Category: 2023

• Select rock chip samples previously reported were fire assayed for gold, returning grades consistent with a porphyry copper/skarn system at the Metheny, Lightning Breccia and Big Cut Zones[1]

• Supports the thesis of a potential buried porphyry copper (+/- gold) intrusion on the east side of Property, with further evidence including:

1. Widespread phyllic and argillic alteration, typically found above a porphyry intrusion, with distal propylitic alteration to the east
   
2. Volcanics and limestones exposed at surface, suggesting the porphyry intrusion lies at depth
   
3. High-grade skarns grading up to 21% copper, 4.5 g/t gold and 1,085 g/t silver (skarn occurs when limestone is altered and mineralized by a nearby porphyry copper intrusion)
   
4. Large hydrothermal breccia pipe (the Lightning Breccia)
   
5. Textbook metal zonation, with a high temperature core of copper-gold (bismuth-tellurium) overlain by silver-lead-zinc (manganese-arsenic-antimony-mercury) in the younger Hercules Rhyolite to the west

• Historical mining tunnel re-discovered at the new South Camp Creek Zone, indicating a potentially significant extension to the CRD-style silver system beyond the 3.5 kilometers of known strike length

[1] The reader is cautioned that rock chip samples are selective by nature and may not represent the true grade or style of mineralization across the Property.

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Click below for a summary of today’s news from CEO Chris Paul.

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Toronto, Ontario / March XX, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to announce new gold geochemical results from mineralized skarns and breccias at the Metheny, Big Cut and Lightning Breccia Zones on the Hercules Property located in western Idaho (“Hercules” or the “Property”). On January 24, the Company announced 4-acid assay results for silver, lead, zinc and copper from over 800 rock chip samples within soil anomalies across the Property. A 4-acid digest provides superior analytical results versus a typical aqua regia digest, due to the complete digestion of the sample, however gold values are not reported. The Company subsequently fire assayed select rock samples within the porphyry copper target area, which revealed the presence of gold in bedrock. The gold is associated with mineralized skarns as well as a breccia pipe, both of which are interpreted to be the near-surface expression of a buried porphyry copper target. The new gold-in-rock values are shown along with associated gold-in-soil values in Figure 1.

Higher Grade Potential at Depth

Surface data suggests that the source intrusion responsible for the copper-gold mineralization at surface lies deeper in the system. The geology at surface is typical of the upper levels of a porphyry copper deposit, including phyllic and argillic alteration associated with the copper-gold anomaly, and widespread propylitic alteration outboard of that to the east. This is classic zonation around and above a porphyry copper system, where the higher-grade potassic alteration occurs at depth, below the phyllic and argillic cap.

In the CRD deposit model, the silver-lead-zinc grades increase towards the edge of the porphyry copper intrusion. As a result, the Company may expect to find higher silver-lead-zinc grades at depth, as the rhyolite approaches the buried porphyry copper intrusion (also inferred to lie at depth). This is supported by the presence of a large IP chargeability anomaly at depth in the rhyolite – refer to Hercules Silver’s press release dated December 15, 2022, for additional information. Chargeability is a geophysical technique aimed at measuring the concentration of sulfide mineralization in the ground. The higher chargeability values at depth within the rhyolite suggests an increase in sulfide concentration, which in turn lends itself to potentially increased grades at depth.

Metheny and Big Cut Copper Skarn Zones

Two high-grade copper-silver targets, the Big Cut and Metheny Zones, occur within the Triassic Seven Devils Group on the east side of the Property. Both targets demonstrate skarn-style mineralization which occurs where limestone comes in contact with, or lies within close proximity to, a nearby porphyry intrusion. The Big Cut Zone is classified as a garnet-epidote skarn, whereas the Metheny is a specularite (iron) skarn. The differing alteration is likely a function of zonation around a potential porphyry intrusion or multiple intrusive centers at depth.

Historical trenching at the Big Cut prospect, discussed in unpublished reports obtained by Hercules Silver[2]^,[3], yielded grades of up to 1.78% copper across 90 feet (~27 meters) and 1.3% copper across 57 feet (~17 meters). Silver was only selectively assayed at the time and gold was not assayed. Other notable historical trench intercepts at the Big Cut are presented in Table 1 below:

[2] Kelly, S. 1973. Progress Report to the Vancouver Stock Exchange on the Iron Cap, or Big Cut Holdings of Acaplomo Mining and Development Co. Ltd. in the Heath Mining District with concurrence by C.M. Armstrong, P.Eng.

[3] Armstrong, C. 1976. Report on the Iron Cap Property, Heath Mining District.

Table 1 – Select Historical Trench Results – Big Cut

Length (ft.)	Length (m)	Cu (%)	Ag (oz/t)
40	12.2	1.58	NR
180	54.9	0.94	NR
40	12.2	0.91	NR
60	18.3	0.91	NR
115	35.1	0.93	NR
7	2.1	2.68	0.98
60	18.3	0.83	NR
70	21.3	0.63	NR

The assay results reported above are historical in nature and have not been verified by a Qualified Person; therefore, they should not be unduly relied upon.

Historical Mine Tunnel Re-Discovered in New South Camp Creek Zone

Eight new rock chip samples were collected from a new zone, named the South Camp Creek Zone, at the southern-most exposure of the Hercules Rhyolite, where it meets post-mineral cover to the south. The zone was found while prospecting above the faint remains of an old mining camp on Camp Creek Road, which resulted in the re-discovery of a historical, turn-of-the-century era mining tunnel (“adit”). The adit, although partially caved in, is the only known mine working that remains open today, albeit unsafe for current prospecting. It trends south underneath a blanket of younger post-mineral volcanic rock (“basalt”) which conceals the southern extension of the Hercules Rhyolite. The historical mine working is evidence that silver-lead-zinc mineralization remains open to the south underneath the basalt.

