Hercules Silver Drills 38 Meters of 487 g/t Silver Equivalent in Maiden Drill Program

  • Strong grade over multiple significant intervals, including drill hole HER-22-01, the first hole of the program, which intercepted 38 meters of 353 g/t Ag, 0.64% Pb, 2.28% Zn and 0.16% Cu (487 g/t AgEq), beginning at a shallow depth of 26 m depth in first drill hole, HER-22-01.
  • HER-22-01 included a higher-grade intercept of 4.57 m grading 791 g/t Ag, 1.25% Pb, 4.06% Zn and 0.18% Cu (1,021 g/t AgEq) starting at 29 m.
  • HER-22-07 intersected 44.2 m grading 224 g/t Ag, 0.32% Pb, 0.38% Zn and 0.09% Cu (258 g/t AgEq) starting at 1.5 m.
  • Drilling grades significantly exceed grades sampled at surface, supporting the concept of potential supergene enrichment of mineralization below surface.
  • Confirmed the presence of a high-grade shoot (the P-19 Shoot) at the east end of the Frogpond Zone; open at depth to the east.
  • Confirmed the presence of shallow, high-grade mineralization at Frogpond and Hercules Adit Zones, with additional follow-up planned for Phase II.
  • Utilized small, low-cost scout drill for preliminary Phase I drilling with multiple holes bottoming in mineralization.
  • Gained in-depth geological information to guide an expanded 3,000-meter Phase II core drilling program, scheduled for spring 2023.

Watch a news summary from CEO and Director, Chris Paul below:


Toronto, Ontario / February 28, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to announce Phase I drill results from its Hercules Silver Property located in western Idaho (“Hercules” or the “Property”). The Company’s maiden drill program was designed to test and validate significant silver reported in historical drilling at the Property’s Frogpond and Hercules Adit Zones, as well as copper, lead and zinc, which were historically only selectively assayed for.

Subsurface drilling grades significantly exceed the grades sampled at surface within both zones, supporting the concept of potential supergene enrichment below surface. The Phase I program utilized a small, low-cost scout drill to gain important geological and analytical information, which will further guide an expanded Phase II 3,000-meter core drilling program.

The preliminary drilling results are in line with historically reported grades and widths and provide the Company with confidence in the large-scale exploration potential at Hercules moving forward.

Table 1: Phase I Drill Intercepts Calculated at 35 g/T AgEq Cutoff Grade1

Hole IDFrom (m)To (m)Interval (m)Ag (g/t)Cu (%)Pb (%)Zn (%)AgEq2 (g/t)AgEq2 x Meters (g/t x m)
HER-22-0125.9164.01 (EOH)38.103530.160.642.2848718,562
Including28.9633.534.577910.181.254.061,0214,669
HER-22-0248.7756.397.60520.030.080.4575575
HER-22-034.5721.3416.76540.030.080.17651,097
HER-22-046.1012.196.10400.010.170.1851309
HER-22-0530.48131.06100.58580.020.410.7810510,554
Including103.63112.789.141340.041.781.042342,142
Including118.87123.444.573450.060.610.814041,849
HER-22-0624.3859.4435.05380.010.490.80873,055
Including39.6247.247.62930.031.690.751761,338
AND76.2092.96 (EOH)16.76160.010.160.5747781
HER-22-071.5245.7244.202240.090.320.3825811,417
Including6.1025.9119.813980.070.440.164268,432
HER-22-083.0560.96 (EOH)57.911240.050.180.511579,083
Including39.6260.96 (EOH)21.34252.30.080.310.512936,253
Including42.6753.3410.67384.20.140.440.624404,694
HER-22-0924.3860.96 (EOH)36.58292.40.130.531.3738213,977
Including35.0545.7210.67750.60.331.102.369219,830

1 The intercepts reported in this table represent drilled intervals and insufficient data are available at this time to state the true thickness of the mineralized intervals.

2 Silver equivalent (AgEq) grades are calculated using metal prices of: silver US$24/oz., copper US$4.15/lb, lead US$1.00/lb and zinc US$1.50/lb. Silver equivalent grade is calculated as AgEq (g/t) = Ag (g/t) + (Cu (%) * 118.558) + (Pb (%) * 28.568) + (Zn (%) * 42.852).  Metal recoveries have not been applied in the silver equivalent calculation.

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “The lengths and grades we are seeing near surface at Hercules are remarkable. Broad intervals of intensely altered and mineralized Hercules Rhyolite indicate the presence of a significant silver system, with surface data suggesting we have intersected the top of a large, concentrically zoned porphyry copper-epithermal system. The Phase I results so far are in line with historical drilling and indicate the potential to incorporate large volumes of previous drilling data into future resource calculations. Validating such data, which has a substantial replacement cost, could potentially add significant value to the project. The preliminary results so far suggest good continuity within mineralized zones which remain open along strike and at depth. We look forward to initiating our maiden core drilling program later this spring, to further delineate these zones and test our conceptual model of a zoned porphyry copper-epithermal system at Hercules.”

Figure 1: Phase I Drill Plan and Surface Geology

P-19 Shoot

Drill Hole HER-22-01 intersected 38 meters grading 353 g/t Ag, 0.64% Pb, 2.28% Zn and 0.16% Cu (487 g/t AgEq), beginning at 27 meters depth. The hole was stopped short of its target depth (“TD”) due to the limited depth capacity of the scout drill utilized. The hole ended in Hercules Rhyolite and confirms the presence of a high-grade shoot, now termed the P-19 Shoot after the historical Anglo-Bomarc hole that discovered it. Data suggests the potential for the P-19 Shoot to extend at depth to the east, where it appears to have also been intersected near the bottom of historical hole 83-5.

Figure 2: Section A-A’ – P-19 Shoot Looking North
Figure 3: P-19 Shoot Drillholes– Plan View
Figure 4: Section B-B’ – Hercules Adit Zone Looking Southeast
Figure 5: Section C-C’ – HER-22-03/04 – Low-Grade Halo Confirmation Holes

Shallow Drilling Depths

Five of the nine holes drilled in Phase I were stopped short of their TD due to the shallow depth capacity of the drill (Table 2). Four of these holes partially tested their targets, while HER-22-06 was stopped short of reaching its target zone.

Table 2: Drill Holes Not Completed Due to Limited Depth Capability

Hole IDComments
HER-22-01Drilling Ended in Mineralization
HER-22-02Hole Not Completed. Testing Extension of P-19 Shoot
HER-22-06Did Not Reach Target
HER-22-08Drilling Ended in Mineralization
HER-22-09Drilling Ended in Mineralization


Table 3: Drill Holes Successfully Completed

Hole IDComments
HER-22-03Low Grade Confirmation Hole Close to Main Road
HER-22-04Testing Extension of Low-Grade Confirmation Hole HER-22-03
HER-22-05Confirming Hercules Adit Mineralization
HER-22-07Confirming Hercules Adit Mineralization


Table 4: 2022 Drill Hole Locations

Hole IDEastingNorthingDepth (m)AzimuthDipHole type
HER-22-01511318495660564090RC
HER-22-02511317495660971.6231475RC
HER-22-03511208495653130.48090RC
HER-22-04511208495653125.9122560RC
HER-22-055111604957067146.3020459RC
HER-22-06511160495707092.965972RC
HER-22-07511070495696954.8613345RC
HER-22-08511070495696960.967343RC
HER-22-09511321495660760.969655RC


4-Acid ICP Geochemistry

Samples were assayed using a 4-acid inductively coupled plasma (“4-acid ICP”) analytical method, providing a near complete digest of the sample, with accurate results for 48 elements. Results have suggested a potential zone of potassic flooding within the Hercules Rhyolite, which correlates with elevated silver-lead-zinc grades. Potassic alteration is not readily visible within the weathered felsic host rock at surface and the Company has initiated further investigation by submitting a selection of samples for petrographic analysis, to determine their mineralogy. The objective of the petrographic work is to better understand hydrothermal alteration on the Property, further refine the deposit model, and provide more robust vectors to potentially higher-grade portions of the system.

