Hercules Silver Corp. Provides Update on Its Phase III Drill Program

Highlights

• Since mobilizing three drill rigs between late April and early May, a total of 3,000m have now been cored in 5 completed and 2 in progress drill holes ranging in length from 411 to 516m. 1 drill rig is currently moving to the next pad (Figure 1).

• Assay results are anticipated in batches, with the first set of results expected by mid summer.

• Challenging drilling conditions in the Upper Plate resulted in slower than anticipated production rates at the start of the program. To compensate for this and ensure adequate strike length is covered early in the program, large step-outs, up to 1km south, are now underway.

• The Phase III Drill Program is the largest yet and is expected to continue for the remainder of the year, testing a multi kilometer geophysical target area.

• In addition to the ongoing drilling, the Company has now completed a more detailed geological map, focused on the exposed Lower Plate (Triassic) rocks in the east of the Property and key lithological and structural controls which will further refine the drill targeting. Results of the detailed surface mapping will be released in the coming weeks.

• Geochemical soil and rock sampling of newly acquired claims is currently underway, aimed at identifying additional porphyry centers.

Chris Paul, CEO and Director of the Company, noted: "Despite challenging drilling conditions encountered early on, the Company continues to see evidence of a large mineral system. It maintains a strong cash position of $24 million to execute another 17,000 meters of its planned 20,000 meter drill program, and continue testing the system across significant strike length."

Geological Update

Drilling has encountered variable porphyry alteration and mineralization with assays expected by mid summer. An inferred northeast-southwest fault appears to offset mineralization northwest of the 2023 drilling, with holes HER-24-02 and HER-24-03 intersecting distal phyllic alteration with strong pyrite "D" veins. Long intervals of pyrophyllite and dickite alteration were detected by portable spectrometer readings, representing advanced argillic alteration typical of the shallowest part of a porphyry system, sometimes referred to as "lithocap". This suggests either downward or lateral movement northwest of the fault, and preservation of the offset high-grade mineralization.

Subsequent holes were drilled south along a geophysically prospective corridor toward the Belmont Zone. Holes HER-24-05 and HER-24-06 are still in progress, with -05 just reaching Lower Plate this past week.

Unfortunately, HER-24-07 had to be terminated prior to reaching the Lower Plate due to strong artesian water flow beneath the Belmont Zone. Plans are to re-drill the hole in the fall when the aquifer may have a lower charge. 2024 has seen abnormally heavy rainfall throughout the winter and spring which may have excessively charged the aquifer under Belmont.

The upcoming set of planned holes are shown in Figure 1 (PH-24-08, -09, -10). These holes are designed to test a potential NE-SW structural control. The goal remains to find the highest-grade core of the system.

Figure 1: Phase III (2024) drill holes completed, in progress, and planned.

To view an enhanced version of this graphic, please visit:
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Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton BS, CPG, Hercules' Vice President, Exploration. Mr. Longton is a "Qualified Person" for Hercules Silver within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Hercules Silver Corp.

Hercules Silver Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: 8Q7) is an exploration Company focused on developing Idaho's newest copper and silver district.

The 100% owned Hercules Project located northwest of Cambridge, hosts the newly discovered Leviathan porphyry copper system, the most significant new copper discovery in the United States in recent times. The Company is well positioned for growth through the drill bit, supported by a strategic investment by Barrick Gold.

For further information please contact:

Nisha Hasan
Investor Relations
Telephone +1 (604) 425-1408
Email: nisha@herculessilver.com

Chris Paul
CEO & Director
Telephone +1 (604) 670-5527
Email: chris@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 information contained in this press release may include, without limitation, the expected execution of future exploration programs on the Property; assay results of future drill holes; results of operations, 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.sedarplus.ca.

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.

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