- 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, Nov. 3, 2022
/CNW/ - Hercules Silver Corp. ("Hercules Silver"
or the "Company") (TSXV: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.
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.
The full news release with images, can be found on the Company's
website by following the link below:
https://herculessilver.com/news/
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.
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.
SOURCE Hercules Silver Corp.