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.

Hercules Silver (TSXV:BIG) has announced that recent drilling at its Hercules Silver Property in western Idaho has encountered significant silver-lead-zinc mineralization in the shallow holes above the newly discovered Leviathan porphyry copper deposit.

The drilling indicates increasing silver grades toward the northwest, moving closer to the Hercules Adit Zone. This trend mirrors the increase in copper grades seen at deeper levels in the Leviathan porphyry system. The correlation between silver and copper suggests a potential relationship between the two mineralization styles, possibly representing different vertical levels within the porphyry system.

Chris Paul, CEO and Director of the Company, commented in a press release: “We’re encouraged to see another line of evidence for increasing grades to the northwest as we work closely with Barrick Gold Corporation’s senior technical team to plan our 2024 drill campaign. The program will be aimed at systematically stepping out on the Leviathan porphyry copper discovery as well as testing a multitude of new targets identified by our team. The objective is to have three diamond core rigs operational on site to complete a series of systematic step-outs from discovery hole HER-23-05, as well as several larger scale step-outs, and scout drilling of select reconnaissance targets. We look forward to sharing the details of the drill plan as we finalize specific targets in advance of the field season. We’d also like to thank Barrick for the tremendous technical support they’ve provided us with so far. I’m proud of our teams combined efforts and cooperation at interpreting the data and generating a robust 3D model for use towards the drill planning.”

In some porphyry deposits, late-stage silver mineralization can migrate upward along structures above the main porphyry centre. The flat-lying silver mineralization in the Hercules Rhyolite may have originated from a feeder structure connecting to a deeper porphyry source.

The most promising silver grades were intersected at the Hercules Adit Zone. Grades may continue to improve at depth, below the post-mineral Brownlee Formation. Significant silver and copper have been found at surface exposures farther north at the Hercules Ridge and Grade Creek zones. Historical mining in the early 1900s at the Belmont Zone also reported notable copper.

Hercules Silver plans to prioritize these northern zones for drilling in 2024, given the compelling surface mineralization and geophysical trends that point to porphyry potential at depth. The company is looking to further explore the relationship between silver mineralization in the shallow units and potential underlying porphyry copper sources.

Highlights from the results are as follows: 

• HER-23-17 extended the high-grade Hercules Adit footwall shoot down plunge, with 11.3 Meters of 1,660 g/t Ag, 0.7% Pb, 1.75% Zn, one of the best silver intercepts on the Property, within an overall 112.2 Meters of 193 g/t Ag, 0.2% Pb, 0.4% Zn.

• HER-23-19 intersected a potentially new mineralized shoot at the hanging wall contact of the Hercules Adit Zone, returning 15.3 Meters of 359 g/t Ag, 0.4% Pb, 0.4% Zn.

• HER-23-13 intersected 100.1 Meters of 64 g/t Ag, 0.14% Pb, 0.49% Zn including 6.1 Meters of 413 g/t Ag, 1.1% Pb, 1.7% Zn.

• HER-23-09 intersected 32.2 Meters of 167 g/t Ag, 0.17% Zn.

• HER-23-22 intersected 58.8 Meters of 140 g/t Ag, 0.43% Pb, 0.69% Zn including 13.7 Meters of 280 g/t Ag, 0.3% Pb, 0.8% Zn.

• HER-23-23 intersected 43.9 Meters of 138 g/t Ag, 0.37% Pb, 0.32% Zn including 1.5 Meters of 1,450 g/t Ag, 1.06% Pb, 0.17% Zn.

• The highest silver grades are concentrated at the Hercules Adit Zone, indicating a strengthening trend to the north, in alignment with the copper mineralization observed in the underlying porphyry copper system (Refer to the Company’s January 22, 2024 News Release).

• The Hercules Adit Zone continues to remain open down plunge, extending towards a potential porphyry copper target.

• Planning for the 2024 drill campaign is underway, with the program scheduled to commence when weather conditions permit. Additional details regarding the drill plan will be disclosed as targets are finalized.

Table 1: Significant Intercepts* at the Hercules Adit Zone

Table 2: Significant Intercepts* at the Belmont Zone

Table 3: Significant Intercepts* at the Frogpond Zone

*The intervals reported represent drill intercepts and insufficient data are available at this time to state the true thickness of the mineralized intervals.

Table 4: Upper Plate Silver Intercepts* in Deep Porphyry Drill Holes

*The intervals reported represent drill intercepts and insufficient data are available at this time to state the true thickness of the mineralized intervals.

Table 5: Reported Drill Hole Locations