Lido Minerals Executes LOI to Acquire Hercules Silver Property, Idaho
810 – 789 West Pender Street
Vancouver, BC V6C 1H2
604-687-2038
LIDO MINERALS EXECUTES LOI TO ACQUIRE HERCULES SILVER PROPERTY, IDAHO
Vancouver, British Columbia – September 21, 2020 – Lido Minerals Ltd. (“Lido” or the “Company”)
(CSE:LIDO) is pleased to announce it has executed a non-binding letter of intent (“LOI”) to acquire 100%
of the Hercules Silver Property (“Hercules” or the “Pro perty”) by purchasing all of the issued and
outstanding shares of private company 1218530 B.C. Ltd. (“1218530”) from 1218530’s sole shareholder,
an arm’s length party (the “Transaction”). Hercules is located in Washington County, Idaho , USA and is
prospective for silver mineralization. The Project comprises 42 unpatented lode claims, one patented lode
claim, and 11 lots of deeded lands covering approximately 1,490 acres (603 hectares), which are registered
in the name of Anglo Bomarc U.S., Inc., a wholly-owned subsidiary of 1218530 (Figure 1).
The transaction contemplated by the LOI will provide the Company with the option to acquire 100% of
the Property by making aggregate cash payments of $175,000 and by issuing an aggregate of 700,000
common shares of Lido to 1218530 as follows:
(1) on the date of execution of a binding d efinitive agreement respecting the transaction (the
“Execution Date”), by making a cash payment of $75,000 and by issuing 250,000 Lido common
shares; and
(2) on or before the first anniversary of the Execution Date, by making an additional cash payment
of $100,000 and by issuing an additional 450,000 Lido common shares.
In addition, Lido shall be required to pay an additional $1,000,000 bonus payment to 1218530 upon the
commencement of commercial production on the Property. Lido shall also grant to 1218530 a 2.0% Net
Smelter Returns royalty (“NSR”) on the Property. Lido shall have the right to repurchase one -half of the
NSR (1.0%) from 1218530 for a purchase price of $1,000,000 payable to 1218530 at any time before the
commencement of commercial production on the Property.
The issuance of Lido common shares under the Transaction shall be subject to applicable securities laws,
any securities regulatory authority having jurisdiction, and the policies of the Canadian Securities
Exchange (“CSE”), and the Lido common shares shall be subject to a four-month hold period in accordance
with applicable securities laws and the policies of the CSE.
Completion and execution of a definitive agreement is subject to Lido completing detailed due diligence
of the Hercules Project and 1218530.
810 – 789 West Pender Street
Vancouver, BC V6C 1H2
604-687-2038
Figure 1: Location Map for the Hercules Silver Property, Idaho, USA
810 – 789 West Pender Street
Vancouver, BC V6C 1H2
604-687-2038
Project Highlights
• Historical drilling results from 28 core drill holes, 43 underground percussion drill holes, and 236
reverse circulation (RC) drill holes (307 drill holes in total) completed on the Property between
1965 and 1988 including drilling intersections with average silver grades between 15 to 20 oz/ton
Ag (468 to 625 g/t Ag) near the Hercules Adit1,2
• A historical drill hole completed in 1978 returned 22.5 oz/t Ag (703 g/t Ag), 1.36% Pb, and 0.20%
Zn over 50 feet (15.2 m – true width unknown) at a hole depth of 145 -195 feet (approx. 44-59.4
m), demonstrating the potential for high grade silver mineralization on the Property1,2
• The Hercules Adit (also known as the Hercules Mine) has in the past allowed underground access
for core and percussion drilling, and metallurgical testing, and would need to be rehabilitated in
order to continue underground exploration and development activities. Underground activity
ceased in 1976 after the completion of a 790-foot drift and several crosscuts1,2
• The Property comprises a Jurassic-aged ash flow rhyolite unit (300-400 feet thick) that hosts the
high-grade silver occurrences in the region and is known as the Hercules rhyolite. Six mineralized
areas or prospects have been identified within the Pro perty including the Belmont, Haystack
Ridge, Fishpond, Hercules Adit, Hercules Ridge, and Grade Creek prospects1. The majority of
historical exploration and development work has been within the Hercules Adit prospect followed
by the Fish Creek prospect with the remaining part of the Property receiving minimal work
1Source of technical information : The technical information disclosed in this news release including
historical drilling results on the Hercules Property are referenced from “NI 43-101 Technical Report on the
Hercules Silver Property Washington County, Idaho for First Idaho Resources Inc. and Anglo-Bomarc Mines
Ltd.” by T.W. Muraro, P.Eng. with a SEDAR filing date of April 3, 2013 (Muraro, 2013).
