Reconnaissance Drill Hole HER-26-03 Intersects Intense Phyllic Alteration, Consistent with the Margins of a New Porphyry System, at the Edge of a 1.8-Kilometer Chargeability Anomaly
Reconnaissance Hole Tests Edge of Anomaly: Drilling from the nearest existing road, approximately 400 meters west of the newly identified Hook chargeability anomaly, successfully intersected strong quartz-sericite-pyrite ("phyllic") alteration, consistent with the margins of a potential nearby porphyry copper system.
Advanced Drill Permitting Underway: The reconnaissance hole was drilled from the nearest location accessible under the Company's existing drill permit and was designed to test for distal porphyry-style alteration near to the target. Based on the strength of the alteration encountered, the Company has elected to proceed with permitting temporary access roads and drill pads to directly test the core of the chargeability anomaly.
Target Size: The Hook target comprises an approximately 1.8-kilometer-long IP chargeability anomaly, coincident with a previously identified conductivity anomaly from the Company's district-scale 2025 MT survey.
High-Strength Core: The highest-intensity portion of the Hook target extends for approximately 500 meters and ranges from approximately 20-40 mV/V, representing the strongest chargeability response associated with Triassic rocks identified on the Property since the 2023 IP survey that led to the discovery of the Leviathan porphyry copper system.
Near Surface: The high-strength core of the anomaly is modelled to begin within approximately 100 meters of surface, which is where the next phase of drill permitting will focus. In addition, Triassic-age host rocks are mapped at the surface across the Hook target area.
Favourable Host Rock: In addition to quartz-sericite-pyrite, distal skarn alteration was encountered within favourable calcareous host rocks in the hole. The presence of skarn alteration is encouraging, as these host rocks are generally conducive to strong mineralization near their porphyry source.
Toronto, Ontario--(Newsfile Corp. - September 14, 2026) - Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) ("Hercules" or the "Company") is pleased to announce that HER-26-03 has intersected intense quartz-sericite-pyrite ("phyllic") and skarn alteration at the newly identified Hook target on its 100% owned Hercules Property in western Idaho (the "Property"). The alteration style identified at Hook is consistent with the edges of other porphyry copper systems on the Property and aligns with the results of recently completed geophysical surveys, including Hook's large, near-surface chargeability anomaly, occurring approximately 3 km east of the Company's Leviathan porphyry copper system.
The Hook target is centered on a large, near-surface chargeability anomaly, however the nearest available drill pad under the Company's existing permit was located on an established road approximately 400 meters west of the anomaly.
Rather than immediately permit new road access to the target, the Company elected to first use the existing permitted drill pad to establish geological support for the target. Core logging of HER-26-03 has now indicated support for advancing such additional permitting and road construction.
Figure 1: East-west cross-section (looking north) showing the Leviathan (left) and Hook (right) IP chargeability anomalies on the Hercules Property and the drilled location of HER-26-03. Chargeability is clipped to >17 mV/V.
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HER-26-03 began in relatively unaltered rock outside of the anomaly which transitioned to increasing phyllic alteration, with strong pyrite ranging from 5-10%, as disseminations and porphyry-style "D-veins". Importantly, the alteration appears consistent with the pyrite halo surrounding the Company's nearby Leviathan porphyry copper system.
Unlike at the Leviathan target, HER-26-03 did not have to drill through younger post-mineral cover and was drilled entirely within Triassic-age geology, which hosts the Late Triassic porphyry copper mineralization on the Property. The hole intersected volcanic and carbonate-bearing sedimentary lithologies consistent with the lower portion of the Triassic stratigraphy mapped throughout the Hercules district. This lower stratigraphic sequence includes iron- and carbonate-rich host rocks that are considered favourable for the development of skarn and associated copper mineralization in porphyry systems.
Assays are pending; however, given the distal nature of the intercept within the interpreted pyrite halo, the results are expected to be more useful for providing additional vectoring information toward the system than for returning significant copper-molybdenum intercepts.
Drilling efforts will move northeast toward the high-chargeability core at the Hook anomaly targeting a potential causative porphyry intrusion, which may host a shell of copper-molybdenum mineralization, akin to that observed at the Leviathan porphyry system.
Figure 2: Looking northwest at the new seven-line IP anomaly at Hook, relative to the 2023 IP anomaly at Leviathan, highlighting the similar chargeability response at both targets.
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George Ogilvie, President and Chief Executive Officer, commented: "The team utilized existing road infrastructure to provide an efficient initial test of the newly identified IP/MT geophysical anomaly at Hook, without incurring the permitting costs and associated delays that would have been required for new drill access. This initial drill test has provided encouraging geological indications of potential porphyry-related alteration, supporting the strategy to continue testing the high-strength core of the anomaly along its strike extent.
He continued, "Looking forward, continued drilling will focus on expanding our near-surface targets, particularly at Leviathan, where more than 30,000 m of combined drilling has tested both the at-surface epithermal silver mineralization and the underlying copper porphyry system. In addition, initial drilling in HER-26-03 has upgraded Hook to a particularly compelling near-surface target, supported by geological and geophysical similarities to Leviathan. These results warrant an updated plan of operations to facilitate the next phase of follow-up drilling, targeted to commence in 2027."
Two diamond drills are currently active at the Hercules property. Both drills are conducting southern step outs (HER-26-05 and HER-26-06) of the Leviathan system, with a focus on expanding hangingwall and footwall mineralization along strike and to depth, in an area with a gap in drilling between Leviathan and Southern Flats.
