Hercules Silver Completes Extensive Mapping and Sampling Program on Hercules; Announces Commencement of 3D IP Bedrock geology, structure and stratigraphy mapped in detail New mapping improves understanding of the controls on silver mineralization
Hercules Silver Completes Extensive Mapping
and Sampling Program on Hercules;
Announces Commencement of 3D IP
Bedrock geology, structure and stratigraphy mapped in detail
New mapping improves understanding of the controls on silver mineralization
Large subsurface target defined along base of rhyolite
Assays pending for 793 outcrop samples, 83 chip samples and 69 mine dump samples
from across the Property
666 hand samples currently undergoing ASD Terraspec analysis to map hydrothermal
alteration across the Property
Large 3D IP survey currently underway to refine drill targets
Drone magnetic geophysical survey upcoming
TORONTO
,
Oct. 18, 2022
/CNW/ -
Hercules Silver Corp.
("
Hercules Silver
" or the "
Company
")
(TSXV: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to report that it has commenced a 3D IP
survey and completed an extensive bedrock mapping and sampling program on its 100%-owned
Hercules Silver Project in
Idaho
("
Hercules
", or the "
Property
"). The new mapping, completed by
Specialised Geological Mapping Limited of the
United Kingdom
, has considerably improved the
Company's understanding of the nature and controls of silver mineralization on the Property. The
new work has a significant bearing on drill planning, which is now underway with the goal of growing
the historical drill-defined mineralization.
Mapping has shown that the historically-termed "Hercules Rhyolite" is in fact a volcanic tuff of
rhyolitic composition. Tuff is a type of rock composed of volcanic ash and fragments ejected from a
vent during a volcanic eruption. The lower portion of a tuff unit is typically densely welded from the
heat and compaction of overlying material. This densely welded material is easily fractured and can
often result in the rock having strong permeability characteristics. This appears to be the case on the
Hercules Property where the strongest alteration and silver-lead-zinc mineralization occur within the
highly shattered base of the rhyolitic tuff, close to where it is in contact with underlying intermediate
volcanics and conglomerates.
The shallow-dipping base of the rhyolitic tuff represents a large subsurface target which is largely
untested by the shallow historical drilling. The majority of historical holes drilled outside of the main
zones appear to have been terminated early, prior to reaching the shattered basal portion of the
rhyolitic tuff. Only the holes drilled adjacent to outcropping mineralization at the Hercules Adit and
Frogpond Zones have conclusively tested the basal portion in one or more drill holes.
Management Commentary
Chris Paul
, CEO and Director of the Company, noted: "Improving our understanding of the deposit
model at Hercules is an important step towards extending the historical mineralization. Mapping the
controls on mineralization allows us to better plan and execute on future drill programs at Hercules.
We anticipate that the results of our bedrock sampling program will also generate additional priority
targets, including within the large and untested copper anomaly on the east side of the Property. The
company will be able to adapt its future work programs in accordance with this new geophysical,
geological, and geochemical data once results are received by Q1 2023."
Bedrock Sampling
Nearly all outcrops within the silver-lead zinc and copper soil anomalies have been sampled over the
past month. A total of 793 new outcrop samples, along with 83 chip samples and 69 mine dump
samples were collected. A separate hand sample was saved from each outcrop for analysis with an
ASD Terraspec mineral spectrometer, to identify alteration assemblages present across the
Property. Hand samples were cut prior to analysis and are being logged in detail under a
microscope.
The results of the Terraspec work will provide a map of the hydrothermal alteration across the
Property and indicate the approximate temperatures and/or depths at which the alteration mineral
assemblages formed. For instance, zones with lower temperature minerals that are exposed at
surface may warrant deeper drilling into higher temperature and potentially higher-grade portions of
the system at depth.
3D IP Survey Underway
The Company has engaged Dias Geophysical of
Saskatoon, SK
, to conduct a 3D IP survey
spanning from Grade Creek in the north to the Belmont Zone in the south, with higher resolution and
tighter spacing over drill-defined mineralization at Hercules Adit and Frogpond. The survey plan
covers over 3.5 kilometers of strike length. Historical IP surveys only partially covered the Hercules
Adit and Frogpond zones but demonstrated good correlation between chargeability and
mineralization. A strong chargeability anomaly lies adjacent to the Frogpond Zone at depth, where
shallow historical drilling failed to reach the mineralized basal contact. This target presents a good
opportunity to potentially extend the Frogpond mineralization to the north, along the base of the
rhyolite.
The current survey utilizes a modern 3D array with a large transmitting generator that is capable of
surveying to 600-meters depth, significantly deeper than the historical survey. The 2022 survey will
help refine drill targets on the Property, including extensions of the known mineralization at Hercules
Adit and Frogpond.
Drone Magnetic Survey Planning
The Company is currently planning and designing a Property-wide drone magnetic survey, to help
map the location of the host rhyolitic tuff in areas of the property with minimal outcrop, and to identify
the fault structures which may have introduced mineralization.
2022 Drill Program Planning
The Company is currently in the final planning stages for a 2022 drill program on the Hercules and
looks forward to updating the market with further details over the coming weeks. The planned 2022
program will be the first time the project has been drilled since 1988.
Sampling Methodology
Outcrop samples were collected at irregular spacings based on the presence of outcropping
bedrock. A polygon was laid out prior to commencing the field program, within which the samples
were collected. The polygon represents the outline of anomalous soil regions on the Property.
Sampling lines were established within the polygon area, to act as a guideline for daily traverses.
LiDAR data was hillshaded and used to map outcrop locations for sampling. Any outcrops
encountered within 50 meters on either side of the lines were sampled. Following collection, the
samples were shipped to MSA Labs in
Langley, British Columbia
for analysis.
Contiguous 2-meter chip samples were collected from mineralized outcrops within the Belmont Zone.
Samples were collected by chipping material as evenly as possible with a rock hammer and chisel
across consecutive 2-meter intervals.
Mine dump samples were collected by selectively sampling mineralized rock float from waste dump
piles located adjacent to small historical adits and test pits across the property.
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
Bald Eagle Gold Corp.
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For further information:
Chris Paul, CEO & Director, Telephone +1 (604) 449-6819, Email:
CO: Bald Eagle Gold Corp.
CNW 07:00e 18-OCT-22