Hercules Metals Provides Exploration Update
Hercules Metals Provides Exploration Update
Toronto, Ontario--(Newsfile Corp. - July 31, 2024) -
Hercules Metals Corp.
(TSXV: BIG) (OTCQB:
BADEF) (FSE: 8Q7)
("
Hercules Metals
" or the "
Company
") is pleased to provide an update on its
ongoing exploration drilling program at its Hercules Property in western Idaho (
"Hercules"
or the
"Property"
).
Highlights
A total of 4,600m have been drilled in 6 completed, 3 abandoned and 3 in progress drill
holes ranging up to 722m in depth (Figure 1).
A potential trend of elevated hypogene copper-silver enrichment appears to be emerging,
currently being tested in two directions:
Two drill rigs stepping to the northeast and southwest from the 2023 discovery area
to test the potential trend of elevated copper-silver, immediately below the Triassic-
Jurassic unconformity.
A third drill rig is reconnaissance drilling compelling new targets across the
property.
A large fault zone, referred to as the "BN Fault," had impacted drilling progress in holes
HER-24-01, -05, -06, -07, -09, and -09b. However, the inferred geometry of the BN Fault has
now been mapped in 3D, which enables future drill holes to focus on areas with more
favourable ground conditions away from the fault.
The Company is planning to enhance productivity by adding a deep RC drill rig with an
effective depth capacity of ~1,200m. Roads are being widened to allow access for a larger
rig which has indicated availability in early September.
New mapping, shown on Figure 1, has enhanced the understanding of structural
patterns and alteration zonation across the project. Triassic exposure in the east shows
alteration increasing from propylitic to phyllic towards the northwest. Specular hematite,
associated with the hypogene copper-silver enrichment, dips shallow beneath the
unconformity (conglomerate).
Chris Paul, CEO and Director of the Company, noted, "
Having drilled over 1 kilometer of strike along
the Leviathan Porphyry this year has given us a much better understanding of certain key structural
controls, which better guides our targeting of hypogene enrichment. Blind drilling has its logistical
challenges, but new information is gained from each hole, which allows us to increase efficiency
moving forward. Drilling is now vectoring toward the potential feeder structures for the hypogene
enrichment event, which added copper and silver to the shallowest part of the system, beneath the
unconformity.
At the same time, we are actively working to increase productivity by avoiding damaged fault zones
and securing a deep RC drill rig to supplement the program with pre-collars for the core rigs as well as
select RC-only drill holes.
Although the timing of the first assays is delayed due to slower than anticipated drilling and
processing time, this has allowed us time to build a preliminary 3D model aimed at targeting
hypogene enrichment."
Geological Update
Drilling continues to encounter porphyry alteration and mineralization over large areas. Emphasis has
been placed on key structures which may have controlled both porphyry emplacement as well as later
hypogene enrichment. One of these structures, the BN Fault, appears to have been later re-activated in
the Jurassic, creating challenging ground conditions for drilling. A preliminary model of the BN Fault was
recently developed, to avoid drilling within its proximity. Instead, drilling is stepping out along a separate
NE-SW structure, which appears to control mineralization, with apparent minimal post-mineral damage.
A third drill rig is testing reconnaissance targets with favourable geophysical signatures that have not
had previous drilling. Many targets remain to be tested across what appears to be a large and long-lived
hydrothermal system.
A major regional-scale structure, "Tom's Fault", shown on Figure 2, trends NW-SE across the Property,
and appears to be a potentially important regional control on porphyry emplacement. The intersection of
regional scale NW-SE structures with NE-SW structures may play an important role on future exploration
targeting.
2024 drill holes are shown on Figures 1 and 2. Drill holes HER-24-08, -11, and -12 are stepping out to
the northeast along the inferred structural control mentioned above.
Drill holes HER-24-09 and -09b were testing the same concept to the southwest, however both had to be
terminated due to challenging ground conditions associated with the BN Fault. HER-24-06 also had to
be terminated early due to the BN Fault, albeit in mineralization at 640 meters. The aim is to properly re-
test this entire length of the chargeability anomaly to depth once the deep RC rig arrives.
HER-24-10 is currently testing a new chargeability anomaly to the west of the main Leviathan target. The
hole is currently at 350 meters and has encountered a different Jurassic cover sequence than the other
holes.
Figure 1: Updated geological, structural and alteration map, showing 2024 drill holes
completed, in progress, and planned.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/218319_e5265955b4cc094b_002full.jpg
Figure 2: Re-processed IP chargeability at 400 meters depth, showing hypogene enrichment
targets and 2024 drill holes completed, in progress, and planned.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/218319_e5265955b4cc094b_003full.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
.
Corporate Update
The Company also announces that it has granted 500,000 incentive stock options (the "
Options
") to a
contractor, with an effective date of July 30, 2024, with 250,000 vesting on the grant date, 125,000
vesting on the date that is six months following the grant date and 125,000 vesting on the date that is
twelve months following the grant date. The Options are exercisable for a period of 5 years and have an
exercise price of $0.62 per common share. The Options were granted pursuant to the Company's
omnibus incentive plan approved by shareholders.
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
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. WHILE HERCULES METALS MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE
THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE
WITH APPLICABLE LAWS.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
press release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/218319