Sampling Methodology

Midnight Sun Drilling Inc. of Whitehorse, YT, Canada, was contracted to carry out the drilling using a Multi-Power Products Ltd. track-mounted “Grasshopper” reverse-circulation (“RC”) drill with 3.5 inch outside diameter drill rods. Drilling was performed in 5-foot intervals, with sample material collected in clean 5-gallon pails. To reduce sample size, a dry splitter was used to homogenously split the material into 87% reject and 13% sample. The sample portion was directed into cloth sample bags, while the reject material was discarded. Received sample weights from laboratory certificates varied but averaged 3.5 kg.

During duplicate sample runs, reject material was funneled into a clean pail and run through the splitter a second time, collecting 13% of the reject material as a duplicate sample.

Hercules Silver Corp. personnel supervised the sampling process, including closing, sealing and tagging of the bags. Following collection, the samples were placed into rice sacks and sealed with tamper proof security tags. A signed and sealed sample submittal form was placed into the first bag of the shipment. The samples were transported to Hercules Silver Corp.’s office location in Kelowna, BC, in the possession of Hercules Silver Corp. personnel. From there, the samples were shipped on pallets by commercial freight to MSA Labs in Langley, British Columbia for analysis.  The samples were received by the lab in two batches on November 8, 2022 and December 8, 2022.

Sample Analysis and QAQC

All drill chip 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. Select samples were analyzed for gold by a 50g fire assay method, with no significant results returned.

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) purchased from CDN Resource Laboratories of Langley, B.C., and duplicate samples were inserted by the Company at a frequency of 2 – 3% of drill samples, totaling 29 analyses. CRM results for copper, silver, lead and zinc were generally within the “between lab” ± 2SD inner control limits around the recommended value.  Exceptions included one failure each for silver and copper, and two low failures for lead.  No results exceeded a ±3SD outer control limit. 

Ten barren rock blanks were inserted blind in the sample batches.  These yielded four 10x lower detection limit (LDL) failures for silver, nine for lead, five for zinc and two for copper.   All of the silver failures included failures for lead and zinc, and two of them included failures for copper.  In each case, these blanks followed well-mineralized intervals which indicates that low-level contamination of all of the samples occurred during the preparation stage. The Company is performing further follow-up on the failures and will likely specify improved laboratory protocols in future drilling and sampling programs to ensure thorough cleaning of lab equipment between samples.  Given the relatively low thresholds of the exceedances relative to any conceivable potential mining grade cutoff, the impact of the apparent contamination issue is not material to the overall Phase I drilling grades at the cutoff(s) reported.

Eight duplicate samples were collected following the procedure outlined in the Methodology section above. Despite the presence of high-grade in one sample, precision statistics are acceptable.  Eliminating one very low-grade sample, the RMS CV for the silver field duplicates is 33% with means of 44 g/T and 66 g/T for the originals and duplicates, respectively. Lead shows very similar behavior with much of the overall variance contributed by the same higher-grade pair that affects silver precision.  On the other hand, zinc and copper field duplicates with one very low-grade pair removed show remarkably low RMS CVs of 3% and 15%, respectively.  This suggests that much of the variance in the single silver and lead pair is inherent in the sampling methods used in the field.  Scatterplots for silver, lead, zinc and copper show reasonable clustering about linear trend lines with no evidence of sample mix-ups; correlation coefficients for originals and duplicates for each metal are 0.89 or higher. Silver, lead and copper duplicate pairs each show one failure exceeding 50% variance. Despite the limited size of the data set, the precision measures calculated for the field duplicate results appear to be acceptable for all four metals evaluated.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

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 in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

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.

Hercules Announces Discovery-Focused Phase II Drill Plan

  • Launching a Spring 2023 core drilling campaign for up to 3,000 meters
  • Testing new targets, extensions of historical mineralization, and high-grade shoots interpreted within the Hercules Adit and Frogpond Zones
  • Targeting extension of a high-grade shoot discovered in the final two years of historical drilling, at the east end of the Frogpond Zone
  • 89% of historical holes were drilled vertically, potentially missing important vertical feeder structures
  • Recently discovered 1.8 kilometer high-strength IP chargeability anomaly to be tested with multiple drill holes
  • Newly discovered copper-gold bearing hydrothermal breccia pipe to be tested as possible offshoot of deeper-rooted porphyry system
  • Phase I drill results pending, with final assays expected soon

Toronto, Ontario / February 14, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to announce a preliminary drill plan for the next phase of drilling on the Hercules Property located in western Idaho (“Hercules” or the “Property”). The Company has assembled high-priority targets for a core drilling program, slated for up to 3,000 meters, to commence in the spring of this year. A core rig capable of deep drilling will be utilized and will provide more robust geological and structural information than RC methods. Triple tube core barrels will be employed, with the objective of improving recovery within mineralized zones. Triple tube barrels are a newer coring technology which provides an opportunity to greatly improve on historically reported recoveries which averaged around 50% in the friable mineralized zones at Hercules. Recently acquired geological information suggests that the mineralized structures are vertically dipping and therefore may have been incompletely tested by historical drilling, which was ~90% vertical. Assays from the Phase I drill program remain pending, with re-runs currently in progress and final results expected soon.

The preliminary Phase II drill plan is shown on Figure 1. The objectives of the Phase II program are to: 1) Use drill core to test numerous target areas with greatly improved core recoveries; 2) Further refine the exploration model; and 3) Provide an indication as to the overall target size and vectors within the system. A more comprehensive outline, including cross-section views of the targets, will be released once additional geological data is received and final tweaks to the plan have been made.

Figure 1: Preliminary Phase II Drill Targets

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “We’re very excited to begin testing the many highly prospective targets that Hercules has to offer. In 2022, the Company elected to conserve capital and complete extensive modern field surveys which would increase the efficiency of our drill targeting. That has now positioned us with pending Phase I drill results and a good understanding of the structural controls and targets that will be tested in our upcoming Phase II drill campaign. Evidence is mounting that the historical work only scratched the surface at Hercules, and we are very encouraged by new data pointing towards a large mineralized system. The size and magnitude of the new IP anomaly is consistent with those found associated with major mineral deposits around the world. We look forward to initiating our maiden core drilling program focused on the discovery of a major silver-copper system in Idaho.”

