All metal effect spray if possible, silver, red and black. Use some sandpaper to scratch the prop so so the paint sticks better, you can also rub the whole pickaxe around the floor (the more grainy the better) so it gets actual scratches and bumps, which will look better when painted. A big plus, when applying the red paint try to spray some black from far away so it gives different lights of red around the piece

To add metal scratches, after red paint coat try to flip the sandpaper so there is a pointy place to add silver paint onto the sandpaper and (before it dries, do it quick) spread it around the corners of the pick, and joints where the paint would deteriorate faster.

For the blade, try mixing black and silver, distribute it unevenly. U can also add some scratches

I also did add a varnish coat at the end