Hercules Metals (TSXV:BIG) has provided an updated look at the progress and discoveries made in their ongoing drilling operations at the Leviathan porphyry copper system in western Idaho. The company has reported advances in its Reverse Circulation (RC) drilling campaign, with promising signs of shallow porphyry mineralization and new zones of interest.

Drill holes HER-24-19 through -21 are noteworthy as they highlight early biotite alteration, with mineralization occurring at increasingly shallow depths—beginning as early as 72 meters in hole HER-24-20. These findings mark a clear trend: mineralization becoming more accessible as exploration moves toward a large, untested copper anomaly at the surface to the east.

Geologically, the holes start in shallow phyllic alteration and then transition deeper into biotite alteration, part of what seems to be the outer potassic shell of the system. The extension of this biotite alteration zone southward is a critical expansion, providing new directions for future exploration.

The company has also discovered a magmatic-hydrothermal breccia intercepted in HER-24-20, the first of its kind found at the property. This breccia, spanning 76 to 157 meters downhole, showcases intense mineralization, including pyrite-chalcopyrite occurrences that grow stronger downward. This find adds a new layer of geological complexity and resource potential to the Hercules project.

While the team continues to test the mineralization at deeper levels and interpret these early findings, the extensive exploration effort holds promise. The alteration data and mineralization trends hint at the broader potential of the system, suggesting that there may be even more to uncover.

Highlights from the results are as follows:

• 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.

 

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Hercules Metals (TSXV:BIG) has provided an exploration update, detailing ongoing drilling activities and geological developments at its Hercules Project in Idaho. The company continues to encounter porphyry alteration and mineralization over large areas, focusing on key structures influencing porphyry emplacement and hypogene enrichment.

Chris Paul, CEO and Director of the Company, commented in a press release: “Having drilled over 1 kilometer of strike along the Leviathan Porphyry this year has given us a much better understanding of certain key structural controls, which better guides our targeting of hypogene enrichment. Blind drilling has its logistical challenges, but new information is gained from each hole, which allows us to increase efficiency moving forward. Drilling is now vectoring toward the potential feeder structures for the hypogene enrichment event, which added copper and silver to the shallowest part of the system, beneath the unconformity.”

The BN Fault, one of the critical structures under investigation, has posed challenges due to its reactivation in the Jurassic period, complicating drilling efforts. A preliminary model of the BN Fault has been developed to guide drilling away from its vicinity. As a result, drilling has shifted to a separate NE-SW structure, which shows minimal post-mineral damage and appears to control mineralization effectively.

A third drill rig is currently testing reconnaissance targets with favorable geophysical signatures that have not been previously drilled. Many targets remain to be tested within what seems to be an extensive and long-lived hydrothermal system.

A major regional structure, known as Tom’s Fault, trends NW-SE across the property and may play a significant role in porphyry emplacement. The intersection of these regional NW-SE structures with NE-SW structures will likely influence future exploration targeting.

In 2024, drill holes HER-24-08, -11, and -12 have been positioned to the northeast along the inferred structural control. However, drill holes HER-24-09 and -09b, which tested this concept to the southwest, were terminated due to challenging conditions linked to the BN Fault. Similarly, HER-24-06 had to be stopped at 640 meters due to the same fault, despite being in mineralization. Plans are in place to re-test this chargeability anomaly to depth with the arrival of a deep RC rig.

HER-24-10 is currently drilling a new chargeability anomaly west of the main Leviathan target and has reached 350 meters, encountering a different Jurassic cover sequence compared to other holes.

On the corporate front, Hercules Metals granted 500,000 incentive stock options to a contractor, effective July 30, 2024. These options, vesting in stages over twelve months, are exercisable for five years at $0.62 per common share, under the company’s omnibus incentive plan approved by shareholders.

Highlights from the results are as follows:

• A total of 4,600m have been drilled in 6 completed, 3 abandoned and 3 in progress drill holes ranging up to 722m in depth (Figure 1).
• A potential trend of elevated hypogene copper-silver enrichment appears to be emerging, currently being tested in two directions:
  • Two drill rigs stepping to the northeast and southwest from the 2023 discovery area to test the potential trend of elevated copper-silver, immediately below the Triassic-Jurassic unconformity.
  • A third drill rig is reconnaissance drilling compelling new targets across the property.
• A large fault zone, referred to as the “BN Fault,” had impacted drilling progress in holes HER-24-01, -05, -06, -07, -09, and -09b. However, the inferred geometry of the BN Fault has now been mapped in 3D, which enables future drill holes to focus on areas with more favourable ground conditions away from the fault.

