Toronto, Ontario--(Newsfile Corp. - November 4, 2024) - Hercules Metals Corp.(TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) ("Hercules Metals" or the "Company") is pleased to provide an update on recent drilling as further assay results remain pending at the Leviathan porphyry copper system in western Idaho ("Hercules" or the "Property"). RC drilling has advanced rapidly with three holes completed and a fourth in progress, including HER-24-17 being completed to 975m. Three new holes stepped to the southeast, HER-24-19 through -21, all intersected early biotite alteration with mineralization beginning progressively closer to surface, starting as early as 72m true depth in hole 24-20. The depth to mineralization continues to shallow toward a large untested copper anomaly at surface to the east.
Highlights
Mineralization begins at 72m depth in HER-24-20 and remains open toward a large surface anomaly.
Mineralized early biotite alteration intersected in 3 new holes to the southeast - and potentially plunging under HER-23-14, previously thought to be the edge of the system.
A separate zone of early biotite was also encountered at depth in holes HER-24-08 and HER-24-12, which may be related to a separate intrusive center to the north.
New magmatic-hydrothermal breccia pipe discovered by HER-24-20 represents a new target type, with vertically extensive potential.
Mineralized envelope continues to expand - remains open in multiple directions.
RC drilling continues to provide additional value, testing new targets rapidly, both pre-collar and otherwise.
Figure 1: Drill Plan with grade bars for copper (orange) and molybdenum (blue) for holes with assays received. Approximate surface projection of enrichment blanket shown in orange. Outline of early biotite alteration in purple.
Drill holes HER-24-19 through -21 begin in shallow phyllic alteration associated with the enrichment blanket and transition with depth into varying degrees of biotite alteration consistent with an outer potassic shell. These new holes have significantly expanded the zone of early biotite alteration which shows increasing strength toward the south.
Of note is a separate zone of early biotite encountered at depth in holes HER-24-08 and HER-24-12 which have the potential to be related to a yet undiscovered intrusive center to the north.
HER-24-05 encountered a plug of late porphyry associated with a chargeability low, however high chargeability continues further south of Camp Creek and remains to be tested. Core drilling failed to reach the unconformity at this southern target but depending on weather conditions, Legacy Drilling may be able to test for further extensions of the system in this direction.
Legacy was able to complete HER-24-17 to the maximum working depth capacity of the RC rig at 975 m in very challenging ground conditions. The alteration encountered will be interpreted once geochemical and spectral results have been received and processed on the fine chips.
HER-24-19 and -21 both intersected enrichment blanket followed by intermediate sulfidation pyrite-chalcopyrite which remains open down plunge to the southeast. HER-23-14 was drilled at a shallow angle to the southeast in 2023, which is now interpreted to be subparallel with the plunge of the system. This may explain why the hole remained in the same distal alteration it started in, throughout its length. Future drilling will test underneath 23-14 by drilling northwest, against the plunge of the system.
Prior to entering the enrichment blanket, HER-24-20 intersected a compelling new magmatic hydrothermal breccia from 76m to 157m downhole, representing the first of its kind to be intercepted at Hercules. The breccia consists of strongly veined clasts of porphyry and wall rock within a fine chloritic matrix that becomes progressively more intrusive in nature near its footwall contact. Intermediate sulfidation pyrite-chalcopyrite mineralization occurs in the latter half of the intercept, within the matrix as well as clasts, and appears to increase in intensity downwards. The hole currently remains in progress in early biotite alteration.
Figure 2: Examples of hydrothermal magmatic breccia intersected from 76m to 157m in HER-24-20. Bottom photo - chlorite altered hydrothermal matrix. Top photo - oxidized/hematitic matrix. Clasts exhibit strong quartz vein stockworks.
The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton BS, CPG, Hercules' Vice President, Exploration. Mr. Longton is a "Qualified Person" for Hercules Metals within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Hercules Metals Corp.
Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) is an exploration Company focused on developing Idaho's newest copper and silver district.
The 100% owned Hercules Project located northwest of Cambridge, hosts the newly discovered Leviathan porphyry copper system, one of the most important discoveries in the region to date. The Company is well positioned for growth through continued drilling, supported by extensive historical and current exploration and a strategic investment by Barrick Gold.
With the potential for significant scale, the Company's management and board of directors aims to build on its proven track record which includes the discovery and development of numerous precious metals projects worldwide.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking information contained in this press release may include, without limitation, the expected execution of future exploration programs on the Property; assay results of future drill holes; results of operations, and the expected financial performance of the Company.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR+ website at www.sedarplus.ca.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES METALS 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 METALS MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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