Toronto, Ontario--(Newsfile Corp. - September 10, 2024) - Hercules Metals Corp.(TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) ("Hercules Metals" or the "Company") is pleased to announce that it has selected Legacy Drilling, LLC, of Reno, Nevada ("Legacy") to carry out reverse circulation ("RC") drilling at the Hercules Property in western Idaho ("Hercules" or the "Property") to increase productivity heading into the fall.
Highlights
Legacy is providing a Schramm T-685WS drill rig capable of reverse circulation drilling up to ~1,000m.
Legacy was carefully selected from a number of quality contractors, as being best suited for the needs of the Hercules drilling program.
The RC rig offers the flexibility to either pre-collar through the challenging Jurassic cover for the core drills, or complete entire deep holes independently.
Scheduled to mobilize and commence RC drilling later this month.
Depending on the success of the Schramm, the Company can elect to add an Ingersoll Rand Super 10 (RD10+), capable of RC drilling up to ~1,300m.
Legacy is set to begin RC drilling a step-out from HER-24-06, which intersected relict potassic alteration characterized by biotite-rich volcanics with primary chalcopyrite +/- bornite mineralization. Previous drilling at HER-24-06 was halted early due to challenging ground conditions and has not been revisited since.
Chris Paul, CEO and Director of the Company, commented, "As we await assay results, we are excited to launch a new drilling strategy aimed at drilling through the challenging Jurassic cover more quickly and efficiently. Legacy's RC rig also offers the flexibility to drill entire holes up to ~1,000m, rather than being limited to pre-collars only. We have been waiting to return to the HER-24-06 area, ever since the hole was first drilled. Despite returning promising potassic alteration and primary mineralization, we could not justify another 4-week wait time to core through the challenging cover sequence in that area again. With the RC rig mobilizing shortly, we are excited to finally be able to follow up on our most encouraging area to date."
HER-24-06
HER-24-06 crossed the Triassic-Jurassic unconformity at approximately 450m hole length. It encountered typical enrichment blanket style mineralization below the unconformity, which tapered off to pyrite rich mineralization associated with a late porphyry dyke. However, a reversal occurred, with the chalcopyrite:pyrite ratio increasing with depth, as well as the first documented occurrence of primary hypogene bornite. The chalcopyrite +/- bornite is associated with biotite altered volcanics, with minimal overprinting by late hydrolytic fluids. The ground was challenging to drill, as the drill hole followed a badly damaged fault zone and associated late porphyry dyke, having to be terminated at 638m. Legacy will be RC drilling a series of step-out holes around 24-06, targeting the potassic altered volcanics while trying to avoid the fault zone and associated late porphyry dyke.
3D Alteration Zonation
The Company has collected a large volume of spectral data from each deep hole, and a pattern is emerging of higher temperature alteration toward drill hole HER-24-06 (Figures 1- 4). Low temperature advanced argillic alteration occurs in the northwesternmost holes, which gives way to a deeper white mica and intermediate argillic alteration (collectively the "Hydrolytic Overprint") to the south. The intensity of hydrolytic overprint decreases toward drill hole HER-24-06, which has relict biotite preserved and suggests a hotter and deeper part of the system.
It remains unclear whether the highest grades of the system will occur in the potassic core, or if a separate early grey sericite alteration identified in the shallow parts of the system may have provided stronger mineralization. Additional drilling is necessary to determine this.
The figures below show various spectral processing methods the Company is utilizing to indicate higher temperature alteration phases in warm colours and lower temperature, later alteration phases in cooler colours.
Figure 1: Spectral processing method 1. View looking east. Southeast dipping quartz porphyry stock modelled in pink. Cool colours indicate late, low temperature alteration. Warm colours indicate preservation of early high temperature alteration. Jurassic section of holes grayed out.
Figure 4: Spectral processing method 3. Oblique plan view looking north. Blue indicates distal alteration, yellow indicates white mica alteration and red to purple indicate relict potassic alteration. Jurassic section of holes grayed out.
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) (FWB: 8Q7) 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; expected drill results from the Legacy RC drilling; 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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