Targets being tested in the Phase II program include the following:

  1. Vertical structures and high-grade shoots within the Hercules Adit and Frogpond Zones which may have been missed by vertical historical drilling.
  2. Extension of the Hercules Adit Zone to the northeast, along strike and at depth.
  3. Extension of a high-grade shoot at the east end of the Frogpond Zone, which appears to have been slightly down-dropped to the east and intersected in historical drillhole 83-51, however no additional drilling was ever completed on this target.
  4. Drilling for deep high-grade mineralization on the southwest end of the Frog Pond Zone. Historical drillhole 83-16, one of the deepest holes drilled on the Property, was halted due to caving ground in high-grade mineralization at 420 feet (~128 meters), with the final 7.6 meters grading 214 g/t Ag, 0.13% Pb and 0.17% Zn1. Re-entry at the time was unsuccessful, and the intercept was never followed up on.
  5. Testing a surface rock chip anomaly2 on the west side of the Haystack Zone, which is associated with a near-surface vertical chargeability anomaly.
  6. Testing the east end of the Haystack Zone, associated with strong rock chip sample grades2 and a near-surface vertical chargeability anomaly. A single vertical hole in the area, RDH-7, returned 17 meters grading 128 g/t Ag, 0.12% Pb and 0.17% Zn1 but did not properly test the vertically oriented chargeability anomaly.
  7. Testing the fold hinge area of the rhyolite, between the Frogpond and Hercules Adit Zones, associated with a folded near-surface chargeability anomaly and rock chip geochemical anomaly2.
  8. Up to 5 holes testing underneath high-grade rock chip samples2 taken from the Belmont Zone, near angled 1970 historical drill hole DDH-6, which intersected 83 g/t Ag and 0.25% Zn over 20 meters from surface and 93 g/t Ag over 8 meters1 lower down in the hole. All other historical holes drilled at the Belmont Zone were vertical and to the north of the high-grade chip samples recovered in 2022. Recent mapping by the Company outlined mineralized structures that were not historically tested.
  9. Up to four holes testing the large high-strength chargeability anomaly, over 1.5 kilometers of its length. These holes are designed to test both the anomaly itself as well as underneath it. Certain mineral systems, including porphyry coppers, are often surrounded by high-chargeability clay-sericite-pyrite halos, with increasing grades associated with decreasing chargeable clay-sulfur content towards the center.
  10. A single hole testing a hydrothermal breccia pipe, which appears to be associated with the chargeability anomaly. The breccia is extremely altered and oxidized at surface and its original mineralogy is unrecognizable. The breccia extends over nearly 1 kilometer at surface, with a maximum width of ~350 meters, and is associated with elevated gold values of up to 0.7 g/t2 in highly weathered and oxidized samples collected by the Company. Breccia pipes often occur within porphyry copper systems and provide evidence of – and a potential vector towards –deeper feeder systems.

1 The historical drilling assay results reported are historical in nature and have not been verified by a Qualified Person; therefore, they should not be relied upon.

2 The reader is cautioned that rock chip samples are selective by nature and may not represent the true grade or style of mineralization across the Property.

All of these targets will be drilled from land on which Hercules Silver holds mining rights, including surface drilling rights, as well as a small 20-acre parcel of Bureau of Land Management (BLM) land for which the Company holds a drill permit. The system extends onto lands managed by the United States Forest Service (USFS), for which the Company is currently permitting, including the Grade Creek Zone. Further updates will be made available with respect to permitting progress on other select targets on the Property.

Phase I Drill Results

Assays from the Phase I drilling program remain pending, with some re-runs currently in progress. The Company expects final results soon and eagerly awaits the opportunity to highlight the grades of its maiden drilling program.

Top of the System

The rock chip samples collected from surface were analyzed using a Terraspec short-wave infrared spectrometer to determine alteration mineralogy, as a means of interpreting the relative depth of erosion at Hercules. The Terraspec revealed the presence of low-temperature alteration minerals at surface, which indicates a shallow level of erosion at Hercules. This provides the potential for the discovery of a deeper-seated feeder system at depth, which may be associated with higher temperature alteration minerals. In addition, the presence of copper skarns at surface and a large IP chargeability anomaly provides further indication of a potentially undiscovered porphyry copper feeder system at depth.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

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 in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

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.

Hercules Sample Results Delineate Large Mineral System, with up to 2,810 g/t Ag and 21% Cu in Untested Targets

  • Over 800 outcrop chip samples highlighting a widespread silver-lead-zinc-copper system. Grades up to 21% copper at the Big Cut Skarn and 2,810 g/t silver in the untested Grade Creek Zone1
  • Results confirm a multi-kilometer-scale system, delimited by a number of mineralized zones which may be contiguous under surface cover
  • Majority of samples collected from scattered bedrock exposures of Hercules Rhyolite are mineralized and strongly altered
  • The best historical drilling intercepts lie below low grade surface samples at Hercules Adit and Frogpond, suggesting leaching may be downgrading geochemical values at surface
  • The strongest and most consistent silver-lead-zinc grades on surface occur within the untested Grade Creek Zone, which also hosts the strongest historical chargeability and soil sampling values
  • Lack of bedrock exposure restricted sampling of several parts of the Hercules Rhyolite on surface, however recent IP geophysics indicates the potential for continuous sulfide mineralization at depth (See Dec 15, 2022 NR)
  • Rhyolite host for silver-lead-zinc mineralization remains open under post-mineral basalt cover to the south of the map area, with 7 additional samples pending from a historical adit uncovered by recent prospecting

1The reader is cautioned that rock chip samples are selective by nature and may not represent the true grade or style of mineralization across the Property.

Toronto, Ontario / January 24, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to announce widespread silver, lead, zinc and copper values from its 2022 rock chip sampling program on the Hercules Property located in western Idaho (“Hercules” or the “Property”). The Company collected over 800 rock chip samples to identify the source of previously announced soil anomalies on the Property. The new results outlined the presence of a large mineralized system, consisting of multiple outcropping zones of silver-lead-zinc, spanning approximately 3.5 kilometers of exposed Hercules Rhyolite, as well as two distinct copper targets, the Metheny and Big Cut, hosted within Triassic aged Seven Devils Group rocks.

Figure 1: Plan View Showing Silver Equivalent (g/t) Grades of Rock Chip Samples

A plan presenting the rock chip grades in silver equivalent (AgEq2, g/t), is shown in Figure 1. A silver equivalent calculation was used for compilation purposes only, to compare the combined metal value from samples taken across the Property. Investors are cautioned that the silver contribution varies significantly from sample to sample, particularly at the Metheny and Big Cut Zones, which are copper dominant targets. It should also be noted that estimated recoveries of individual metals were not applied in the AgEq calculation. Separate maps of silver, lead, zinc and copper are presented in Figures 2-5.

Sampling was restricted to limited exposures of outcropping bedrock and the majority of samples that were collected from the Hercules Rhyolite, where exposed, are well mineralized and show strong alteration. A series of zones mineralized with silver-lead-zinc are exposed along an approximate 3.5-kilometer strike length of rhyolite, and are open under Tertiary basalt cover to the south. An IP geophysical survey conducted in late summer of 2022 suggests that these zones may connect at depth.

