Hercules Metals Achieves Strong Phase I Metallurgical Results with Recoveries of 90% Copper and Over 80% Silver
Hercules Metals Achieves Strong Phase I
Metallurgical Results with Recoveries of 90%
Copper and Over 80% Silver
Toronto, Ontario--(Newsfile Corp. - December 3, 2024) -
Hercules Metals Corp. (TSXV: BIG)
(OTCQB: BADEF) (FSE: C0X)
("
Hercules Metals
" or the "
Company
")
is pleased to announce results
from its first phase of initial metallurgical testing at the Hercules Project in western Idaho ("
Hercules
" or
the "
Property
"). Metallurgical testing was conducted on four composite samples, each weighing over 50
kilograms, including samples of oxide and sulfide silver from the near surface epithermal system, as well
as copper mineralization from the underlying porphyry system. Conventional flotation of porphyry copper
mineralization achieved a strong recovery of ± 87% in initial open cycle tests, with ongoing locked cycle
testing now projected to recover ± 90%. A straightforward two-step leaching process on the near-surface
silver delivered impressive recoveries of 86% for oxide mineralization and 82% for sulfide
mineralization.
Highlights
Initial copper recoveries of ± 87% were achieved in the first pass open cycle tests, with
ongoing locked cycle testing now projected to recover ± 90%.
Minimal deleterious elements in concentrate.
Overall silver recoveries of 86% (oxide) and 82% (sulfide) for the near surface silver
mineralization, utilizing a sulfurous acid leach followed by conventional cyanidation.
Approximately 60% of silver is free milling.
Phase I metallurgical scoping tests were completed at Forte Dynamics ("Forte"), by
Deepak Malhotra, PhD, with experience in many large silver deposits, and recipient of the
AIME James Douglas Award, the Gaudin Award and Arthur C. Daman Lifetime
Achievement Award by the Society of Mining and Metallurgy and Exploration Engineers.
Next steps include Cu-Mo separation analysis, optimization of the two-step leaching
process for silver, and optimization of locked cycle flotation of copper.
Chris Paul, CEO and Director of the Company, noted: "These initial recovery values exceeded our
expectations and highlight that a commercial-grade clean concentrate can be produced, without
deleterious elements like arsenic or antimony. Moving forward, we anticipate that future optimization
studies will work to further enhance these strong initial numbers from our phase I study.
Perhaps most encouraging are the exceptionally strong silver recoveries achieved on the near-surface
epithermal mineralization. By developing a simple two-step leaching process, Deepak and his team at
Forte have improved on historical recoveries by over 20%. This alone may have a profound impact on
the future development of the Property, as the ability to implement low-cost leaching of the near surface
silver mineralization not only enhances its viability, but also strongly positions us to unlock the underlying
porphyry system."
Silver Recoveries
Forte initially completed a review of historical met work completed in the 1980's prior to proposing a new
process which had potential to improve on the historical recoveries. Composite samples were prepared
on both the silver oxide and sulfide mineralization from 2023 drill core assay rejects.
Initial bottle roll tests demonstrated that approximately ± 60% of the silver in both composites was
directly cyanide soluble, reflective of the free-milling silver component. To improve on this, a two-step
recovery process was implemented. The first step involved a sulfurous acid leach, which liberated silver
bound to manganese minerals, enhancing its availability for subsequent recovery. The second step, a
cyanide leach of the acid-treated material, delivered recoveries of ± 86% for the oxide composite and ±
82% for the sulfide composite, representing a remarkable 22-26% improvement from the initial single-
step cyanidation tests. Results are shown in Table 1 below.
Table 1: Cyanide Leach Test Results After Sulfurous Acid Leading
Sample
Extraction
% Ag
Residue
g/t Ag
Head
g/t Ag
Reagent Consumption kg/t
NaCN
Lime
Oxide
86.2
28.0
202.5
1.738
6.5
Sulfide
82.1
17.0
94.8
1.124
2.0
Copper-Molybdenum Recoveries
Rougher flotation tests were performed at varying grind sizes. The test results indicated that both copper
and molybdenite recoveries were independent of the grind sizes tested. The results also indicated that
12 minutes of flotation time recovered ± 95% of copper and ± 84% of molybdenite in the rougher
concentrate at a fairly coarse grind of P80 of 100 mesh (Table 2).
