Bald Eagle Announces Exchange Approval for Name Change to Hercules Silver Corp. and Provides Exploration Update

TORONTO, Aug. 24, 2022 - Hercules Silver Corp. (formerly Bald Eagle Gold Corp.) ("Hercules Silver" or the "Company") (TSXV: BIG) (OTCQB: BADEF) (FWB: 6W0) is pleased to announce that the TSX Venture Exchange (the "TSXV") has approved the Company's name change from Bald Eagle Gold Corp. to Hercules Silver Corp. (the "Name Change"). The Company's common shares (the "Common Shares") will commence trading under the name Hercules Silver Corp. today at the market opening of the TSXV.

The Common Shares will continue to trade under the same symbols on stock exchanges (TSX-V: BIG; OTCQB: BADEF; FWB: 6W0). The Common Shares will trade under CUSIP and ISIN numbers 42710L106 and CA42710L1067, respectively, following the Name Change.

The Name Change was fully described in the Company's management information circular dated June 10, 2022, which can be accessed on the Company's SEDAR profile at www.sedar.com, and was approved by shareholders of the Company at the Annual and Special Meeting of Shareholders held July 15, 2022.

The rebranding features a new website, www.HerculesSilver.com, where a new redesigned corporate presentation can also be found. Readers are encouraged to explore the website which features a new look and content with enhanced visuals.

"We are pleased to officially begin trading today under Hercules Silver Corp., which marks the beginning of our new journey as an exciting new silver explorer in the mining-friendly state of Idaho," said Hercules Silver CEO and director, Chris Paul. "We encourage investors to visit our newly designed website and presentation on the project."

The Company's surface-based exploration at the 100% owned Hercules Silver Property, located in Washington County, Idaho, USA (the "Hercules Property") is progressing well. Ongoing work includes geochemical sampling, detail mapping and planning for a property-wide 3D IP geophysical survey. The Company recently completed a follow-up soil survey on its new copper anomaly for which assays are expected imminently. Field crews are now following up on new targets generated by soil sampling with detailed chip and channel sampling of outcrops. The Hercules Property is fortunate to have very good outcrop exposure, which allows for low-cost surface sampling of the new targets. Over 1,000 rock chip samples are planned on a 50-meter grid pattern within the new targets, permitting the Company to collect widespread bedrock geochemical data on surface ahead of a drill program planned for later this year. This strategy will provide 2D geological and geochemical data for the entire surface exposure of new targets, including lithology, alteration, mineralization, as well as silver, copper, lead and zinc grades over kilometers of bedrock exposure. This ongoing field program will allow the Company to map the geology and metal grades of the surface in 2D, prior to defining the third dimension with drilling.

In addition to the widespread bedrock sampling and logging program currently underway, the Company has also engaged Specialized Geological Mapping Ltd. of Inverness, Scotland to carry out several weeks of detailed mapping. Scheduled to begin on August 25, 2022, the mapping will be focused on the key structural controls and stratigraphy controlling mineralization which will be used to form a predictive model for targeting potentially higher-grade portions of the system at depth. Alteration and mineralization will be the focus at the new copper porphyry target, to help vector towards the center of that system.

A property wide 3D induced polarization (IP) survey is scheduled to commence in late summer, subject to contractor availability. Historical IP surveys effectively correlated high chargeability values to silver mineralization at the Hercules Adit and Fishpond Zones and therefore it was selected as the geophysical method of choice for the Hercules Property. The historical IP also indicated a strong zone of chargeability coincident with the best silver-in-soil anomaly on the Hercules Property at the Grade Creek Zone. The historical IP anomaly has never been tested by drilling and remains open to the north and at depth. It will be included within the new, deeper seeking 3D survey to better define its true geometry and extent. The copper anomaly discovered this year will also be covered to investigate the potential for a large copper porphyry system. Altogether the survey will cover approximately 2,500 acres of mineralized footprint to over 600 meters of depth, an incredibly large volume of rock for an IP survey. Line lengths will be up to 5 kilometers.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the Hercules Silver Project, northwest of Cambridge, Idaho. The Company's management team brings extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored precious metals properties worldwide. The board of directors have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

Exploration activities at the Hercules Property are administered on site by the Company's Vice President of Exploration, Antoine Soucy-Fradette. In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Donald E. Cameron, Technical Advisor to Hercules Silver Corp. and an independent Qualified Person, has reviewed and approved the technical and scientific content of this news release.

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.

SOURCE Hercules Silver Corp.