Announcement • Jul 02
Hercules Metals Corp. Completes Induced Polarization Survey At Hook Target And Reports Large Near-Surface Chargeability Anomaly
Hercules Metals Corp. completed approximately 28 line-kilometers of induced polarization (IP) surveying across seven lines at the Hook target, expanding upon a previously announced reconnaissance line which returned exceptionally high chargeability, up to 40 mV/V. The completed survey outlined the chargeability feature extending over a strike length of approximately 1.8 kilometers. The highest-intensity portion of the anomaly, ranging from 20-40 mV/V, is modelled to begin within approximately 100 meters of surface on Lines 1 and 2, providing a near-surface drill target. The completed survey reveals a shallow northeast plunging geometry, with similar scale, orientation and intensity to the IP signature at the Leviathan porphyry copper discovery. The first drill hole testing the target is currently at 200 meters depth. The anomaly begins approximately 100 meters below surface; however, a nearby existing access road is being utilized which requires an estimated 350-400 meters drilled length to reach the target zone on the initial test. The completed survey defines a large, continuous chargeability anomaly that extends across all seven lines and exhibits a geometry that closely resembles the IP signature seen at the Leviathan porphyry copper discovery. The survey was designed to determine the lateral extents of a new near surface anomaly announced earlier in the year. The final results provide increasing confidence in the potential for additional porphyry mineralization concealed beneath shallow post-mineral cover. At Leviathan, elevated chargeability is closely associated with both porphyry copper mineralization and a surrounding pyrite alteration halo, making IP one of the most effective exploration tools for concealed porphyry systems on the Property. Three-dimensional view, looking northwest, showing the recently completed seven-line IP survey at the Hook target and resulting new chargeability anomaly in the lower right (orange to pink), alongside the Leviathan IP anomaly in the upper left. The same colour scale has been applied to both datasets, highlighting the similarity in scale, geometry and intensity between the two anomalies. In-progress drill hole HER-26-03 is shown in black. Compilation map showing the Leviathan and Southern Flats discoveries, as well as the new Hook and Pegasus targets. MT conductivity in the background highlights a district-scale structural corridor, within which the ongoing IP survey is exploring for shallow porphyry centers. Hook target showing Cu-Mo soil geochemistry surrounding landslide- and basalt-covered areas. Pink traces indicate the anomalous portions of completed IP lines. The strongest chargeability response occurs beneath shallow cover within a broader copper-molybdenum geochemical anomaly. East-west cross-section (looking north) comparing the Leviathan (left) and Hook (right) IP chargeability anomalies. Chargeability values greater than 17 mV/V are shown using a common colour scale, illustrating the similar intensity of both targets. A second drill hole has been completed to a depth of 1,255 meters at the new Southern Flats porphyry discovery. Drill hole HER-26-01 successfully extended porphyry mineralization 200 meters west of HER-25-25, where the Company recently announced an intercept of 177 meters of 0.66% CuEq1 at a new porphyry center. Drill core has been sampled and is being shipped to MSA Labs for analysis. Current geological and geophysical information suggests the system strikes north-south, indicating considerable east-west width to the mineralization, which still remains open on both sides. MT geophysics and preliminary IP indicate the system likely extends for a significantly greater distance north-south along strike. A narrow porphyry dyke was intersected in HER-26-01, but a large causative porphyry remains to be encountered, suggesting significant scale remains to be defined. Updated geological modelling has identified strong potential for a southern extension of shallow near-surface mineralization at the Leviathan system, in an area with silver-mineralized rhyolite cover mapped at surface, with only 125 meters estimated true depth to the porphyry target below. A new step-out hole has commenced to test this prospective extension of Leviathan's hanging-wall enrichment zone, which remains open toward Southern Flats. Drill testing this shallow extension of Leviathan will allow faster turnaround of results from a high value target area, as well as support consistent flow of exploration results from different zones, while assays remain pending at Southern Flats. Copper equivalent (CuEq) for drill intersections is calculated using a three-year trailing average for each commodity, which equates to USD 4.20/lb Cu, USD 2,600/oz Au, USD 30.50/oz Ag and USD 21.50/lb Mo, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.000512 Mo ppm) + (0.010591 Ag g/t) + (0.902879* Au g/t).