At least 3.5 kilometers of silver-lead-zinc mineralization has been exposed at surface from the Belmont Zone in the south to the Grade Creek Zone in the north. The old mine workings in South Camp Creek, as well as two other erosional windows within the basalt, are evidence that silver mineralization continues for at least another 2 kilometers to the south, bringing the total strike length of the CRD system to at least 5.5 kilometers. Samples collected from around the mine workings graded up to 283 g/t AgEq (Figure 2). Additional rock chip sampling and IP geophysics are being planned for this new zone to continue developing additional high-priority drill targets, and to extend the system even further south.

Sample Analysis and QAQC

All rock samples were prepped and analyzed at MSA Labs in Langley, British Columbia, an ISO 17025 and ISO 9001 certified laboratory. Samples were dried and crushed to 2mm, from which a 250g sub-sample split was then pulverized to 85% passing a 75-micron sieve. Following preparation, 232 of the 807 previously reported rock assays were analyzed for gold by a 50g fire assay with AAS finish (FAS-221 method), and 8 new rock assays from the South Camp Creek Zone were determined by a 4-acid digest (IMS-230 method).

For FAS-221, the sample pulp was mixed with a combination of chemical reagents. The mixture was then heated at high temperature resulting in the formation of a gold-silver bearing lead button and slag. The lead button which contains the gold and silver was cupelled at high temperature. The lead was absorbed by the cupel and left behind a bead which contained the gold and silver content of the sample. The gold-silver bead was acid digested and analyzed by instrumental or gravimetric method.

The fire assays were run on sample pulps held in storage by the lab, following a previous 4-acid analysis reported on January 24, in which the Company provided blind quality control standards. The Company did not ship new blind quality control standards for the fire assay sample sequence, and it should be cautioned that only MSA Labs internal quality control standards, duplicates and blank samples were utilized in the fire assay re-runs. MSA Labs employs internal quality control comprising commercial certified reference materials (CRM), duplicates and blank samples at set frequencies. All reported blanks were less than detection for gold. All of the CRMs were within the between-lab ± two standard deviations of the recommended value. Duplicate precision was also acceptable.

For IMS-230, a 0.25g aliquot of the prepared pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The resulting solution was analyzed via ICP-MS and ICP-ES for 48 elements and was corrected for inter-element spectral interferences. Mercury was not reported due to volatilization in reaction with hydrofluoric acid and gold was not reported due to the small, 0.25g aliquot size being insufficient to overcome the nugget effect.

Due to the small batch size of 8 rock samples analyzed by IMS-230, blind quality control standards were not inserted into the IMS-230 sample sequence, and it should be cautioned that only MSA Labs internal quality control standards, duplicates and blank samples were utilized for the IMS-230 samples.  The CRM for silver was at the ±2SD control limit, but well within control limits for lead, zinc and manganese.  Duplicates and blanks showed passing values. 

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 449-6819 Email: cpaul@herculessilver.com

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.

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.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER 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 SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Toronto, Ontario / April 20, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to announce that it has closed its previously announced brokered private placement offering (the “Offering”) of units of the Company (“Units”) for aggregate gross proceeds of $5,750,000, including the full exercise of the agents’ option. The Offering was led by Canaccord Genuity Corp. as part of a syndicate of agents including Research Capital Corporation and 3L Capital Inc. (collectively, the “Agents”).

In connection with the Offering, the Company issued 28,750,000 Units at a price of $0.20 per Unit. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one Common Share at a price of $0.30 per Common Share for a period of 24 months from the closing date of the Offering.

The net proceeds of the Offering will be used for exploration as well as for working capital and general corporate purposes.

Closing of the Offering is subject to final approval by the TSX Venture Exchange (the “TSX-V”). The Common Shares and Warrants will be subject to a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws.

In connection with the Offering, the Company paid to the Agents a cash commission equal to 6.0% of the gross proceeds raised pursuant to the Offering (reduced to 3.0% in respect of certain purchasers) and issued to the Agents broker warrants of the Company (the “Broker Warrants”) equal to 6.0% of the number of Units sold pursuant to the Offering (reduced to 3.0% in respect of certain purchasers). Each Broker Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.20 per Common Share for a period of 24 months following the closing of the Offering.

The Offering constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as certain insiders of the Company participated in the Offering to purchase an aggregate of 250,000 Units. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101). Further details will be included in a material change report to be filed by the Company. A material change report will be filed in connection with the related party participation in the Offering less than 21 days in advance of closing of the Offering as approval of the Offering occurred less than 21 days prior to closing. The Offering was approved by the board of directors of the Company, with the director participating in the Offering abstaining from the vote in respect thereof.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 449-6819 Email: cpaul@herculessilver.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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 statements in this news release include, but may not be limited to, statements regarding receipt of all approvals relating to the Offering including approval of the TSXV; intended use of proceeds of the Offering; and Company’s expected growth and results of operations.

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.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER 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 SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Toronto, Ontario / March 30, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to announce that it has entered into a letter agreement with Canaccord Genuity Corp., as lead agent and bookrunner (the “Lead Agent”), on its own behalf and on behalf of a syndicate of agents (collectively, the “Agents”) in connection with a fully marketed private placement for the sale of up to 25,000,000 units of the Company (“Units”) at a price of C$0.20 per Unit (the “Offering Price”) for gross proceeds of up to C$5,000,000 (the “Offering”).

Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.30 per Common Share for a period of 24 months from the closing date of the Offering.

The Company has granted the Agents an option to sell up to an 3,750,000 additional Units  at the Offering Price, for additional gross proceeds of up to $750,000, exercisable in whole or part at any time up to 48 hours prior to the closing of the Offering (the “Closing”).

