BIG.V · 2023-05-08 12:00:00

Final Preparations Underway for Upsized Phase II Drill Program at Hercules Final preparations underway for upcoming Phase II drill program at Hercules, including construction of core logging and cutting facilities; Phase II program upsized to a minimum of 6,000 meters to allow testing of additional

Mine Development & Operations Exploration Programs

Final Preparations Underway for Upsized

Phase II Drill Program at Hercules

Final preparations underway for upcoming Phase II drill program at Hercules, including

construction of core logging and cutting facilities;

Phase II program upsized to a minimum of 6,000 meters to allow testing of additional

targets and deeper drilling;

The Company expects to remain fully financed for a follow-up Phase III drill program as

well;

Phase II program will be focused on the following targets:

Hercules Adit and Frogpond Zones:

Step-out holes aiming to extend these zones of

historical focus, as well as infill and further verify historical drilling results;

CRD-style silver-lead-zinc host, the Hercules Rhyolite:

Strong targets identified

through recent surface mapping and geochemistry, including the Hinge, Haystack and

Belmont Zones;

New porphyry copper-silver (+/- gold) target identified by surface mapping and

geochemistry:

Interpreted as a potential feeder zone to silver-lead-zinc mineralization;

Large-scale untested chargeability anomaly at depth, where the Hercules Rhyolite

approaches the porphyry copper target:

The CRD model predicts an increase in silver-

lead-zinc and copper grades

Additional ~$1.3M in cash received from exercise of warrants and options.

Toronto, Ontario--(Newsfile Corp. - May 8, 2023) -

Hercules Silver Corp. (TSXV: BIG) (OTCQB:

BADEF) (FSE: 8Q7)

Hercules Silver

" or the "

Company

") is pleased to report that the Company has

upsized its previously announced Phase II drill program on the Hercules Property located in western

Idaho (

"Hercules"

or the

"Property"

). Following the receipt of approximately ~$1.3M in cash from the

recent exercise of options and warrants and the closing of a $5.75M private placement, the Company

has elected to increase the size of its upcoming Phase II drill program to a minimum of 6,000 meters,

allowing for deeper drilling and the testing of additional high-priority targets. The primary goals of the

Phase II program will be to (i) extend the best-known historical mineralization at the Hercules Adit and

Frogpond Zones, and (ii) test multiple new targets generated by recent greenfields exploration. A third

phase of drilling will follow, once all assay results have been received, interpreted and released to the

market. The upcoming Phase II drill program is anticipated to commence in the next two weeks and is

further detailed in Figure 1 below.

Figure 1: Phase II Drill Targets

To view an enhanced version of this graphic, please visit:

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Management Commentary

Chris Paul, CEO and Director of the Company, noted: "

We're very excited to kick off our Phase II

drilling program and start testing the many highly prospective targets generated over the past 18

months. Our core shack is almost complete, the weather is good, and final preparations are now being

made for mobilization. The additional funding we've received will allow for a significantly more

ambitious Phase II campaign, as well as a Phase III program to continue advancing the highest

priority targets."

Drilling Method

The Company has selected Timberline Drilling of Hayden, Idaho (

"Timberline"

) to carry out the Phase II

program. Timberline will provide a rig capable of oriented core drilling, offering significantly more

geological and structural information than previous reverse-circulation (

"RC"

) drilling methods on the

Property. Oriented core helps determine the direction that mineralization is trending and increases the

probability of tracing mineralized zones with subsequent step-out holes.

To maximize core recovery, Timberline will utilize triple tube barrels to improve on historical recoveries,

particularly within the mineralized zones.

The objectives of the program are to:

Drill test the various targets outlined in further detail in the following section;

Obtain high-quality geological and structural information using oriented drill core;

Utilize triple tube barrels for improved core recoveries;

Further refine the exploration model; and

Provide an indication as to the overall target size and vectors within the system.

All of these targets will be drilled from land on which Hercules Silver holds mining rights, including

surface drilling rights, as well as a small 20-acre parcel of Bureau of Land Management (BLM) land for

which the Company holds a drill permit. The system extends onto lands managed by the United States

Forest Service (USFS), for which the Company is currently in the permitting process, including the Grade

Creek Zone. Further updates will be made available with respect to permitting progress on other select

targets on the Property.

A summary of the planned Phase II drill holes is presented in Table 1, with additional details for each

specific target in the following section.

Table 1: Phase II Planned Drill Holes

Zone

Hole ID

Easting

Northing

Azimuth

Dip

Hole Length (m)

