Strategic Agreement Surrounding Hercules And Leviathan

TORONTO – Hercules Metals Corp. reported that Hercules and its wholly-owned U.S. subsidiary, Anglo-Bomarc, U.S., Inc. have entered into a strategic option agreement with Barrick Gold Exploration Inc. (BGE), a wholly-owned U.S. subsidiary of Barrick Mining Corporation to lead a consolidated district-scale exploration strategy and earn a 100% interest in over 74,000 acres of unpatented mining claims surrounding the Company’s Hercules property and the flagship Leviathan porphyry discovery in western Idaho. In exchange, Barrick will increase its equity position in the Company.
Chris Paul, CEO and Director, said, “Consolidating the 73-kilometre Olympus copper belt represents a once-in-a-lifetime opportunity for Hercules shareholders and signifies a strong endorsement of our team’s execution and vision. We are honoured by Barrick’s confidence as we advance Leviathan alongside a greatly expanded district-scale exploration strategy moving forward.
The Leviathan system hosts evidence of a rare and exceptional copper-silver enrichment event which formed during a regional tectonic episode that potentially affected the entire Olympus belt of claims, making it one of the largest and most compelling new copper projects in the United States today.”
Mr. Paul concluded, “This transaction comes at a time of major change for mining in the United States, with significant tailwinds in the form of streamlined federal permitting and a potential 50% tariff on foreign copper.”