The net proceeds of the Offering will be used for exploration as well as for working capital and general corporate purposes.

Closing of the Offering is expected to occur on or about April 20, 2023 or on such date as agreed upon between the Company and the Lead Agent, and is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, the approval of the TSXV. The Offered Securities will be subject to a hold period of four months and one day from the Closing Date in accordance with applicable securities laws.

The Units will be offered and sold pursuant to applicable exemptions from the prospectus requirements in all of the Provinces of Canada. The Agents will also be entitled to offer the Units for sale in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and in those other jurisdictions outside of Canada and the United States on a basis which does not require the qualification or registration of any of the Common Shares or the Warrants comprising the Units in the subscriber’s jurisdiction.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul
CEO & Director
Telephone +1 (604) 449-6819
Email: cpaul@herculessilver.com 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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 statements in this news release include, by may not be limited to, statements regarding Company’s expected growth, results of operations, the size, timing and completion of the Offering, the use of proceeds from the Offering, the expected closing date of the Offering, and the listing of the Common Shares (including the Common Shares underlying the Warrants and the broker warrants) on the TSXV upon closing of the Offering.

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.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER 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 SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Toronto, Ontario / March 2, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to announce the appointment of Mr. Kelly Malcolm as an Independent Director of the Company. The appointment expands the board of directors of the Company (the “Board”) to five qualified professionals, with extensive backgrounds in exploration and development, capital markets, accounting and finance, and corporate governance. The Board now consists of a majority of independent directors.     

Mr. Malcolm is a Professional Geologist with extensive exploration experience focused on precious metal exploration and is currently the Vice President of Exploration for Amex Exploration Inc. He specializes in the integration and interpretation of geological, geochemical, and geophysical data to guide exploration and development activities. He was previously involved in the discovery and delineation of Detour Gold’s high grade 58N gold deposit, and has acted as director, advisor, or management for several public and private mineral exploration companies. He holds a Bachelor of Science Honours in geology and a Bachelor of Arts in economics, both from Laurentian University.

The Company also announces that it has granted 750,000 incentive stock options (the “Options“) and 750,000 restricted share units (“RSUs”) to Mr. Malcolm, with an effective date of March 1, 2023. The Options and RSUs will vest in four equal tranches over 24 months from the grant date of March 1, 2023. The Options are exercisable for a period of 5 years have an exercise price of $0.265 per common share. The options and RSUs were granted pursuant to the C0ompany’s omnibus incentive plan approved by shareholders of the company on July 15, 2022.

Management Commentary

Mr. Chris Paul, CEO and Director of the Company, commented: “We are delighted to Kelly join our team. He brings a wealth of exploration experience to our board and extensive capital market relationships throughout the globe. His appointment is testament to the quality of the asset package we have assembled at Hercules. On behalf of the Board, I welcome Kelly to our company.”

Mr. Kelly Malcolm, Independent Director of the Company, commented: “I am very pleased and excited to accept this appointment. I’ve been following the Company’s progress over the past year as they’ve worked to demonstrate the significant potential of the Hercules Project. I look forward to working with Chris and the other members of the Board and hope to have a positive impact on the future direction of the Company and its project in Idaho.”

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 449-6819 Email: cpaul@herculessilver.com

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 statements in this news release include but are not limited to, statements with respect to the vesting schedule of the RSUs and Options, the Company’s objectives, goals or future plans 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.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER 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 SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

• Strong grade over multiple significant intervals, including drill hole HER-22-01, the first hole of the program, which intercepted 38 meters of 353 g/t Ag, 0.64% Pb, 2.28% Zn and 0.16% Cu (487 g/t AgEq), beginning at a shallow depth of 26 m depth in first drill hole, HER-22-01.
  
• HER-22-01 included a higher-grade intercept of 4.57 m grading 791 g/t Ag, 1.25% Pb, 4.06% Zn and 0.18% Cu (1,021 g/t AgEq) starting at 29 m.
  
• HER-22-07 intersected 44.2 m grading 224 g/t Ag, 0.32% Pb, 0.38% Zn and 0.09% Cu (258 g/t AgEq) starting at 1.5 m.
  
• Drilling grades significantly exceed grades sampled at surface, supporting the concept of potential supergene enrichment of mineralization below surface.
  
• Confirmed the presence of a high-grade shoot (the P-19 Shoot) at the east end of the Frogpond Zone; open at depth to the east.
  
• Confirmed the presence of shallow, high-grade mineralization at Frogpond and Hercules Adit Zones, with additional follow-up planned for Phase II.
  
• Utilized small, low-cost scout drill for preliminary Phase I drilling with multiple holes bottoming in mineralization.
  
• Gained in-depth geological information to guide an expanded 3,000-meter Phase II core drilling program, scheduled for spring 2023.

Watch a news summary from CEO and Director, Chris Paul below:

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Toronto, Ontario / February 28, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) is pleased to announce Phase I drill results from its Hercules Silver Property located in western Idaho (“Hercules” or the “Property”). The Company’s maiden drill program was designed to test and validate significant silver reported in historical drilling at the Property’s Frogpond and Hercules Adit Zones, as well as copper, lead and zinc, which were historically only selectively assayed for.

Subsurface drilling grades significantly exceed the grades sampled at surface within both zones, supporting the concept of potential supergene enrichment below surface. The Phase I program utilized a small, low-cost scout drill to gain important geological and analytical information, which will further guide an expanded Phase II 3,000-meter core drilling program.

The preliminary drilling results are in line with historically reported grades and widths and provide the Company with confidence in the large-scale exploration potential at Hercules moving forward.

