Author: investorcreative

Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) announces today that it has procured several geological consultants and porphyry copper specialists to help further augment its technical team. In addition to three geologists seconded from Barrick Gold Corporation, the expanded geological team brings valuable porphyry copper experience which will help the Company in vectoring toward the high-grade core of its new Leviathan Porphyry discovery.

Chris Paul, CEO and Director of the Company, noted: “As we prepare for an ambitious drilling campaign in 2024, our company has assembled a team of experienced geologists and porphyry copper specialists to facilitate the operation of multiple deep drill rigs. We look forward to sharing updates and further details on the progress of our upcoming drill campaign as plans evolve.”

The Company announces that it has granted an aggregate of 600,000 restricted share units (“RSUs”) in accordance with the terms of its omnibus incentive plan to certain consultants of the Company. The RSUs will vest in equal installments over twenty-four months.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The additional discovery of a new porphyry copper system at depth in 2023 adds significant upside potential to the Property. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil & rock sampling, geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 670-5527 Email: chris@herculessilver.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR+ website www.sedarplus.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Toronto, Ontario / January 2, 2024 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to report assay results for the latest holes drilled into the new Leviathan Porphyry Copper discovery at its Hercules project located in western Idaho (“Hercules” or the “Property”). Assay results were received in batches for three step-out holes, with complete results now having been received for HER-23-08 and HER-23-11, along with partial results for HER-23-21, which are reported in Table 1 below.

HER-23-08, HER-23-11 and HER-23-21 were collared 220 meters east, 450 meters southeast, and 500 meters southeast of discovery hole HER-23-05 respectively. Each hole was designed to test separate parts of a near surface 2022 IP anomaly. Assays for the remainder of HER-23-21, as well as HER-23-26, which also intersected porphyry copper mineralization, remain pending.

The Leviathan Porphyry remains open for expansion in multiple directions and thus far has only been tested within the 2022 IP survey area. This first phase of blind drilling has intersected copper mineralization within an approximate 500m x 450m area represented by drill holes HER-23-05, -08, -11, -21, and -26.

HER-23-21 tested approximately 800 meters of vertical extent below the silver system. All holes ended in mineralization. A new property-wide deep-penetrating IP survey (see below – “2023 Deep Penetrating 3D IP Survey by Dias Geophysical”) demonstrates that the 2022 anomaly represents just a small part of a much larger, 4 kilometer long, potentially zoned system which largely remains to be tested. Final geophysical inversions remain pending.

• Large step-outs demonstrate significant scale to the newly discovered blind system.

• Significant silver overprints copper porphyry in HER-23-11, returning 183m of 0.3% Cu and 25 g/t Ag, including a sub-interval of 63m of 0.43% Cu, 70 g/t Ag.

• Low arsenic associated with the epithermal silver overprinting HER-23-11, indicating favourability for potential future smelter treatment.

• Assays remain pending for the remainder of HER-23-21 and HER-23-26, which also intersected porphyry mineralization.

• Preliminary Property-wide deep-penetrating IP reveals the potential for a much larger zoned system than was previously understood.

• Mineralization remains open for expansion in multiple directions.

• HER-23-08 and HER-23-21 ended in well mineralized volcanic country rock which remains open at depth.

Table 1: Significant Intercepts

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Ag (g/t)	Mo (ppm)	As** ppm
HER-23-08	276.3	713.8	437.5	0.32	0.5	86	20
including	276.3	364.85	88.55	0.5	0.9	48
and including	300.35	332.35	32	0.67	1.5	66
HER-23-11	233.11	416.05	182.94	0.3	25	61	37
including	233.11	296.27	63.16	0.43	70	66
including	246.31	247.86	1.55	0.63	774	71
including	270.69	271.42	0.73	0.25	3,001	8
HER-23-21*	248.41	409.53	161.12	0.45	4.4	148	40
including	251.46	330.71	79.25	0.53	7.3	113
*HER-23-21 assays remain pending from 734m to 1,003m **Arsenic reported to demonstrate low concentrations

Figure 1: Plan view of drill holes showing grade bars for copper (orange) and molybdenum (blue) for HER-23-05, HER-23-08, HER-23-11 and HER-23-21.

Chris Paul, CEO and Director of the Company, noted: “Step out holes drilled up to 500m from the initial discovery hole, HER-23-05, have demonstrated significant scale to the system. We’ve drilled in all directions across a 450m x 500m area and every hole ended in mineralization. The system remains open in multiple directions and at depth, with new geophysical data suggesting the potential for significant expansion. Our 2023 drilling encountered a significantly large phyllic halo for which core photos have been posted to the Company’s website. The photos illustrate intense veining, sulfide mineralization and hydrothermal alteration reflective of the scale of the system. In exceptionally large porphyry coppers, the phyllic alteration can extend significant distances from a high-grade potassic core, and the intensity of veining is supportive of that.

Utilizing large step outs has allowed us to employ property scale targeting and attracted a substantial premium investment from Barrick Gold Corp. (“Barrick”) which positions the Company to aggressively drill a new large-scale IP anomaly over several kilometers as we vector toward the potentially high-grade core of the system.

Core photographs can be viewed on the Company’s website at the following link:

2023 Deep Penetrating 3D IP Survey by Dias Geophysical

An IP survey was carried out by Dias Geophysical (“Dias”) in 2022 to target near surface silver in the upper plate, to a depth of 300 meters. However, the survey revealed the presence of a large chargeability anomaly below the limit of historical silver drilling which ultimately led to the discovery of the Leviathan Porphyry. With the success of the 2022 IP survey conducted by Dias, it was decided to utilize the same system again in 2023 to image the entire Property to a depth of 900 meters.

The new large-scale 2023 survey reveals that the 2022 anomaly represents just a fraction of a much larger system which does not show any apparent fault bounds, indicating the potential for significant expansion. Chargeability values are seen to increase along trend to over 33ms in magnitude, demonstrating the potential for increased levels of mineralization. Additional processing is now underway to incorporate the previous high-resolution near surface data with the new deep penetrating data, to generate a robust inversion model over the entire Property. Hercules is working with Barrick’s geophysical team to interpret the data in context with the 2023 drilling and generate the best possible drill targets for the next phase of drilling.

Additional Staking

The Company has also engaged Kurt J. Hoffman Mining Services of Post Falls, ID and has staked an additional 570 lode mining claims to the north of the Property, securing a key extension of the new 3D IP anomaly.

Geological Description

HER-23-08, HER-23-11 and HER-23-21 all intersected strong phyllic alteration with relatively high pyrite to chalcopyrite ratios, indicative of a marginal part of the system. All of the holes carry bornite mineralization near the top of the reported intercepts which demonstrates a potentially higher-grade sulfide assemblage within shallower portions of the system. This information will be used to target areas where the shallower portions of the system may have a higher preservation potential.

HER-23-11 intersected high-grade silver veinlets carrying grades of up to 3,000 g/t over 0.75m which appear to crosscut earlier copper mineralization. Encouragingly, the lead-zinc-arsenic concentrations are negligible within this zone, and native silver has been identified in polished thin sections, indicating potentially favourable metallurgy. They may represent high-grade feeder veinlets to the silver-lead-zinc mineralization hosted in the upper plate, further supporting that HER-23-11 was drilled in a marginal part of the porphyry system and may have been transitional to distal silver-lead-zinc mineralization.

