Vancouver, BC – January 18th, 2024 - Hercules Resources Corp. (CSE: HERC) (the “Company” or “Hercules”) is pleased to provide an update on the P3 Los Tres mining interest in the Ponce Enriquez mining district of Ecuador, the launch of its new corporate website www.herculesresourcescorp.com, and the grant of Incentive stock options.
P3 Los Tres Mining Concession
As part of its continuing due diligence, the Company has started a topography survey of the P3 Los Tres Mining Concession (“P3”) for both alluvial and vein recognition. The Company’s operators have also received permission from the municipality and landowners to begin sampling on the concession. We hope to receive positive results soon. The sampling results will help the Company determine next steps on a potential definitive agreement.
About the Ponce Enriquez Mining District.
P3 is located in the Ponce Enriquez mining district, which is bounded (based on mineral occurrence data) with other subdistricts and surrounding mineral fields. These include Zaruma, Portovelo, Molleturo and the neighboring mineral belts of Gañarin and Tres Chorreras. This Ponce Enriquez district is mostly found on rocks of the Pallatanga Unit. Stratigraphically, it lies near the contact of the Nazca and South American plates; therefore, the lithology and geology are related to the subduction zone that originate, mainly basaltic magmas of the island arc type, characterized by, tholeitic and alkaline basalts. For this reason, the geology in this southern part of the country is given by rock units, ranging from powerful Vulcan-sedimentary deposits corresponding to the Pallatanga Unit, with an age of 65- 85 million years.
Geomorphologically, the region is located on the western flank of the Western Cordillera of the Ecuadorian Andes. Such regions are characterized by very strong and dissected reliefs, with dendritic drainages and are subparallel to the piedmont zone. These zones are significant for flat or slightly undulating reliefs, related to secondary deposits. Constituted by an association of ophiolitic rocks, composed mainly of basalts, with hyaloclastics and pelagic sediments, intraflows, intrusions, tectonic slices of microgabbros and ultramafic rocks, later intrusive, extrusive Dacitic - Rhyodacitic bodies with outer relicts of dacitic tuffs of the Saraguro Group.
Website
In late November the Company launched its new website which encompasses all things Hercules, including project updates, recent news, stock price, and financial statements. Also, please look for updates on our soon to be released social media pages.
Stock Options
The Company granted 1,775,000 Director, Officer and consultant Incentive Stock Options, with an exercise price of $0.155 per share, until January 17, 2029.
Michael Smith CEO of Hercules comments; “I would like to start by wishing the Company’s shareholders a happy and prosperous New Year. Moving in to 2024, I am eager to continue exploration and exploitation in and around Ecuador or beyond. We currently have our sights set on several exciting concessions with potential Joint Venture and Option partners. I feel that focusing our resources on Ecuador, with its mineral rich geography and pro-mining government, will bring noted attention to our growing portfolio of concessions. I look forward to updating you, as developments continue.”
On behalf of the Board of Directors
Michael Smith, President, and Chief Executive Officer
Email: CEO@herculesresourcescorp.com
Telephone: (855) 791-GOLD (4653)
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and because of a variety of factors, the actual results, expectations, achievements, or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Company’s proposed use of the proceeds of its offering. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forwardlooking statements to reflect actual results, whether because of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.