• The Company is planning to enhance productivity by adding a deep RC drill rig with an effective depth capacity of ~1,200m. Roads are being widened to allow access for a larger rig which has indicated availability in early September.

• New mapping, shown on Figure 1, has enhanced the understanding of structural patterns and alteration zonation across the project. Triassic exposure in the east shows alteration increasing from propylitic to phyllic towards the northwest. Specular hematite, associated with the hypogene copper-silver enrichment, dips shallow beneath the unconformity (conglomerate).

 

 

 

 

 

Hercules Silver (TSXV:BIG) has released an update on its ongoing drilling program at the Hercules Project in western Idaho. The company, which focuses on developing copper and silver resources, has encountered variable porphyry alteration and mineralization in its recent drilling activities.

Chris Paul, CEO and Director of the Company, commented in a press release: “Despite challenging drilling conditions encountered early on, the Company continues to see evidence of a large mineral system. It maintains a strong cash position of $24 million to execute another 17,000 meters of its planned 20,000 meter drill program, and continue testing the system across significant strike length.”

According to the report, an inferred northeast-southwest fault appears to offset mineralization northwest of the area drilled in 2023. Drill holes HER-24-02 and HER-24-03 intersected distal phyllic alteration with strong pyrite “D” veins. The company’s geologists detected long intervals of pyrophyllite and dickite alteration using portable spectrometer readings. These findings represent advanced argillic alteration, which is typical of the shallowest part of a porphyry system, often referred to as a “lithocap”.

Hercules Silver’s Vice President of Exploration, Christopher Longton, suggests that these results indicate either downward or lateral movement northwest of the fault, potentially preserving offset high-grade mineralization.

The company has continued its drilling program southward along a geophysically prospective corridor toward the Belmont Zone. As of the latest update, holes HER-24-05 and HER-24-06 are still in progress, with hole 05 recently reaching the Lower Plate formation.

However, the drilling program has faced some challenges. Hole HER-24-07 had to be terminated before reaching the Lower Plate due to strong artesian water flow beneath the Belmont Zone. The company plans to re-drill this hole in the fall when aquifer levels may be lower. Hercules Silver noted that 2024 has experienced abnormally heavy rainfall throughout the winter and spring, which may have contributed to the excessive water flow in the aquifer under Belmont.

Looking ahead, the company has outlined plans for three additional drill holes, designated as PH-24-08, -09, and -10. These holes are designed to test a potential northeast-southwest structural control. The primary objective of the drilling program remains to locate the highest-grade core of the porphyry system.

Assay results from the current drilling are expected by mid-summer, which should provide more concrete data on the mineralization encountered.

The Hercules Project, located northwest of Cambridge, Idaho, is fully owned by Hercules Silver Corp. The company describes the site as hosting the Leviathan porphyry copper system, which it characterizes as a significant new copper discovery in the United States. Hercules Silver’s exploration efforts are supported by a strategic investment from Barrick Gold.

Christopher Longton, who holds a BS degree and is a Certified Professional Geologist (CPG), has reviewed and approved the scientific and technical information in the company’s news release. Longton serves as the Qualified Person for Hercules Silver as defined by National Instrument 43-101, which sets standards for disclosure of mineral projects in Canada.

Investors and interested parties should note that exploration results are inherently uncertain and that further work and analysis are required to determine the economic viability of any mineral deposits at the Hercules Project. The company’s statements regarding the significance of the Leviathan porphyry copper system are based on current exploration data and should be considered in the context of ongoing exploration activities.

Hercules Silver Corp. is listed on the TSX Venture Exchange under the symbol BIG, on the OTCQB market under BADEF, and on the Frankfurt Stock Exchange under 8Q7.​​​​​​​​​​​​​​​​

Highlights from the results are as follows:

• Since mobilizing three drill rigs between late April and early May, a total of 3,000m have now been cored in 5 completed and 2 in progress drill holes ranging in length from 411 to 516m. 1 drill rig is currently moving to the next pad (Figure 1).

• Assay results are anticipated in batches, with the first set of results expected by mid summer.

• Challenging drilling conditions in the Upper Plate resulted in slower than anticipated production rates at the start of the program. To compensate for this and ensure adequate strike length is covered early in the program, large step-outs, up to 1km south, are now underway.

• The Phase III Drill Program is the largest yet and is expected to continue for the remainder of the year, testing a multi kilometer geophysical target area.

• In addition to the ongoing drilling, the Company has now completed a more detailed geological map, focused on the exposed Lower Plate (Triassic) rocks in the east of the Property and key lithological and structural controls which will further refine the drill targeting. Results of the detailed surface mapping will be released in the coming weeks.