All holes ended in mineralization. HER-23-08 and HER-23-21 intersected inter-mineral porphyry phases in the middle of the holes but ended in higher-grade volcanic wall rock which remains open at depth. The target is early-mineral porphyry phases which intruded the wall rock the earliest and are likely concentrated toward the center of the system with the highest vein densities and copper grades.

Spectral data was collected at 5-foot intervals using a portable Terraspec spectrometer to analyze the composition of hydrothermal sericite. The data is being interpreted to map sericite composition in 3D space. In porphyry copper systems, the spectral signature of sericite can be used as a vector towards the potentially higher-grade potassic core of the system.

Table 2: Drill Hole Locations

Hole ID	Easting	Northing	Elevation	Depth (m)	Azimuth	Dip
HER-23-08	511414	4956760	1402	713.9	110	-70.0
HER-23-11	511577	4956352	1430	419.2	50.2	-60.5
HER-23-21	511638	4956352	1436	1007.1	240.4	-80.2

High Resolution Core Photos

Full resolution versions of the core photographs can be downloaded directly from the following link (~4.8Gb):

FULL-RESOLUTION CORE PHOTOS

Sample Analysis and QAQC

All drill core samples were prepped and analyzed at MSA Labs in Langley, British Columbia, an ISO 17025 and ISO 9001 certified laboratory. Samples were dried and crushed to 2mm, from which a 250g sub-sample split was then pulverized to 85% passing a 75-micron sieve. Following preparation, assays were determined by the IMS-230 method. A 0.25g aliquot of the prepared pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The resulting solution was analyzed via ICP-MS and ICP-ES for 48 elements and was corrected for inter-element spectral interferences.  Lower detection limits for this procedure are 0.01 ppm for silver, 0.5 ppm for lead, 2 ppm for zinc, and 0.2 ppm for copper.

Mercury is not reported due to volatilization in reaction with hydrofluoric acid and gold is not reported due to the small, 0.25g aliquot size being insufficient to overcome the nugget effect.

Gold was analyzed by FAS-111, a 30-gram fire assay fusion with AAS finish. No significant results were reported.

Samples with initial results beyond the upper detection limit of the IMS-230 method were analyzed by procedures ICF-6Ag, ICF-6Cu, ICF-6Pb and ICF-6Zn.  The thresholds are 100 ppm for silver, and >1% for copper, lead and zinc. 

MSA Labs employs internal quality control standards, duplicates and blank samples at set frequencies.

Blind certified reference materials (CRMs) and blank samples were systematically inserted by the Company into the sample stream and analyzed as part of the Company’s quality assurance/quality control protocol.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton BS, CPG, Hercules’ Vice President, Exploration. Mr. Longton is a “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The additional discovery of a new porphyry copper system at depth in 2023 adds significant upside potential to the Property. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil and rock sampling, geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 670-5527 Email: info@herculessilver.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking information contained in this press release may include, without limitation, the expected assay results of the remaining holes; the results of the geophysical inversions from the 2023 IP survey; exploration plans and expected exploration and drilling results at the Property, results of operations, and the expected financial performance of the Company.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedarplus.ca.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) today announced completion of the previously announced non-brokered private placement (the “Placement”), resulting in Barrick Gold Corporation (“Barrick”) subscribing for 21,265,370 units of Hercules Silver (the “Units”) at a price of C$1.10 per Unit for gross proceeds to Hercules Silver of C$23,391,907. The Placement represents a significant step towards the equity requirements to fund the Hercules Project and a strategic investment by Barrick in Hercules Silver.

Each Unit consisted of one common share of Hercules (each, a “Hercules Share”) and 0.32 of a common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant has a term of two years and entitles the holder thereof to purchase one Hercules Share for a price of C$1.32 per Hercules Share.

With the closing of the Placement, Barrick now owns 12.33% of the issued and outstanding Hercules Shares on a non-diluted post-transaction basis and 15.02% of the outstanding Hercules Shares on a partially-diluted post-transaction basis, assuming exercise of all Warrants.

The proceeds from the Placement will be used by Hercules Silver to explore the Company’s  Hercules Project located in western Idaho.

All securities issued in connection with the Placement are subject to a four-month-and-one-day statutory hold period expiring March 8, 2024 in accordance with applicable securities laws.

In connection with the Placement, Hercules Silver and Barrick also entered into an investor rights agreement, whereby, among other things, Barrick was granted certain participation rights, top-up rights, information rights and rights of first refusal, all as more particularly described in the Company’s news release dated November 6, 2023.

Advisors

Gowling WLG (Canada) LLP acted as Canadian legal counsel to Hercules Silver and Davies Ward Phillips & Vineberg LLP acted as Canadian legal counsel to Barrick.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The additional discovery of a new porphyry copper system at depth in 2023 adds significant upside potential to the Property. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil & rock sampling, geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

About Barrick Gold

Barrick is a senior gold mining company organized under the laws of the Province of British Columbia. Barrick’s corporate office is located at Brookfield Place, TD Canada Trust Tower, Suite 3700, 161 Bay Street, P.O. Box 212, Toronto, Ontario M5J 2S1.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 670-5527 Email: chris@herculessilver.com

The securities issued pursuant to the Placement have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.  This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking information in this press release include, without limitation, obtaining final approval of the TSX Venture Exchange; and the risks and uncertainties related to the use of proceeds of the Placement.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) today announced that it has entered into an agreement with Barrick Gold Corporation (“Barrick”) whereby Barrick has agreed to purchase 21,265,370 units of Hercules Silver (the “Units”) in a non-brokered private placement (the “Placement”) at a price of C$1.10 per Unit for gross proceeds of C$23,391,907. Each Unit consists of one common share of Hercules (each a “Hercules Share”) and 0.32 of a common share purchase warrant (each a “Warrant”). Each Warrant will have a term of two years and each whole Warrant will entitle the holder thereof to purchase one Hercules Share for a price of C$1.32 per Hercules Share.

The Placement will result in Barrick owning 12.33% of the issued and outstanding Hercules Shares on a non-diluted post-transaction basis and 15.02% of the outstanding Hercules Shares on a partially-diluted post-transaction basis, assuming exercise of all Warrants.

The proceeds from the Placement will be used by Hercules Silver to explore the Company’s  Hercules property (the “Hercules Property”) located in western Idaho.

Closing of the Placement will occur on or before November 8, 2023 or such other date as may be agreed by Barrick and Hercules, subject in each case to customary closing conditions, including receipt of all necessary approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

“We’re very pleased with Barrick’s strategic investment into the Company and the support and validation it brings to the Hercules Property. We also look forward to leveraging Barrick’s US experience and technical expertise in the continued drilling and advancement of our exciting new porphyry copper discovery.” said Chris Paul, Chief Executive Officer of the Company.
Transaction Details

In connection with the Placement, Hercules Silver and Barrick will also enter into an investor rights agreement (the “Investor Rights Agreement”), whereby so long as Barrick maintains a minimum of 5% ownership in Hercules Silver, Barrick will be granted:

• A right to participate in future Hercules Silver equity issuances to maintain its then current pro rata interest in Hercules Silver;
• Certain top-up rights triggered on a rolling basis to permit it to maintain its ownership interest in Hercules Silver in connection with dilutive events that are not otherwise subject to Barrick’s pre-emptive rights;
• A right of first refusal over the sale or transfer of any interest in the Hercules Property; and
• Information rights to data in respect of the Hercules Property and rights to visit and inspect the Hercules Property.