Table 1: Phase I Drill Intercepts Calculated at 35 g/T AgEq Cutoff Grade¹

Hole ID	From (m)	To (m)	Interval (m)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	AgEq2 (g/t)	AgEq2 x Meters (g/t x m)
HER-22-01	25.91	64.01 (EOH)	38.10	353	0.16	0.64	2.28	487	18,562
Including	28.96	33.53	4.57	791	0.18	1.25	4.06	1,021	4,669
HER-22-02	48.77	56.39	7.60	52	0.03	0.08	0.45	75	575
HER-22-03	4.57	21.34	16.76	54	0.03	0.08	0.17	65	1,097
HER-22-04	6.10	12.19	6.10	40	0.01	0.17	0.18	51	309
HER-22-05	30.48	131.06	100.58	58	0.02	0.41	0.78	105	10,554
Including	103.63	112.78	9.14	134	0.04	1.78	1.04	234	2,142
Including	118.87	123.44	4.57	345	0.06	0.61	0.81	404	1,849
HER-22-06	24.38	59.44	35.05	38	0.01	0.49	0.80	87	3,055
Including	39.62	47.24	7.62	93	0.03	1.69	0.75	176	1,338
AND	76.20	92.96 (EOH)	16.76	16	0.01	0.16	0.57	47	781
HER-22-07	1.52	45.72	44.20	224	0.09	0.32	0.38	258	11,417
Including	6.10	25.91	19.81	398	0.07	0.44	0.16	426	8,432
HER-22-08	3.05	60.96 (EOH)	57.91	124	0.05	0.18	0.51	157	9,083
Including	39.62	60.96 (EOH)	21.34	252.3	0.08	0.31	0.51	293	6,253
Including	42.67	53.34	10.67	384.2	0.14	0.44	0.62	440	4,694
HER-22-09	24.38	60.96 (EOH)	36.58	292.4	0.13	0.53	1.37	382	13,977
Including	35.05	45.72	10.67	750.6	0.33	1.10	2.36	921	9,830

¹ The intercepts reported in this table represent drilled intervals and insufficient data are available at this time to state the true thickness of the mineralized intervals.

² Silver equivalent (AgEq) grades are calculated using metal prices of: silver US$24/oz., copper US$4.15/lb, lead US$1.00/lb and zinc US$1.50/lb. Silver equivalent grade is calculated as AgEq (g/t) = Ag (g/t) + (Cu (%) * 118.558) + (Pb (%) * 28.568) + (Zn (%) * 42.852).  Metal recoveries have not been applied in the silver equivalent calculation.

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “The lengths and grades we are seeing near surface at Hercules are remarkable. Broad intervals of intensely altered and mineralized Hercules Rhyolite indicate the presence of a significant silver system, with surface data suggesting we have intersected the top of a large, concentrically zoned porphyry copper-epithermal system. The Phase I results so far are in line with historical drilling and indicate the potential to incorporate large volumes of previous drilling data into future resource calculations. Validating such data, which has a substantial replacement cost, could potentially add significant value to the project. The preliminary results so far suggest good continuity within mineralized zones which remain open along strike and at depth. We look forward to initiating our maiden core drilling program later this spring, to further delineate these zones and test our conceptual model of a zoned porphyry copper-epithermal system at Hercules.”

P-19 Shoot

Drill Hole HER-22-01 intersected 38 meters grading 353 g/t Ag, 0.64% Pb, 2.28% Zn and 0.16% Cu (487 g/t AgEq), beginning at 27 meters depth. The hole was stopped short of its target depth (“TD”) due to the limited depth capacity of the scout drill utilized. The hole ended in Hercules Rhyolite and confirms the presence of a high-grade shoot, now termed the P-19 Shoot after the historical Anglo-Bomarc hole that discovered it. Data suggests the potential for the P-19 Shoot to extend at depth to the east, where it appears to have also been intersected near the bottom of historical hole 83-5.

Shallow Drilling Depths

Five of the nine holes drilled in Phase I were stopped short of their TD due to the shallow depth capacity of the drill (Table 2). Four of these holes partially tested their targets, while HER-22-06 was stopped short of reaching its target zone.

Table 2: Drill Holes Not Completed Due to Limited Depth Capability

Hole ID	Comments
HER-22-01	Drilling Ended in Mineralization
HER-22-02	Hole Not Completed. Testing Extension of P-19 Shoot
HER-22-06	Did Not Reach Target
HER-22-08	Drilling Ended in Mineralization
HER-22-09	Drilling Ended in Mineralization

Table 3: Drill Holes Successfully Completed

Hole ID	Comments
HER-22-03	Low Grade Confirmation Hole Close to Main Road
HER-22-04	Testing Extension of Low-Grade Confirmation Hole HER-22-03
HER-22-05	Confirming Hercules Adit Mineralization
HER-22-07	Confirming Hercules Adit Mineralization

Table 4: 2022 Drill Hole Locations

Hole ID	Easting	Northing	Depth (m)	Azimuth	Dip	Hole type
HER-22-01	511318	4956605	64	0	90	RC
HER-22-02	511317	4956609	71.62	314	75	RC
HER-22-03	511208	4956531	30.48	0	90	RC
HER-22-04	511208	4956531	25.91	225	60	RC
HER-22-05	511160	4957067	146.30	204	59	RC
HER-22-06	511160	4957070	92.96	59	72	RC
HER-22-07	511070	4956969	54.86	133	45	RC
HER-22-08	511070	4956969	60.96	73	43	RC
HER-22-09	511321	4956607	60.96	96	55	RC

4-Acid ICP Geochemistry

Samples were assayed using a 4-acid inductively coupled plasma (“4-acid ICP”) analytical method, providing a near complete digest of the sample, with accurate results for 48 elements. Results have suggested a potential zone of potassic flooding within the Hercules Rhyolite, which correlates with elevated silver-lead-zinc grades. Potassic alteration is not readily visible within the weathered felsic host rock at surface and the Company has initiated further investigation by submitting a selection of samples for petrographic analysis, to determine their mineralogy. The objective of the petrographic work is to better understand hydrothermal alteration on the Property, further refine the deposit model, and provide more robust vectors to potentially higher-grade portions of the system.

