Hercules Sample Results Delineate Large Mineral System, with up to 2,810 g/t Ag and 21% Cu in Untested Targets Over 800 outcrop chip samples highlighting a widespread silver-lead-zinc-copper system. Grades up to 21% copper at the Big Cut Skarn and 2,810 g/t silver in the
Hercules Sample Results Delineate Large
Mineral System, with up to 2,810 g/t Ag and
21% Cu in Untested Targets
Over 800 outcrop chip samples highlighting a widespread silver-lead-zinc-copper
system. Grades up to 21% copper at the Big Cut Skarn and 2,810 g/t silver in the
untested Grade Creek Zone
1
Results confirm a multi-kilometer-scale system, delimited by a number of mineralized
zones which may be contiguous under surface cover
Majority of samples collected from scattered bedrock exposures of Hercules Rhyolite
are mineralized and strongly altered
The best historical drilling intercepts lie below low grade surface samples at Hercules
Adit and Frogpond, suggesting leaching may be downgrading geochemical values at
surface
The strongest and most consistent silver-lead-zinc grades on surface occur within the
untested Grade Creek Zone, which also hosts the strongest historical chargeability and
soil sampling values
Lack of bedrock exposure restricted sampling of several parts of the Hercules Rhyolite
on surface, however recent IP geophysics indicates the potential for continuous sulfide
mineralization at depth (See
Dec 15, 2022
NR)
Rhyolite host for silver-lead-zinc mineralization remains open under post-mineral basalt
cover to the south of the map area, with 7 additional samples pending from a historical
adit uncovered by recent prospecting
________________________________
1
The reader is cautioned that rock chip samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
TORONTO
,
Jan. 24, 2023
/CNW/ -
Hercules Silver Corp.
("
Hercules Silver
" or the "
Company
")
(TSXV: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to announce widespread silver, lead, zinc
and copper values from its 2022 rock chip sampling program on the Hercules Property located in
western
Idaho
(
"Hercules"
or the
"Property"
). The Company collected over 800 rock chip samples
to identify the source of previously announced soil anomalies on the Property. The new results
outlined the presence of a large mineralized system, consisting of multiple outcropping zones of
silver-lead-zinc, spanning approximately 3.5 kilometers of exposed Hercules Rhyolite, as well as two
distinct copper targets, the Metheny and Big Cut, hosted within Triassic aged Seven Devils Group
rocks.
The full news release with images, can be found on the Company's website by following the link
below:
https://herculessilver.com/news/
A plan presenting the rock chip grades in silver equivalent (AgEq
2
, g/t), is shown in Figure 1. A silver
equivalent calculation was used for compilation purposes only, to compare the combined metal value
from samples taken across the Property. Investors are cautioned that the silver contribution varies
significantly from sample to sample, particularly at the Metheny and Big Cut Zones, which are
copper dominant targets. It should also be noted that estimated recoveries of individual metals were
not applied in the AgEq calculation. Separate maps of silver, lead, zinc and copper are presented in
Figures 2-5.
Sampling was restricted to limited exposures of outcropping bedrock and the majority of samples
that were collected from the Hercules Rhyolite, where exposed, are well mineralized and show
strong alteration. A series of zones mineralized with silver-lead-zinc are exposed along an
approximate 3.5-kilometer strike length of rhyolite, and are open under Tertiary basalt cover to the
south. An IP geophysical survey conducted in late summer of 2022 suggests that these zones may
connect at depth.
_______________________________________
2
Silver equivalent (AgEq) grades are calculated using metal prices of: silver US$24/oz., copper US$4.15/lb, lead US$1.00/lb and zinc US$1.50/lb. Silver equivalent grade is
calculated as AgEq (g/t) = Ag (g/t) + (Cu (%) * 118.558) + (Pb (%) * 28.568) + (Zn (%) * 42.852). Metal recoveries have not been applied in the silver equivalent calculation.