Pursuant to the Investor Rights Agreement, Barrick will also, (i) for a period of three years either vote its Hercules Shares in accordance with the recommendations of the board or management of Hercules, or abstain from voting on such matters; and (ii) be subject to a three year standstill whereby it is prohibited from acquiring more than 19.9% of the issued and outstanding Hercules Shares, in each case subject to certain exceptions. Barrick will also provide Hercules Silver with technical support and expertise for the 2024 season.

Advisors

Gowling WLG (Canada) LLP acted as Canadian legal counsel to Hercules Silver and Davies Ward Phillips & Vineberg LLP acted as Canadian legal counsel to Barrick.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The additional discovery of a new porphyry copper system at depth in 2023 adds significant upside potential to the Property. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil & rock sampling, geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

About Barrick Gold

Barrick is a senior gold mining company organized under the laws of the Province of British Columbia. Barrick’s corporate office is located at Brookfield Place, TD Canada Trust Tower, Suite 3700, 161 Bay Street, P.O. Box 212, Toronto, Ontario M5J 2S1.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 670-5527 Email: chris@herculessilver.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking information in this press release include, without limitation, the closing of the Placement, obtaining final approval of the TSX Venture Exchange; and the risks and uncertainties related to the use of proceeds of the Placement.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) continues to wait on assays for the next deep drill hole (HER-23-08), and in the interim, is pleased to report silver-lead-zinc results from the next two shallow drill holes in sequence, HER-23-06 and HER-23-07, which were drilled above the recently-announced porphyry copper discovery at its Hercules Silver Property located in western Idaho (“Hercules” or the “Property”). These results continue to showcase strong silver mineralization, bolstered by critical metals credits in the near surface, which overlie the blind porphyry copper system at depth.

Accounting for the lower-grade silver (3-30 g/t Ag) that surrounds the headline intercepts, drill hole HER-23-06 returned 96.3 g/t Ag, 0.26 % Zn and 3.9% Mn, occuring as carbonate, over the entire 58.83 m length of the hole, and HER-23-07 returned 80.8 g/t Ag, 0.30% Zn, and 1.9% Mn over the entire 105.46 m length of the hole.

The Company’s ongoing 6,000-meter drill program was initially designed to confirm and expand upon near-surface silver mineralization, in addition to testing a blind IP-chargeability anomaly below the limit of historical drilling. The latter has resulted in the discovery of a major blind copper porphyry system in the first ever deep drill hole on the Property, HER-23-05, which intersected 185 m grading 0.84% Cu, 111 ppm Mo and 2.6 g/t Ag. For more details about this discovery hole, see our press release dated October 10, 2023 at www.herculessilver.com.

The Company is also pleased to announce it has received preliminary 3D point cloud data from Dias Geophysical on its ongoing 4km by 4km super IP survey, designed to cover a >3,000-acre target area, to more than twice the depth of the 2022 survey. Only the raw data has been received to date, which has not yet undergone 3D inversion modelling, but early signs show encouragement for expanding the 2022 anomaly.

The field work is almost complete, following which the Company anticipates approximately six weeks for processing of the large 3D dataset, meaning final 3D inversions will likely be available for release around Christmas of this year.

• HER-23-06 and HER-23-07 were drilled topographically above the recently-reported porphyry copper intercept in HER-23-05, demonstrating significant silver-lead-zinc-manganese carbonate mineralization in the near-surface environment.

• Low-grade silver (3-30 g/t Ag) surrounds the headline intercepts, demonstrating the potential for a large bulk tonnage target above the recent porphyry copper discovery.

• 1.5m-long composite channel samples returned grades of up to 500 g/t Ag from bedrock exposed by drill pad construction.

• Preliminary 2023 IP data is beginning to outline anomalous chargeability extending from the 2022 survey.

Chris Paul, CEO and Director of the Company, noted: “We are pleased that near-surface drilling at the Frogpond Zone continues to demonstrate favorable silver grades above our recently announced porphyry copper discovery in HER-23-05. What began as a primary drilling target for this season has now evolved into just the upper levels of a much larger system, and the presence of critical minerals adds further encouragement from a permitting standpoint in the US. We are excited by the preliminary IP results and look forward to receiving the final 3D inversion models around Christmas of this year.”

Silver Mineralization at Frogpond

Shallow drilling at the Frogpond Zone in 2023 has been directed towards expanding historical silver mineralization along an interpreted northwest-southeast trend in the near-surface environment. Extensive shattering along both steep shear zones and low-angle thrust faults appears to have created the structural pathways along which the mineralization was focused.

Table 1: Significant Drill Intercepts (>30 g/t Ag cut-off)

Hole ID	From (m)	To (m)	Interval (m)	Ag (g/t)	Pb (%)	Zn (%)	Cu (%)	Mn (%)	Sb (ppm)
HER-23-06	2.44	27.58	25.14	195.2	0.21	0.33	0.24	5.9	302
including	18.59	27.58	8.99	305.0	0.25	0.42	0.20	5.8	295
AND	38.71	41.15	2.44	122.5	0.37	0.18	0.06	6.2	116
HER-23-07	34.81	76.66	41.85	138.7	0.13	0.48	0.09	3.3	145
including	42.12	46.85	4.73	423.0	0.20	0.33	0.12	4.2	268
including	53.04	54.86	1.82	493.8	0.16	0.43	0.24	6.8	575
AND	25.6	28.96	3.36	116.8	0.05	0.19	0.04	1.8	25
AND	96.01	97.84	1.83	919.7	0.01	0.27	0.25	0.2	632

Table 2: Ag-Zn-Mn Grades Over Complete Drill Lengths (>3 g/t Ag cut-off)

Hole ID	From (m)	To (m)	Interval (m)	Ag (g/t)	Zn (%)	Mn (%)
HER-23-06	0	58.83	58.83	96.3	0.26	3.9
HER-23-07	0	105.46	105.46	80.8	0.30	1.9

Table 3: 2023 Drill Hole Locations

Hole ID	Easting	Northing	Depth (m)	Azimuth	Dip	Hole type
HER-23-06	511265	4956663	58.83	30.26	-60	Core
HER-23-07	511256	4956646	105.46	31.03	-60.27	Core

Critical Minerals

A potential critical minerals component is emerging within the near-surface silver environment, made possible through the implementation of modern multi-element analyses which were not performed historically. Zinc, manganese and antimony are included in the USGS’ “List of Critical Minerals” and occur in conjunction with the silver mineralization at Hercules. Importantly, the manganese is prevalent in carbonate form as rhodochrosite and manganiferous calcite, which is potentially attractive both from a metallurgical standpoint, and for its suitability in battery metals processing. While it is too early to ascertain the potential significance of these metals within the system as a whole, their presence is positive from a future permitting standpoint. Projects in the United States which can demonstrate a critical minerals component tend to be viewed favorably by political and regulatory regimes, as the country moves towards securing a robust and secure domestic supply.

Figure 1: Plan view highlighting the results of 2022-2023 drilling and channel samples taken at the Frogpond Zone. Callouts shown for reported drill holes HER-23-06 and HER-23-07.

