Hercules Silver Provides Update on Its Phase III Drill Program
Hercules Silver Provides Update on Its Phase
III Drill Program
Toronto, Ontario--(Newsfile Corp. - June 20, 2024) -
Hercules Silver Corp.
(TSXV: BIG) (OTCQB:
BADEF) (FSE: 8Q7)
("
Hercules Silver
" or the "
Company
") is pleased to provide an update on its
Phase III drill program at its Hercules Property in western Idaho (
"Hercules"
or the
"Property"
).
Highlights
Since mobilizing three drill rigs between late April and early May, a total of 3,000m have
now been cored in 5 completed and 2 in progress drill holes ranging in length from 411 to
516m. 1 drill rig is currently moving to the next pad (Figure 1).
Assay results are anticipated in batches, with the first set of results expected by mid
summer.
Challenging drilling conditions in the Upper Plate resulted in slower than anticipated
production rates at the start of the program. To compensate for this and ensure adequate
strike length is covered early in the program, large step-outs, up to 1km south, are now
underway.
The Phase III Drill Program is the largest yet and is expected to continue for the remainder
of the year, testing a multi kilometer geophysical target area.
In addition to the ongoing drilling, the Company has now completed a more detailed
geological map, focused on the exposed Lower Plate (Triassic) rocks in the east of the
Property and key lithological and structural controls which will further refine the drill
targeting. Results of the detailed surface mapping will be released in the coming weeks.
Geochemical soil and rock sampling of newly acquired claims is currently underway,
aimed at identifying additional porphyry centers.
Chris Paul, CEO and Director of the Company, noted: "
Despite challenging drilling conditions
encountered early on, the Company continues to see evidence of a large mineral system. It maintains
a strong cash position of $24 million to execute another 17,000 meters of its planned 20,000 meter
drill program, and continue testing the system across significant strike length."
Geological Update
Drilling has encountered variable porphyry alteration and mineralization with assays expected by mid
summer. An inferred northeast-southwest fault appears to offset mineralization northwest of the 2023
drilling, with holes HER-24-02 and HER-24-03 intersecting distal phyllic alteration with strong pyrite "D"
veins. Long intervals of pyrophyllite and dickite alteration were detected by portable spectrometer
readings, representing advanced argillic alteration typical of the shallowest part of a porphyry system,
sometimes referred to as "lithocap". This suggests either downward or lateral movement northwest of
the fault, and preservation of the offset high-grade mineralization.
Subsequent holes were drilled south along a geophysically prospective corridor toward the Belmont
Zone. Holes HER-24-05 and HER-24-06 are still in progress, with -05 just reaching Lower Plate this past
week.
Unfortunately, HER-24-07 had to be terminated prior to reaching the Lower Plate due to strong artesian
water flow beneath the Belmont Zone. Plans are to re-drill the hole in the fall when the aquifer may have a
lower charge. 2024 has seen abnormally heavy rainfall throughout the winter and spring which may have
excessively charged the aquifer under Belmont.
The upcoming set of planned holes are shown in Figure 1 (PH-24-08, -09, -10). These holes are
designed to test a potential NE-SW structural control. The goal remains to find the highest-grade core of
the system.
Figure 1: Phase III (2024) drill holes completed, in progress, and planned.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/213612_fc485873a46a8844_002full.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.
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, the most significant new copper discovery in the United States in
recent times. The Company is well positioned for growth through the drill bit, supported by a strategic
investment by Barrick Gold.
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.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/213612