Management Commentary
Chris Paul
, CEO and Director of the Company, noted: "We're excited by the consistency of
mineralization and alteration we are seeing over such a large area at Hercules. These results
demonstrate widespread geochemical anomalies, and further strengthen our targeting effort at
Hercules. The strong IP chargeability values released last month indicate that these zones may
connect to a larger body of sulfide mineralization at depth. We acquired the project in 2021 with a
view that shallow historical drilling had only just scratched the surface at Hercules. The historical
drilling had focused on Frogpond and Hercules Adit, which together represent less than 5% of the
mineralized footprint, and it appears now that a large amount of blue sky exists outside of that."
Potential for Increasing Grades Below Surface
The Hercules Adit and Frogpond Zones were the focus of historical drilling, where 189 of the 308
historical holes were drilled. The area was also the focus of a small-scale feasibility study completed
in 1984. Despite the best historical drilling intercepts being returned from this area, they show the
lowest grades on surface, out of all the zones sampled (Figure 1). This supports conclusions from
previous operators, that significant leaching of metal values has occurred at surface, as much
stronger grades were reported in historical holes drilled within these zones. The eastern side of the
Frogpond has also been covered by a landslide, consisting of barren andesitic lapilli tuff transported
from the east, as indicated by the hash marks on Figure 1. This indicates that excellent subsurface
grades may be discovered in areas with relatively subdued surface geochemistry.
Grade Creek – Best Untested Target on the Property
The Grade Creek Zone remains the best untested target on the Property for silver-lead-zinc
mineralization. The most consistent and highest surface grades, both in soil sampling as well as the
new rock chip samples, occur along the north facing slope of Grade Creek, which has never been
tested by drilling. Historical IP surveys, which covered the area from Hercules Adit to Grade Creek,
also reveal a large and strong (>25ms) chargeability anomaly underlying the strong surface
geochemistry. The steep north facing slope of Grade Creek does not have existing road access but
can be tested with long drill holes, collared from a nearby road on Hercules Ridge. 2022 mapping
indicates that the rhyolite dips subparallel to the slope, giving it a favourable open pit type target
geometry. It therefore ranks as a high priority target and the Company is preparing a drill plan to
permit and test the zone.
Metheny and Big Cut Copper Skarn Zones
Two high-grade copper-silver targets, the Big Cut and the Metheny, occur within the Triassic Seven
Devils Group on the east side of the Property. Both targets represent skarn style mineralization,
which occurs where limestone comes in contact with, or close proximity to, a nearby porphyry
intrusion. The Big Cut is characterized as a garnet-epidote skarn, whereas the Metheny is a
specularite (iron) skarn. The differing alteration is likely a function of zonation around a potential
porphyry intrusion or multiple intrusive centers at depth.
Historical trenching at the Big Cut prospect, discussed in unpublished reports obtained by Hercules
Silver
3,4
, yielded grades of up to 1.78% copper across 90 feet (~27 meters) and 1.3% copper
across 57 feet (~17 meters). Silver was only selectively assayed at the time. Other notable
historical trench intercepts at the Big Cut prospect include:
The assay results reported above are historical in nature and have not been verified by a Qualified
Person; therefore, they should not be relied upon.
Photo's 1 and 2 below show select high-grade samples taken from the Big Cut, displaying partially
oxidized semi-massive chalcopyrite (copper) mineralization.
The Metheny copper skarn is associated with lenses of brecciated limestone within a larger quartz
feldspar porphyry unit. High-grade copper with moderate to strong silver grades of up to 1,085 g/t
occur with massive to semi-massive specular hematite, a different type of skarn alteration than is
seen at the Big Cut. The surrounding quartz-feldspar porphyry is also altered and carries copper
mineralization. Photos 3 and 4 show examples of strong iron-copper-silver skarnification at the
Metheny.
___________________________
3
Kelly, S. 1973. Progress Report to the Vancouver Stock Exchange on the Iron Cap, or Big Cut Holdings of Acaplomo Mining and Development Co. Ltd. in the Heath Mining District
with concurrence by C.M. Armstrong, P.Eng.
4
Armstrong, C. 1976. Report on the Iron Cap Property, Heath Mining District.