2 Silver equivalent (AgEq) grades are calculated using metal prices of: silver US$24/oz., copper US$4.15/lb, lead US$1.00/lb and zinc US$1.50/lb. Silver equivalent grade is calculated as AgEq (g/t) = Ag (g/t) + (Cu (%) * 118.558) + (Pb (%) * 28.568) + (Zn (%) * 42.852).  Metal recoveries have not been applied in the silver equivalent calculation.

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “We’re excited by the consistency of mineralization and alteration we are seeing over such a large area at Hercules. These results demonstrate widespread geochemical anomalies, and further strengthen our targeting effort at Hercules. The strong IP chargeability values released last month indicate that these zones may connect to a larger body of sulfide mineralization at depth. We acquired the project in 2021 with a view that shallow historical drilling had only just scratched the surface at Hercules. The historical drilling had focused on Frogpond and Hercules Adit, which together represent less than 5% of the mineralized footprint, and it appears now that a large amount of blue sky exists outside of that.”

Potential for Increasing Grades Below Surface

The Hercules Adit and Frogpond Zones were the focus of historical drilling, where 189 of the 308 historical holes were drilled. The area was also the focus of a small-scale feasibility study completed in 1984. Despite the best historical drilling intercepts being returned from this area, they show the lowest grades on surface, out of all the zones sampled (Figure 1). This supports conclusions from previous operators, that significant leaching of metal values has occurred at surface, as much stronger grades were reported in historical holes drilled within these zones. The eastern side of the Frogpond has also been covered by a landslide, consisting of barren andesitic lapilli tuff transported from the east, as indicated by the hash marks on Figure 1. This indicates that excellent subsurface grades may be discovered in areas with relatively subdued surface geochemistry.


Grade Creek – Best Untested Target on the Property

The Grade Creek Zone remains the best untested target on the Property for silver-lead-zinc mineralization. The most consistent and highest surface grades, both in soil sampling as well as the new rock chip samples, occur along the north facing slope of Grade Creek, which has never been tested by drilling. Historical IP surveys, which covered the area from Hercules Adit to Grade Creek, also reveal a large and strong (>25ms) chargeability anomaly underlying the strong surface geochemistry. The steep north facing slope of Grade Creek does not have existing road access but can be tested with long drill holes, collared from a nearby road on Hercules Ridge. 2022 mapping indicates that the rhyolite dips subparallel to the slope, giving it a favourable open pit type target geometry. It therefore ranks as a high priority target and the Company is preparing a drill plan to permit and test the zone.


Metheny and Big Cut Copper Skarn Zones

Two high-grade copper-silver targets, the Big Cut and the Metheny, occur within the Triassic Seven Devils Group on the east side of the Property. Both targets represent skarn style mineralization, which occurs where limestone comes in contact with, or close proximity to, a nearby porphyry intrusion. The Big Cut is characterized as a garnet-epidote skarn, whereas the Metheny is a specularite (iron) skarn. The differing alteration is likely a function of zonation around a potential porphyry intrusion or multiple intrusive centers at depth.

Historical trenching at the Big Cut prospect, discussed in unpublished reports obtained by Hercules Silver3, 4, yielded grades of up to 1.78% copper across 90 feet (~27 meters) and 1.3% copper across 57 feet (~17 meters). Silver was only selectively assayed at the time. Other notable historical trench intercepts at the Big Cut prospect include:

3 Kelly, S. 1973. Progress Report to the Vancouver Stock Exchange on the Iron Cap, or Big Cut Holdings of Acaplomo Mining and Development Co. Ltd. in the Heath Mining District with concurrence by C.M. Armstrong, P.Eng.

4 Armstrong, C. 1976. Report on the Iron Cap Property, Heath Mining District.

Table 1 – Select Historical Trench Results – Big Cut

Length (ft.)Length (m)Cu (%)Ag (oz/t)
4012.21.58NR
18054.90.94NR
4012.20.91NR
6018.30.91NR
11535.10.93NR
72.12.680.98
6018.30.83NR
7021.30.63NR
NR = Not Reported

The assay results reported above are historical in nature and have not been verified by a Qualified Person; therefore, they should not be relied upon.

Photos 1 and 2 below show select high-grade samples taken from the Big Cut, displaying partially oxidized semi-massive chalcopyrite (copper) mineralization.

Photo 1: Sample from the Big Cut Skarn grading 21% copper, 93 g/t silver
Photo 2: Sample from the Big Cut Skarn grading 10% copper, 109 g/t silver

The Metheny copper skarn is associated with lenses of brecciated limestone within a larger quartz feldspar porphyry unit. High-grade copper with moderate to strong silver grades of up to 1,085 g/t occur with massive to semi-massive specular hematite, a different type of skarn alteration than is seen at the Big Cut. The surrounding quartz-feldspar porphyry is also altered and carries copper mineralization.  Photos 3 and 4 show examples of strong iron-copper-silver skarnification at the Metheny.

Photo 3: Sample from the Metheny Zone grading 9% copper, 1,085 g/t silver
Photo 4: Sample of Semi-Massive Specularite (45% iron) from the Metheny Zone grading 1% copper
Figure 2: Plan View Showing Silver (g/t) Grades of Rock Chip Samples
Figure 3: Plan View Showing Copper (%) Grades of Rock Chip Samples
Figure 4: Plan View Showing Lead (%) Grades of Rock Chip Samples
Figure 5: Plan View Showing Zinc (%) Grades of Rock Chip Samples

Sampling Methodology

Outcrop and subcrop samples were collected based on the presence of bedrock exposure throughout the Property. A polygon area of interest was laid out on a GIS map, representing the outline of anomalous soil samples on the Property. LiDAR data was also hillshaded and used to map outcrop locations for sampling. Sampling lines were established within the area of interest which acted as a guideline for sample traverses, along with the mapped outcrop locations. Any outcrops encountered within 50 meters of either side of the sampling lines were sampled. A series of contiguous chip samples were also collected from mineralized outcrops within the Belmont Zone. Following collection, the samples were shipped to MSA Labs in Langley, British Columbia for analysis.

Sample Analysis and QAQC

All 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, 671 of 807 rock 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. 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 taken early in the campaign (136) were analyzed by other ICP procedures, IMS-116, IMS-117 or IMS-131, entailing a less complete aqua regia digestion. Select samples are currently being analyzed by a 50g fire assay for gold.

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

For submitted sample batches, excluding 52 of 807 total outcrop samples, blind certified reference materials (CRMs) purchased from CDN Resource Laboratories of Langley, B.C., and duplicate samples were inserted by the Company at a frequency of one in every 50 samples, totaling 23 analyses. CRM results for copper, silver, lead and zinc were within acceptable limits with only one result >2SD from the certified value and none exceeding 3SD.  

Fifteen barren rock blanks were inserted blind in five of the sample batches.  These yielded two 10x lower detection limit failures for silver, four 10x failures for copper, and no failures for lead and zinc.  The Company is performing a follow-up on the failures, but given the low thresholds of the exceedances, the impact is not material to the identification of the strong geochemical anomalies on the Property.

