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Apr 25, 2023

Hercules Silver Commences 6,000 Meter Phase II Drill Program

Mr. Christopher Paul reports: Toronto, Ontario--(Newsfile Corp. - May 31, 2023)

Mr. Christopher Paul reports:

Toronto, Ontario--(Newsfile Corp. - May 31, 2023) - Hercules Silver Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: 8Q7) ("Hercules Silver" or the "Company") is pleased to report that it has mobilized an Atlas Copco CS-14 core drilling rig and commenced drilling the first hole in an extensive 6,000 meter drill program at the Company's wholly-owned Hercules Silver Property in western Idaho ("Hercules" or the "Property"). Timberline Drilling of Hayden, Idaho has been contracted to carry out the program, which will consist of step-out holes designed to test for extensions of historical mineralization, verify previous historical drilling and test a series of new targets generated by greenfields exploration.

Since acquiring the project in 2021, the Company has consolidated what was historically a fragmented land package, with several different companies holding different parts of the system throughout the 1970's-1980's. An 18-month-long greenfields targeting program, consisting of mapping, soil sampling, and rock sampling, has since revealed the presence of a large zoned system, with many portions remaining to be tested, including a potentially large-scale copper-silver-gold porphyry feeder target. The Phase II drill program will not only explore multiple new surface targets but will also test the system with angled holes up to 550 meters long, significantly deeper than the average 92-meter length of historical drill holes. The drilling will be done using triple-tube barrels for enhanced recovery and a core orientation tool for attaining the strike and dip of mineralization. This will not only increase the probability of success but will also improve the efficiency of drilling operations overall. The current Phase II drill plan is illustrated in Figure 1 below.

Figure 1: Phase II Drill Targets

Management Commentary

Chris Paul, CEO and Director of the Company, noted: "We are excited to be underway on our first core drilling program at Hercules; a long-awaited milestone and the culmination of almost two years of extensive surface exploration. Exploration technology has advanced significantly since the 1980s, when economic studies were last underway following the completion of over 300 historical drill holes. At that time, a crash in the price of silver had forced the previous operators to put small-scale open pit development plans on hold. More than 30 years later, we've significantly increased the Property holdings, carried out modern, systematic exploration on the consolidated land package, and identified the presence of a much larger zoned system. Our 3D geological model suggests that the historical drilling only tapped into the shallow and distal parts of the system. We are now entering potentially the most exciting period in the history of Hercules Silver, and an important step towards delivering significant value for our shareholders."

Phase II Drill Plan Summary

The details of the Phase II drill plan were released on May 8, 2023 and are repeated again below for reference.

Table 1: Phase II Planned Drill Holes

Silver-Lead-Zinc Targets

Hercules Adit/Frogpond Zones

Haystack Zone

Figure 2: Vertical Section Showing Deep Drill Holes Relative to Large-Scale Chargeability Anomaly, Looking West

Hinge Zone

Photo 1: Quartz-Alunite-Dickite-Pyrophyllite (Advanced Argillic) Breccia

Belmont Zone

Porphyry Copper-Silver-Gold Targets

Metheny Zone

Photo 2: Quartz-Feldspar Porphyry grading 4.3% Cu, 50 g/t Ag

Photo 3: Hematite altered Quartz-Feldspar Porphyry grading 1.5% Cu, 19 g/t Ag, 0.7 g/t Au

Photo 4: Quartz-hematite altered Quartz-Feldspar Porphyry grading 2.9% Cu, 79 g/t Ag, 0.1 g/t Au

Photo 5: Specularite altered Quartz-Feldspar Porphyry/Skarn grading 9.4% Cu, 1,085 g/t Ag, 4.5 g/t Au

Photo 6: Massive specularite altered Quartz-Feldspar Porphyry/Skarn grading 0.2% Cu, 359 g/t Ag, 1.7 g/t Au

Photo 7: Quartz specularite vein with colloform textured quartz matrix breccia, hosted in Quartz-Feldspar Porphyry grading 0.15% Cu, 9 g/t Ag, 1.2 g/t Au

Lightning Zone

Photo 8: Hydrothermal Breccia grading 0.3% Cu, 36 g/t Ag, 0.7 g/t Au

Photo 9: Hydrothermal Breccia with high-density quartz veinlet stockwork and strong Bi-Te-Se

Photo 10: Hydrothermal Breccia with quartz clasts and strong Bi-Te-Se

Photo 11: Hydrothermal Breccia with quartz clasts and strong Bi-Te-Se

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 ("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.

Management Update

The Company also announces the resignation of Mr. Antoine Soucy-Fradette as VP Exploration of the Company effective immediately. Mr. Soucy-Fradette is leaving the Company to pursue other opportunities. The Company wishes Mr. Soucy-Fradette every success in his future endeavours and wishes to thank him for his contribution to Hercules over the past few years.

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 PaulCEO & DirectorTelephone +1 (604) 449-6819Email: This email address is being protected from spambots. You need JavaScript enabled to view it.document.getElementById('cloak4f222ba4abb6046bf7f126223f686ec5').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy4f222ba4abb6046bf7f126223f686ec5 = 'cpaul' + '@'; addy4f222ba4abb6046bf7f126223f686ec5 = addy4f222ba4abb6046bf7f126223f686ec5 + 'herculessilver' + '.' + 'com'; var addy_text4f222ba4abb6046bf7f126223f686ec5 = 'cpaul' + '@' + 'herculessilver' + '.' + 'com';document.getElementById('cloak4f222ba4abb6046bf7f126223f686ec5').innerHTML += ''+addy_text4f222ba4abb6046bf7f126223f686ec5+'';

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.

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