• Geochemical soil and rock sampling of newly acquired claims is currently underway, aimed at identifying additional porphyry centers.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Hercules Silver (TSXV:BIG) has announced that recent drilling at its Hercules Silver Property in western Idaho has encountered significant silver-lead-zinc mineralization in the shallow holes above the newly discovered Leviathan porphyry copper deposit.

The drilling indicates increasing silver grades toward the northwest, moving closer to the Hercules Adit Zone. This trend mirrors the increase in copper grades seen at deeper levels in the Leviathan porphyry system. The correlation between silver and copper suggests a potential relationship between the two mineralization styles, possibly representing different vertical levels within the porphyry system.

Chris Paul, CEO and Director of the Company, commented in a press release: “We’re encouraged to see another line of evidence for increasing grades to the northwest as we work closely with Barrick Gold Corporation’s senior technical team to plan our 2024 drill campaign. The program will be aimed at systematically stepping out on the Leviathan porphyry copper discovery as well as testing a multitude of new targets identified by our team. The objective is to have three diamond core rigs operational on site to complete a series of systematic step-outs from discovery hole HER-23-05, as well as several larger scale step-outs, and scout drilling of select reconnaissance targets. We look forward to sharing the details of the drill plan as we finalize specific targets in advance of the field season. We’d also like to thank Barrick for the tremendous technical support they’ve provided us with so far. I’m proud of our teams combined efforts and cooperation at interpreting the data and generating a robust 3D model for use towards the drill planning.”

In some porphyry deposits, late-stage silver mineralization can migrate upward along structures above the main porphyry centre. The flat-lying silver mineralization in the Hercules Rhyolite may have originated from a feeder structure connecting to a deeper porphyry source.

The most promising silver grades were intersected at the Hercules Adit Zone. Grades may continue to improve at depth, below the post-mineral Brownlee Formation. Significant silver and copper have been found at surface exposures farther north at the Hercules Ridge and Grade Creek zones. Historical mining in the early 1900s at the Belmont Zone also reported notable copper.

Hercules Silver plans to prioritize these northern zones for drilling in 2024, given the compelling surface mineralization and geophysical trends that point to porphyry potential at depth. The company is looking to further explore the relationship between silver mineralization in the shallow units and potential underlying porphyry copper sources.

Highlights from the results are as follows: 

• HER-23-17 extended the high-grade Hercules Adit footwall shoot down plunge, with 11.3 Meters of 1,660 g/t Ag, 0.7% Pb, 1.75% Zn, one of the best silver intercepts on the Property, within an overall 112.2 Meters of 193 g/t Ag, 0.2% Pb, 0.4% Zn.

• HER-23-19 intersected a potentially new mineralized shoot at the hanging wall contact of the Hercules Adit Zone, returning 15.3 Meters of 359 g/t Ag, 0.4% Pb, 0.4% Zn.

• HER-23-13 intersected 100.1 Meters of 64 g/t Ag, 0.14% Pb, 0.49% Zn including 6.1 Meters of 413 g/t Ag, 1.1% Pb, 1.7% Zn.

• HER-23-09 intersected 32.2 Meters of 167 g/t Ag, 0.17% Zn.

• HER-23-22 intersected 58.8 Meters of 140 g/t Ag, 0.43% Pb, 0.69% Zn including 13.7 Meters of 280 g/t Ag, 0.3% Pb, 0.8% Zn.

• HER-23-23 intersected 43.9 Meters of 138 g/t Ag, 0.37% Pb, 0.32% Zn including 1.5 Meters of 1,450 g/t Ag, 1.06% Pb, 0.17% Zn.

• The highest silver grades are concentrated at the Hercules Adit Zone, indicating a strengthening trend to the north, in alignment with the copper mineralization observed in the underlying porphyry copper system (Refer to the Company’s January 22, 2024 News Release).

• The Hercules Adit Zone continues to remain open down plunge, extending towards a potential porphyry copper target.

• Planning for the 2024 drill campaign is underway, with the program scheduled to commence when weather conditions permit. Additional details regarding the drill plan will be disclosed as targets are finalized.

Table 1: Significant Intercepts* at the Hercules Adit Zone

Table 2: Significant Intercepts* at the Belmont Zone

Table 3: Significant Intercepts* at the Frogpond Zone

*The intervals reported represent drill intercepts and insufficient data are available at this time to state the true thickness of the mineralized intervals.

Table 4: Upper Plate Silver Intercepts* in Deep Porphyry Drill Holes

*The intervals reported represent drill intercepts and insufficient data are available at this time to state the true thickness of the mineralized intervals.

Table 5: Reported Drill Hole Locations