Hercules Silver Corp. confirmed a major new copper porphyry discovery at its Hercules Property located in western Idaho. HER-23-05, the first hole to test a large-scale (>1.8km) blind chargeability anomaly, intersected 185.29m of 0.84% Cu and 111 ppm Mo from 246m to 431.2m, including 45.33m of 1.94% Cu.

The hole ended prematurely due to drilling challenges encountered at a post-mineral dyke, however observations in subsequent holes indicate that the mineralization likely extends significantly below HER-23-05 at 435 meters. The newly discovered porphyry system is situated below rhyolite-hosted silver mineralization defined by over 300 historical drill holes. The system is therefore completely blind and open in all directions from HER-23-05.

A follow-up 3D IP survey is currently underway to expand the chargeability anomaly in all directions and help track the system with further drilling. Additional step-out holes drilled at various orientations to the southeast of HER-23-05, where chargeability data is currently available, have intersected similar alteration, veining and copper mineralization over variable lengths. Many directions remain to be tested, and the potassic center, which often carries the highest grades within porphyry systems, remains to be found.

Assay results will be released for step-out holes as they are received. Field work completed by the Company in 2022 previously demonstrated the potential for a porphyry copper feeder system on the east side of the Property, within the Seven Devils Group volcanics. However, due to logistical constraints, a shallow IP geophysical survey was only run over silver mineralization on the west side of the Property in 2022.

Regardless, the deeper parts of the survey showed a strong chargeability anomaly below the silver mineralization on the westside of the Property. HER-23-05 was the first drill hole to test this new chargeability target, and unexpectedly encountered the Seven Devils Group volcanics, but accompanied by stronger porphyry-style alteration, veining, and mineralization than was observed at surface on the east side of the property. The mineralization in HER-23-05 extends well below the limit of the 2022 survey data.

Subsequent holes, for which assays remain pending, have now intersected similar alteration, veined and mineralization below the silver mineralization in other places. The 2022 IP survey was designed with tight node spacing, to focus on shallow silver mineralization; however, a 2023 survey is now underway, employing a much larger node spacing to more effectively target this newly discovered porphyry system at depth. On surface, a shallow west-dipping thrust fault, separates copper-gold-molybdenum bearing Seven Devils volcanics (the "Lower Plate") to the east from the silver-lead-zinc-manganese bearing Hercules Rhyolite (the "Upper Plate"), to the west.

The inner shell is often accompanied by high temperature potassic alteration, characterized by biotite and k-feldspar. There are many directions and broad search area that remain to be tested for the potentially higher-grade potassic core as well as further extensions of the system. HER-23-05 and this news release represent just the first blind test of the porphyry system at depth".

2023 3D IP Survey. Survey is currently underway, to expand the chargeability anomaly.