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Friday, January 27, 2023

Hercules Silver Corp. (TSXV: BIG) (OTCQB: BADEF) On the Move as Silver Miner Completes Phase 1 of Capital-Efficient Drilling on the Hercules Property

Hercules Silver Corp. (TSXV: BIG) (OTCQB: BADEF) has been on the move northbound since reversing off 52-week lows after the Company announced it has completed its first phase of capital-efficient drilling on the Hercules Property in western Idaho with a low-cost track-mounted RC drill rig.  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.  

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. 

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Hercules Silver Corp. (TSXV: BIG) (OTCQB: BADEF) (FWB: 6W0) 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 asset. 

Hercules flagship the Hercules project is a highly prospective silver asset with over 28,000 meters of drilling in over 300 historical drill holes, across 3.5 kilometers of strike. Shallow mineralization open in all directions, with the best surface targets still to be tested. The Hercules property encompasses 4,246 acres located in Washington County, Idaho, just 2.5 hours northwest of Boise International Airport by highway. Idaho is ranked one of the top jurisdictions in the world for mining regulations, taxation regime and permitting policy. 

Modern systematic exploration by the Company has located a porphyry copper target in the adjacent andesitic volcanic rocks underlying the Hercules Rhyolite to the east. Shallow level porphyry style alteration has been mapped within a new copper-in-soil anomaly extending over 2 kilometers from the historically defined silver mineralization. 

The disseminated silver-lead-zinc mineralization has been de-risked by over 28,000 meters of drilling across 3.5 kilometers of strike. Historical operators were focused on developing a shallow high-grade open pit resource with short vertical drill holes, preventing a full understanding of structural controls.  The Company has aggressive plans to drill over 5.5 kilometers of strike, verify the historical drilling and its suitability towards a maiden resource estimate, as well as test the new 2 kilometer long copper porphyry target discovered in 2021/2022. 

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On December 5 Hercules announced it has completed its first phase of capital-efficient drilling on the Hercules Property in western Idaho with a low-cost track-mounted RC drill rig. 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. 

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. 

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.” 

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Currently trading at a $14 million market valuation Hercules Silver OS is 149,183,729 with a float of 47,398,882. The stock is on the move after the Company announced it has completed its first phase of capital-efficient drilling on the Hercules Property in western Idaho with a low-cost track-mounted RC drill rig.  A total of 1,995 feet was completed in nine drill holes, with several holes bottoming in mineralization. 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. 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. We will be updating on Hercules when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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Disclosure: we hold no position in Hercules either long or short and we have not been compensated for this article.

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