Figure 3: Compilation map showing the Leviathan and Southern Flats discoveries, as well as the new Hook and Pegasus targets. An MT conductivity depth slice highlights the broadly conductive target regions, while IP is used to define specific high chargeability targets for drill testing.
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Drill core from Hole HER-26-03 is shown in Exhibit A, at the end of the press release.
Qualified Person
The scientific and technical information in this press release has been reviewed and approved for disclosure by Dillon Hume, P.Geo. and Vice President, Exploration for the Company. Mr. Hume is a "Qualified Person" for Hercules Metals within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Corporate Update
The Company also announces that, further to its press releases dated July 30, 2026 and August 7, 2026, the board of directors of the Company has approved the cancellation of an aggregate of 20,500,000 stock options (the "Subject Options") previously granted under the Company's omnibus incentive plan (the "Plan") to certain directors, officers, employees and consultants of the Company. The Subject Options consisted of: (i) 18,650,000 options granted on July 30, 2026 (the "New Management Grant"); and (ii) 1,850,000 options granted on August 7, 2026. At the request of the TSX Venture Exchange, the Company cancelled the New Management Grant and, by its own election, also cancelled the remaining Subject Options granted in August. Following the cancellation of the Subject Options, the Company will have 5,290,000 stock options and 2,666,000 restricted share units ("RSUs") issued and outstanding under the Plan, with 6,985,745 stock options and/or RSUs remaining available for issuance after taking into account prior stock option and RSU grants, cancellations and expiries since the Plan's inception on June 1, 2022. The Company is considering all available means to alternatively compensate the directors, officers and consultants who previously held the now cancelled Subject Options.
About Hercules Metals Corp.
Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) is an exploration Company focused on developing America's newest porphyry copper district, in Idaho.
The 100% owned Hercules Project, located northwest of Cambridge, hosts the newly discovered Leviathan porphyry copper system, one of the most important new discoveries in the country to date. The Company is well positioned for growth through continued drilling, supported by a strategic investment from Barrick Mining Corporation.
With the potential for significant scale, the Company's management and board of directors aims to deliver value to shareholders through proven discovery success.
For further information please contact:
George Ogilvie
President & CEO
Telephone: +1 (416) 723-0458
Email: gogilvie@herculesmetals.com
Alison Dwoskin
VP Investor Relations
Telephone +1 (647) 233-4348
Email: adwoskin@herculesmetals.com
This press 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.
Cautionary Statements Regarding Forward-Looking Information
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "anticipated" "assumption", "believe", "compelling", "confidence", "developing", "encouraging", "estimate", "evidence", "expected", "exploration", "focus", "forward", "future", "indications", "initial", "intended", "may", "modelled", "next", "pending", "plan", "potential", "progress", "projects", "target", "test", "vectoring", and "will", or variations of such words, and similar such words, expressions or statements, that certain actions, events, conditions or results "will," "would," "may," "could" or "should" (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect.
Forward-looking statements in this press release may include, without limitation, statements regarding: planned or other future drilling, the Company's plans to permit temporary access roads and drill pads to test the core of the Hook chargeability anomaly; the expected direction, location and focus of future drilling at the Hook target; the potential for copper-molybdenum mineralization at the Hook target; expectations regarding the timing and results of assays from HER-26-03; the Company's interpretation of alteration patterns and their relationship to potential porphyry systems; the Company's consideration of compensation alternatives following cancellation of the Subject Options; the potential for scale at the Hercules Project; any expansion of near-surface targets; potential for significant scale; and the Company's ability to deliver value to shareholders through continued exploration and discovery; results of exploration including related testing and modelling) and other activities and operations;, and the objectives, strategies and expected financial performance of the Company.
Although the Company believes the forward-looking statements contained in this press release are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations, information and opinions, which are considered reasonable and represent best judgment based on available facts, as of the issuance of this press release. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the Company's other public disclosure in 2026 including Management's Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2025 and the quarters already ended and reported in 2026 (collectively, the "2026 Disclosure"), available on the Company's website at www.herculesmetals.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements, by their nature, are inherently subject to assumptions, estimates, expectations, opinions, and known and unknown risks, uncertainties, contingencies and other factors, which may cause our actual results, level of activity, performance, developments or achievements, or other future events, to be materially different from any future results, activity, performance, developments or achievements expressed or implied by such forward-looking statements. Examples of such assumptions, estimates, expectations, opinions, risks, uncertainties, contingencies and other factors include, without limitation, those identified herein as well as associated with general economic conditions; any mineralization at Hook, if present, may differ materially from that observed at the Leviathan porphyry system; 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 other 2026 Disclosure, available on the Company's website at www.herculesmetals.com and/or documents filed under its issuer profile at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the issuance of this press release (or as otherwise expressly specified) and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the cautionary notes and/or statements in the Company's other 2026 Disclosure.
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.
EXHIBIT A - Core Photos
500-545 m (1639-1788') - Interpreted distal skarn alteration, with semi-massive pyrite replacement and banding.
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Core Photos - 597-614 m (1958-2013') - Increasing quartz-sericite-pyrite ("phyllic") alteration and pyrite-rich D-veining
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Core Photos - 683-707 m (2241-2320') - Further increasing quartz-sericite-pyrite ("phyllic") alteration and veining with hydrothermal breccia intervals
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