Silver equivalent (AgEq) grades reported in previous holes are calculated using metal price assumptions of: silver US$23.50/oz., copper US$4.00/lb, lead US$1.00/lb and zinc US$1.50/lb. Silver equivalent grade is calculated as AgEq (g/t) = Ag (g/t) x Ag rec. + (Cu (%) x Cu rec. x 118.558) + (Pb (%) x Pb rec. x 28.568) + (Zn (%) x Zn rec. x 42.852). Metallurgical recoveries assumed are 93% for silver, 80% for lead and 79% for zinc, based on historical sulfide floatation tests by Britton, 1977. A reasonable assumption of 80% recovery is applied for copper based on comparable base metal recovery values.

Figure 2: Cross-section view of drill holes HER-23-05, -06, -07 at the Frogpond Zone showing significant near-surface silver intercepts relative to the recently announced porphyry copper intercept at depth.

Surface Sampling

Bedrock exposed during drill pad construction for HER-23-06 was found to contain significant silver mineralization, as determined by a portable pXRF analyzer. The Company elected to channel sample the exposed bedrock along the perimeter of the pad at 1.5-meter intervals (Figure 3) to gain additional information on the 3D geometry of the silver mineralization. The analytical results, which are presented in Table 3 and illustrated on Figure 1, support the interpreted northwest-southeast trend to the mineralization. Of the 10 samples taken, 5 graded upwards of 100 g/t Ag, up to a maximum of 500 g/t Ag (Table 4).

Figure 3: Yellow dashed line indicating bedrock channel – sampled at 1.5m long composite intervals (photo looking northeast, sample bags are 18” x 24” for scale).

Table 4: 1.5m Composite Surface Channel Sample Results

Sample ID	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Mn (%)
ET-23-001A	357.0	0.22	0.12	0.24	3.69
ET-23-001B	26.0	0.06	0.22	0.45	3.26
ET-23-001C	29.7	0.03	0.22	0.36	3.07
ET-23-001D	42.7	0.03	0.12	0.29	2.92
ET-23-001E	500.0	0.29	0.18	0.20	4.70
ET-23-001F	288.0	0.22	0.42	0.22	5.41
ET-23-001G	434.0	0.20	0.25	0.44	4.97
ET-23-001H	451.0	0.46	0.21	0.54	6.62
ET-23-001I	78.8	0.09	0.13	0.42	4.65
ET-23-001J	89.9	0.07	0.06	0.19	1.42

Table 5: Surface Sample Locations

Sample ID	Easting	Northing	Elevation (m)
ET-23-01a	511260	4956665	1357
ET-23-01b	511261	4956666	1357
ET-23-01c	511262	4956667	1357
ET-23-01d	511264	4956667	1357
ET-23-01e	511265	4956666	1357
ET-23-01f	511266	4956665	1357
ET-23-01g	511268	4956664	1357
ET-23-01h	511269	4956663	1357
ET-23-01i	511270	4956662	1357
ET-23-01j	511269	4956660	1357

Figure 4: Plan view of all holes drilled to date during the 2023 Phase II drill Program at Hercules

Sample Analysis and QAQC

All drill core and rock samples were prepped and analyzed at MSA Labs in Langley, British Columbia, an ISO 17025 and ISO 9001 certified laboratory. Samples were dried and crushed to 2mm, from which a 250g sub-sample split was then pulverized to 85% passing a 75 micron sieve. Following preparation, assays were determined by the IMS-230 method. A 0.25g aliquot of the prepared pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The resulting solution was analyzed via ICP-MS and ICP-ES for 48 elements and was corrected for inter-element spectral interferences.  Lower detection limits for this procedure are 0.01 ppm for silver, 0.5 ppm for lead, 2 ppm for zinc, and 0.2 ppm for copper. Mercury is not reported due to volatilization in reaction with hydrofluoric acid and gold is not reported due to the small, 0.25g aliquot size being insufficient to overcome the nugget effect.

Samples with initial results beyond the upper detection limit of the IMS-230 method were analyzed by procedures ICF—6Ag, ICF-6Pb and ICF-6Zn.  The thresholds were 100 ppm for silver, and >1% for lead and zinc.  Preliminary silver assays that returned values >1000 ppm were determined by fire assay with a 50g charge for the final result.

MSA Labs employs internal quality control standards, duplicates and blank samples at set frequencies.

Blind certified reference materials (CRMs) and blank samples were systematically inserted by the Company into the sample stream and analyzed as part of the Company’s quality assurance/quality control protocol.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton BS, CPG, Hercules’ Vice President, Exploration. Mr. Longton is a “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Amendment to Previously Announced Mineral Property Agreement

The Company also announces that further to its press release dated September 29, 2023, it has entered into an amended and restated lease option agreement (the “Amended Agreement”) between the Company, Anglo-Bomarc, U.S., Inc., a wholly owned subsidiary of the Company (the “Lessee”) and local prospector Merrill Palmer (the “Lessor”), dated effective September 27, 2023 replacing and superseding the lease option agreement (the “Original Agreement”) relating to the Mineral property, comprising eighty-seven (87) unpatented lode mining claims within the Mineral mining district (the “Mineral Property“) between the Company, Anglo-Bomarc, U.S., Inc., a wholly owned subsidiary of the Company (the “Lessee”) and local prospector Merrill Palmer (the “Lessor”), also dated September 27, 2023.

The parties entered into the Amended Agreement to provide for a floor price for common shares of the Company (the “Common Shares”) that are being issued as lease payments and as purchase price for the Mineral Property under the Amended Agreement (each, a “Consideration Share”). Pursuant to the Amended Agreement, the Consideration Shares are now being issued at a deemed price per Consideration Share equal to the 10-day VWAP of the Common Shares on the TSX Venture Exchange on the day preceding the anniversary of the effective date of this Agreement, subject to a minimum deemed price of Cdn$0.23 per Consideration Share. Furthermore, as a result of the Amended Agreement, if the Lessee elects not to exercise the option to purchase the Mineral Property and elects to continue to lease the Mineral Property, all annual lease payments shall be made in cash.

The Amended Agreement remains subject to approval by the TSXV.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The additional discovery of a new porphyry copper system at depth in 2023 adds significant upside potential to the Property. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil & rock sampling, geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 670-5527 Email: chris@herculessilver.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking information contained in this press release may include, without limitation, the expected results of the 3D modeling of its IP survey; significance of presence of critical metals at the Property; exploration plans and expected exploration and drilling results at the Property, results of operations, the required regulatory approvals and the expected financial performance of the Company; the expectation that the Company will fulfil its obligations under the Amended Agreement and make the required payments.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is very pleased to confirm a major new copper porphyry discovery at its Hercules Property located in western Idaho (“Hercules” or the “Property”).

HER-23-05, the first hole to test a large-scale (>1.8km) blind chargeability anomaly, intersected 185.29m of 0.84% Cu and 111 ppm Mo from 246m to 431.2m, including 45.33m of 1.94% Cu. The hole ended prematurely due to drilling challenges encountered at a post-mineral dyke, however observations in subsequent holes indicate that the mineralization likely extends significantly below HER-23-05 at 435 meters.

The newly discovered porphyry system is situated below rhyolite-hosted silver mineralization defined by over 300 historical drill holes. The system is therefore completely blind and open in all directions from HER-23-05. A follow-up 3D IP survey is currently underway to expand the chargeability anomaly in all directions and help track the system with further drilling.

