Business
Hercules Metals Secures Mineral Lease Agreement with the State of Idaho
Toronto, Ontario--(Newsfile Corp. - March 4, 2025) - Hercules Metals Corp. (TSXV: BIG) (OTCQB: B...
About this update from Hercules Metals Corp
[{"type":"text","content":"Hercules Metals Secures Mineral Lease Agreement with the State of IdahoToronto, Ontario--(Newsfile Corp. - March 4, 2025) - Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) (\"Hercules\" or the \"Company\") is pleased to announce that its U.S. subsidiary, Anglo-Bomarc, U.S., Inc. (the \"Lessee\") has entered into a twenty year mineral lease agreement with the Idaho Department of Lands (\"IDL\" or the \"Lessor\") to explore, develop and mine metallic minerals on approximately 7,669 acres of state-owned land adjacent to its Hercules Property in western Idaho (\"Hercules\" or the \"Property\") and 640 acres adjacent to its nearby Mineral property (collectively the \"Lease Area\"). This new addition increases the Company's land position in the district by over 46%, to a total of 24,276 acres at the Leviathan porphyry discovery and 2,243 acres at the Mineral property (Figures 1-5).Chris Paul, CEO and Director of the Company, noted: \"This lease is consistent with our strategy of consolidating scale in the Hercules Porphyry Belt. As we advance the Leviathan discovery, our expanded land position provides us the ability to continue to explore, develop and mine, which aligns with Idaho's new Strategic Permitting, Efficiency, and Economic Development (SPEED) Act1, aimed at fast-tracking permitting and unlocking value in the states largely untapped mineral endowment.\"The last cycle of exploration in the Hercules district lasted from 1965 through to 1984, consisting of shallow drilling below historical silver mines on the Hercules and Mineral properties. However, historical exploration never tested below areas with post-mineral cover due to the technological limitations of the time. As a result, the Lease Area, which is entirely covered with post-mineral basalt, went completely unexplored. The Company's 2023 discovery of the Leviathan porphyry has revealed significant potential throughout the surrounding area. Follow-up drilling and surface mapping have since highlighted porphyry emplacement along a NW-SE trend which specifically increases the potential of the Lease Area. To test this, and fully appreciate the scope of the now consolidated target, the Company plans on activating powerful new geophysical technologies, aimed at unlocking the potential of these previously unexplored high-priority targets.In addition to th...