Hercules Metals is advancing its Hook target in western Idaho towards direct drilling after a reconnaissance hole indicated a potential third copper center on the property.
Hole HER-26-03, drilled 400 meters west of the target, found porphyry-style alteration. This strengthens Hercules’ belief that its Leviathan discovery is part of a broader copper district, with the mineralized system at Hook appearing shallower than expected, according to an analyst.
The Hook target shows a 1.8-kilometer chargeability anomaly, with its high-strength core modeled to begin about 100 meters below the surface. Hercules’ shares rose 77% over the past year. However, the stock fell 9.5% to C$1.33 by early Tuesday afternoon, valuing the company at C$426 million ($323 million), as wider markets dropped due to high bond yields.
Hercule is seeking permits for temporary roads and drill pads to directly test the anomaly. The company plans follow-up drilling at Hook for next year. Two other rigs are currently drilling south of Leviathan, with results expected before Hook’s core can be tested.