Hercules Silver Intercepts 27.3 Meters of 113 g/t Silver Equivalent Above Porphyry Copper Mineralization in First Holes of Phase II Drill Program
Hercules Silver Intercepts 27.3 Meters of 113
g/t Silver Equivalent Above Porphyry Copper
Mineralization in First Holes of Phase II Drill
Program
Toronto, Ontario--(Newsfile Corp. - September 8, 2023) -
Hercules Silver Corp.
(TSXV: BIG)
(OTCQB: BADEF) (FSE: 8Q7)
("
Hercules Silver
" or the "
Company
") is pleased to report silver-lead-
zinc results from the first 5 drill holes of its Phase II drill program, targeting near surface silver
mineralization at its Hercules Silver Property located in western Idaho (
"Hercules"
or the
"Property"
).
These results are the first of the Company's ongoing 6,000-meter Phase II infill, expansion, and
discovery-focused drill program.
The upper part of HER-23-05 intercepted 84.2 meters of 54.1 g/t AgEq, beginning at a
shallow depth of 4.5 m, including a higher-grade intercept of 27.3 m grading 113.4 g/t
AgEq starting at 36.7 m.
HER-23-04 intercepted 28.5 meters of 102.6 g/t AgEq, beginning at 39 m, including a
higher-grade intercept of 2.7 m grading 416.2 g/t AgEq.
All holes reported are either step-out or infill holes, expanding on historical
mineralization.
HER-23-05 was continued to depth to test a chargeability anomaly and intercepted blind
porphyry copper alteration and mineralization, assays for which remain pending.
Four deep holes have now been drilled across 1.2 kilometers of the chargeability
anomaly, all of which intersected pyrite-rich phyllic alteration, interpreted to represent the
margins of a large porphyry copper system.
Deep drilling continues, targeting potentially favourable alteration to the west.
A third drill rig has now been added to the Phase II program.
Chris Paul, CEO and Director of the Company, noted: "
Our Phase II infill and expansion drilling has
expanded on historical mineralization and demonstrated the presence of broad intervals of silver at
the Frogpond Zone. With assays pending for many holes, including several other zones, we're
confident in the potential to further validate and expand on the near surface silver across the Property.
We're currently drilling hole 21 of the 2023 season and have now added a third drill rig. In addition, our
first ever deep drilling has intersected blind porphyry copper alteration across 1.2 kilometers,
demonstrating the presence of a major hydrothermal system on the Property."
Silver Mineralization at Frogpond
The near-surface drilling is focused on validating and expanding zones of historical silver mineralization
at Hercules. Historical drilling was limited to vertical reverse circulation ("RC") holes which returned
minimal geological information. The 2023 program is utilizing angled drill holes with oriented core,
providing new information on the controls and style of mineralization, and continuing to aid with the
expansion.
HER-23-05 intersected a broad zone of shear-hosted mineralization, with flooding and replacement of
pervasive dark grey sulfide mineralization (a combination of galena, sphalerite and tetrahedrite-
tennantite). The broad zone of replacement is bracketed on either side by significant fault/shear zones,
which appear to control the flow of hydrothermal fluids. Tracing this and other zones along strike is the
main objective for adding to the historical mineralization. Logging of holes now being drilled at other
zones, including the nearby Hercules Adit, show similar promise for expansion.
Table 1: Significant Drill Intercepts
Hole ID
From
(m)
To
(m)
Interval
(m)
AgEq
1
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Mn
(%)
HER-23-01
50.08
81.99
31.91
34.5
11.4
0.11
0.62
1.23
including
50.08
56.69
6.61
49.2
17.7
0.15
0.86
1.34
including
65.23
69.8
4.57
57.8
13.4
0.23
1.18
1.66
including
78.33
81.99
3.66
79.9
26.7
0.25
1.45
1.84
AND
112.47
123.44
10.97
25.6
24.6
0.01
0.07
1.41
HER-23-02
20.32
60.44
40.12
36.7
29.8
0.04
0.20
1.17
including
20.32
32
11.68
67.0
57.6
0.10
0.28
2.09
including
58.92
60.44
1.52
130.0
117.0
0.02
0.17
0.94
HER-23-03
17.37
56.39
39.02
42.1
37.1
0.02
0.18
0.87
including
36.58
44.2
7.62
69.9
65.1
0.04
0.17
0.82
HER-23-04
10.15
12.19
2.04
73.2
75.0
0.10
0.25
AND
39.01
67.54
28.53
102.6
93.6
0.10
0.35
0.75
including
59.68
62.36
2.68
416.2
426.6
0.03
0.13
0.57
HER-23-05
4.54
88.76
84.22
54.1
36.2
0.11
0.35
3.86
including
27.13
28.65
1.52
114.9
79.7
0.21
0.28
0.42
2.5
including
36.73
64.01
27.28
113.4
77.1
0.13
0.16
0.76
4.9
AND
170.69
178.31
7.62
51.1
43.2
0.07
0.10
0.07
4.15
1
Silver equivalent (AgEq) grades are calculated using metal price assumptions of: silver US$23.50/oz., copper US$4.00/lb, lead US$1.00/lb and zinc
US$1.50/lb. Silver equivalent grade is calculated as AgEq (g/t) = Ag (g/t) x Ag rec. + (Cu (%) x Cu rec. x 118.558) + (Pb (%) x Pb rec. x 28.568) +
(Zn (%) x Zn rec. x 42.852). Metallurgical recoveries assumed are 93% for silver, 80% for lead and 79% for zinc, based on historical sulfide
floatation tests by Britton, 1977. A reasonable assumption of 80% recovery is applied for copper based on comparable base metal recovery values.
