permitting on the back of another round of high-grade surface results. We continue to look forward to the initial assays from the Purdex drilling at High Lake, which are expected this month. In our view, drill success at High Lake could be a key re-rating catalyst for the stock.
Catalysts
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High Lake Drilling – Q4/26
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Menary Exploration Permits and MAG Survey – 2027
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Pick Lake Gravity Survey – 2026
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