Additional step-out holes drilled at various orientations to the southeast of HER-23-05, where chargeability data is currently available, have intersected similar alteration, veining and copper mineralization over variable lengths. Many directions remain to be tested, and the potassic center, which often carries the highest grades within porphyry systems, remains to be found. Assay results will be released for step-out holes as they are received. Core photographs for the intercept reported in this release have been posted to the Company’s website at the following link:

• Blind copper porphyry discovered in first deep drill hole grading 0.84% Cu, 111 ppm Mo, 2.6 g/t Ag over 185m, including 45m of 1.94% Cu.

• Hole ended prematurely in mineralization due to drilling challenges. Step-out drilling indicates system extends considerably deeper.

• Mineralization open in all directions from discovery hole.

• Additional 3D IP geophysics underway to establish limits of the system and guide further drilling.

• Assays pending for additional step-out drill holes.

Chris Paul, CEO and Director of the Company, noted: “We are incredibly pleased with the grades returned from our first blind drill hole into this new discovery. It has significantly exceeded our expectations, considering phyllic alteration typically occurs outside of the grade shell in porphyry copper systems. The strength of the alteration, veining and mineralization in HER-23-05 and subsequent step-out holes however is demonstrating the presence of a very large system which remains open in all directions.

HER-23-05 also represents the first significant porphyry copper system discovered in the state of Idaho, which breaks the discovery gap between BC and Nevada, presenting an entirely new district for porphyry exploration in a tier 1 jurisdiction.

The Triassic-Jurassic island arc geology of the Hercules Copper Belt is reminiscent of British Columbia’s famous Golden Triangle, where some of the world’s largest porphyry copper systems have been discovered. The Hercules Copper Belt, however, is accessible year-round, with excellent infrastructure and a supportive, pro mining state government.”

Table 1: HER-23-05 Reported Intercept

Hole ID	From (m)	To (m)	Interval (m)	Cu (%)	Mo (ppm)	Ag (g/t)
HER-23-05	246	431.29	185.29	0.84	111	2.6
including	246	291.33	45.33	1.94	104	8.2

Table 2: HER-23-05 Location

Hole ID	Easting	Northing	Depth (m)	Azimuth	Dip	Hole type
HER-23-05	511231	4956639	435.32	69.78	-70.06	Core

Figure 1: Plan view of discovery hole HER-23-05, collared in the Frogpond Zone showing grade bars for copper (orange) and molybdenum (blue).

Figure 2: HER-23-05 cross-section with interpreted geology, grade bars for copper (orange), molybdenum (blue), and silver (grey).

Figure 3: Copper in soil and rock samples, IP chargeability, 2023 deep drill holes completed.

Blind Porphyry Copper System

Field work completed by the Company in 2022 previously demonstrated the potential for a porphyry copper feeder system on the east side of the Property, within the Seven Devils Group volcanics. However, due to logistical constraints, a shallow IP geophysical survey was only run over silver mineralization on the west side of the Property in 2022. Regardless, the deeper parts of the survey showed a strong chargeability anomaly below the silver mineralization on the west side of the Property.

HER-23-05 was the first drill hole to test this new chargeability target, and unexpectedly encountered the Seven Devils Group volcanics, but accompanied by stronger porphyry-style alteration, veining, and mineralization than was observed at surface on the east side of the Property. The mineralization in HER-23-05 extends well below the limit of the 2022 survey data. Subsequent holes, for which assays remain pending, have now intersected similar alteration, veining and mineralization below the silver mineralization in other places. The 2022 IP survey was designed with tight node spacing, to focus on shallow silver mineralization; however, a 2023 survey is now underway, employing a much larger node spacing to more effectively target this newly discovered porphyry system at depth.  

On surface, a shallow west-dipping thrust fault (shown in red on Figure 3), separates copper-gold-molybdenum bearing Seven Devils volcanics (the “Lower Plate”) to the east from the silver-lead-zinc-manganese bearing Hercules Rhyolite (the “Upper Plate”), to the west. East of this thrust, several known copper-gold targets, including the Big Cut Skarn, Lightning Breccia, and Metheny Zones are exposed at surface, and remain to be tested. West of the thrust, 2023 drilling has now demonstrated that the copper porphyry system dips shallowly below the silver mineralization at moderate depths of just 100m-300m.

HER-23-05 Geological Description

HER-23-05 intersected silver-lead-zinc-manganese mineralization at surface and was continued to depth to test the blind chargeability anomaly. At approximately 197 meters (645 feet) depth, a strongly hematized (oxidized) “red conglomerate” unit was intersected, which is interpreted to mark the base of the Jurassic volcanics. The conglomerate also marks the top of the porphyry system, below which strongly silicified andesite and quartz porphyry intrusions contain abundant quartz-hematite veining. Hematite is a common oxidation/weathering product, suggesting the conglomerate may represent an ancient (paleo) erosional surface, on which the silver system was subsequently thrust over. Molybdenum mineralization (soluble in high pH) begins immediately below the red conglomerate; however, copper appears to have been leached by acidic (low pH) solutions within the hematized/weathered zone (Figure 2).

Strong bornite-chalcopyrite mineralization then begins at 246 meters (807 feet), immediately below the leached/hematized zone, extending over a 45-meter drilled length of enrichment. Studies are currently underway to better understand the mechanism of enrichment/remobilization, however it appears to be significant, as the same pattern has now been observed in four deep drill holes.

Below the enriched zone, mineralization transitions to a typical pyrite-chalcopyrite (phyllic) assemblage, which extends to the bottom of the hole, where the post-mineral dyke was encountered, and at which point drilling challenges caused the hole to end prematurely. The same phase of post-mineral dyke has now been intersected in two other deep drill holes, where it only shows several meters of drilled length. It is likely the post-mineral dyke at the end of HER-23-05 has a similar thickness and was meters away from being back in strong mineralization.

Alteration observed in HER-23-05 and other deep holes consists of quartz-sericite-pyrite (phyllic alteration) with abundant porphyry-style A, B, and D-type veining. Phyllic alteration manifests as an outer shell of highly chargeable pyrite (+/- chalcopyrite) mineralization, that often surrounds an inner shell of chalcopyrite (+/- bornite) mineralization with lesser pyrite. The inner shell is often accompanied by high temperature potassic alteration, characterized by biotite and k-feldspar. Figure 3 illustrates the many directions and broad search area that remain to be tested for the potentially higher-grade potassic core as well as further extensions of the system. HER-23-05 and this news release represent just the first blind test of the porphyry system at depth.

2023 3D IP Survey

Surveying is currently underway, to expand the 2022 survey, which measures approximately 2,200m by 650m, to a significantly larger area of approximately 4.2 km by 3.6 km. It is anticipated that the 2023 survey will better define and likely extend the 2022 chargeability anomaly, indicate the trend of the system, and provide up to 3x deeper data.

Sample Analysis and QAQC

All drill core samples were prepped and analyzed at MSA Labs in Langley, British Columbia, an ISO 17025 and ISO 9001 certified laboratory. Samples were dried and crushed to 2mm, from which a 250g sub-sample split was then pulverized to 85% passing a 75 micron sieve. Following preparation, assays were determined by the IMS-230 method. A 0.25g aliquot of the prepared pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The resulting solution was analyzed via ICP-MS and ICP-ES for 48 elements and was corrected for inter-element spectral interferences.  Lower detection limits for this procedure are 0.01 ppm for silver, 0.5 ppm for lead, 2 ppm for zinc, and 0.2 ppm for copper. Mercury is not reported due to volatilization in reaction with hydrofluoric acid and gold is not reported due to the small, 0.25g aliquot size being insufficient to overcome the nugget effect.

