Hercules Metals Announces Approval of Plan of Operations for Drilling New Targets on USFS
Hercules Metals Announces Approval of Plan
of Operations for Drilling New Targets on
USFS
Toronto, Ontario--(Newsfile Corp. - August 19, 2024) -
Hercules Metals Corp.
(TSXV: BIG) (OTCQB:
BADEF) (FSE: 8Q7)
("
Hercules Metals
" or the "
Company
") is pleased to announce that the United
States Forest Service ("
USFS
") has approved a Categorical Exclusion (
"CatEx"
) for its Plan of
Operations (the
"Plan"
) allowing the Company to drill two large untested targets on its Hercules
Property in western Idaho (
"Hercules"
or the
"Property"
). This approval authorizes exploration
activities on an eastern portion of the Property where the surface is administered by the USFS. The Plan
contemplates drilling of the Grade Creek and Eastern Block targets, neither of which have been tested
below the depth of shallow epithermal silver mineralization to the underlying Leviathan porphyry copper
system (the "
Leviathan
").
Highlights
The USFS has issued a CatEx for up to 15 pre-selected drill sites to be tested through to
the end of August 2025 (Figure 1).
Two priority target areas, Grade Creek and the Eastern Block, have been selected for drill
testing based on over 2,000 soil and outcrop chip samples, favourable chargeability
values, and a theorized northwest tilt to the system.
The Eastern Block is an interpreted fault block that includes the Metheny, Lighting
and Big Cut zones. FS 17 or 18 will likely be the first pads to test the zone and
assess if mineralization plunges, and therefore has greater preservation potential, to
the southeast. Chargeability is low to moderate, as might be expected in deeper
parts of the system where the phyllic alteration may transition to potassic.
Four potential pad locations have been selected to test the Grade Creek Zone,
including FS 11, 12, 13 and 03. Grade Creek has the best silver-lead-zinc and
copper-molybdenum soil and rock chip anomaly on the Property. It also has high
chargeability, suggesting a northeastern extension of the pyrite-rich phyllic zone.
However, the hypogene enrichment tends to occur in the upper portion of the
phyllic zone where high chargeability is the target.
The Company is in the early stages of moving forward with an Environmental
Assessment on the Property, to secure longer-term drilling on USFS lands once the
CatEx expires.
New targets on the USFS will initially be tested with core drilling to attain important
geological information and guide further follow-up drilling of these new zones. RC
drilling, scheduled to begin in mid-September, will supplement drilling of existing zones
that the Company has been core drilling since 2023.
Chris Paul, CEO and Director of the Company, commented,
"We're excited to advance our exploration
efforts with the newly secured CatEx permit, unlocking new targets to the east and northeast. We
appreciate the diligence and support of the USFS in this process. Drilling in the west has revealed a
large blanket of phyllic alteration. Recent mapping however suggests that the Triassic geology, and
porphyry intrusions, may be tilted and partially eroded to the northwest, consistent with similar
observations made by Scout Discoveries Corp. on their adjacent Cuddy Mountain property
[1]
. We
look forward to testing downplunge of this theoretical tilt, within the Eastern Block.
In the north, the Grade Creek Zone shows the strongest geochemical anomaly on the Property.
Despite this, historical operators were unable to test it due to steep terrain and associated road
building challenges. The zone however represents the potential northeastern extension of a large
phyllic zone, which is often overprinted with secondary (hypogene) copper enrichment."
Figure 1: Updated geological map showing 2024 drill holes, USFS drill sites and copper
geochemistry. The Eastern Block comprises the Metheny, Lightning, and Big Cut zones, east
of the Red Line, where the Triassic porphyry copper system is exposed at surface.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/220372_880c69a6d4a1d964_002full.jpg
Figure 2: Re-processed IP chargeability at 450 meters true depth, showing 2024 drill holes,
USFS drill sites and copper geochemistry. Note large arcuate shaped chargeability anomaly
interpreted to represent a large phyllic cap that blankets the top (NW) of the system. FS 16-18
sites are positioned to test theoretically deeper plunging parts of the system with more
moderate chargeability values.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/220372_880c69a6d4a1d964_003full.jpg
Eastern Block Target
The Eastern Block represents a fault block of exposed Triassic geology at surface, comprising the
Metheny, Lightning, and Big Cut zones. Holes drilled in the Eastern Block will collar directly in Triassic
rock, without the need to drill through Jurassic cover. A large copper-molybdenum anomaly spans the
entire zone, accompanied by strong bismuth, tellurium, and selenium (Figures 2-6) - elements typically
dispersed around porphyry copper systems (Figure 7). At the Big Cut, a small lens of skarn exposed at
surface grades up to 21% copper, 4.5 g/t gold and 1,085 g/t silver in select grab samples
[2]
. Albeit
associated with a relatively thin bed of calcareous sediment, its presence as an indicator is significant,
as copper-gold skarns typically form in close proximity to a nearby porphyry copper intrusion.
As discussed above, new mapping suggests the Leviathan system has been tilted to the northwest (i.e.
plunges to the southeast). Drilling in the west shows that the shallow phyllic altered part of the system has
been partially eroded by the Triassic-Jurassic unconformity. Phyllic alteration typically overprints the
upper part of a potassic core, while the deeper high grade core remains preserved. In the west, drilling
vertically below the highly chargeable phyllic zone has returned subtle biotite alteration, however new
mapping suggests a stronger conceptual target to the southeast. To test this, holes are being drilled
progressively deeper to the east, including within the new Eastern Block target.
Drilling within the phyllic zone to date has revealed hypogene enrichment overprinting the top of the large
arcuate chargeability anomaly shown in Figures 2,3,5, and 6. High chargeability therefore represents a
target for phyllic alteration with the potential for hypogene enrichment, whereas the moderate to low
chargeability values in the Eastern Block may be more consistent with a deeper potassic core with low
pyrite.
Figures 3-6 below show soil sample results for molybdenum, bismuth, tellurium and selenium, elements
typically dispersed around a porphyry copper system, as shown in Figure 7. Chargeability and
conductivity values at 450m true depth below surface are also shown for reference in the various figures.
Figure 3: Re-processed IP chargeability at 450 meters true depth, showing 2024 drill holes,
USFS drill sites and molybdenum geochemistry.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/220372_880c69a6d4a1d964_004full.jpg
Figure 4: Re-processed conductivity at 450 meters true depth, showing 2024 drill holes, USFS
drill sites and bismuth geochemistry. The conductivity highs likely reflect both clay rich fault
zones as well as possibly an intermediate argillic (clay) alteration which is seen overlapping
the phyllic alteration at Leviathan. Deeper potassic alteration may lie below the intermediate
argillic overprint with lower overall conductivity.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/220372_880c69a6d4a1d964_005full.jpg
Figure 5: Re-processed IP chargeability at 450 meters true depth, showing 2024 drill holes,
USFS drill sites and tellurium geochemistry.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/220372_880c69a6d4a1d964_006full.jpg
Figure 6: Re-processed IP chargeability at 450 meters true depth, showing 2024 drill holes,
USFS drill sites and selenium geochemistry.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/220372_880c69a6d4a1d964_007full.jpg
Figure 7: Conceptual geochemical dispersion in porphyry copper systems showing relative
positions of Bi, Te, Se, Mo, Cu, Mo
[3]
.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/220372_880c69a6d4a1d964_008full.jpg
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for
disclosure by Christopher Longton BS, CPG, Hercules' Vice President, Exploration. Mr. Longton is a
"Qualified Person" for Hercules Metals 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: 8Q7) 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