Hercules Silver Commences Phase III Drill Program
Hercules Silver Commences Phase III Drill
Program
Toronto, Ontario--(Newsfile Corp. - May 6, 2024) -
Hercules Silver Corp.
(TSXV: BIG) (OTCQB:
BADEF) (FSE: 8Q7)
("
Hercules Silver
" or the "
Company
") is pleased to announce that three core
drilling rigs are now fully mobilized and drilling the first three holes of an extensive 20,000m drill program
at the Company's wholly-owned Hercules Silver Property in western Idaho (
"Hercules"
or the
"Property"
). Timberline Drilling of Hayden, Idaho has returned to carry out the program, which will
consist of drilling 200m centers along NW-SE fences, starting west of the 2023 discovery area, and
testing new magnetic anomalies and conductivity and chargeability anomalies identified by a 2023
deep-seeking 3D induced polarization ("
IP
") survey ("
2023 IP survey
").
Highlights
Commenced core drilling at Hercules with two Atlas Copco CS14 rigs that have an
effective depth capacity of 1,000m and one Atlas Copco CS3001 rig with an effective
depth capacity of 2,000m in Hercules ground conditions. Both drills are track-mounted
for enhanced maneuverability.
The first two CS-14 rigs arrived and began coring HER-24-01 and HER-24-02 ahead of
schedule on April 22, to get a head start on challenging drilling conditions that were
anticipated in the Upper Plate in that area.
The actual number of holes drilled will depend on the depth of holes, which is to be
determined based on visual logging of mineralization.
Drilling will operate 24/7 on two 12-hour shifts (day and night).
Core samples will be sent to the MSA Labs in Langley, British Columbia.
The phase III drill program will focus on multiple targets, including (see Figure 1):
Drilling on 200m centers along NW-SE fences, starting with three holes to the west,
northwest and north from HER-23-05, which had the best copper intercept in 2023 of
185.29m of 0.84% Cu and 111 ppm Mo from 246m to 431.2m, including 45.33m of
1.94% Cu in an upper enrichment blanket.
A conductivity anomaly at the Belmont Zone identified by the 2023 IP survey.
Prospecting of historical waste dumps at Belmont recently uncovered strong
chalcocite mineralization, potentially sourced from an underlying enrichment
blanket.
Two magnetic high anomalies below the Belmont and Grade Creek Zones,
potentially representative of magnetite alteration, commonly associated with a
central potassic zone.
Near surface chargeability anomaly at the Big Cut Skarn, situated at the edge of the
IP survey.
A road upgrade project has now been completed with safety berms and 3-inch crushed
rock emplaced over the existing dirt surface and subsequently graded to allow for safe
vehicle travel in inclement weather conditions. This is expected to
reduce standby time at
the drills and potentially further extend the drilling season.
Chris Paul, CEO and Director of the Company, commented, "Our much-anticipated Phase III drill
program is officially underway, with all three drill rigs mobilized and turning. This is the largest program
we have had to date and is backed by an immense amount of planning and interpretation supported by
our largest shareholder, Barrick Gold Corporation. The team has been on site since April 14, further re-
logging the 2023 drill core and developing new insights into the porphyry controls and targets. Important
vein controls are now being recognized which appear to contribute a large portion of the copper
endowment at Leviathan.
In addition, our road upgrade project is now complete, preventing a significant amount of what would
have been standby time for the drills, after a late season snow event occurred at the end of April. Our
roads are now expected to be safe for vehicle and equipment access even in poor weather conditions.
We look forward to sharing further updates as we enter a very exciting chapter of the Company's history."
Phase III Drill Program
Hercules entered the early stages of a new porphyry discovery last year with a series of initial deep drill
holes which encountered strong phyllic alteration, typical of the margins of a porphyry system, over an
approximate 450m x 500m area.
The first three planned holes of the 2024 field season are now currently being drilled as shown on Figure
1. Information from these first holes will influence the planning of subsequent holes. The Company has
elected to commence the phase III program with three step-out holes to the west, northwest and north of
HER-23-05, which is an area viewed as having the highest potential for early success. The aim is to then
drill 200m centers along NW-SE oriented fences, to generate meaningful cross-sections within this high
priority area. This will help our technical team understand the overall geometry of the system and
optimize the orientation (dip and azimuth) of drill holes which will then test more far field targets such as
Belmont and Grade Creek.
The objectives of the phase III program are to:
1) Utilize systematic step-outs to vector into the highest-grade portion of the system;
2) Identify the overall size of the target; and
3) Recognize the geometry of the system to further refine the 3D target model.
Figure 1: Phase III initial drill holes HER-24-01 through -03, IP chargeability at 800m elevation,
soil geochemistry and surface traces of deep magnetic anomalies.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/208096_ada9d458b4557aff_002full.jpg
Figure 2: CS-14 drill rig set up and coring on HER-24-02.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/208096_ada9d458b4557aff_003full.jpg
Figure 3: CS-3001 drill rig mobilizing on HER-24-03 pad. HER-24-02 pad in background.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/208096_ada9d458b4557aff_004full.jpg
Figure 4: Coarse gravel and safety berm road upgrades, Belmont Zone.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/208096_ada9d458b4557aff_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 Silver within the meaning of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
Conference Participation
The Company is pleased to announce that members of its executive team are participating in the
upcoming Canaccord Genuity 3rd Annual Global Metals & Mining Conference taking place May 7-9,
2024, in Palm Desert, California.
About Hercules Silver Corp.
Hercules Silver 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 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.
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
press release.
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