Hercules Silver Completes 2022 Drilling First drill program undertaken in 34+ years at the Hercules Property 9 drill holes completed with a low-cost track-mounted RC drill rig High-priority areas tested within the Frogpond and Hercules Adit Zones for potential
Hercules Silver Completes 2022 Drilling
First drill program undertaken in 34+ years at the Hercules Property
9 drill holes completed with a low-cost track-mounted RC drill rig
High-priority areas tested within the Frogpond and Hercules Adit Zones for potential
inclusion in future resource estimates
Planning underway for an expanded Phase II drill program
Final 3D IP inversions expected soon
TORONTO
,
Dec. 5, 2022
/CNW/ -
Hercules Silver Corp.
("
Hercules Silver
" or the "
Company
")
(TSXV: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to report that it has completed its first
phase of capital-efficient drilling on the Hercules Property in western
Idaho
(
"Hercules"
or the
"Property"
) with a low-cost track-mounted RC drill rig (Photo 1). The Phase I drill program was
designed to test and verify historical drilling assays as well as gain the geological and geotechnical
information needed to support a Phase II drilling campaign in early spring of 2023. A total of 1,995
feet was completed in nine drill holes, with several holes bottoming in mineralization (Figures 1-6).
Difficult ground conditions were encountered in highly shattered mineralized zones, leading to all
holes ending short of their planned depths, with the exception of HER-22-03 and HER-22-04. The
small track-mounted drill rig utilized was capital efficient for collecting quality samples in the near
surface, but lacked the power and rod size needed for drilling deeper in difficult ground. The
geological information gathered will help to determine the optimal drill rig size for Phase II, adequate
for the challenging ground conditions encountered in mineralized zones.
Significant galena and tetrahedrite, the dominant silver bearing minerals, were observed in several
drill holes, along with accessory pyrite. Intensity of galena/tetrahedrite is illustrated on cross-section
figures 1-6 which demonstrate good consistency with historically modelled silver mineralization.
Assay results from the 2022 drilling campaign are expected in early January and will contribute
towards the verification of historical drilling data and potentially qualify the historical data for use in
future resource estimates on the Property.
The full news release with images, can be found on the Company's website by following the link
below:
https://herculessilver.com/news/
Management Commentary
Chris Paul
, CEO and Director of the Company, noted:
"We are pleased to have completed our first
drill program at Hercules safely and efficiently. The shallow sulfide mineralization observed at the
Hercules Adit and Frogpond Zones appears consistent with our internal modelling of historical
silver grades. We look forward to receiving assay results, as they may allow us to confirm
historical data and begin stepping out into undrilled portions of the Property in H1 2023."
2022 Exploration Results Pending
The Company is awaiting results from over 900 outcrop samples collected across the Property,
which are currently undergoing geochemical and Terraspec analysis. The results will provide a map
of silver, lead, zinc, and copper grades in bedrock, across large portions of the Property which have
never been sampled. Terraspec indicates the proximity the various alteration minerals have to the
core of the system, which in turn provides a vector towards higher-temperature and potentially
higher-grade portions of the system.
Preliminary results from the 3D IP survey suggest strong chargeability anomalies below areas of
known mineralization. Final 3D inversions are expected soon, which will be released with a
description of the new targets generated.
Engagement of Investor Relations Firm
The Company is also pleased to announce that it has retained the services of Peak Investor
Marketing Corp. (
"Peak"
) a full-service marketing and consulting services firm based in
Vancouver,
B.C.
that is focused on the junior mining sector. Peak is an independent arms-length entity and will
assist the Company with marketing strategy and planning, corporate communications, and public
relations, with the goal of increasing market awareness for the Company. Under the terms of the
agreement entered into between the Company and Peak (the "Agreement"), the Company will
compensate Peak
C$12,000
per month for an initial renewable 6-month term and will grant Peak
300,000 options at an exercise price of
$0.09
in accordance with the policies of the TSX Venture
Exchange (the "TSXV"). The Agreement may be terminated after the initial 6 months term upon thirty
days' notice. Peak is not related to the Company and has no interest, directly or indirectly, in the
Company or its securities. The Agreement is subject to TSXV acceptance.
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
Hercules Silver Project, northwest of
Cambridge, Idaho
. The Company's management team brings
extensive and successful international experience with a focus on identifying and acquiring
prospective and under-explored precious metals properties worldwide. Members of the board of
directors have an established track record of creating significant returns for investors and have
demonstrated access to capital to advance the development of assets.
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/December2022/05/c6874.html
%SEDAR: 00045528E
For further information:
Chris Paul, CEO & Director, Telephone +1 (604) 449-6819, Email:
CO: Hercules Silver Corp.
CNW 07:30e 05-DEC-22