Gold was analyzed by FAS-111, a 30-gram fire assay fusion with AAS finish. No significant results were reported.

Samples with initial results beyond the upper detection limit of the IMS-230 method were analyzed by procedures ICF-6Ag, ICF-6Cu, ICF-6Pb and ICF-6Zn.  The thresholds are 100 ppm for silver, and >1% for copper, lead and zinc.  

MSA Labs employs internal quality control standards, duplicates and blank samples at set frequencies.

Blind certified reference materials (CRMs) and blank samples were systematically inserted by the Company into the sample stream and analyzed as part of the Company’s quality assurance/quality control protocol.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton BS, CPG, Hercules’ Vice President, Exploration. Mr. Longton is a “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The additional discovery of a new porphyry copper system at depth in 2023 adds significant upside potential to the Property. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil & rock sampling, geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 670-5527 Email: info@herculessilver.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to announce it has entered into a lease option agreement (the “Agreement”) between the Company, Anglo-Bomarc, U.S., Inc., a wholly owned subsidiary of the Company (the “Lessee”) and local prospector Merrill Palmer (the “Lessor”), dated September 27, 2023, which grants Hercules Silver the option to acquire a 100% interest in the Mineral property, comprising eighty-seven (87) unpatented lode mining claims within the Mineral mining district (“Mineral” or the “Property”) located on Bureau of Land Management (“BLM”) administered lands, 14 miles southwest of the Company’s flagship Hercules property in Washington County, Idaho. 

Chris Paul, CEO and Director of the Company, noted: “We’ve entered into a lease option agreement to secure another key piece of ground in the Hercules mining district, which the Company believes shows strong potential to emerge into a significant copper porphyry belt. The Hercules Copper Belt, as it’s referred to internally, represents a trend of underexplored copper porphyry targets with excellent discovery potential. Relative to Hercules, the Mineral Project appears to be the next best developed prospect in the district and adds another compelling copper-gold porphyry target to the portfolio. We are highly encouraged by Mineral’s historical drilling, strong soil geochemistry and similar geological setting to the Hercules project.”

About the Mineral Property:

The Mineral Property was staked by renowned prospector, Merrill Palmer, who previously staked and discovered the Palmer VMS Project in Alaska. Mr. Palmer resides in the nearby town of Oxbow, Oregon, and has been prospectingthe Hercules and Mineral mining districts for the past 15 years, including staking of the Mineral Property in 2011.

The Mineral mining district was so-named after prospectors discovered rhyolite-hosted silver-copper-lead-zinc-bearing replacement mineralization in the area during the 1870s. A town site was established, and small-scale mining began in the 1880s and continued in earnest until the repeal of the Sherman Silver Purchase Act by U.S. President Cleveland in 1893, which caused a collapse in the silver price and decimated the silver mining industry. The mines and smelters at Mineral shut down at that time, and subsequent mining was very sporadic and conducted at a small scale through to 1950. The district has been essentially dormant ever since, apart from a few years of historical exploration during the late 1960s/early 1970s, but has never had a modern, systematic exploration approach applied to it.

Cyprus Mines Corporation (“Cyprus”) acquired a position in the district in 1968, after reconnaissance work indicated the presence of two potential deposit types: rhyolite-hosted, replacement-style silver-copper-lead-zincmineralization on the southern half of the Property (similar in nature to the near-surface mineralization style that occurs at Hercules) and porphyry copper-gold style mineralization, hosted in potassium-rich dioritic intrusive rocks which underlie the rhyolite and outcrop on the northern half of the Property. 

Cyprus carried out exploration activities between April of 1968 and February of 1970, consisting of geological mapping, geochemical soil surveys, a 17 line-mile IP-resistivity geophysical survey, and a 40-hole program of reverse circulation, churn, and core drilling. Cyprus’s exploration efforts were focused on near-surface silver mineralization, amenable to bulk mining methods. Although they intersected narrow, high-grade silver-bearing structures – including up to 7 meters grading 701 g/t Ag and 3.5% Cu in MDD-4^,2 a hole drilled between the historical Boone and Enterprise mines, on an inlying (adjacent) patented mining claim currently held by a 3^rdparty – they terminated the program without evaluating the copper-gold porphyry potential in the underlying and adjacent intrusive rocks which outcrop on the northern half of the Property. Merrill Palmer has provided the Company with significant exploration data from these historicalexploration programs by Cyprus.

Cyprus’s soil survey outlined a >400 ppm Cu-in-soil anomaly over an approximate area of 1.5 km by 3 km, which overlies a broad zone of anomalous IP chargeability associated with the potassium-rich dioritic intrusions¹. 

Cyprus drilled just two holes into the copper porphyry target zone. These holes were drilled prior to Cyprus conducting their IP survey. A 2014 geophysical inversion of the IP data shows that the holes were both drilled at the northeast edge of a weaker portion of the anomaly, as shown in Figures 1-3. Regardless, holes MDD-1 and MDD-2 both intersected copper mineralization accompanied by distal alteration (propylitic) that typically surrounds the outer margin of a porphyry copper system. Gold and molybdenum were not assayed for at the time, howevermodern sampling indicates the presence of both metals within the porphyry target. MDD-2 assayed 266 m of 0.17% Cu from 5 m depth to the end of the hole at 271 m. Hole MDD-1 assayed 52 m of 0.13% Cu from 70 m to 122 m, and 151 m of 0.11% Cu from 151 m to end-of-hole at 302m^1,. This grade of mineralization is consistent with distal propylitic alteration, which was historically logged by Cyprus throughout these holes. The main body of the chargeability anomaly, as outlined by the purple dashed lines on Figures 1-3, has not yet been tested.

In 2013, Newmont Corporation (TSX: NGT) (“Newmont”)carried out an evaluation of the Property and collected 41 select rock grab samples at mineralized showings and 213 soil samples on a regular 100m spaced grid that covers a portion of the porphyry target. The soil results revealed a strong copper-gold-molybdenum anomaly, with values ranging up to 6,370 ppm Cu, 206 ppb Au, and 65 ppm Mo, over 1.8 kilometers in length. The soil anomaly isconsistent with a porphyry copper target that remains open for expansion. Select rock grab samples returned up to 30.3 g/t Au, 852 ppm Mo and 5.9% Cu³. Figures 1-3 present the anomalous geochemistry and IP chargeability associated with the porphyry copper-gold zone.

In 2014, Radius Gold Inc. (TSX-v: RDU) (“Radius”) leased the Property from Merrill Palmer and flew a large airborne magnetic and radiometric survey, carried out selective rock and soil sampling and carried out a modern inversion of the digitized historical IP geophysical data. Geophysical inversions provide machine interpreted 3D models of both resistivity and chargeability data. A depth slice of the 3D chargeability model is presented on Figures 1-3.

More recently, prospecting work undertaken by the Lessor, Merrill Palmer, has reported the existence of 0.1 to 1 m thick quartz-tourmaline veins within the intrusion that grade up to 20.1 g/t Au and 5% Cu to the southeast of the historical Jessie mine³. This zone has not been tested by drilling.

