Hercules Silver Showcases 2023 Deep-Seeking Geophysics in Advance of 2024 Drilling
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Hercules Silver Showcases 2023 Deep-Seeking Geophysics in
Advance of 2024 Drilling
Toronto, Ontario / April 9, 2024 – Hercules Silver Corp. (“Hercules Silver ” or the
“Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to showcase the
results of its 2023 deep-seeking 3D induced polarization (“IP”), direct current resistivity and
drone magnetic geophysic s over the area to be drill tested in 2024 , revealing multiple
prospective targets, coincident with the direction of increasing copper porphyry grades
seen in the initial 2023 deep discovery holes drilled at its Hercules Property in western
Idaho (“Hercules” or the “Property”).
Highlights
• Conductivity anomaly below historical mining at the Belmont Zone.
❖ High grade core s of porphyry copper systems can often have highly
conductive copper sulfide vein networks, making Belmont a potential
target for a high grade core at depth.
❖ High grade chalcocite, typical of the porphyry enrichment blanket, was
recently found on historical waste dumps at Belmont, indicating 1870’s
mine tunnels may have reached the top of the porphyry system.
• Kilometers of prospective chargeability from Belmont to Grade Creek.
❖ The high-grade core of a porphyry will typically have ~1-3% copper
sulfide with moderate chargeability values , surrounded by a highly
chargeable halo of up to 10% disseminated pyrite.
• Moderate chargeability anomaly near surface at the Big Cut Skarn provides an
additional satellite drill target.
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• 3D magnetic inversion reveals magnetic high s potentially associated with a
potassic core.
• Soil sampling, mapping, and prospecting planned to cover extensions of newly
identified geophysical targets.
• Preparations underway for commencement of the 2024 drill program. The
Company plans to provide updates once mobilization of drill rigs begins.
Chris Paul, CEO and Director of the Company, noted: “We’re pleased to showcase the
much-anticipated results of our 2023 deep-seeking geophysics in advance of the
upcoming drill campaign. We now recognize that the initial 2022 IP survey covered just a
small portion of a much larger system which shows the potential for multiple porphyry
centers. We see patterns in the magnetics, conductivity, and chargeability that are
consistent with typical zoning of a large porphyry system, including a magnetic and
conductive core surrounded by a strong chargeability halo. In 2023, we found the copper
grades to be increasing towards what we now see as the most prospective targets on the
Property. We’re excited to test these new high priority targets for the first time , as we
expand our search for the potential high-grade core.”
Chargeability
Hercules entered the early stages of a new porphyry discovery last year with a series of
initial deep drill holes testing an unexpected and poorly depth constrained 2022
chargeability anomaly. Five deep drill holes encountered strong phyllic alteration, which is
typical of the margins of a porphyry system, over approximately 450m x 500m.
Dias Geophysical Inc. was brought back in 2023 to carry out a property-wide deep-seeking
IP survey designed to explore the new Leviathan Porphyry at depth. The new survey
expands on the initial chargeability anomaly first tested last year and reveals trends that
are comparable with known porphyry copper systems.
Figure 1 (see below) provides a depth slice of the chargeability at 800 meters elevation to
illustrate the distribution of disseminated sulfide mineralization in the lower plate. The core
of a porphyry system often contains ~1-3% disseminated copper sulfides and is expected
to produce a moderate chargeability anomaly consistent with what is outlined by the 2024
drill target corridor in Figure 1. Strong chargeability values to the east and west of the target
corridor are interpreted to represent phyllic margins of the system with up to 10%
disseminated pyrite. Figure 2 (see below) provides an east facing cross -section of
chargeability with 2023 deep drill holes shown for reference.
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Figure 1: Chargeability depth slice (800m elevation), surface trace of deep magnetic anomalies, and
copper and molybdenum geochemistry. Black dashed lines outline target corridor of optimal
chargeability, high conductivity and deep-seated magnetic anomalies, open to the north.
Figure 2: Chargeability section looking east (A-A’ in Figure 1)
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Conductivity/Resistivity
Chargeability is influenced by non-connected disseminated sulfide mineralization.
Conductivity is influenced by interconnected sulfide mineralization. At the core of some
porphyry copper systems, sulfides can form a network of interconnected stockwork veinlets
with high conductivity/low resistivity . Figure 3 (see below) provides a depth slice of
conductivity (inverse of resistivity) at 900 meters elevation , demonstrating a compelling
<30 ohm-m drill target at the Belmont that trends north through the 2024 target corridor
and is bound to the west by a strongly pyritic shear zone.
Figure 3: Conductivity depth slice (900m elevation). Black dashed lines outline target corridor of
moderate chargeability, high conductivity and deep-seated magnetic anomalies. Note strong
conductivity (<30 ohm-m core) associated with magnetic anomaly at the Belmont Zone.