Sampling Methodology

Midnight Sun Drilling Inc. of Whitehorse, YT, Canada, was contracted to carry out the drilling using a Multi-Power Products Ltd. track-mounted “Grasshopper” reverse-circulation (“RC”) drill with 3.5 inch outside diameter drill rods. Drilling was performed in 5-foot intervals, with sample material collected in clean 5-gallon pails. To reduce sample size, a dry splitter was used to homogenously split the material into 87% reject and 13% sample. The sample portion was directed into cloth sample bags, while the reject material was discarded. Received sample weights from laboratory certificates varied but averaged 3.5 kg.

During duplicate sample runs, reject material was funneled into a clean pail and run through the splitter a second time, collecting 13% of the reject material as a duplicate sample.

Hercules Silver Corp. personnel supervised the sampling process, including closing, sealing and tagging of the bags. Following collection, the samples were placed into rice sacks and sealed with tamper proof security tags. A signed and sealed sample submittal form was placed into the first bag of the shipment. The samples were transported to Hercules Silver Corp.’s office location in Kelowna, BC, in the possession of Hercules Silver Corp. personnel. From there, the samples were shipped on pallets by commercial freight to MSA Labs in Langley, British Columbia for analysis.  The samples were received by the lab in two batches on November 8, 2022 and December 8, 2022.

Sample Analysis and QAQC

All drill chip samples were prepped and analyzed at MSA Labs in Langley, British Columbia, an ISO 17025 and ISO 9001 certified laboratory. Samples were dried and crushed to 2mm, from which a 250g sub-sample split was then pulverized to 85% passing a 75 micron sieve. Following preparation, assays were determined by the IMS-230 method. A 0.25g aliquot of the prepared pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The resulting solution was analyzed via ICP-MS and ICP-ES for 48 elements and was corrected for inter-element spectral interferences.  Lower detection limits for this procedure are 0.01 ppm for silver, 0.5 ppm for lead, 2 ppm for zinc, and 0.2 ppm for copper. Mercury is not reported due to volatilization in reaction with hydrofluoric acid and gold is not reported due to the small, 0.25g aliquot size being insufficient to overcome the nugget effect. Select samples were analyzed for gold by a 50g fire assay method, with no significant results returned.

Samples with initial results beyond the upper detection limit of the IMS-230 method were analyzed by procedures ICF—6Ag, ICF-6Pb and ICF-6Zn.  The thresholds were 100 ppm for silver, and >1% for lead and zinc.  Preliminary silver assays that returned values >1000 ppm were determined by fire assay with a 50g charge for the final result.

MSA Labs employs internal quality control standards, duplicates and blank samples at set frequencies.

Blind certified reference materials (CRMs) purchased from CDN Resource Laboratories of Langley, B.C., and duplicate samples were inserted by the Company at a frequency of 2 – 3% of drill samples, totaling 29 analyses. CRM results for copper, silver, lead and zinc were generally within the “between lab” ± 2SD inner control limits around the recommended value.  Exceptions included one failure each for silver and copper, and two low failures for lead.  No results exceeded a ±3SD outer control limit. 

Ten barren rock blanks were inserted blind in the sample batches.  These yielded four 10x lower detection limit (LDL) failures for silver, nine for lead, five for zinc and two for copper.   All of the silver failures included failures for lead and zinc, and two of them included failures for copper.  In each case, these blanks followed well-mineralized intervals which indicates that low-level contamination of all of the samples occurred during the preparation stage. The Company is performing further follow-up on the failures and will likely specify improved laboratory protocols in future drilling and sampling programs to ensure thorough cleaning of lab equipment between samples.  Given the relatively low thresholds of the exceedances relative to any conceivable potential mining grade cutoff, the impact of the apparent contamination issue is not material to the overall Phase I drilling grades at the cutoff(s) reported.

Eight duplicate samples were collected following the procedure outlined in the Methodology section above. Despite the presence of high-grade in one sample, precision statistics are acceptable.  Eliminating one very low-grade sample, the RMS CV for the silver field duplicates is 33% with means of 44 g/T and 66 g/T for the originals and duplicates, respectively. Lead shows very similar behavior with much of the overall variance contributed by the same higher-grade pair that affects silver precision.  On the other hand, zinc and copper field duplicates with one very low-grade pair removed show remarkably low RMS CVs of 3% and 15%, respectively.  This suggests that much of the variance in the single silver and lead pair is inherent in the sampling methods used in the field.  Scatterplots for silver, lead, zinc and copper show reasonable clustering about linear trend lines with no evidence of sample mix-ups; correlation coefficients for originals and duplicates for each metal are 0.89 or higher. Silver, lead and copper duplicate pairs each show one failure exceeding 50% variance. Despite the limited size of the data set, the precision measures calculated for the field duplicate results appear to be acceptable for all four metals evaluated.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 449-6819 Email: cpaul@herculessilver.com

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.