Sampling Methodology
Outcrop and subcrop samples were collected based on the presence of bedrock exposure
throughout the Property. A polygon area of interest was laid out on a GIS map, representing the
outline of anomalous soil samples on the Property. LiDAR data was also hillshaded and used to map
outcrop locations for sampling. Sampling lines were established within the area of interest which
acted as a guideline for sample traverses, along with the mapped outcrop locations. Any outcrops
encountered within 50 meters of either side of the sampling lines were sampled. A series of
contiguous chip samples were also collected from mineralized outcrops within the Belmont Zone.
Following collection, the samples were shipped to MSA Labs in
Langley, British Columbia
for
analysis.
Sample Analysis and QAQC
All rock samples were prepped and analyzed at MSA Labs in
Langley, British Columbia
, an ISO
17025 and ISO 9001 certified laboratory. Samples were dried and crushed to 2mm, from which a
250g sub-sample split was then pulverized to 85% passing a 75 micron sieve. Following preparation,
671 of 807 rock assays were determined by the IMS-230 method. A 0.25g aliquot of the prepared
pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric
acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The
resulting solution was analyzed via ICP-MS and ICP-ES for 48 elements and was corrected for inter-
element spectral interferences. Mercury is not reported due to volatilization in reaction with
hydrofluoric acid and gold is not reported due to the small, 0.25g aliquot size being insufficient to
overcome the nugget effect. Samples taken early in the campaign (136) were analyzed by other ICP
procedures, IMS-116, IMS-117 or IMS-131, entailing a less complete aqua regia digestion. Select
samples are currently being analyzed by a 50g fire assay for gold.
MSA Labs employs internal quality control standards, duplicates and blank samples at set
frequencies.
For submitted sample batches, excluding 52 of 807 total outcrop samples, blind certified reference
materials (CRMs) purchased from CDN Resource Laboratories of
Langley, B.C.
, and duplicate
samples were inserted by the Company at a frequency of one in every 50 samples, totaling 23
analyses. CRM results for copper, silver, lead and zinc were within acceptable limits with only one
result >2SD from the certified value and none exceeding 3SD.
Fifteen barren rock blanks were inserted blind in five of the sample batches. These yielded two 10x
lower detection limit failures for silver, four 10x failures for copper, and no failures for lead and zinc.
The Company is performing a follow-up on the failures, but given the low thresholds of the
exceedances, the impact is not material to the identification of the strong geochemical anomalies on
the Property.
Fourteen duplicate samples were collected from the outcrops to check sample precision for copper,
silver, lead and zinc. Considering the limited size of the data set and the presence of outlier grades
in some of the samples, the mean comparisons appear reasonable, within ±15% for silver, copper
and zinc. Removing one outlier from the lead duplicate pairs, lead original and duplicate means are
within 5%. Scatterplots show reasonable clustering along a linear trend line with no evidence of
sample mix-ups; correlation coefficients for originals and duplicates for each metal are 0.95 or
higher.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for
disclosure by
Donald E. Cameron
, MSc, a Registered Member of the Society for Mining, Metallurgy
and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an
independent "Qualified Person" for Hercules Silver within the meaning of National Instrument 43-101
– Standards of Disclosure for Mineral Projects (
"NI 43-101"
). To the best of his knowledge, the
technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in
this news release, is neither inaccurate nor misleading.
About Hercules Silver Corp.
Hercules Silver Corp. is a junior mining company focused on the exploration and development of the
100% owned Hercules Silver Project, northwest of
Cambridge, Idaho
.
The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical
drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit
in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling,
geological mapping, IP geophysics, and a 9-hole drill program.
The Company's management team brings significant exploration experience through the discovery
and development of numerous precious metals projects worldwide.
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.
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.sedar.com
.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF HERCULES SILVER 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 SILVER 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.
SOURCE
Hercules Silver Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/January2023/24/c9598.html
%SEDAR: 00045528E
For further information:
Please contact: Chris Paul, CEO & Director, Telephone +1 (604) 449-
6819, Email: [email protected]
CO: Hercules Silver Corp.
CNW 07:00e 24-JAN-23