Figure 1: Copper in Newmont’s 2013 soil samples and select grab samples³, IP chargeability depth slice, and historical drill collars with labels for MDD-1, MDD-2, and MDD-4. Note that the IP survey was carried out after the 1969 drill program and the >1km central and ~1km eastern chargeability anomaly have not yet been tested.MDD-2 returned 266 m of 0.17% Cu (Au and Mo not assayed for) from 5 m depth in distal propylitic alteration^1,2.

Figure 2: Gold in Newmont’s 2013 soil samples and select grab samples³, IP chargeability depth slice, and historical drill collars with labels for MDD-1, MDD-2, and MDD-4. Note that the IP survey was carried out after the 1969 drill program and the >1km central and ~1km eastern chargeability anomaly have not yet been tested. MDD-2 returned 266 m of 0.17% Cu (Au and Mo not assayed for) from 5 m depth in distal propylitic alteration^1,2.

Figure 3: Molybdenum in Newmont’s 2013 soil samples and select grab samples³, IP chargeability depth slice, and historical drill collars with labels for MDD-1, MDD-2, and MDD-4. Note that the IP survey was carried out after the 1969 drill program and the >1km central and ~1km eastern chargeability anomaly have not yet been tested. MDD-2 returned 266 m of 0.17% Cu(Au and Mo not assayed for) from 5 m depth indistal propylitic alteration^1,2.

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties. 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 and Hercules believes the work completed by historical operators was performed to a professional standard, but has not independently confirmed the results.

Terms of the Agreement:

Pursuant to the terms and subject to the conditions of the Agreement, the Company and/or the Lessee will be required to make lease payments in accordance with the following schedule:

Payment Date	Cash Payments	Share Consideration
Within five business days of TSXV Approval	US$100,000	$0
September 27, 2024	US$60,000	US$60,000*
September 27, 2025	US$70,000	US$70,000*
September 27, 2026	US$80,000	US$80,000*
September 27 2027	US$80,000	US$80,000*
September 27, 2028	US$80,000	US$80,000*
September 27, 2029	US$80,000	US$80,000*
September 27, 2030	US$80,000	US$80,000*

*The share consideration issuable pursuant to the Agreement will be based on the 10-day volume weighed average price (“VWAP”) of the Company’s common shares (“Common Shares”) on the TSX Venture Exchange (the “TSXV”) prior to the applicable payment date.

Upon execution of the Agreement, the Company shall also pay the annual maintenance fees for the claims. The Agreement provides the Lessee with certain rights,including but not limited to, the right to access, enter, occupy, improve, explore, use, market, sell and dispose mineral and mineral substances on or from the Property.

At any time prior to the eighth anniversary of the Agreement, the Lessee has the right to purchase the Property for an aggregate of US$3 million (the “Option”), comprised of US$1.5 million in cash and Common Shares equal to US$1.5 million at a deemed value per Common Share equal to the 10-day VWAP of the Common Shares on the TSXV on the day preceding the delivery of the Common Shares to Lessor pursuant to the Option. In the event that the Option is exercised, the Lessee will receive credit for all lease payments previously made pursuant to the Agreement, which will serve to reduce the cash and Common Share value owed upon potential exercise of the Option.

At the conclusion of the eight-year term, if Lessee elects not to purchase the Property pursuant to the Option, then Lessee has the sole and exclusive right and discretion to continue to lease the Property by providing the Lessor with: (i) annual lease payments of US$160,000 comprising of US$80,000 in cash and Common Shares valued at US$80,000, at a deemed price per Common Share equal to the 10-day VWAP of the Common Shares on the TSXV on the day preceding the anniversary of the Agreement; and a 2% net smelter return royalty from the sale of all minerals on the Property.

In the event that the Lessee pays an aggregate total of US$2,000,000 in royalties, then the Lessee may reduce the royalty rate to 1% upon payment of a one-time lump sum of US$1,000,000 to Lessor. Thereafter, Lessor shall receive a 1% net smelter return royalty for production on any or all unpatented claims within the Property. If Lessee does not elect to “buy down” the Royalty, then Lessor shall receive a 2% net smelter return royalty for production on any or all unpatented claims within the Property.

The Agreement remains subject to approval by the TSXV.

Qualified Person 

The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton BS, CPG, Hercules’ Vice President, Exploration. Mr. Longton is a “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“). Hercules believes the work completed by historical operators was performed to a professional standard, but has not independently confirmed the results.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil & rock sampling,geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 449-6819 Email: cpaul@herculessilver.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking information contained in this press release may include, without limitation, the expectation that the Company will fulfil its obligations under the Agreement and make the required payments; exploration plans and expected exploration and drilling results at the Property, results of operations, and the expected financial performance of the Company.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

305-1770 Burrard St. Vancouver, British Columbia V6J 3G7

T: (778) 772-1751/  W: https://goldlionresources.com/

T1025794\58635750\4

Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to report silver-lead-zinc results from the first 5 drill holes of its Phase II drill program, targeting near surface silver mineralization at its Hercules Silver Property located in western Idaho (“Hercules” or the “Property”). These results are the first of the Company’s ongoing 6,000-meter Phase II infill, expansion, and discovery-focused drill program.

• The upper part of HER-23-05 intercepted 84.2 meters of 54.1 g/t AgEq, beginning at a shallow depth of 4.5 m, including a higher-grade intercept of 27.3 m grading 113.4 g/t AgEq starting at 36.7 m.

• HER-23-04 intercepted 28.5 meters of 102.6 g/t AgEq, beginning at 39 m, including a higher-grade intercept of 2.7 m grading 416.2 g/t AgEq.

• All holes reported are either step-out or infill holes, expanding on historical mineralization.

• HER-23-05 was continued to depth to test a chargeability anomaly and intercepted blind porphyry copper alteration and mineralization, assays for which remain pending.

• Four deep holes have now been drilled across 1.2 kilometers of the chargeability anomaly, all of which intersected pyrite-rich phyllic alteration, interpreted to represent the margins of a large porphyry copper system.

• Deep drilling continues, targeting potentially favourable alteration to the west.

• A third drill rig has now been added to the Phase II program.

Chris Paul, CEO and Director of the Company, noted: “Our Phase II infill and expansion drilling has expanded on historical mineralization and demonstrated the presence of broad intervals of silver at the Frogpond Zone. With assays pending for many holes, including several other zones, we’re confident in the potential to further validate and expand on the near surface silver across the Property. We’re currently drilling hole 21 of the 2023 season and have now added a third drill rig. In addition, our first ever deep drilling has intersected blind porphyry copper alteration across 1.2 kilometers, demonstrating the presence of a major hydrothermal system on the Property.”

Silver Mineralization at Frogpond

The near-surface drilling is focused on validating and expanding zones of historical silver mineralization at Hercules. Historical drilling was limited to vertical reverse circulation (“RC”) holes which returned minimal geological information. The 2023 program is utilizing angled drill holes with oriented core, providing new information on the controls and style of mineralization, and continuing to aid with the expansion.

HER-23-05 intersected a broad zone of shear-hosted mineralization, with flooding and replacement of pervasive dark grey sulfide mineralization (a combination of galena, sphalerite and tetrahedrite-tennantite). The broad zone of replacement is bracketed on either side by significant fault/shear zones, which appear to control the flow of hydrothermal fluids. Tracing this and other zones along strike is the main objective for adding to the historical mineralization. Logging of holes now being drilled at other zones, including the nearby Hercules Adit, show similar promise for expansion.