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.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER 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 SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

• Launching a Spring 2023 core drilling campaign for up to 3,000 meters

• Testing new targets, extensions of historical mineralization, and high-grade shoots interpreted within the Hercules Adit and Frogpond Zones

• Targeting extension of a high-grade shoot discovered in the final two years of historical drilling, at the east end of the Frogpond Zone

• 89% of historical holes were drilled vertically, potentially missing important vertical feeder structures

• Recently discovered 1.8 kilometer high-strength IP chargeability anomaly to be tested with multiple drill holes

• Newly discovered copper-gold bearing hydrothermal breccia pipe to be tested as possible offshoot of deeper-rooted porphyry system

• Phase I drill results pending, with final assays expected soon

Toronto, Ontario / February 14, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to announce a preliminary drill plan for the next phase of drilling on the Hercules Property located in western Idaho (“Hercules” or the “Property”). The Company has assembled high-priority targets for a core drilling program, slated for up to 3,000 meters, to commence in the spring of this year. A core rig capable of deep drilling will be utilized and will provide more robust geological and structural information than RC methods. Triple tube core barrels will be employed, with the objective of improving recovery within mineralized zones. Triple tube barrels are a newer coring technology which provides an opportunity to greatly improve on historically reported recoveries which averaged around 50% in the friable mineralized zones at Hercules. Recently acquired geological information suggests that the mineralized structures are vertically dipping and therefore may have been incompletely tested by historical drilling, which was ~90% vertical. Assays from the Phase I drill program remain pending, with re-runs currently in progress and final results expected soon.

The preliminary Phase II drill plan is shown on Figure 1. The objectives of the Phase II program are to: 1) Use drill core to test numerous target areas with greatly improved core recoveries; 2) Further refine the exploration model; and 3) Provide an indication as to the overall target size and vectors within the system. A more comprehensive outline, including cross-section views of the targets, will be released once additional geological data is received and final tweaks to the plan have been made.

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “We’re very excited to begin testing the many highly prospective targets that Hercules has to offer. In 2022, the Company elected to conserve capital and complete extensive modern field surveys which would increase the efficiency of our drill targeting. That has now positioned us with pending Phase I drill results and a good understanding of the structural controls and targets that will be tested in our upcoming Phase II drill campaign. Evidence is mounting that the historical work only scratched the surface at Hercules, and we are very encouraged by new data pointing towards a large mineralized system. The size and magnitude of the new IP anomaly is consistent with those found associated with major mineral deposits around the world. We look forward to initiating our maiden core drilling program focused on the discovery of a major silver-copper system in Idaho.”

Targets being tested in the Phase II program include the following:

1. Vertical structures and high-grade shoots within the Hercules Adit and Frogpond Zones which may have been missed by vertical historical drilling.
   
2. Extension of the Hercules Adit Zone to the northeast, along strike and at depth.
   
3. Extension of a high-grade shoot at the east end of the Frogpond Zone, which appears to have been slightly down-dropped to the east and intersected in historical drillhole 83-5¹, however no additional drilling was ever completed on this target.
   
4. Drilling for deep high-grade mineralization on the southwest end of the Frog Pond Zone. Historical drillhole 83-16, one of the deepest holes drilled on the Property, was halted due to caving ground in high-grade mineralization at 420 feet (~128 meters), with the final 7.6 meters grading 214 g/t Ag, 0.13% Pb and 0.17% Zn¹. Re-entry at the time was unsuccessful, and the intercept was never followed up on.
   
5. Testing a surface rock chip anomaly² on the west side of the Haystack Zone, which is associated with a near-surface vertical chargeability anomaly.
   
6. Testing the east end of the Haystack Zone, associated with strong rock chip sample grades² and a near-surface vertical chargeability anomaly. A single vertical hole in the area, RDH-7, returned 17 meters grading 128 g/t Ag, 0.12% Pb and 0.17% Zn¹ but did not properly test the vertically oriented chargeability anomaly.
   
7. Testing the fold hinge area of the rhyolite, between the Frogpond and Hercules Adit Zones, associated with a folded near-surface chargeability anomaly and rock chip geochemical anomaly².
   
8. Up to 5 holes testing underneath high-grade rock chip samples² taken from the Belmont Zone, near angled 1970 historical drill hole DDH-6, which intersected 83 g/t Ag and 0.25% Zn over 20 meters from surface and 93 g/t Ag over 8 meters¹ lower down in the hole. All other historical holes drilled at the Belmont Zone were vertical and to the north of the high-grade chip samples recovered in 2022. Recent mapping by the Company outlined mineralized structures that were not historically tested.
   
9. Up to four holes testing the large high-strength chargeability anomaly, over 1.5 kilometers of its length. These holes are designed to test both the anomaly itself as well as underneath it. Certain mineral systems, including porphyry coppers, are often surrounded by high-chargeability clay-sericite-pyrite halos, with increasing grades associated with decreasing chargeable clay-sulfur content towards the center.
   
10. A single hole testing a hydrothermal breccia pipe, which appears to be associated with the chargeability anomaly. The breccia is extremely altered and oxidized at surface and its original mineralogy is unrecognizable. The breccia extends over nearly 1 kilometer at surface, with a maximum width of ~350 meters, and is associated with elevated gold values of up to 0.7 g/t² in highly weathered and oxidized samples collected by the Company. Breccia pipes often occur within porphyry copper systems and provide evidence of – and a potential vector towards –deeper feeder systems.

¹ The historical drilling assay results reported are historical in nature and have not been verified by a Qualified Person; therefore, they should not be relied upon.

² The reader is cautioned that rock chip samples are selective by nature and may not represent the true grade or style of mineralization across the Property.

All of these targets will be drilled from land on which Hercules Silver holds mining rights, including surface drilling rights, as well as a small 20-acre parcel of Bureau of Land Management (BLM) land for which the Company holds a drill permit. The system extends onto lands managed by the United States Forest Service (USFS), for which the Company is currently permitting, including the Grade Creek Zone. Further updates will be made available with respect to permitting progress on other select targets on the Property.

Phase I Drill Results

Assays from the Phase I drilling program remain pending, with some re-runs currently in progress. The Company expects final results soon and eagerly awaits the opportunity to highlight the grades of its maiden drilling program.

