Hercules Metals Corp. (BIG:TSXV; BADEF:OTCQB) reported that reconnaissance drill hole HER-26-03 intersected intense quartz-sericite-pyrite, or phyllic, and skarn alteration at the newly identified Hook target on its 100%-owned Hercules Property in western Idaho. The company said the alteration style is consistent with the edges of other porphyry copper systems on the property and aligns with recently completed geophysical surveys.
The Hook target is centered on an approximately 1.8-kilometer-long IP chargeability anomaly that coincides with a conductivity anomaly previously identified by the company's district-scale 2025 MT survey. The target is approximately 3 kilometers east of the Leviathan porphyry copper system.
The highest-intensity portion of the Hook anomaly extends for approximately 500 meters and ranges from approximately 20 to 40 mV/V. According to Hercules, it represents the strongest chargeability response associated with Triassic rocks identified on the property since the 2023 IP survey that led to the discovery of Leviathan. The high-strength core is modeled to begin within approximately 100 meters of surface, and Triassic-age host rocks are mapped at surface across the Hook target area.
HER-26-03 was drilled from an existing road approximately 400 meters west of the chargeability anomaly because it was the nearest available drill pad under the company's existing permit. Hercules elected to use the permitted location to establish geological support for the target before seeking new road access.
The hole began in relatively unaltered rock outside the anomaly before transitioning into increasing phyllic alteration, with pyrite ranging from 5% to 10% as disseminations and porphyry-style "D-veins." Hercules said the alteration appears consistent with the pyrite halo surrounding the nearby Leviathan system.
HER-26-03 was drilled entirely within Triassic-age geology and intersected volcanic and carbonate-bearing sedimentary lithologies consistent with the lower portion of the Triassic stratigraphy mapped throughout the Hercules district. The company also reported distal skarn alteration within calcareous host rocks.
Assays from HER-26-03 are pending. Hercules said that, given the distal location of the intercept within the interpreted pyrite halo, the results are expected to provide additional vectoring information toward the system rather than return significant copper-molybdenum intercepts.
"The team utilized existing road infrastructure to provide an efficient initial test of the newly identified IP/MT geophysical anomaly at Hook, without incurring the permitting costs and associated delays that would have been required for new drill access," President and Chief Executive Officer George Ogilvie said. "This initial drill test has provided encouraging geological indications of potential porphyry-related alteration, supporting the strategy to continue testing the high-strength core of the anomaly along its strike extent."
Hercules also reported that its board approved the cancellation of an aggregate 20.5 million stock options previously granted under the company's omnibus incentive plan. The canceled options consisted of 18.65 million options granted on July 30, 2026, and 1.85 million options from the August 7, 2026, grant. The company canceled the July grant at the request of the TSX Venture Exchange and elected to cancel the remaining August options.
Drilling and Geophysics Define the Next Work
Hercules said the alteration encountered in HER-26-03 supported advancing additional permitting and road construction at Hook. The company has elected to proceed with permitting temporary access roads and drill pads to directly test the core of the chargeability anomaly. The next phase of drill permitting will focus on the high-strength core modeled to begin within approximately 100 meters of surface, with follow-up drilling targeted to commence in 2027.
Drilling at Hook is planned to move northeast toward the high-chargeability core, targeting a potential causative porphyry intrusion. Ogilvie said the results warrant an updated plan of operations to facilitate the next phase of follow-up drilling.
The company's August 2026 presentation identified Hook as one of four targets in its 2026 exploration plan, alongside Southern Flats, Pegasus and the Leviathan footwall MT anomaly. The presentation described Hook as a near-surface target with no significant post-mineral cover and identified the Leviathan footwall target as a high-conductivity anomaly plunging northeast from Leviathan.
At Southern Flats, the presentation reported that HER-25-25 intersected the margins of a new blind copper porphyry system, grading 0.66% CuEq over 177 meters. A 200-meter step-out hole, HER-26-01, was underway as follow-up drilling. The presentation also said the conductive trend extends several kilometers in both directions from Southern Flats, with IP surveying underway along the trend at Pegasus and Hook.
Pegasus lies along the same anomalous MT trend extending southeast, where mapping indicated potential for near-surface mineralization, and an IP survey was underway. The Leviathan footwall MT anomaly was described as an untested high-conductivity anomaly of less than 100 ohm-m plunging northeast from the footwall of Leviathan at depth. Three holes drilled near that anomaly, 25-17, 24-12 and 23-08, ended in sharply increasing grades at depth.
The presentation also identified a large Phase 2 IP survey underway to test the anomalous conductivity trend for near-surface chargeability. It listed step-out drilling at the Southern Flats porphyry copper discovery and drill testing of two other geophysical targets along trend from Leviathan and Southern Flats among its upcoming work.
