Independent Study Finds Evidence of Hypogene Enrichment at Hercules, Outlining Greater Scale and Grade Potential

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Independent Study Finds Evidence of Hypogene Enrichment

at Hercules, Outlining Greater Scale and Grade Potential

Toronto, Ontario / May 5, 2025 – Hercules Metals Corp. (“Hercules” or the

“Company”) (TSX-V: BIG) (OTCQB: BADEF) (FRA: C0X) is pleased to announce the

results of a n independent study, focused on the high-grade enrichment zone at the

Company’s Hercules Property in western Idaho (“Hercules” or the “Property”). The study,

authored by independent consultant Jamie Wilkinson1 (the “Wilkinson Report”), presents

evidence that Leviathan’s shallow enrichment zone formed through a hypogene process

known as “telescoping” , in which epithermal fluids overprinted and upgraded earlier

porphyry mineralization. Unlike supergene enrichment, which is limited to narrow blankets

of near -surface weathering , telescoping implies significantly greater scale and grade

potential. The upcoming drill campaign will therefore focus on targeting the shallower levels

of the system, where the porphyry and epithermal systems are believed to overlap.

Highlights

• Telescoping of hypogene enrichment, occurs when a porphyry system is rapidly

uplifted into a shallower high-sulfidation epithermal environment.

• Microscopic examination of Leviathan’s enrichment zone reveals an assemblage of

bornite-chalcocite-digenite-covellite-pyrite, with strong quartz-muscovite and

trace advanced argillic alteration, consistent with a high-sulfidation epithermal

upgrade (hypogene enrichment).

• Vectoring towards thicker zones of hypogene enrichment requires a clear

understanding of the structural evolution . While rapid uplift can enhance

enrichment, it also heightens the risk of erosion . Preservation is highest where

enrichment zones become quickly down-dropped and buried after their formation.

1 Wilkinson, J. 2025. Final Report on the Hercules Project Based on Site Visit, Petrographic Observations, Geochemistry and SWIR

Alteration Logs. By Jamie Wilkinson. JJW Geoconsultants Ltd.

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• The Leviathan district was tilted and potentially down -dropped to the north-

northwest, suggesting potential for enhanced preservation under cover in that

direction.

• The 2025 drill campaign is designed to test the newly developed geological model

(outlined in a recent press release) which highlights potential for southeast dipping

feeder structures , along which the enrichment may root far deeper than

previously appreciated.

• Despite being truncated by a supergene leach cap, no significant supergene

enrichment is apparent.

• Intense phyllic alteration and near-complete feldspar destruction, supressed

formation of a supergene enrichment blanket beneath the leach cap. However, the

presence of native copper in the leach cap of two adjacent drill holes offers a

compelling vector for a potential exotic copper deposit.

Chris Paul, CEO and Director of the Company, commented , “Jamie’s report provides us

with important insight into the origin and preservation of high-grade hypogene enrichment,

significantly influencing our exploration strategy moving forward. Combined with input from

the new 3D geological model, and the acquisition of a strategic mineral lease in areas of

enhanced preservation potential, we’re now able to start directly testing for zones of thicker

hypogene enrichment.”

Addressing the Origin of the Enrichment Zone

The Wilkinson Report was aimed at addressing whether the high -grade enrichment at

Leviathan was the product of weathering (supergene) or a hydrothermal overprint

(hypogene). The planar upper contact of the enrichment zone led to some speculation that

it was a supergene enrichment blanket, created by erosion and leaching from above .

However, new insight provided by the Wilkinson Report demonstrates strong evidence that

the unconformity and leach cap crosscut, but do not upgrade, a pre-existing hypogene

enrichment zone.

Although not conclusively identified, negligible volumes of potential supergene copper may

occur within the high -sulfidation enrichment zone . However, the potential contribution of

any unidentified supergene copper within the enrichment zone would be trivial, if anything.

The leach capping above, however, does contain supergene native copper in two drill

holes, which may instead point to the potential for a distal exotic copper deposit.

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Rethinking Scale

New 3D geological and structural modeling highlight s a pronounced southeast dip to the

system, encompassing the hypogene enrichment zone. Earlier drilling was based on a

shallow, gently dipping blanket model; however, the enrichment is now interpreted to

extend significantly deeper along southeast -dipping feeder structures . The upcoming

northwest-oriented fence drilling campaign is specifically designed to test this revised

model and evaluate the true vertical extent of enrichment along these newly defined

structural controls.

Preservation Windows and Untested Potential

Approximately 1.6 km of Leviathan’s 4-km-long chargeability anomaly has been tested by

drilling, within which, the enrichment zone has undergone leaching and erosion. However,

new mapping and oriented core drilling has lead to a geological and structural model that

highlights areas with greater preservation potential including:

• Broad areas t o t he north and northwest, where tilting and rotation may have

preserved progressively shallower Triassic geology under post-mineral cover.

• Northwest of the BNA Fault , where the Western Deeps chargeability anomaly is

interpreted to be down-dropped by several hundred meters. Depending how quickly

the Western Deeps was down-dropped, buried and preserved, there may be much

thicker zones of enrichment preserved. The Resolution Copper project in Arizona2,

represents an analogue to this structural/deposit model.