Fourteen duplicate samples were collected from the outcrops to check sample precision for copper, silver, lead and zinc.  Considering the limited size of the data set and the presence of outlier grades in some of the samples, the mean comparisons appear reasonable, within ±15% for silver, copper and zinc.  Removing one outlier from the lead duplicate pairs, lead original and duplicate means are within 5%.  Scatterplots show reasonable clustering along a linear trend line with no evidence of sample mix-ups; correlation coefficients for originals and duplicates for each metal are 0.95 or higher.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

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 in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

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.

Hercules Silver Identifies Large Untested Chargeability Anomaly at Depth

  • New 3D IP survey over the Hercules Adit, Frogpond and Belmont Zones reveals a large-scale, high-strength chargeability anomaly below historical drilling
  • Strong chargeability values (>25ms) over a continuous strike length of 1.8 kilometers
  • Anomaly is coincident with the untested base of the Hercules Rhyolite where surface mapping indicates the strongest silver mineralization to occur (See Oct 18 NR)
  • Lower portion of anomaly lies down dip of the copper mineralization hosted within the underlying Seven Devils volcanics
  • Anomaly remains open up-dip to the southeast

Toronto, Ontario / December 15, 2022 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to report the presence of a large untested chargeability anomaly beneath the Hercules Adit, Frogpond and Belmont Zones on the Hercules Property in western Idaho (“Hercules” or the “Property”). The 3D inversion model presented in Figures 1-3 was generated from several million 3D data points collected over the course of a 4-week induced polarization (“IP”) survey conducted by Dias Geophysical.

Chargeability anomalies in excess of >25ms are typical of disseminated sulfide mineralization. At Hercules, the anomaly strikes for 1.8 kilometers coincident with the untested base of the Hercules Rhyolite, where surface mapping has demonstrated the strongest silver mineralization to occur (See Oct 18 NR). The IP anomaly also remains open up-dip, towards a large copper geochemical anomaly within the Seven Devils Group at surface. The anomaly may therefore represent a large body of sulfides associated with a transition zone from disseminated silver to copper mineralization, that lies below the historical drilling. A plan map showing the location of the IP survey lines, a depth slice of the chargeability at 300 meters depth below surface, and the Seven Devils copper anomaly is presented in Figure 1 below.

Figure 1: Plan View Showing Section Lines, Seven Devils Copper Anomaly and a 300-meter Depth Slice of the Chargeability Anomaly

The main chargeability anomaly begins at a depth of approximately 150 meters, with smaller near-surface features associated with shallow, partially oxidized mineralization within the Hercules Adit and Frogpond Zones. 3D sections illustrating the position of the IP anomaly relative to silver grades in the historical drilling are presented in Figures 2 and 3 below, with section lines shown on Figure 1.

A 3D video describing the new anomaly can be found below:

Figure 2: >25ms Chargeability and Silver Grade Bars – Looking Southwest

A limited number of historical drill holes within the Frogpond Zone reached depths of 150 meters and showed increasing sulfides and silver-lead-zinc grades in proximity to the large anomaly (Figure 3). Those holes terminated in Hercules Rhyolite, likely nearing the highly shattered and strongly mineralized basal portion of the Hercules Rhyolite that is associated with the high chargeability anomaly.

Figure 3: Increasing Silver Grade and Sulfide Content in Historical Drill Holes Approaching Chargeability Anomaly – Looking Northeast

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “We’re very excited to see such an unexpectedly large and strong anomaly beneath the limit of historical drilling. These results help validate our model of applying modern exploration to a historical silver camp and demonstrate the excellent exploration potential that remains at Hercules. We look forward to stepping out our drilling in 2023 to test this large and high-priority new target.”

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

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 in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

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.

Hercules Silver Completes 2022 Drilling

  • First drill program undertaken in 34+ years at the Hercules Property
  • 9 drill holes completed with a low-cost track-mounted RC drill rig
  • High-priority areas tested within the Frogpond and Hercules Adit Zones for potential inclusion in future resource estimates
  • Planning underway for an expanded Phase II drill program
  • Final 3D IP inversions expected soon

Toronto, Ontario / December 5, 2022 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to report that it has completed its first phase of capital-efficient drilling on the Hercules Property in western Idaho (“Hercules” or the “Property”) with a low-cost track-mounted RC drill rig (Photo 1). The Phase I drill program was designed to test and verify historical drilling assays as well as gain the geological and geotechnical information needed to support a Phase II drilling campaign in early spring of 2023. A total of 1,995 feet was completed in nine drill holes, with several holes bottoming in mineralization (Figures 1-6). Difficult ground conditions were encountered in highly shattered mineralized zones, leading to all holes ending short of their planned depths, with the exception of HER-22-03 and HER-22-04. The small track-mounted drill rig utilized was capital efficient for collecting quality samples in the near surface, but lacked the power and rod size needed for drilling deeper in difficult ground. The geological information gathered will help to determine the optimal drill rig size for Phase II, adequate for the challenging ground conditions encountered in mineralized zones.

Significant galena and tetrahedrite, the dominant silver bearing minerals, were observed in several drill holes, along with accessory pyrite. Intensity of galena/tetrahedrite is illustrated on cross-section figures 1-6 which demonstrate good consistency with historically modelled silver mineralization. Assay results from the 2022 drilling campaign are expected in early January and will contribute towards the verification of historical drilling data and potentially qualify the historical data for use in future resource estimates on the Property.

Photo 1: Low-Cost Track-Mounted RC Drill Rig at Hercules Adit Zone (HER-22-05)

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “We are pleased to have completed our first drill program at Hercules safely and efficiently. The shallow sulfide mineralization observed at the Hercules Adit and Frogpond Zones appears consistent with our internal modelling of historical silver grades. We look forward to receiving assay results, as they may allow us to confirm historical data and begin stepping out into undrilled portions of the Property in H1 2023.”

Figure 1: 2022 Drill Hole Plan Map
Table 1: 2022 Drill Hole Locations

2022 Exploration Results Pending

The Company is awaiting results from over 900 outcrop samples collected across the Property, which are currently undergoing geochemical and Terraspec analysis. The results will provide a map of silver, lead, zinc, and copper grades in bedrock, across large portions of the Property which have never been sampled. Terraspec indicates the proximity the various alteration minerals have to the core of the system, which in turn provides a vector towards higher-temperature and potentially higher-grade portions of the system.

Preliminary results from the 3D IP survey suggest strong chargeability anomalies below areas of known mineralization. Final 3D inversions are expected soon, which will be released with a description of the new targets generated.

Figure 2: Frogpond Cross Section Showing HER-22-01/02/09, Looking Southwest
Figure 3: Frogpond Cross Section Along Traces of HER-22-03/04, Looking Southeast
Figure 4: Hercules Adit Cross Section Showing HER-22-05/06, Looking Northwest
Figure 5: Hercules Adit Cross Section Along Trace Of HER-22-07, Looking Southeast
Figure 6: Hercules Adit Cross Section Along Trace Of HER-22-08, Looking Southwest

Engagement of Investor Relations Firm

The Company is also pleased to announce that it has retained the services of Peak Investor Marketing Corp. (“Peak”) a full-service marketing and consulting services firm based in Vancouver, B.C. that is focused on the junior mining sector. Peak is an independent arms-length entity and will assist the Company with marketing strategy and planning, corporate communications, and public relations, with the goal of increasing market awareness for the Company. Under the terms of the agreement entered into between the Company and Peak (the “Agreement”), the Company will compensate Peak C$12,000 per month for an initial renewable 6-month term and will grant Peak 300,000 options at an exercise price of $0.09 in accordance with the policies of the TSX Venture Exchange (the “TSXV”). The Agreement may be terminated after the initial 6 months term upon thirty days’ notice. Peak is not related to the Company and has no interest, directly or indirectly, in the Company or its securities. The Agreement is subject to TSXV acceptance.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the Hercules Silver Project, northwest of Cambridge, Idaho. The Company’s management team brings extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored precious metals properties worldwide. Members of the board of directors have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

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.