Streetwise Ownership Overview*
Hercules Metals Corp. (BIG:TSXV;BADEF:OTCQB)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 03/24/21 | WOLF.P | 1 | BIG | 2 |
At Leviathan, the September 14 release said two diamond drills are currently active on southern step-outs HER-26-05 and HER-26-06. Both are focused on expanding hangingwall and footwall mineralization along strike and to depth in an area with a gap in drilling between Leviathan and Southern Flats. Ogilvie said more than 30,000 meters of combined drilling has tested the at-surface epithermal silver mineralization and underlying copper porphyry system at Leviathan.
Ownership & Share Information1
Hercules Metals Corp. has a market cap of approximately CA$483.22 million, with 325.90 million shares outstanding. The company's 52-week range is CA$0.52 to CA$1.62.
Institutions own 10.86% of shares, while Strategic Investors own 11.12%. Management & Insiders own 4.32% of shares, and the remaining 73.70% of shares are held by Retail.
Frequently Asked Questions
What is Hercules Metals Corp. and what is it exploring in Idaho?
Hercules Metals Corp. is exploring its 100%-owned Hercules Property in western Idaho. The property hosts the Leviathan porphyry copper system and several additional exploration targets, including Southern Flats, Pegasus, and Hook.
What did Hercules Metals find at the Hook porphyry copper target?
Reconnaissance drill hole HER-26-03 intersected intense quartz-sericite-pyrite, or phyllic, alteration and skarn alteration at Hook. The company said the alteration style was consistent with the edges of other porphyry copper systems identified on the Hercules Property.
Why is the Hook target significant to Hercules Metals' copper exploration program?
The Hook target is defined by an approximately 1.8-kilometer-long IP chargeability anomaly that coincides with a conductivity anomaly previously identified by a district-scale MT survey. The highest-intensity portion extended approximately 500 meters and registered roughly 20 to 40 mV/V, which the company said was the strongest chargeability response associated with Triassic rocks identified on the property since the 2023 IP survey that led to the Leviathan discovery.
How close to surface is the Hook copper target in Idaho?
The high-strength core of the Hook chargeability anomaly was modeled to begin within approximately 100 meters of surface. Triassic-age host rocks were also mapped at surface across the Hook target area.
What did drill hole HER-26-03 encounter at the Hook target?
HER-26-03 transitioned from relatively unaltered rock into increasing phyllic alteration, with pyrite ranging from approximately 5% to 10% and occurring as disseminations and in porphyry-style “D-veins.” The hole remained entirely within Triassic-age geology and also intersected volcanic and carbonate-bearing sedimentary lithologies.
Are assay results pending from Hercules Metals' Hook drilling?
Yes. Assays from HER-26-03 were pending. The company said that because the hole was distal and within the interpreted pyrite halo, the results were expected to be more useful for vectoring toward the system than for returning significant copper-molybdenum intercepts.
What is the Leviathan porphyry copper system at the Hercules Property?
Leviathan is a porphyry copper system discovered during Hercules Metals' 2023 drilling program. The August corporate deck stated that drilling had defined the system over more than 1 kilometer of strike, up to 750 meters in width, and up to 500 meters of vertical extent.
What other porphyry copper targets was Hercules Metals testing in 2026?
The company's August corporate deck identified Southern Flats, Pegasus, Hook, and the Leviathan footwall MT anomaly as targets in its 2026 exploration plan. The program incorporated drilling as well as MT conductivity and IP chargeability surveys.
What was discovered at the Southern Flats copper target?
The corporate deck said drilling had identified the margins of a new blind copper porphyry system at Southern Flats. Hole HER-25-25 intersected 177 meters grading 0.66% copper equivalent, and a 200-meter step-out hole, HER-26-01, was underway as follow-up drilling.
What was the copper price when Hercules Metals reported the Hook results?
Trading Economics reported copper at US$6.3029 per pound on September 14. Despite being down 2.58% on the day and 4.53% for the month, copper remained 35.46% higher over the preceding year.
What factors were affecting the copper market in September?
Benchmark Mineral Intelligence reported that copper prices had reached successive record highs in 2026 and were approaching US$15,000 per tonne on September 10. It said large flows of copper into the United States had contributed to a market that appeared tighter than its underlying balance, while also identifying AI-related demand expectations, longer-term supply concerns and supply-disruption narratives among factors affecting prices.
What did third-party commentator Bob Moriarty say about Hercules Metals?
Bob Moriarty of 321 Gold pointed to the company's share-price move from a US$0.59 close on July 29 to a US$1.63 intraday high on September 1 and discussed the addition of seven management team members. Referring to the market's response, Moriarty wrote, "They know what they are doing and the market got it."
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- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