Table 2: Cu-Mo Rougher Flotation Results at Varying Grind Sizes
Primary Grind Size
(mesh)
Flotation
Time, min
Recovery %
Concentrate Grade %
Wt
Cu
Mo
Cu
Mo
100
12
9.97
95.8
84.0
8.8
0.07
150
12
10.01
95.4
83.7
8.4
0.10
200
12
9.86
95.0
83.2
8.6
0.10
A large scale (10 kg) flotation test was then carried out to produce a rougher concentrate on which
cleaner flotation could be carried out. The large-scale rougher concentrate recovered ± 8% of the weight,
± 96% of the Cu, and ± 64% of the Mo, assaying ± 10% Cu and 0.1% Mo.
Table 3: Large Scale (10 kg) Rougher Flotation Test Results at P80 of 100 Mesh
Product
Recovery %
Concentrate Grade %
Wt
Cu
Mo
Cu
Mo
Rougher Concentrate
8.2
95.8
64.1
10.3
0.0998
Rougher Tailing
91.8
4.2
35.9
0.04
0.005
Open cycle cleaner flotation tests were run in two stages on the rougher concentrate. Copper recoveries
were 93.6% after the first stage and 90.5% after the second stage. Locked cycle tests are underway with
projected cleaner recoveries of ± 95%. A concentrate grade of ± 22% Cu was achieved without regrind
of the rougher concentrate and Forte is projecting ± 24% Cu in the locked cycle tests, demonstrating that
a marketable grade copper concentrate can be produced with a simple conventional flowsheet.
Table 4: Open Circuit Cleaner Flotation Test Results without Regrind
Product
Flotation
Time, min
Recovery %
Concentrate Grade %
Wt
Cu
Mo
Cu
Mo
Cleaner 2 Con 1
1
27.6
69.4
62.6
22.52
0.21
Cleaner 2 Con 2
1
7.4
16.0
15.9
21.36
0.18
Cleaner 2 Con 3
1
2.8
5.1
5.5
19.28
0.15
Cleaner 2 Tail
-
8.8
3.1
5.5
6.24
0.03
Cal Cleaner 1 Con
4
46.4
93.6
89.6
Cleaner 1 Tail
-
53.6
6.4
10.4
1.94
0.01
Cal. Rougher Con.
-
100
100
100
9.92
0.08
Outlook
With the early arrival of seasonal winter conditions, Hercules has initiated a shutdown of the Phase III
program to ensure the safe demobilization of personnel and equipment. The Phase IV drill program is
anticipated to commence as soon as weather conditions permit, with preparations already underway.
Drill results from the remaining Phase III holes are still pending, and these, along with other exploration
updates, are expected to be released through to early 2025.
The Phase III program has successfully expanded the enrichment zone to 1.6 km by 1.1 km,
demonstrating significant continuity which remains open in all directions. The Company has also
identified a number of other new targets which will be further discussed in a coming news release.
Notably, the recent identification of a new zone of shallow porphyry mineralization to the southeast, a
zone of increasing grade to the north, and the discovery of a new hydrothermal breccia, all demonstrate
the strong potential for near-term discovery of additional porphyry centers.
Qualified Person
The scientific and technical information in this news release, including the sampling, analytical and test
data underlying the information has been reviewed and approved for disclosure by Deepak Malhotra
SME-RM, Director of Metallurgy, of Forte Dynamics. Mr. Maholtra is a "Qualified Person" independent of
the Company within the meaning of National Instrument 43-101 -
Standards of Disclosure for Mineral
Projects
.
About Hercules Metals Corp.
Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) is an exploration Company focused
on developing Idaho's newest copper and silver district.
The 100% owned Hercules Project located northwest of Cambridge, hosts the newly discovered
Leviathan porphyry copper system, one of the most important discoveries in the region to date. The
Company is well positioned for growth through continued drilling, supported by extensive historical and
current exploration and a strategic investment by Barrick Gold.
With the potential for significant scale, the Company's management and board of directors aims to build
on its proven track record which includes the discovery and development of numerous precious metals
projects worldwide.
For further information please contact:
Nisha Hasan
Investor Relations
Telephone +1 (604) 425-1408
Email:
Chris Paul
CEO & Director
Telephone +1 (604) 670-5527
Email:
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. Any securities referred to herein have not and will not be registered under
the United States Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws of an exemption from such
registration is available.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed "forward-looking information" with respect to the Company within the meaning
of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause
the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results,
performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are
not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking
information contained in this press release may include, without limitation, the expected execution of future exploration programs on the Property;
assay results of future drill holes; results of operations, and the expected financial performance of the Company.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the
date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which
may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future
results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general
economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals;
that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory
developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access
sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business
strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned
work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be
consistent with the Company's expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development
activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR+ website at
www.sedarplus.ca
.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES METALS AS
OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.
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