Hercules Silver Commences Drilling

  • Drill rig mobilized to Hercules Property
  • Verification, infill, and step-out holes planned at Frogpond and Hercules Adit Zones
  • Historical drilling will be verified / infilled for potential inclusion in future resource estimates
  • Step-out holes will test open zones with little to no prior drilling
  • Assays will test for a full 51 element suite, including copper, lead, and zinc
  • IP field work completed and 3D inversion modelling underway

Toronto, Ontario / November 3, 2022 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to report that it has mobilized a low-impact, track-mounted reverse circulation (“RC”) drill rig to the Hercules Property in western Idaho (“Hercules” or the “Property”) to begin testing areas within the Frogpond and Hercules Adit Zones. Midnight Sun Drilling of Whitehorse, Yukon, has been contracted to carry out the program, which will continue until winter conditions prevent efficient drilling rates. The drill plan consists mostly of verification holes within the Frogpond and Hercules Adit Zones, as well as step-outs along the edges of the mineralized zones. The 2022 campaign will collect information on the nature of mineralization and ground conditions, in anticipation of a more advanced program anticipated to re-start in early spring. Results of the 2022 bedrock geochemical sampling, Terraspec alteration mapping, and 3D IP survey are pending and will allow for further insight into planning and target selection for the 2023 Phase II drill program.

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “We are excited to be carrying out the first drill program at Hercules since the 1980s, when economic studies were underway following the completion of over 300 historical drill holes on the Property. At that time, depressed precious metals prices forced the previous operators to put small-scale open pit development plans on hold. More than 30 years later, we are re-envisioning the project at a much larger scale. We have been very busy over the past year, having completed a multi-month historical data compilation as well as six unique field programs, all of which have confirmed the presence of a significant silver system at Hercules. The Company is well positioned going forward, having completed a significant surface exploration campaign, and is fully-financed to drill test over 3.5 kilometers of prospective silver mineralization and a new copper porphyry target. Our 2022 drill program marks the beginning of an exciting period for Hercules Silver, and the rebirth of a largely forgotten silver district of Western Idaho.”

2022 Exploration Summary

Over the past year, Hercules Silver has achieved the following exploration milestones, advancing the Property to drill-ready status:

  • Historical data compilation and 3D modelling of over 300 legacy drill holes from the 1960s-1980s
  • Collection of 2,544 soil samples over 4,600 acres, which identified a 3.5-kilometer silver-lead-zinc anomaly and a 2.6-kilometer copper anomaly
  • Collection of 886 bedrock samples, 89 channel samples, and 81 mine dump samples for which assays are pending
  • Property-wide detailed geological mapping, which identified silver mineralization localized along the base of the Hercules Rhyolite that remains largely untested by shallow historical drilling
  • 3-kilometer-long 3D IP survey from the Hercules Adit to the Belmont Zone by Dias Geophysical of Saskatoon, SK for which results are pending

2022 Drill Program

The Company has planned a series of shallow drill holes at the Hercules Adit and Frogpond zones, as outlined in Figures 1-4 below.

Figure 1: 2022 Planned Drill Hole Locations
Figure 2: Frogpond Long Section – Looking North
Figure 3: Frogpond Long Section – Looking South
Figure 4: Hercules Adit Long Section – Looking Southeast

The holes are designed to confirm historically reported values and evaluate the expansion potential of the zones. Samples will be analyzed for 51-elements including lead, zinc and copper, which were only selectively assayed for in the past. The Company is utilizing a low-impact track-mounted RC drill rig which creates minimal disturbance and allows for a logistically simple operation during late season weather conditions. In addition to geochemical data, the program will collect information on the subsurface geology, mineralization, and ground conditions, which can often present drilling challenges in highly-shattered and mineralized rocks. This will help to determine the optimal drill tooling to be employed in the Phase II program, when the Company aims to utilize a larger rig capable of drilling to greater depths.

The 2022 Phase I program will proceed until winter conditions reduce drilling rates to inefficient levels, and therefore does not have a set meterage target. The planned holes outlined in Figures 1-4 will be drilled in priority order and may not all be completed prior to winter shutdown. News releases detailing the progress of the Phase I drill program, including plan maps and cross-sections of completed holes, will be provided over the coming weeks.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the Hercules Silver Project, northwest of Cambridge, Idaho. The Company’s management team brings extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored precious metals properties worldwide. Members of the board of directors have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

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.

Hercules Silver Announces Management Appointment

Toronto, Ontario / November 2, 2022 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSXV: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to announce that Mr. Keith Li has been appointed as the Company’s Chief Financial Officer, effective immediately.

Keith Li is an experienced Chartered Professional Accountant (CPA, CA) with over 15 years of corporate accounting, finance and financial reporting experience. He specializes in providing management advisory services, accounting and regulatory compliance services to both public and private companies in a number of industries including mining, cannabis, health and wellness, and merchant banking. Mr. Li began his career in the public accounting sector as an auditor and had also held a senior-level position at Sears Canada and multiple reporting issuers. He also holds a Bachelor of Commerce degree from McGill University.

Concurrent with Mr. Li’s appointment, Mr. Darren Collins has resigned from his role as CFO of Hercules Silver. Mr. Collins will remain as a director of the Company.

Mr. Chris Paul, Chief Executive Officer and Director of the Company, comments: “On behalf of the management team and board of the Company, I welcome Keith to our team. Keith is a highly experienced accountant that will undoubtedly enhance our financial reporting and disclosure activities. I would also like to thank Darren for his contributions to the Company as CFO. Darren was responsible for executing multiple transactions that have positioned our Company with the assets, capital and team required to create value for our shareholders. I am certain he will continue to be an asset to the Company as a Director of the Board.”

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the Hercules Silver Project, northwest of Cambridge, Idaho. The Company’s management team brings extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored precious metals properties worldwide. Members of the board of directors have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

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.

Hercules Silver Completes Extensive Mapping and Sampling Program on Hercules; Announces Commencement of 3D IP

  • Bedrock geology, structure and stratigraphy mapped in detail
  • New mapping improves understanding of the controls on silver mineralization
  • Large subsurface target defined along base of rhyolite
  • Assays pending for 793 outcrop samples, 83 chip samples and 69 mine dump samples from across the Property
  • 666 hand samples currently undergoing ASD Terraspec analysis to map hydrothermal alteration across the Property
  • Large 3D IP survey currently underway to refine drill targets
  • Drone magnetic geophysical survey upcoming

Toronto, Ontario / October 18, 2022 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to report that it has commenced a 3D IP survey and completed an extensive bedrock mapping and sampling program on its 100%-owned Hercules Silver Project in Idaho (“Hercules”, or the “Property”). The new mapping, completed by Specialised Geological Mapping Limited of the United Kingdom, has considerably improved the Company’s understanding of the nature and controls of silver mineralization on the Property. The new work has a significant bearing on drill planning, which is now underway with the goal of growing the historical drill-defined mineralization.