Resolution as a Potential Analogue

Figures 1 and 2 present northwest facing cross -sections of the geology and alteration at

Resolution, from Hehnke et al. The Resolution porphyry system is interpreted to have

undergone rapid uplift during formation , which resulted in substantial telescoping of its

alteration and mineralization, including a late-stage high-sulfidation enrichment overprint,

represented by the blue zone of “advanced argillic” alteration on Figure 2.

As uplift continued, the shallow part of the system , above the 1% Cu shell, was eroded,

and imposed a leach cap , represented by the orange “supergene” alteration zone on

Figure 2. However, prior to erosion of the 1% Cu shell, local tectonics reversed course

quickly and down-dropped the deposit into a structural graben, burying it with over 1km of

2 This press release contains information about the Resolution Copper project in Arizona, owned by BHP (45%) and Rio Tinto (55%),

which Hercules has no right to explore or mine. Readers are cautioned that mineral deposits at the Resolution Copper project are not

indicative of mineral deposits on the Hercules Property. The geological comparison is for conceptual targeting only.

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“Whitetail Conglomerate” and other post -mineral cover rocks (Figure 1). Although the

deposit is now situated beneath 1.5 km of post-mineral cover, that rapid down -drop and

burial is ultimately what preserved the high -grade part of the system from erosion . Post-

mineral tilting has also since rotated the deposit approximately 25 degrees to the northeast

as indicated by the basal contact of the Whitetail Conglomerate.

Another interesting analogue of note is that Resolution lacks any significant supergene

enrichment.

Figure 1: Geological section through the Resolution copper deposit looking northwest3.

3 Hehnke, C., Ballantyne, G., Martin, H., Hart, W., Schwarz, A, and Stein, H. 2012. Geology and Exploration Progress at the Resolution

Porphyry Cu-Mo Deposit, Arizona. Society of Economic Geologists, Inc. Special Publication 16, pp. 147–166

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Figure 2: Alteration section through the Resolution copper deposit looking northwest.

Figure 3: Figure extracted from the Wilkinson Report comparing automated SEM scans of intense quartz -

muscovite alteration with disseminated bornite -chalcopyrite in the enrichment zone at Leviathan to a similar

style of alteration and mineralization at the Resolution copper project in Arizona2.

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Figure 4: District scale map, with dark shading over areas of post -mineral cover, indicating broad areas of

increasing enrichment potential to the north and northwest.

Potential for Exotic Copper

The 1.6 km portion of the enrichment zone which has been tested so far at Leviathan

shows effects of supergene leaching , without any immediate evidence for supergene

enrichment below. The likely reason for this is destruction of the host rocks acid buffering

capacity by the telescoped alteration. The Wilkinson report notes that extreme phyllic

alteration at Leviathan resulted in near complete destruction of feldspars, which are a

typical “trap” needed to re-precipitate copper in a supergene blanket . However, the

absence of supergene copper in an underlying blanket, signals potential for the alternative

method of supergene enrichment – a distal “exotic copper deposit” – which may occur at

greater distances if a suitable chemical trap was encountered.

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Highly acidic groundwater is interpreted to have transported copper, weathered and

leached from the enrichment zone, downslope along a paleo groundwater flow path. It is

yet to be determined which direction was downslope in a paleo -topographical setting ,

however modelling of the unconformity in 3D continue s to reveal insights to the ~200 -

million-year (Ma) paleo-topography.

Tentatively, downslope is inferred to be the same direction as tilting, to the north-northwest.

Possible evidence for this occurs in two drill holes, 24-08 and 24-11, situated to the north-

northwest, each of which encountered supergene native copper in the leach cap. The

metallic copper occurs along late carbonate veins that appear to have provided a suitable

chemical trap to react with the acidic groundwater and re-precipitate the copper leached

by weathering from the enrichment zone nearby . These may represent points along a

potential paleo groundwater flow path, from leach cap to distal exotic copper deposit, if a

larger chemical trap, such as an entire host rock composed of carbonate, rather than just

small veins of it, was encountered along the groundwater flow path.

Figure 5: Supergene native copper in drill holes 24-08 and 24-12. Note the association with late carbonate veins

(white), which appear to be near-completely replaced by metallic copper. Core is 3.3” diameter PQ.

Evidence for Hypogene Enrichment

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The following lists the important geological factors that support the conclusion of a

hypogene origin to the bornite-chalcocite dominated enrichment zone at Leviathan. Many

features were observed under either petrographic microscope or automated SEM.

A. Thin sections show bornite intergrown with pyrite – a hallmark of high-sulfidation

mineralization. Minor covellite, a typical high -sulfidation copper mineral, occurs

as well.

B. Bornite contributes the majority of grade to the enrichment zone and significant

quantities are only known to form in high temperature conditions. No significant

resources of supergene bornite are known to exist globally . Under supergene

conditions, bornite is only hypothetically stable in a very small theoretical stability

field, illustrated by the red field in Figure 6, extracted from the Wilkinson Report.

Figure 6: Eh-pH Phase diagram extracted from the Wilkinson Report, showing the very small theoretical stability

field of bornite in supergene conditions (red), within a larger stability field of chalcocite under similar conditions.