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Belmont Zone Chalcocite
Prospecting of historical underground mine dumps at the Belmont uncovered a certain
distinct rock unit with strong chalcocite mineralization, a copper mineral typical of the
porphyry enrichment blanket. Very little historical record is available of the mining activit y
that took place at Belmont during the 1870’s-1880’s, which only reported high-grade silver-
lead-zinc mined from the Hercules Rhyolite. However, certain rocks found on the mine
dumps at Belmont host an enriched style of porphyry copper mineralization which is not
hosted in Hercules Rhyolite. In fact, the rock resembles a sheared conglomerate unit which
usually occurs just above the porphyry enrichment zone.
The chalcocite mineralized rocks, which are shown below in Photo 1, indicate that historical
mining may have tunneled to the top of the porphyry, at which point ground conditions
likely hindered further progress . If that is the case, the semi -massive chalcocite
mineralization represents a potential source of the conductivity anomaly below Belmont.
Photo 1: Strong chalcocite (dark gray copper sulfide) found on 1800’s era waste dumps at the
historical Belmont mine.
3D Drone Magnetic Inversion
A 2023 drone magnetic survey was modelled in 3D to investigate potential magnetite
enrichment at depth. Magnetite is typically associated with potassic alteration at the center
of porphyry systems . The 3D inversion modelled two magnetic high anomalies at depth
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within the target corridor. One occurs below the Belmont conductivity anomaly described
above. A second cylindrical anomaly is associated with a copper-molybdenum soil
anomaly at the Hercules Ridge and Grade Creek Zones. Figure 4 (see below) provides an
east-facing 3D view of the magnetic anomalies (in blue) relative to copper-in-soil. Figures
1 and 3 show the surface trace of the magnetic anomalies in plan view.
Figure 4: View looking down and to the east at 3D magnetic anomalies (blue isosurfaces) with
copper in soils shown as graduated points on surface. Note the 3D inversion connected the deep
anomaly below Belmont with a flat lying blanket of highly magnetic post-mineral basalts that cap
the ridge south of Camp Creek, which is likely inaccurate.
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3D Geophysical Compilation
Figure 5: 3D geophysical compilation looking east. Chargeability and conductivity isosurfaces are
shown in warm colours and 3D magnetic anomalies in blue. Note the mushroom shaped
chargeability/conductivity remains open below the survey limit at 900 meters depth.
Big Cut Copper-Gold Skarn Target
Historical trenching at the Big Cut skarn reportedly uncovered copper sulfide mineralization
associated with quartz porphyry sills and dykes intruding a limestone. Historical exploration
in 1973 and 1976 reported trenches grading up to 1.78% copper across 90 feet (~27
meters) and 1.3 0% copper across 57 feet (~17 meters) 1,2. Historically, s ilver was only
selectively assayed, and gold was not assayed. However, select grab samples3 taken by
the Company in 2022 indicate the presence of both gold and silver (See below, Figure 6).
Historical trench intercepts at the Big Cut include4:
Table 1 – Big Cut Select Historical Trenching Results
Length (ft.) Length (m) Cu (%) Ag (oz/t)
90 27 1.78 NR
57 17 1.30 NR
40 12.2 1.58 NR
180 54.9 0.94 NR
40 12.2 0.91 NR
60 18.3 0.91 NR
115 35.1 0.93 NR
1 Kelly, S. 1973. Progress Report to the Vancouver Stock Exchange on the Iron Cap, or Big Cut Holdings of Acaplomo Mining and
Development Co. Ltd. in the Heath Mining District with concurrence by C.M. Armstrong, P.Eng.
2 Armstrong, C. 1976. Report on the Iron Cap Property, Heath Mining District.
3 The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization
across the Property.
4 Trench assay results for the Big Cut are historical in nature and have not been verified by a Qualified Person and should not be unduly
relied upon.
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7 2.1 2.68 0.98
60 18.3 0.83 NR
70 21.3 0.63 NR
NR = Not Reported
The Company plans on testing a shallow (1,250m elevation) chargeability anomaly at Big
Cut during the 2024 drill program. The anomaly is situated at the edge of the IP survey
and may plunge to the south at depth. Tilting of porphyry’s is common within this tectonic
environment and it is not yet understood what , if any, degree, or direction of tilting may
have occurred at Leviathan.
Figure 6: Shallow chargeability depth slice (1,250m elevation) at the Big Cut/Lightning/Metheny
zones with copper and gold geochemistry3. A moderate chargeability anomaly at the Big Cut sits on
the southern edge of the 2023 survey, which may plunge south at depth.