HERCULES ADIT

ADT-23-01

511075

4956964

ADT-23-02

511129

4957008

200

120

ADT-23-03

511129

4957008

195

120

ADT-23-04

511129

4957008

130

ADT-23-05

511129

4957008

160

ADT-23-06

511160

4957067

340

180

ADT-23-07

511160

4957067

130

ADT-23-08

511132

4957111

110

210

ADT-23-09

511132

4957111

110

200

TOTAL HERC ADIT

1330

FROGPOND

FRG-23-01

511425

4956617

210

140

FRG-23-02

511266

4956664

FRG-23-03

511256

4956646

FRG-23-04

511231

4956637

375

FRG-23-05

511038

4956638

130

FRG-23-06

511338

4956553

100

FRG-23-07

511287

4956587

150

FRG-23-08

511338

4956554

150

TOTAL FROGPOND

1295

HINGE

HNG-23-01

510895

4956812

300

HNG-23-02

511356

4956858

100

400

HNG-23-03

511420

4956757

250

100

TOTAL HINGE

800

HAYSTACK

HAY-23-01

511579

4956352

400

HAY-23-02

511338

4956553

TOTAL HAYSTACK

475

METHENY

MET-23-01

511941

4956216

550

TOTAL METHENY

550

BELMONT

BEL-23-01

511447

4955609

102

110

BEL-23-02

511447

4955609

BEL-23-03

511447

4955609

152

100

BEL-23-04

511447

4955609

100

125

BEL-23-05

511833

4955730

400

TOTAL BELMONT

825

LIGHTNING

LIT-23-01

512162

4955444

500

LIGHTNING

LIT-23-02

512162

4955444

500

TOTAL LIGHTNING

1000

TOTAL METERS - ALL ZONES

6,155

Silver-Lead-Zinc Targets

Hercules Adit/Frogpond Zones

Testing extensions of the Hercules Adit and Frogpond Zones along strike and at depth, including

vertical structures and high-grade shoots which may have been missed by the vertical historical

drilling. Two holes will test for the extension of a mineralized shoot that appears to have been

down-dropped at the east end of the Frogpond Zone and partially intersected by historical drillhole

83-5. Hole 83-5 intersected 25.9 meters of 85 g/t Ag, 1.70% Pb and 2.09% Zn

from 86.9 to 112.8

meters and remains open at depth and to the east.

Verifying and potentially extending silver mineralization intersected at depth on the west end of the

Frogpond Zone. Historical drillhole 83-16, one of the deepest holes drilled on the Property, was

halted due to caving ground at 420 feet (~128 meters), with the final 7.6 meters grading 214 g/t Ag,

0.13% Pb and 0.17% Zn. Re-entry at the time was unsuccessful, and the deep intercept was not

further tested.

Haystack Zone

Testing a surface rock chip anomaly

on the west side of the Haystack Zone, which is associated

with a near-surface vertical chargeability anomaly.

Testing a separate rock chip anomaly

at the east end of the Haystack Zone, associated with a

similar near-surface vertical chargeability anomaly. A single vertical hole in the area, RDH-7,

returned 16.8 meters grading 149 g/t Ag, 0.13% Pb and 0.1% Zn. The planned hole depth is 550

meters, to also allow testing of the large-scale chargeability anomaly shown below in Figure 2.

Figure 2: Vertical Section Showing Deep Drill Holes Relative to Large-Scale Chargeability

Anomaly, Looking West

To view an enhanced version of this graphic, please visit:

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Hinge Zone

Two holes within the folded hinge area of the Hercules Rhyolite, with strong rock chip sample

grades and a near-surface chargeability anomaly. The holes will be drilled in opposite directions,

to determine the dip of the mineralization. The eastward hole will be extended to 400 meters, to

also test the large-scale chargeability anomaly shown in Figure 2 above.

A potential third hole will be drilled into the fold hinge, from a quartz-alunite-dickite-pyrophyllite

altered breccia zone (Photo 1) located to the west of all historical drilling. This is a unique

advanced argillic alteration assemblage which typically forms a cap over epithermal and porphyry

type mineralization and is not seen elsewhere on the Property. Drilling underneath this advanced

argillic breccia may lead to a discovery of new mineralization.

Photo 1: Quartz-Alunite-Dickite-Pyrophyllite (Advanced Argillic) Breccia

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/9425/165068_photo1.jpg

Belmont Zone

Up to 4 holes fanned from a single pad at the Belmont Zone, to test various mineralized structures

associated with high-grade rock chip samples and a 1970 historical drill hole (DDH-6) which

intersected 83 g/t Ag and 0.25% Zn over 20 meters from surface and 93 g/t Ag over 8 meters

deeper in the hole.

Porphyry Copper-Silver-Gold Targets

A 400-meter hole planned in the eastern part of the Belmont Zone to test the southern end of the

large-scale chargeability anomaly shown in Figure 2 above. Certain mineral systems, including

porphyry coppers, are often surrounded by high-chargeability clay-sericite-pyrite halos. The hole is

designed to test both the high-chargeability zone as well as potentially higher-temperature parts of

the system underneath and/or adjacent to it.

Metheny Zone

A 550-meter hole planned at the Metheny Zone, to test a quartz-feldspar porphyry with dimensions

of approximately 850 m x 550 m on surface, associated with strong copper-silver-gold grades and

lenses of skarn-type mineralization (Photos 2-7). The Metheny Zone lies east of the limit of the

2022 3D IP survey, however the large-scale chargeability anomaly shown in Figure 2 is centered

immediately west of - and likely projects into - the Metheny Zone.

Photo 2: Quartz-Feldspar Porphyry grading 4.3% Cu, 50 g/t Ag

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/9425/165068_photo2.jpg

Photo 3: Hematite altered Quartz-Feldspar Porphyry grading 1.5% Cu, 19 g/t Ag, 0.7 g/t Au

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/9425/165068_photo3.jpg

Photo 4: Quartz-hematite altered Quartz-Feldspar Porphyry grading 2.9% Cu, 79 g/t Ag, 0.1 g/t

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/9425/165068_photo4.jpg

Photo 5: Specularite altered Quartz-Feldspar Porphyry/Skarn grading 9.4% Cu, 1,085 g/t Ag,

4.5 g/t Au

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/9425/165068_photo5.jpg

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