Top of the System

The rock chip samples collected from surface were analyzed using a Terraspec short-wave infrared spectrometer to determine alteration mineralogy, as a means of interpreting the relative depth of erosion at Hercules. The Terraspec revealed the presence of low-temperature alteration minerals at surface, which indicates a shallow level of erosion at Hercules. This provides the potential for the discovery of a deeper-seated feeder system at depth, which may be associated with higher temperature alteration minerals. In addition, the presence of copper skarns at surface and a large IP chargeability anomaly provides further indication of a potentially undiscovered porphyry copper feeder system at depth.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul CEO & Director Telephone +1 (604) 449-6819 Email: cpaul@herculessilver.com

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.

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.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER 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 SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

• Over 800 outcrop chip samples highlighting a widespread silver-lead-zinc-copper system. Grades up to 21% copper at the Big Cut Skarn and 2,810 g/t silver in the untested Grade Creek Zone¹

• Results confirm a multi-kilometer-scale system, delimited by a number of mineralized zones which may be contiguous under surface cover

• Majority of samples collected from scattered bedrock exposures of Hercules Rhyolite are mineralized and strongly altered

• The best historical drilling intercepts lie below low grade surface samples at Hercules Adit and Frogpond, suggesting leaching may be downgrading geochemical values at surface

• The strongest and most consistent silver-lead-zinc grades on surface occur within the untested Grade Creek Zone, which also hosts the strongest historical chargeability and soil sampling values

• Lack of bedrock exposure restricted sampling of several parts of the Hercules Rhyolite on surface, however recent IP geophysics indicates the potential for continuous sulfide mineralization at depth (See Dec 15, 2022 NR)

• Rhyolite host for silver-lead-zinc mineralization remains open under post-mineral basalt cover to the south of the map area, with 7 additional samples pending from a historical adit uncovered by recent prospecting

¹The reader is cautioned that rock chip samples are selective by nature and may not represent the true grade or style of mineralization across the Property.

Toronto, Ontario / January 24, 2023 – Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to announce widespread silver, lead, zinc and copper values from its 2022 rock chip sampling program on the Hercules Property located in western Idaho (“Hercules” or the “Property”). The Company collected over 800 rock chip samples to identify the source of previously announced soil anomalies on the Property. The new results outlined the presence of a large mineralized system, consisting of multiple outcropping zones of silver-lead-zinc, spanning approximately 3.5 kilometers of exposed Hercules Rhyolite, as well as two distinct copper targets, the Metheny and Big Cut, hosted within Triassic aged Seven Devils Group rocks.

A plan presenting the rock chip grades in silver equivalent (AgEq², g/t), is shown in Figure 1. A silver equivalent calculation was used for compilation purposes only, to compare the combined metal value from samples taken across the Property. Investors are cautioned that the silver contribution varies significantly from sample to sample, particularly at the Metheny and Big Cut Zones, which are copper dominant targets. It should also be noted that estimated recoveries of individual metals were not applied in the AgEq calculation. Separate maps of silver, lead, zinc and copper are presented in Figures 2-5.

Sampling was restricted to limited exposures of outcropping bedrock and the majority of samples that were collected from the Hercules Rhyolite, where exposed, are well mineralized and show strong alteration. A series of zones mineralized with silver-lead-zinc are exposed along an approximate 3.5-kilometer strike length of rhyolite, and are open under Tertiary basalt cover to the south. An IP geophysical survey conducted in late summer of 2022 suggests that these zones may connect at depth.

² Silver equivalent (AgEq) grades are calculated using metal prices of: silver US$24/oz., copper US$4.15/lb, lead US$1.00/lb and zinc US$1.50/lb. Silver equivalent grade is calculated as AgEq (g/t) = Ag (g/t) + (Cu (%) * 118.558) + (Pb (%) * 28.568) + (Zn (%) * 42.852).  Metal recoveries have not been applied in the silver equivalent calculation.

Management Commentary

Chris Paul, CEO and Director of the Company, noted: “We’re excited by the consistency of mineralization and alteration we are seeing over such a large area at Hercules. These results demonstrate widespread geochemical anomalies, and further strengthen our targeting effort at Hercules. The strong IP chargeability values released last month indicate that these zones may connect to a larger body of sulfide mineralization at depth. We acquired the project in 2021 with a view that shallow historical drilling had only just scratched the surface at Hercules. The historical drilling had focused on Frogpond and Hercules Adit, which together represent less than 5% of the mineralized footprint, and it appears now that a large amount of blue sky exists outside of that.”

Potential for Increasing Grades Below Surface

The Hercules Adit and Frogpond Zones were the focus of historical drilling, where 189 of the 308 historical holes were drilled. The area was also the focus of a small-scale feasibility study completed in 1984. Despite the best historical drilling intercepts being returned from this area, they show the lowest grades on surface, out of all the zones sampled (Figure 1). This supports conclusions from previous operators, that significant leaching of metal values has occurred at surface, as much stronger grades were reported in historical holes drilled within these zones. The eastern side of the Frogpond has also been covered by a landslide, consisting of barren andesitic lapilli tuff transported from the east, as indicated by the hash marks on Figure 1. This indicates that excellent subsurface grades may be discovered in areas with relatively subdued surface geochemistry.

Grade Creek – Best Untested Target on the Property

The Grade Creek Zone remains the best untested target on the Property for silver-lead-zinc mineralization. The most consistent and highest surface grades, both in soil sampling as well as the new rock chip samples, occur along the north facing slope of Grade Creek, which has never been tested by drilling. Historical IP surveys, which covered the area from Hercules Adit to Grade Creek, also reveal a large and strong (>25ms) chargeability anomaly underlying the strong surface geochemistry. The steep north facing slope of Grade Creek does not have existing road access but can be tested with long drill holes, collared from a nearby road on Hercules Ridge. 2022 mapping indicates that the rhyolite dips subparallel to the slope, giving it a favourable open pit type target geometry. It therefore ranks as a high priority target and the Company is preparing a drill plan to permit and test the zone.

