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Discovery Intercepts 337 g/t AgEq over 34 m and 606 g/t AgEq over 18 m Below the PEA Open Pit at Cordero

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May 13, 2022, Toronto, Ontario - Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) (“Discovery” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/discovery-metals-corp/) is pleased to announce results from 19 holes from its Phase 2 drill program on its flagship Cordero silver project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. The current set of results includes resource upgrade drilling for the Pre-Feasibility Study (“PFS”), planned for the fourth quarter of this year, and expansion drilling of the PEA open pit and the resource pit.

Highlight intercepts include:

  • C21-560 intercepted a high-grade interval immediately below the current Preliminary Economic Assessment (“PEA”) pit that returned1 m averaging 606 g/t AgEq1 from 230.0 m (234 g/t Ag, 0.15 g/t Au, 3.8% Pb and 6.5% Zn);
  • C21-564 intercepted9 m averaging 337 g/t AgEq1 from 622.1 m (95 g/t Ag, 0.21 g/t Au, 1.9% Pb and 4.5% Zn) approximately 70 m below the PEA pit;
    • C21-544 intercepted 4 m averaging 122 g/t AgEq1 from 115.7 m (45 g/t Ag, 0.07 g/t Au, 0.9% Pb and 1.2% Zn) approximately 50 m below the PEA pit;
    • C21-574 intercepted 4 m averaging 483 g/t AgEq1 from 3.3 m (272 g/t Ag, 0.16 g/t Au, 4.1% Pb and 1.9% Zn) in a step-out hole approximately 100 m to the northeast of the resource pit.

Taj Singh, President and CEO, states: “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.”

DRILL RESULTS:

This current set of Phase 2 drill holes was focused on two main areas: 1) upgrade and expansion drilling of the PEA open pit; and 2) resource expansion in the far northeast of the deposit. Results will be incorporated in a resource update and PFS scheduled for completion in the fourth quarter of this year.

Detailed drill highlights from the holes in this release are provided in the tables below. Supporting maps and sections, drill hole locations and full assay results can be found at the following link:

https://discoverysilver.com/site/assets/files/5187/20220513_sections_assays.pdf

A PDF of this release with supporting maps and sections included as appendices can be found at the following link:

https://discoverysilver.com/site/assets/files/5187/20220513_pr_w_sections_final.pdf

PEA Open Pit Upgrade & Expansion Drilling

Drilling in and around the open pit outlined in the 2021 PEA continues to intercept excellent grades over broad widths. This drilling is expected to improve the confidence of the resource that will support the PFS mine plan.

A number of intercepts outside the PEA open pit also demonstrate the potential to increase the size of the open pit in the PFS. C21-560 intercepted a series of sulphide veins and intrusive breccias that returned 18.1 m of 606 g/t AgEq1 from 230.0 m. 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 m of 337 g/t AgEq1 approximately 70 m below the bottom of the PEA pit. C21-544 intercepted a broad zone of intrusive breccias that returned 60.4 m of 122 g/t AgEq1 from 115.7 m. This zone was approximately 50 m below the PEA pit in an area previously modelled as waste.

Detailed drill highlights from the PEA open pit upgrade and expansion drilling are provided in the table below:

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