Discovery Silver Corp. [DSV-TSXV; DSVSF-OTCQX] reported results from 17 holes from its phase 2 drill program on its flagship Cordero silver project in Chihuahua state, Mexico. This current set of results was predominantly targeting the expansion of the open pit and the resource in the northeast of the deposit.
Highlight include drill hole C21-575 that returned a high-grade zone outside the current resource that returned 45.6 metres averaging 328 g/t AgEq (silver equivalent) from 327.0 metres (125 g/t silver, 0.54 g/t gold, 2.0% lead and 2.7% zinc), including 17.4 metres averaging 674 g/t AgEq (254 g/t Ag, 0.94 g/t Au, 4.0% Pb and 6.1% Zn).
Hole C21-573 intercepted 38.6 metres averaging 189 g/t AgEq from 191.8 metres (91 g/t Ag, 0.11 g/t Au, 1.3% Pb and 1.3% Zn) beneath the PEA pit. Hole C21-538 intercepted near-surface mineralization on the margins of the PEA pit that returned 32.3 metres averaging 142 g/t AgEq from 28.5 metres (70 g/t Ag, 0.12 g/t Au, 0.8% Pb and 1.0% Zn).
Taj Singh, president and CEO, stated: â€œThis current set of drill results highlights the excellent growth potential that exists at Cordero beyond the 16-year mine life outlined in our 2021 PEA. Of note, hole C21-575 intercepted a broad zone of mineralization that returned 45.6 metres of 328 g/t AgEq. This zone sits outside the current resource and is an area of the deposit that has seen little in the way of previous drilling. Follow up drilling along strike and at depth will be completed to test the potential extensions of this high-grade zone.â€
This current set of Phase 2 drill holes focused on expansion of the open pit and the resource in the northeast of Cordero, an area of the deposit that has seen less drilling. Results will be incorporated in a resource update and Pre-Feasibility Study scheduled for completion in Q4 this year.
Hole C21-575 was drilled beneath the resource pit outline in the northeast of the North Corridor to target potential resource expansion at depth. Drilling intercepted a broad zone of stockwork and vein mineralization approximately 100 metres below the resource pit that returned 45.6 metres of 328 g/t AgEq. Hole C21-573, drilled 100 metres along strike of this hole to the southwest, returned 38.6 metres of 189 g/t AgEq from 191.8 metres, representing the potential extension of the high-grade zone encountered in C21-575.
The companyâ€™s first deep drilling in the northeast of the deposit encountered green skarn alteration with sulphides. This new style of alteration was intercepted well below the existing resource, starting at a vertical depth of approximately 600 metres, and across a strike length of at least 450 metres. Highlight intervals from this drilling include 177.4 metres averaging 74 g/t AgEq (C21-567), 32.9 metres averaging 123 g/t AgEq (C21-569), 41.6 metres averaging 86 g/t AgEq (C21-572) and 18.7 metres of 109 g/t AgEq (C21-566). Results from this initial drilling highlight the significant depth extent of the mineralizing fluid conduits at Cordero and will be reviewed along with subsequently completed drill holes to vector towards areas of more intense skarn alteration that have the potential to host high-grade mineralization.
The company has now completed 59,000 metres (176 holes) as part of its Phase 2 drill program (excluding drill metres used to support the 2021 Mineral Resource Estimate). Phase 2 drilling will continue through the remainder of the year and will be focused on three key areas: Pre-Feasibility Study 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.
Discovery’s flagship project is its 100%-owned Cordero project, one of the worldâ€™s largest silver deposits. The PEA completed in November 2021 demonstrates that Cordero has the potential to be developed into a highly capital efficient mine that offers the combination of margin, size and scaleability. Cordero is located close to infrastructure. Continued exploration and project development at Cordero is supported by a strong balance sheet with cash of approximately C$65 million.