Mapping has shown that the historically-termed “Hercules Rhyolite” is in fact a volcanic tuff of rhyolitic composition. Tuff is a type of rock composed of volcanic ash and fragments ejected from a vent during a volcanic eruption. The lower portion of a tuff unit is typically densely welded from the heat and compaction of overlying material. This densely welded material is easily fractured and can often result in the rock having strong permeability characteristics. This appears to be the case on the Hercules Property where the strongest alteration and silver-lead-zinc mineralization occur within the highly shattered base of the rhyolitic tuff, close to where it is in contact with underlying intermediate volcanics and conglomerates.

The shallow-dipping base of the rhyolitic tuff represents a large subsurface target which is largely untested by the shallow historical drilling. The majority of historical holes drilled outside of the main zones appear to have been terminated early, prior to reaching the shattered basal portion of the rhyolitic tuff. Only the holes drilled adjacent to outcropping mineralization at the Hercules Adit and Frogpond Zones have conclusively tested the basal portion in one or more drill holes.

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “Improving our understanding of the deposit model at Hercules is an important step towards extending the historical mineralization. Mapping the controls on mineralization allows us to better plan and execute on future drill programs at Hercules. We anticipate that the results of our bedrock sampling program will also generate additional priority targets, including within the large and untested copper anomaly on the east side of the Property. The company will be able to adapt its future work programs in accordance with this new geophysical, geological, and geochemical data once results are received by Q1 2023.”

Bedrock Sampling

Nearly all outcrops within the silver-lead zinc and copper soil anomalies have been sampled over the past month. A total of 793 new outcrop samples, along with 83 chip samples and 69 mine dump samples were collected. A separate hand sample was saved from each outcrop for analysis with an ASD Terraspec mineral spectrometer, to identify alteration assemblages present across the Property. Hand samples were cut prior to analysis and are being logged in detail under a microscope.

The results of the Terraspec work will provide a map of the hydrothermal alteration across the Property and indicate the approximate temperatures and/or depths at which the alteration mineral assemblages formed. For instance, zones with lower temperature minerals that are exposed at surface may warrant deeper drilling into higher temperature and potentially higher-grade portions of the system at depth.

Figure 1: Rock Sample Locations

3D IP Survey Underway

The Company has engaged Dias Geophysical of Saskatoon, SK, to conduct a 3D IP survey spanning from Grade Creek in the north to the Belmont Zone in the south, with higher resolution and tighter spacing over drill-defined mineralization at Hercules Adit and Frogpond. The survey plan covers over 3.5 kilometers of strike length. Historical IP surveys only partially covered the Hercules Adit and Frogpond zones but demonstrated good correlation between chargeability and mineralization. A strong chargeability anomaly lies adjacent to the Frogpond Zone at depth, where shallow historical drilling failed to reach the mineralized basal contact. This target presents a good opportunity to potentially extend the Frogpond mineralization to the north, along the base of the rhyolite.

The current survey utilizes a modern 3D array with a large transmitting generator that is capable of surveying to 600-meters depth, significantly deeper than the historical survey. The 2022 survey will help refine drill targets on the Property, including extensions of the known mineralization at Hercules Adit and Frogpond.

Drone Magnetic Survey Planning

The Company is currently planning and designing a Property-wide drone magnetic survey, to help map the location of the host rhyolitic tuff in areas of the property with minimal outcrop, and to identify the fault structures which may have introduced mineralization.

2022 Drill Program Planning

The Company is currently in the final planning stages for a 2022 drill program on the Hercules and looks forward to updating the market with further details over the coming weeks. The planned 2022 program will be the first time the project has been drilled since 1988.

Sampling Methodology

Outcrop samples were collected at irregular spacings based on the presence of outcropping bedrock. A polygon was laid out prior to commencing the field program, within which the samples were collected. The polygon represents the outline of anomalous soil regions on the Property. Sampling lines were established within the polygon area, to act as a guideline for daily traverses. LiDAR data was hillshaded and used to map outcrop locations for sampling. Any outcrops encountered within 50 meters on either side of the lines were sampled. Following collection, the samples were shipped to MSA Labs in Langley, British Columbia for analysis.

Contiguous 2-meter chip samples were collected from mineralized outcrops within the Belmont Zone. Samples were collected by chipping material as evenly as possible with a rock hammer and chisel across consecutive 2-meter intervals.

Mine dump samples were collected by selectively sampling mineralized rock float from waste dump piles located adjacent to small historical adits and test pits across the property.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the Hercules Silver Project, northwest of Cambridge, Idaho. The Company’s management team brings extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored precious metals properties worldwide. Members of the board of directors have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

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.

Hercules Silver Corp Announces Board Change 

Toronto, Ontario / October 17, 2022 – Hercules Silver Corp. (formerly Bald Eagle Gold Corp.) (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) announces that Luis da Silva has elected to step down from his role as a director andChairman of the Company’s board of directors, as part of the Company’s ongoing drive to retain cash. The Company and Luis da Silva have agreed to consider reengaging in the future as market conditions evolve and the Hercules project continues to grow.

Management Commentary

“I have enjoyed getting to know the team at Hercules and believe they have re-discovered a very promising project deserved of every dollar currently in treasury,” said Luis da Silva. “I shall be watching keenly as a shareholder as the exploration results and future drill campaign develop.”

“I would like to thank Luis for his significant contributions to the Company,” said Chris Paul, CEO and a director of the Company. “As a valued shareholder, we will continue to keep an open dialog about future opportunities at Hercules,as we move forward with finalizing the Company’s plans for its maiden drill program at Hercules this year.”

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the Hercules Silver Project, northwest of Cambridge, Idaho. The Company’s management team brings extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored precious metals properties worldwide. The board of directors have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

For further information please contact:

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

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.

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

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

Hercules Silver Further Defines New Porphyry-Style Copper Anomaly at the Leviathan Zone

  • Infill soil sampling provides higher resolution to new copper-gold anomaly
  • New anomaly spans 2.7 kilometers east-west and 1.7 kilometers north-south
  • 43 select rock grab samples collected, with 15 returning over 1% copper, up to a maximum of 8.2% copper, suggesting a potentially high-temperature core area of the silver system
  • Mapping has outlined a large zone of clay alteration partially overlapping the copper anomaly
  • Intrusive rocks mapped on the west side of the copper anomaly may represent a possible source of mineralization
  • A circular zinc halo suggests a zonation of metals around a central heat source
  • Large bedrock sampling program underway on untested outcrops across the Property

Toronto, Ontario / August 31, 2022 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to report results of further infill and expansion sampling at its new Leviathan Zone copper-gold soil anomaly, immediately adjacent to the 5.5-kilometer disseminated silver-lead-zinc system on its 100%-owned Hercules Silver Project in Idaho (“Hercules”, or the “Property”). The copper-gold anomaly may represent a possible porphyry copper system, with lenses of skarn that are similar to mineralization at the past-producing Railroad Mine located adjacent to the east of Hercules. Select rock grab samples from within the anomaly have graded from nil to 246 g/t silver with 8.2% copper. The strong silver grades may be derived from skarn lenses within the volcanics or alternatively, may be related to the nearby Copper Cliff Mine, a copper-silver system historically mined by Noranda from the same volcanic formation located to the north of the Property in the nearby town of Cuprum, ID[2]. The presence of intrusive rocks at surface, strong alteration and widespread copper oxide staining provides encouragement for a significant hydrothermal system. An extensive bedrock sampling program is now underway, collecting 2-meter chip samples from outcrops within various soil anomalies on the Property.

