Discovery Silver drills 337 g/t AgEq over 34 metres at Cordero, Mexico

Discovery Silver Corp. [DSV-TSXV; DSVSF-OTCQX] reported results from 19 holes from its phase 2 drill program on its 100%-owned flagship Cordero silver project in Chihuahua, Mexico. The current set of results includes resource upgrade drilling for the Pre-Feasibility Study (PFS), planned for Q4 and expansion drilling of the PEA open pit and the resource pit.

Highlights include drill hole C21-560 that intercepted a high-grade interval immediately below the current Preliminary Economic Assessment (PEA) pit that returned 18.1 metres averaging 606 g/t AgEq (Silver Equivalent) from 230.0 metres (234 g/t silver, 0.15 g/t gold, 3.8% lead and 6.5% zinc). C21-564 intercepted 33.9 metres averaging 337 g/t AgEq from 622.1 metres (95 g/t silver, 0.21 g/t gold, 1.9% lead and 4.5% zinc) approximately 70 metres below the PEA pit.

C21-544 intercepted 60.4 metres averaging 122 g/t AgEq from 115.7 metres (45 g/t silver, 0.07 g/t gold, 0.9% lead and 1.2% zinc) approximately 50 metres below the PEA pit. C21-574 intercepted 13.4 metres averaging 483 g/t AgEq from 3.3 metres (272 g/t silver, 0.16 g/t gold, 4.1% lead and 1.9% zinc) in a step-out hole approximately 100 metres to the northeast of the resource pit.

Taj Singh, President and CEO, stated: “We continue to intercept excellent grades both within and on the margins outside of the open pit defined in our 2021 PEA. This will further increase the confidence in the resource supporting our upcoming PFS and underscores the potential to expand the PFS open pit. In addition, our resource expansion drilling in the far northeast continues to highlight the prospectivity of this part of the deposit. Broad-spaced drilling to date has identified multiple sub-parallel mineralized corridors in this area that have the potential to expand the resource along strike and at depth.”

Phase 2 drill holes focused on two main areas: upgrade and expansion drilling of the PEA open pit; and resource expansion in the far northeast of the deposit. Results will be incorporated in a resource update and PFS scheduled for completion in Q4.

Drilling in and around the open pit outlined in the 2021 PEA continues to intercept excellent grades over broad widths.

A number of intercepts outside the PEA open pit also demonstrate potential to increase the size of the open pit in the PFS. C21-560 intercepted sulphide veins and intrusive breccias that returned 18.1 metres of 606 g/t AgEq from 230.0 metres. This intercept was directly beneath the PEA open pit in an area previously modelled as medium grade. C21-564, drilled to upgrade the resource at depth in the South Corridor returned multiple mineralized intercepts including 33.9 metres of 337 g/t AgEq approximately 70 metres below the bottom of the PEA pit. C21-544 intercepted a broad zone of intrusive breccias that returned 60.4 metres of 122 g/t AgEq from 115.7 metres. This zone was approximately 50 metres below the PEA pit in an area previously modelled as waste.

Resource expansion drilling is focused in the northeast of the deposit in the North and South Corridors. Drilling in this area is wide-spaced (50-250 metres) and is targeting expansion of the resource along strike to the northeast and at depth.

In the South Corridor, drilling confirmed the potential extension of feeder structures supporting the Josefina Vein trend by 250 metres to the northeast. C21-574, a 150-metre step-out hole, intercepted 13.4 metres of 483 g/t AgEq from 3.3 metres and 27.5 metres of 122 g/t AgEq from 411.1 metres. C21-579, drilled 100 metres further northeast of C21-574, intercepted a number of sulphide veins including one vein at depth that returned 2.8 metres of 486 g/t AgEq from 430.4 metres.

In the North Corridor, drilling encountered a number of broad mineralized zones beneath the resource pit. Highlights include 34.0 metres of 143 g/t AgEq from 350.8 metres (C21-578), 29.1 metres of 109 g/t AgEq from 635.3 (C21-577), 20.7 metres of 104 g/t AgEq from 383.9 metres (C21-584) and 21.8 metres of 126 g/t AgEq from 416.0 metres (C21-584).

Phase 2 drilling will continue the rest of the year and will focus on three key areas: PFS drilling consisting of reserve definition and engineering drilling; resource expansion in the northeast of the deposit and at depth; and initial drill testing of five property-wide targets on the company’s extensive land package.

The PEA completed in November 2021 demonstrates Cordero has potential to be developed into a viable mine offering margin, size and scaleability. The company has approximately C$60 million.