Figure 1: Plan view of the Frogpond Zone showing significant intercepts from 2023 analytical
results received and silver equivalent grade bars from 2022-2023 drill holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/179981_a0fc734c44717986_002full.jpg
Table 2: 2023 Drill Hole Locations
Hole ID
Easting
Northing
Depth
(m)
Azimuth
Dip
Hole
type
HER-23-01
511432
4956616
148.71
210.36
-76.77
Core
HER-23-02
511342
4956557
83.48
30.31
-44.92
Core
HER-23-03
511341
4956558
139.32
41.99
-57.31
Core
HER-23-04
511289
4956584
71.93
29.71
-70.36
Core
HER-23-05
511231
4956639
435.32
69.78
-70.06
Core
Blind Porphyry Copper System
2022 field work by the Company previously demonstrated the potential for a porphyry copper system
hosted within the underlying Seven Devils Group volcanics, exposed on the east side of the Property. IP
geophysical surveying conducted over the silver system on the west side of the Property however
returned a large chargeability anomaly below the limit of historical drilling, which is open in several
directions. Blind drilling across 1.2 kilometers of the chargeability anomaly has now returned strong
alteration, veining, and mineralization, consistent with the margins of a porphyry copper system and early
observations demonstrate it's considerably larger and more intense than was first interpreted from
surface exposures. A simplified description of the current geological interpretation follows.
A shallow west-dipping thrust fault (shown in red on Figure 2), separates copper-gold-molybdenum
bearing Seven Devils volcanics (the "Lower Plate") to the east from silver-lead-zinc-manganese bearing
volcanics, including the Hercules Rhyolite (the "Upper Plate"), to the west. East of this thrust, several
known copper-gold targets, including the Big Cut Skarn, Lightning Breccia, and Metheny Zones are
exposed at surface. West of the shallow-dipping thrust, the copper-gold system appears to also underlie
the majority of the silver-lead-zinc-manganese bearing Upper Plate rocks at moderate depths of just
100-300 meters.
Quartz-sericite-pyrite ("phyllic") alteration has now been intersected in all deep holes. Phyllic alteration
typically manifests as an outer shell of highly chargeable pyrite with copper mineralization, surrounding
an inner shell of stronger copper mineralization with lesser chargeable pyrite. Early modeling of the four
widely-spaced holes suggests a potential vector to the west, guided largely by alteration sequences in
drill core and variations in the ratio of chalcopyrite:pyrite. Upcoming holes are therefore designed to step
west of the phyllic halo, into a neighboring region of moderate chargeability, which may represent
increasing chalcopyrite relative to pyrite (Figure 2).
Further IP geophysical surveying is scheduled to commence at the end of September. The 2022 survey
was originally designed to cover just the strongest portion of the near-surface silver system. Given
current indications for the potential size of the porphyry copper system, the survey will be expanded
significantly. It will be expanded east to test for additional centers at depth across several kilometers of
strong surface mineralization. It will also be expanded west, where current drilling shows increasing
alteration and mineralization below the silver system.
Figure 2: Potential alteration zonation, interpreted from observations in 4 deep drill holes
across 1.2 kilometers, and IP chargeability at 200 meters below surface. Further IP surveying is
planned to the east, where other centers may exist to alter this interpretation, as well as to the
west where current drilling indicates increasing alteration/mineralization. Two planned holes
are shown in white, to test increasing alteration to the west, and more moderate chargeability
which may represent increasing chalcopyrite relative to pyrite.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/179981_a0fc734c44717986_003full.jpg
Sample Analysis and QAQC
All drill core 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, 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.
Lower
detection limits for this procedure are 0.01 ppm for silver, 0.5 ppm for lead, 2 ppm for zinc, and 0.2 ppm
for copper. 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 with initial results beyond the upper detection limit of the IMS-230 method were analyzed by
procedures ICF-6Ag, ICF-6Pb and ICF-6Zn.
The thresholds were 100 ppm for silver, and >1% for lead
and zinc.
Preliminary silver assays that returned values >1000 ppm were determined by fire assay with a
50g charge for the final result.
MSA Labs employs internal quality control standards, duplicates and blank samples at set frequencies.
Blind certified reference materials (CRMs) and blank samples were systematically inserted by the
Company into the sample stream and analyzed as part of the Company's quality assurance/quality
control protocol.
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 ("NI 43-101").
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, having
completed extensive surface exploration consisting of soil & rock sampling, geological mapping, IP
geophysics.
The Company's management team brings significant exploration experience through the discovery and
development of numerous precious metals projects worldwide.
For further information please contact:
Chris Paul
CEO & Director
Telephone +1 (604) 449-6819
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
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Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks
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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
.
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REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS
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