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “The new soils data provides greater resolution to the Leviathan Zone, and represents an important step forward in exploring this newly discovered zone. We have noted many characteristics of a significant copper system, including the presence of intrusive rocks at surface, widespread alteration and copper oxide staining of outcrops. Historical age dating – completed as part of a Ph.D. dissertation by our advisor Dr. Tom Henricksen – provided an age estimate of 200 million years for nearby intrusives, coinciding with the important Triassic-Jurassic boundary, the mean age of formation for nearly all significant porphyry copper systems north of the Property in British Columbia. We’re now further advancing the target through systematic sampling of mineralized outcrops, as we look to finalize our drill plan for this exciting new target.”

Figure 1 illustrates a conceptual porphyry copper system, with replacement-style silver-lead-zinc hosted in the adjacent stratigraphy (Sillitoe, 2010)[3].

Figure 1: Schematic cross-section through a porphyry copper system showing associated deposit types and relative position of Hercules mineralization (modified from Sillitoe, 20102)
Figure 2 – Outcropping Copper Mineralization at the Leviathan Zone
Figure 3: Historical, 2021 and 2022 Copper-in-Soil
Figure 4: 2021-2022 Gold-in-Soil
Figure 5: 2021-2022 Zinc-in-Soil

Geological Setting

The host rocks within the copper anomaly are mapped as Huntington Formation, consisting of Triassic andesitic volcanics interbedded with limestones. Plugs and dykes of quartz porphyry intrude the sequence, which may be the near-surface expression of a deeper intrusive complex. The neighbouring IXL property, immediately southeast of the Property2 and held by EMX Royalty Corp., is underlain by a large intrusive complex with associated porphyry-style copper-gold-molybdenum mineralization.

Several historical showings, including the White Monument, Cliff, Little Gem, Metheny, Yellow Bride, Long Cut and Big Cut prospects, occur mostly to the southeast of the new copper anomaly. Historical trenching at the Property’s Big Cut prospect reportedly uncovered en-echelon mineralized structures containing chalcopyrite as disseminations, and less commonly as semi-massive lenses. The copper mineralization is associated with rhyolite sills and dykes, suggesting a possible relationship as feeder dykes to the overlying Hercules Rhyolite. Historical sampling at the Big Cut prospect, discussed in unpublished reports obtained by Hercules Silver, yielded grades of up to 1.78% copper across 90 feet (~27 meters) and 1.3% copper across 57 feet (~17 meters). Silver was only selectively assayed at the time. Other notable historical trench intercepts at the Big Cut prospect noted in the reports include:

Table 1 – Select Historical Trench Results – Big Cut and Surrounding Prospects

ZoneLength (ft.)Length (m)Cu (%)Ag (oz/t)
Big Cut4012.21.58NR
Big Cut18054.90.94NR
Big Cut4012.20.91NR
Big Cut6018.30.91NR
Cut Above11535.10.93NR
Cut Above72.12.680.98
Cut Below6018.30.83NR
Long Cut7021.30.63NR
NR = Not Reported

The assay results reported above are historical in nature and have not been verified by a Qualified Person; therefore, they should not be relied upon.

Portions of the soil grid contain widely scattered test pits, shallow shafts, and adits from the late 1800s and early 1900s. As a result, some soil values may be upgraded or downgraded in these areas, the extent of which is difficult to quantify at this time. The largest and most continuous portion of the copper soil anomaly, however, occurs in the center of the Property – an area with almost no known historical disturbance.

Sampling Methodology

Samples were collected at 50-meter grid spacings with the use of dutch soil augers, making an effort to consistently sample the same B horizon material at each sample site. The B horizon typically occurs at a depth of approximately 10-30 centimeters on the Property and comprises silt-size material with elevated levels of clay and iron and manganese oxyhydroxides. The B horizon soil is known to preferentially adsorb trace metals such as silver, lead and zinc and is often the preferred sample medium in mineral exploration surveys. Following collection, the samples were bagged, dried and shipped to MSA Labs in Langley, British Columbia for analysis.

Sample Analysis and QAQC

All soil samples were prepped and analyzed at MSA Labs in Langley, British Columbia, an ISO 17025 and ISO 9001 certified laboratory. Samples were dried and sieved to -180 micron (80 mesh). Following preparation, soil assays were determined by IMS-117 method. A 20g aliquot of the prepared pulp was cold-digested with HNO3, then HCl is added, and the sample was heated at 130˚C for 40 minutes. Digestion was carried out in disposable plastic bottles to eliminate cross-contamination from digestion vessels and heated via graphite block for even heating. The resulting solution was analyzed via ICP-MS and ICP-ES for 39 elements and was corrected for inter-element spectral interferences.

Blind certified reference materials (CRMs) purchased from an independent commercial laboratory and duplicate samples were inserted by the Company at a frequency of 1 in every 25 samples. Duplicate samples were prepared in the field by homogenizing soil collected at a specific sample site and placing it in two soil sample bags in sequence. CRM results for copper, silver and zinc were all within acceptable limits with no failures.  Several low failures on gold for two CRMs and a general low-bias versus the certified mean on all three of the CRMs submitted to the laboratory were noted and merit additional investigation. MSA Labs also employs internal quality control standards, duplicates and blank samples at set frequencies. MSA Labs gold results against one of its internal commercial certified reference materials tested low with one -3SD failure, whereas its second CRM tested with acceptable results. Lab blanks showed no indications of contamination. 

Duplicate sample precision results for copper, silver and zinc were excellent.  Gold results showed more variation as expected due to the relatively low values.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading. Some of the technical information presented in this news release was collected prior to the enactment of NI 43-101 standards and includes paper records maintained by various companies that conducted exploration work on the Property.  Details of the geochemical sampling methods, security, assaying, and quality control methods used in the generation of this historical technical data are unknown to Hercules Silver Corp.; however, in Mr. Cameron’s opinion, the historical geochemical soil sampling results are verified by the Hercules Silver Corp. sampling program for the purposes of NI 43-101.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the Hercules Silver Project, northwest of Cambridge, Idaho. The Company’s management team brings extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored precious metals properties worldwide. Members of the board of directors have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

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.

[1] The reader is cautioned that rock grab samples and their respective photographs are selective by nature and may not represent the true grade or style of mineralization across the Property

[2] This news release contains information about adjacent properties on which Hercules Silver 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.

[3] Sillitoe, R. H. (2010). Porphyry Copper Systems. Economic Geology, 105, 3–41.