Hercules Metals Selects RC Drill Contractor
Hercules Metals Selects RC Drill Contractor
Toronto, Ontario--(Newsfile Corp. - September 10, 2024) -
Hercules Metals Corp.
(TSXV: BIG)
(OTCQB: BADEF) (FSE: C0X)
("
Hercules Metals
" or the "
Company
") is pleased to announce that it
has selected Legacy Drilling, LLC, of Reno, Nevada ("
Legacy
") to carry out reverse circulation ("
RC
")
drilling at the Hercules Property in western Idaho ("
Hercules
" or the "
Property
") to increase productivity
heading into the fall.
Highlights
Legacy is providing a Schramm T-685WS drill rig capable of reverse circulation drilling up
to ~1,000m.
Legacy was carefully selected from a number of quality contractors, as being best suited
for the needs of the Hercules drilling program.
The RC rig offers the flexibility to either pre-collar through the challenging Jurassic cover
for the core drills, or complete entire deep holes independently.
Scheduled to mobilize and commence RC drilling later this month.
Depending on the success of the Schramm, the Company can elect to add an Ingersoll
Rand Super 10 (RD10+), capable of RC drilling up to ~1,300m.
Legacy is set to begin RC drilling a step-out from HER-24-06, which intersected relict
potassic alteration characterized by biotite-rich volcanics with primary chalcopyrite +/-
bornite mineralization. Previous drilling at HER-24-06 was halted early due to challenging
ground conditions and has not been revisited since.
Chris Paul, CEO and Director of the Company, commented, "As we await assay results, we are excited
to launch a new drilling strategy aimed at drilling through the challenging Jurassic cover more quickly and
efficiently. Legacy's RC rig also offers the flexibility to drill entire holes up to ~1,000m, rather than being
limited to pre-collars only. We have been waiting to return to the HER-24-06 area, ever since the hole
was first drilled. Despite returning promising potassic alteration and primary mineralization, we could not
justify another 4-week wait time to core through the challenging cover sequence in that area again. With
the RC rig mobilizing shortly, we are excited to finally be able to follow up on our most encouraging area
to date."
HER-24-06
HER-24-06 crossed the Triassic-Jurassic unconformity at approximately 450m hole length. It
encountered typical enrichment blanket style mineralization below the unconformity, which tapered off to
pyrite rich mineralization associated with a late porphyry dyke. However, a reversal occurred, with the
chalcopyrite:pyrite ratio increasing with depth, as well as the first documented occurrence of primary
hypogene bornite. The chalcopyrite +/- bornite is associated with biotite altered volcanics, with minimal
overprinting by late hydrolytic fluids. The ground was challenging to drill, as the drill hole followed a badly
damaged fault zone and associated late porphyry dyke, having to be terminated at 638m. Legacy will be
RC drilling a series of step-out holes around 24-06, targeting the potassic altered volcanics while trying
to avoid the fault zone and associated late porphyry dyke.
3D Alteration Zonation
The Company has collected a large volume of spectral data from each deep hole, and a pattern is
emerging of higher temperature alteration toward drill hole HER-24-06 (Figures 1- 4). Low temperature
advanced argillic alteration occurs in the northwesternmost holes, which gives way to a deeper white
mica and intermediate argillic alteration (collectively the "
Hydrolytic Overprint
") to the south. The
intensity of hydrolytic overprint decreases toward drill hole HER-24-06, which has relict biotite preserved
and suggests a hotter and deeper part of the system.
It remains unclear whether the highest grades of the system will occur in the potassic core, or if a
separate early grey sericite alteration identified in the shallow parts of the system may have provided
stronger mineralization. Additional drilling is necessary to determine this.
The figures below show various spectral processing methods the Company is utilizing to indicate higher
temperature alteration phases in warm colours and lower temperature, later alteration phases in cooler
colours.
Figure 1: Spectral processing method 1. View looking east. Southeast dipping quartz porphyry
stock modelled in pink. Cool colours indicate late, low temperature alteration. Warm colours
indicate preservation of early high temperature alteration. Jurassic section of holes grayed out.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/222777_2fe2857564553be0_002full.jpg
Figure 2: Spectral processing method 2. View looking east. Southeast dipping quartz porphyry
stock modelled in pink. Cool colours indicate late, low temperature alteration. Warm colours
indicate preservation of early high temperature alteration. Jurassic section of holes grayed out.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/222777_2fe2857564553be0_003full.jpg
Figure 3: Spectral processing method 3. View looking east. Blue indicates shallow/late argillic
alteration, yellow indicates white mica alteration and red to purple indicate relict potassic
alteration. Jurassic section of holes grayed out.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/222777_2fe2857564553be0_004full.jpg
Figure 4: Spectral processing method 3. Oblique plan view looking north. Blue indicates distal
alteration, yellow indicates white mica alteration and red to purple indicate relict potassic
alteration. Jurassic section of holes grayed out.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/222777_2fe2857564553be0_005full.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) (FWB: 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;
expected drill results from the Legacy RC drilling; 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.
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