Metheny and Big Cut Copper Skarn Zones

Two high-grade copper-silver targets, the Big Cut and the Metheny, occur within the Triassic Seven Devils Group on the east side of the Property. Both targets represent skarn style mineralization, which occurs where limestone comes in contact with, or close proximity to, a nearby porphyry intrusion. The Big Cut is characterized as a garnet-epidote skarn, whereas the Metheny is a specularite (iron) skarn. The differing alteration is likely a function of zonation around a potential porphyry intrusion or multiple intrusive centers at depth.

Historical trenching at the Big Cut prospect, discussed in unpublished reports obtained by Hercules Silver^{3, 4}, yielded grades of up to 1.78% copper across 90 feet (~27 meters) and 1.3% copper across 57 feet (~17 meters). Silver was only selectively assayed at the time. Other notable historical trench intercepts at the Big Cut prospect include:

³ Kelly, S. 1973. Progress Report to the Vancouver Stock Exchange on the Iron Cap, or Big Cut Holdings of Acaplomo Mining and Development Co. Ltd. in the Heath Mining District with concurrence by C.M. Armstrong, P.Eng.

⁴ Armstrong, C. 1976. Report on the Iron Cap Property, Heath Mining District.

Table 1 – Select Historical Trench Results – Big Cut

Length (ft.)	Length (m)	Cu (%)	Ag (oz/t)
40	12.2	1.58	NR
180	54.9	0.94	NR
40	12.2	0.91	NR
60	18.3	0.91	NR
115	35.1	0.93	NR
7	2.1	2.68	0.98
60	18.3	0.83	NR
70	21.3	0.63	NR

The assay results reported above are historical in nature and have not been verified by a Qualified Person; therefore, they should not be relied upon.

Photos 1 and 2 below show select high-grade samples taken from the Big Cut, displaying partially oxidized semi-massive chalcopyrite (copper) mineralization.

The Metheny copper skarn is associated with lenses of brecciated limestone within a larger quartz feldspar porphyry unit. High-grade copper with moderate to strong silver grades of up to 1,085 g/t occur with massive to semi-massive specular hematite, a different type of skarn alteration than is seen at the Big Cut. The surrounding quartz-feldspar porphyry is also altered and carries copper mineralization.  Photos 3 and 4 show examples of strong iron-copper-silver skarnification at the Metheny.

Sampling Methodology

Outcrop and subcrop samples were collected based on the presence of bedrock exposure throughout the Property. A polygon area of interest was laid out on a GIS map, representing the outline of anomalous soil samples on the Property. LiDAR data was also hillshaded and used to map outcrop locations for sampling. Sampling lines were established within the area of interest which acted as a guideline for sample traverses, along with the mapped outcrop locations. Any outcrops encountered within 50 meters of either side of the sampling lines were sampled. A series of contiguous chip samples were also collected from mineralized outcrops within the Belmont Zone. Following collection, the samples were shipped to MSA Labs in Langley, British Columbia for analysis.

Sample Analysis and QAQC

All rock samples were prepped and analyzed at MSA Labs in Langley, British Columbia, an ISO 17025 and ISO 9001 certified laboratory. Samples were dried and crushed to 2mm, from which a 250g sub-sample split was then pulverized to 85% passing a 75 micron sieve. Following preparation, 671 of 807 rock assays were determined by the IMS-230 method. A 0.25g aliquot of the prepared pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The resulting solution was analyzed via ICP-MS and ICP-ES for 48 elements and was corrected for inter-element spectral interferences. Mercury is not reported due to volatilization in reaction with hydrofluoric acid and gold is not reported due to the small, 0.25g aliquot size being insufficient to overcome the nugget effect. Samples taken early in the campaign (136) were analyzed by other ICP procedures, IMS-116, IMS-117 or IMS-131, entailing a less complete aqua regia digestion. Select samples are currently being analyzed by a 50g fire assay for gold.

MSA Labs employs internal quality control standards, duplicates and blank samples at set frequencies.

For submitted sample batches, excluding 52 of 807 total outcrop samples, blind certified reference materials (CRMs) purchased from CDN Resource Laboratories of Langley, B.C., and duplicate samples were inserted by the Company at a frequency of one in every 50 samples, totaling 23 analyses. CRM results for copper, silver, lead and zinc were within acceptable limits with only one result >2SD from the certified value and none exceeding 3SD.  

Fifteen barren rock blanks were inserted blind in five of the sample batches.  These yielded two 10x lower detection limit failures for silver, four 10x failures for copper, and no failures for lead and zinc.  The Company is performing a follow-up on the failures, but given the low thresholds of the exceedances, the impact is not material to the identification of the strong geochemical anomalies on the Property.

Fourteen duplicate samples were collected from the outcrops to check sample precision for copper, silver, lead and zinc.  Considering the limited size of the data set and the presence of outlier grades in some of the samples, the mean comparisons appear reasonable, within ±15% for silver, copper and zinc.  Removing one outlier from the lead duplicate pairs, lead original and duplicate means are within 5%.  Scatterplots show reasonable clustering along a linear trend line with no evidence of sample mix-ups; correlation coefficients for originals and duplicates for each metal are 0.95 or higher.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Donald E. Cameron, MSc, a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc., a QP Member of the Mining & Metallurgical Society of America, and an independent “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  To the best of his knowledge, the technical information pertaining to the Hercules Silver Property, and discussion of it as disclosed in this news release, is neither inaccurate nor misleading.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit in 2023, having completed extensive surface exploration in 2022 consisting of soil & rock sampling, geological mapping, IP geophysics, and a 9-hole drill program.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul
CEO & Director
Telephone +1 (604) 449-6819
Email: cpaul@herculessilver.com

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.

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.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER 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 SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.