Table 1: Significant Drill Intercepts

Hole ID	From (m)	To (m)	Interval (m)	AgEq1 (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Mn (%)
HER-23-01	50.08	81.99	31.91	34.5	11.4		0.11	0.62	1.23
including	50.08	56.69	6.61	49.2	17.7		0.15	0.86	1.34
including	65.23	69.8	4.57	57.8	13.4		0.23	1.18	1.66
including	78.33	81.99	3.66	79.9	26.7		0.25	1.45	1.84
AND	112.47	123.44	10.97	25.6	24.6		0.01	0.07	1.41
HER-23-02	20.32	60.44	40.12	36.7	29.8		0.04	0.20	1.17
including	20.32	32	11.68	67.0	57.6		0.10	0.28	2.09
including	58.92	60.44	1.52	130.0	117.0		0.02	0.17	0.94
HER-23-03	17.37	56.39	39.02	42.1	37.1		0.02	0.18	0.87
including	36.58	44.2	7.62	69.9	65.1		0.04	0.17	0.82
HER-23-04	10.15	12.19	2.04	73.2	75.0			0.10	0.25
AND	39.01	67.54	28.53	102.6	93.6		0.10	0.35	0.75
including	59.68	62.36	2.68	416.2	426.6		0.03	0.13	0.57
HER-23-05	4.54	88.76	84.22	54.1	36.2		0.11	0.35	3.86
including	27.13	28.65	1.52	114.9	79.7	0.21	0.28	0.42	2.5
including	36.73	64.01	27.28	113.4	77.1	0.13	0.16	0.76	4.9
AND	170.69	178.31	7.62	51.1	43.2	0.07	0.10	0.07	4.15

¹Silver equivalent (AgEq) grades are calculated using metal price assumptions of: silver US$23.50/oz., copper US$4.00/lb, lead US$1.00/lb and zinc US$1.50/lb. Silver equivalent grade is calculated as AgEq (g/t) = Ag (g/t) x Ag rec. + (Cu (%) x Cu rec. x 118.558) + (Pb (%) x Pb rec. x 28.568) + (Zn (%) x Zn rec. x 42.852). Metallurgical recoveries assumed are 93% for silver, 80% for lead and 79% for zinc, based on historical sulfide floatation tests by Britton, 1977. A reasonable assumption of 80% recovery is applied for copper based on comparable base metal recovery values.

Figure 1: Plan view of the Frogpond Zone showing significant intercepts from 2023 analytical results received and silver equivalent grade bars from 2022-2023 drill holes

Table 2: 2023 Drill Hole Locations

Hole ID	Easting	Northing	Depth (m)	Azimuth	Dip	Hole type
HER-23-01	511432	4956616	148.71	210.36	-76.77	Core
HER-23-02	511342	4956557	83.48	30.31	-44.92	Core
HER-23-03	511341	4956558	139.32	41.99	-57.31	Core
HER-23-04	511289	4956584	71.93	29.71	-70.36	Core
HER-23-05	511231	4956639	435.32	69.78	-70.06	Core

Blind Porphyry Copper System

2022 field work by the Company previously demonstrated the potential for a porphyry copper system hosted within the underlying Seven Devils Group volcanics, exposed on the east side of the Property. IP geophysical surveying conducted over the silver system on the west side of the Property however returned a large chargeability anomaly below the limit of historical drilling, which is open in several directions. Blind drilling across 1.2 kilometers of the chargeability anomaly has now returned strong alteration, veining, and mineralization, consistent with the margins of a porphyry copper system and early observations demonstrate it’s considerably larger and more intense than was first interpreted from surface exposures. A simplified description of the current geological interpretation follows.

A shallow west-dipping thrust fault (shown in red on Figure 2), separates copper-gold-molybdenum bearing Seven Devils volcanics (the “Lower Plate”) to the east from silver-lead-zinc-manganese bearing volcanics, including the Hercules Rhyolite (the “Upper Plate”), to the west. East of this thrust, several known copper-gold targets, including the Big Cut Skarn, Lightning Breccia, and Metheny Zones are exposed at surface. West of the shallow-dipping thrust, the copper-gold system appears to also underlie the majority of the silver-lead-zinc-manganese bearing Upper Plate rocks at moderate depths of just 100-300 meters.

Quartz-sericite-pyrite (“phyllic”) alteration has now been intersected in all deep holes. Phyllic alteration typically manifests as an outer shell of highly chargeable pyrite with copper mineralization, surrounding an inner shell of stronger copper mineralization with lesser chargeable pyrite. Early modeling of the four widely-spaced holes suggests a potential vector to the west, guided largely by alteration sequences in drill core and variations in the ratio of chalcopyrite:pyrite. Upcoming holes are therefore designed to step west of the phyllic halo, into a neighboring region of moderate chargeability, which may represent increasing chalcopyrite relative to pyrite (Figure 2)

Further IP geophysical surveying is scheduled to commence at the end of September. The 2022 survey was originally designed to cover just the strongest portion of the near-surface silver system. Given current indications for the potential size of the porphyry copper system, the survey will be expanded significantly. It will be expanded east to test for additional centers at depth across several kilometers of strong surface mineralization. It will also be expanded west, where current drilling shows increasing alteration and mineralization below the silver system.

Figure 2: Potential alteration zonation, interpreted from observations in 4 deep drill holes across 1.2 kilometers, and IP chargeability at 200 meters below surface. Further IP surveying is planned to the east, where other centers may exist to alter this interpretation, as well as to the west where current drilling indicates increasing alteration/mineralization. Two planned holes are shown in white, to test increasing alteration to the west, and more moderate chargeability which may represent increasing chalcopyrite relative to pyrite.

Sample Analysis and QAQC

All drill core samples were prepped and analyzed at MSA Labs in Langley, British Columbia, an ISO 17025 and ISO 9001 certified laboratory. Samples were dried and crushed to 2mm, from which a 250g sub-sample split was then pulverized to 85% passing a 75 micron sieve. Following preparation, assays were determined by the IMS-230 method. A 0.25g aliquot of the prepared pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The resulting solution was analyzed via ICP-MS and ICP-ES for 48 elements and was corrected for inter-element spectral interferences.  Lower detection limits for this procedure are 0.01 ppm for silver, 0.5 ppm for lead, 2 ppm for zinc, and 0.2 ppm for copper. Mercury is not reported due to volatilization in reaction with hydrofluoric acid and gold is not reported due to the small, 0.25g aliquot size being insufficient to overcome the nugget effect.

Samples with initial results beyond the upper detection limit of the IMS-230 method were analyzed by procedures ICF—6Ag, ICF-6Pb and ICF-6Zn.  The thresholds were 100 ppm for silver, and >1% for lead and zinc.  Preliminary silver assays that returned values >1000 ppm were determined by fire assay with a 50g charge for the final result.

MSA Labs employs internal quality control standards, duplicates and blank samples at set frequencies.

Blind certified reference materials (CRMs) and blank samples were systematically inserted by the Company into the sample stream and analyzed as part of the Company’s quality assurance/quality control protocol.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton BS, CPG, Hercules’ Vice President, Exploration. Mr. Longton is a “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil & rock sampling, geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 449-6819 Email: cpaul@herculessilver.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.