Hercules Metals found the copper porphyry under an existing silver-lead-zinc system at its 100% owned Hercules Project. The Company suspected it was onto something significant when its first drill hole intersected 0.84% copper over 185 metres (m).
Further drilling expanded the system to more than 1.6 kilometres (km) by 1.3 km. This includes step-out holes such as HER 23-26, which intersected some of the highest grades, 0.76% copper over 100m. Exploration activities confirmed a large, open system with all of the drill holes ending in mineralization.
Also in 2023, Hercules Metals completed a 3D Induced Polarization (IP) Survey at the project. It revealed an even larger, arcuate-shaped anomaly than had been identified initially. More importantly, the IP Survey indicated the potential for a multi-kilometre porphyry that remains mostly untested.
Barrick Mining Makes a Significant Investment
Developments at Hercules attracted the attention of Barrick Mining Corp (TSX: ABX), which invested more than $25 million into the project, starting in 2023, and its ownership interest in Hercules Metals now exceeds 13%. The mining giant’s partnership included the assistance of three of its senior geologists who helped craft a 20,000m drill campaign in 2024.
Barrick and Rio Tinto (LSE: RIO) also staked over 80km along the trend, highlighting the potential scale of the discovery (see Figure 1).
Before the discovery of a copper porphyry, the Hercules Project consisted primarily of silver. This includes a significant silver system in the project’s Upper Plate. Its historic resource includes results such as 193 grams per tonne (g/t) silver over 112m and 11.3m of 1,660 g/t silver. The assays from the Hercules Adit Zone provide a high-grade silver aspect to the project. The copper and silver systems show geological similarities, which suggests multi-metal potential, and Hercules Metals believes that the silver system overlaps with and could enrich the copper porphyry at depth (see Figure 2).
FIGURE 1: Hercules District in Idaho with Barrick, Rio Tinto, and Other Claims
Drill Results in 2025 Could Be a Catalyst For its Stock Price
In mid-2024, Hercules Metals received formal approval of its Plan of Operations from the U.S. Forest Service, which was a major milestone for advancing its 2025 drill campaign. This permit allows the company to test high-priority porphyry centers in previously inaccessible areas, particularly in the Eastern Block Zone and Southern Flats.
These newly permitted zones will be key to confirming whether multiple porphyry centers exist across the broader trend and could help define an open-pittable resource near surface.
The Company’s plans for 2025 include a recently announced 12,000m drill program. It will target the core Leviathan Porphyry (Grade Creek and the Southern Flats zones) and test further porphyry centres in the Eastern Block and Western Deeps. Hercules Metals considers the Eastern Block and Western Deeps as two high-priority conceptual targets.
Drilling will also head northwest for the first time with the aim of intersecting the southeast-dipping mineralization. The program will also target silver feeder zones. The Company’s efforts received a boost with the hiring last year of porphyry copper specialists to operate multiple deep rigs. These hires enhance execution capabilities during a technically demanding phase.
In addition, Hercules Metals staked 570 new lode claims, securing the northern extension of the IP anomaly. These initiatives demonstrate long-term planning and confidence in district-scale potential.
Furthermore, the Company recently inked a 20-year mineral lease agreement with the State of Idaho. It allows Hercules Metals to explore, develop, and mine about 7,669 acres of state-owned land adjacent to the Hercules Property. The deal increases the Company’s land holdings in the area by more than 46%.
Final Thoughts
Numerous catalysts exist for Hercules Metals shareholders in 2025. Most notable will be results from a $6.6 million drill campaign. The Company has multiple targets to explore and drill, including an epithermal silver system merging with a copper porphyry. In addition, drilling over the past year shows a trend of improving grades at deeper depths as the system expands.
FIGURE 2: Hercules Project – A Concealed Copper System Below Large Epithermal System at Surface
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