2Data Verification Statement: A Qualified Person has not fully verified the historical drilling results
disclosed above including any sampling, analytical, and test results underlying this information, other than
reviewing the results from the Muraro (2013) technical report on the Property referenced above and any
available public information. The Company and a Qualified Person plan to review and verify the available
scientific and technical information on the Pro perty during its extensive due diligence efforts over the
next several weeks.
Lido CEO Paul Ténière commented, “the Company is actively looking at property acquisitions in the State
of Idaho, a mining -friendly state with a rich history of precious and base metal mining. T he Hercules
Property is highly prospective for silver yet has been underexplored over the past several decades. We look
forward to learning more about this potentially high-grade silver property over the next few weeks as we
complete our extensive due diligence efforts.”
810 – 789 West Pender Street
Vancouver, BC V6C 1H2
604-687-2038
Hercules Property Overview
The Hercules Property is approximately 1,490 acres (603 hectares) in size and comprised of mineral claims
(patented and unpatented) and accessible private lots between 3 ,000 and 5,500 feet above sea level on
the northwestern shoulder of Cuddy Mountain , 193 km northwest of Boise, Idaho and 32 km northwest
of Cambridge, Idaho on Highway 7 1 (Figure 1). The Property extends northeast of Highway 71, between
Camp Creek and Grade Creek and is comprised of steep to moderate, open grassy slopes marked by strips
and patches of mainly coniferous trees. More than half of the mineral claims and the private lots which
make up the western three quarters of the property lie within the Cecil D. Andrus Wildlife Management
Area which is managed by the Idaho Fish and Game Department.
Cuddy Mountain is an uplifted and tilted fault block of accreted terrane approximately 19 km in size,
surrounded by rocks of the Columbia River Basalt Group. Flat-lying erosional remnants of the basalt cover
half of the mountain top, six to seven thousand feet above sea level. The core of the mountain is a Triassic
to Jurassic sequence of volcanic rocks, volcaniclastics, and marine sediments. These basement rocks are
best exposed on the northwest and western flanks of the mountain and in faulted and unconf ormable
contact with the Miocene Columbia River Group. The Cuddy Mountain Fault is exposed along the
southwest and south flanks of the mountain and the older, east-verging Connors Creek Fault is exposed
on the northwest flank of Cuddy Mountain.
The Property is comprised of a Jurassic-aged ash flow rhyolite unit approximately 300 to 400 feet (91 to
122 metres) thick that hosts the high -grade silver occurrences in the region . This rhyolitic unit has been
the focus of silver exploration since the 1880's. Between 1965 and 1988 work by previous operators
resulted in 13 drilling programs and approximately 1,045 feet (318 metres) of lateral underground
workings accessed via the “Hercules Adit”. The historical drilling programs produced 28 core drill holes,
43 underground percussion drill holes, and 236 reverse circulation drill holes. Underground access has not
been possible for several decades and would require rehabilitation to commence underground
exploration and development including drilling.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Paul
Ténière, M.Sc., P.Geo., CEO of Lido Minerals Ltd. who is a Qualified Person as defined in NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul Ténière, M.Sc., P.Geo.
Chief Executive Officer
Lido Minerals Ltd.
(604) 687-2038
For more information about Lido, please visit the Company’s SEDAR profile at:
https://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00045337
810 – 789 West Pender Street
Vancouver, BC V6C 1H2
604-687-2038
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RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
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