Mr. Chris Paul reports

HERCULES ADDS SECOND DRILL RIG TO PHASE II DRILL PROGRAM

Hercules Silver Corp. has provided an update on progress from its phase II drill program at the Hercules property in western Idaho. Drill holes HER-23-01 to HER-23-07 have been completed within the Frogpond zone, intersecting varying oxidized and dark grey to black silver-bearing sulphide mineralization within the Hercules rhyolite host unit. Mineralized veins within the Frogpond zone show a northwest-southeast trend, as determined from measurements of oriented drill core. Further drilling along this trend is planned, following the receipt of assays from current drill holes.

Highlights:

• Seven drill holes completed to date, with silver mineralization observed in all holes (HER-23-01 to HER-23-07), and assays currently pending;
• Oriented core drilling demonstrates a potential northwest-southeast control to higher-grade silver mineralization within Frogpond, suggesting the potential to extend mineralization between historical zones;
• First deep hole completed into the western margin of a large chargeability anomaly announced last year, drill hole HER-23-05, intersected alteration and veining consistent with the outer margins of a potential porphyry copper system;
• Due to the new style of alteration intersected, HER-23-05 was drilled beyond its original planned depth to a total of 435 metres;
• A second deep hole is currently in progress -- HER-23-08, collared approximately 185 metres northeast of HER-23-05, to further investigate the potential of the chargeability anomaly;
• The chargeability anomaly spans approximately 1.8 kilometres north-south and remains open to the east, where widespread copper mineralization and porphyry-style alteration have been noted on surface;
• The company has elected to add a second drill rig to the property to allow testing of both near-surface silver mineralization as well as potential additional mineralization at depth.

Drill hole HER-23-05 intersected strong silver-bearing mineralization in the near surface and was continued to depth to test the western limit of a large chargeability anomaly. The anomaly was uncovered by a 3-D IP (induced polarization) survey carried out over the silver-bearing Hercules rhyolite host unit at surface on the west side of the property. The survey, however, returned a large chargeability anomaly below the limit of historical drilling and the interpreted base of the Hercules rhyolite. The cause of such a large anomaly at depth was unknown at the time; however, HER-23-05 intersected phyllic alteration, veining and mineralization, consistent with the outer margins of a porphyry copper system, beginning at the top of the chargeability anomaly. It was therefore elected to continue drilling beyond HER-23-05's planned depth. Phyllic alteration is dominated by pyrite and lesser chalcopyrite but typically occurs around a higher-grade core of potassic alteration with stronger chalcopyrite mineralization. The chargeability anomaly increases in thickness toward the east, where it currently remains open toward stronger copper mineralization at surface. A second drill rig has been added and a second deep drill hole is currently in progress, collared 185 metres to the northeast of HER-23-05. The chargeability anomaly remains open to the east and the company is currently planning a potential expansion of the survey up to two kilometres east.

Management commentary

Chris Paul, chief executive officer and director of the company, noted: "We're pleased with how our phase II drill program is progressing and excited to have a second rig now on site. The silver mineralization we've intersected throughout the Frogpond zone has provided us with excellent structural information and indications of a potential extension of the zone. We look forward to further extending our drilling within the near-surface silver environment as well as further testing of the exciting new chargeability anomaly at depth."

Silver mineralization

Oriented structural measurements of dark grey sulphide veining indicate a northwest-southeast trend to the silver mineralization. There is a potential corridor of higher silver grades within the Frogpond zone that may extend northwest to the Hercules adit zone and southeast to the Haystack zone. Large gaps in the historical drilling remain untested between the zones. The historical drilling was designed for resource definition (shallow vertical holes in a grid pattern), and little attention was paid to the controls on mineralization. The 2023 drill program is utilizing rigs capable of oriented core, allowing for a better understanding of the structural controls that will potentially extend the zones along strike and at depth. Assays are currently pending for HER-23-01 to HER-23-07, the results of which will further optimize the next round of stepout targets.

Second drill added

Based on a pattern of alteration observed at depth, the company has made the decision to add a second drill rig to allow further testing of the large chargeability anomaly at depth. The first drill rig will continue to investigate the large chargeability anomaly with significant stepouts of several hundred metres to the east and south, while the second drill rig will remain focused on the primary silver targets in the near-surface environment. The next deep drill hole in sequence (HER-23-08) is utilizing an existing drill pad approximately 185 metres to the northeast of HER-23-05 and is favourably oriented to intersect a vein orientation measured in the deeper parts of HER-23-05.

Qualified person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton, BS, CPG, Hercules's vice-president, exploration. Mr. Longton is a qualified person for Hercules Silver within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").

About Hercules Silver Corp.

Hercules Silver is a junior mining company focused on the exploration and development of the 100-per-cent-owned Hercules silver project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 metres of historical drilling across 3.5 kilometres of strike. The company is well positioned for growth through the drill bit in 2023, having completed extensive surface exploration in 2022 consisting of soil and rock sampling, geological mapping, IP (induced polarization) geophysics, and a nine-hole drill program.

The company's management team brings significant exploration experience through the discovery and development of numerous precious metal projects worldwide.

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