Hercules Silver (TSXV:BIG) Reports Mixed Results and Challenges in Idaho Copper Exploration Program

Hercules Silver (TSXV:BIG) has released an update on its ongoing drilling program at the Hercules Project in western Idaho. The company, which focuses on developing copper and silver resources, has encountered variable porphyry alteration and mineralization in its recent drilling activities.

Chris Paul, CEO and Director of the Company, commented in a press release: “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.”

According to the report, an inferred northeast-southwest fault appears to offset mineralization northwest of the area drilled in 2023. Drill holes HER-24-02 and HER-24-03 intersected distal phyllic alteration with strong pyrite “D” veins. The company’s geologists detected long intervals of pyrophyllite and dickite alteration using portable spectrometer readings. These findings represent advanced argillic alteration, which is typical of the shallowest part of a porphyry system, often referred to as a “lithocap”.

Hercules Silver’s Vice President of Exploration, Christopher Longton, suggests that these results indicate either downward or lateral movement northwest of the fault, potentially preserving offset high-grade mineralization.

The company has continued its drilling program southward along a geophysically prospective corridor toward the Belmont Zone. As of the latest update, holes HER-24-05 and HER-24-06 are still in progress, with hole 05 recently reaching the Lower Plate formation.

However, the drilling program has faced some challenges. Hole HER-24-07 had to be terminated before reaching the Lower Plate due to strong artesian water flow beneath the Belmont Zone. The company plans to re-drill this hole in the fall when aquifer levels may be lower. Hercules Silver noted that 2024 has experienced abnormally heavy rainfall throughout the winter and spring, which may have contributed to the excessive water flow in the aquifer under Belmont.

Looking ahead, the company has outlined plans for three additional drill holes, designated as PH-24-08, -09, and -10. These holes are designed to test a potential northeast-southwest structural control. The primary objective of the drilling program remains to locate the highest-grade core of the porphyry system.

Assay results from the current drilling are expected by mid-summer, which should provide more concrete data on the mineralization encountered.

The Hercules Project, located northwest of Cambridge, Idaho, is fully owned by Hercules Silver Corp. The company describes the site as hosting the Leviathan porphyry copper system, which it characterizes as a significant new copper discovery in the United States. Hercules Silver’s exploration efforts are supported by a strategic investment from Barrick Gold.

Christopher Longton, who holds a BS degree and is a Certified Professional Geologist (CPG), has reviewed and approved the scientific and technical information in the company’s news release. Longton serves as the Qualified Person for Hercules Silver as defined by National Instrument 43-101, which sets standards for disclosure of mineral projects in Canada.

Investors and interested parties should note that exploration results are inherently uncertain and that further work and analysis are required to determine the economic viability of any mineral deposits at the Hercules Project. The company’s statements regarding the significance of the Leviathan porphyry copper system are based on current exploration data and should be considered in the context of ongoing exploration activities.

Hercules Silver Corp. is listed on the TSX Venture Exchange under the symbol BIG, on the OTCQB market under BADEF, and on the Frankfurt Stock Exchange under 8Q7.​​​​​​​​​​​​​​​​

Highlights from the results are as follows:

  • 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.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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