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Discovery Drills 1.0 m of 2,153 g/t AgEq as well as 62.8 m of 217 g/t AgEq at its Cordero Project, Mexico

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Discovery Drills 1.0 m of 2,153 g/t AgEq as well as 62.8 m of 217 g/t AgEq at its Cordero Project, Mexico

 

 

 

 

 

Discovery Metals Corp. (TSX-V: DSV) (OTCQX: DSVMF) is pleased to announce results from ten diamond drill holes completed at its flagship Cordero project located in Chihuahua State, Mexico. The holes are part of a 30,000-35,000 metre Phase 1 drill program that commenced in September 2019. The goal of this program is to define a high-margin project with scale that retains excellent leverage to rising metal prices. As previously announced on March 31, 2020, exploration activity at Cordero has been temporarily suspended in response to concerns relating to COVID-19. Business continuity plans have been put in place so the Phase 1 drill program can ramp up quickly once current risks subside.

 

Taj Singh, President and CEO, states: “These drill results are particularly positive for two reasons. First, they confirm that higher-grade breccia-hosted Ag-Au-Pb-Zn mineralization extends to the north-east beyond the previously defined limits of the Pozo de Plata zone. Second, drilling along the southernmost vein trend intercepted multiple sulfide veins that returned kilogram per tonne silver-equivalent intercepts. The first-ever drill test of veins highlights the excellent potential that may exist within this and other vein trends on the property. Follow-up drilling that targets expansion of higher-grade resources, is planned on both the north-east extension and the vein targets, as soon as exploration resumes at Cordero.”

 

HIGHLIGHTS1 (best intercepts are bolded)

 

 

Hole ID From
(m)
To
 (m)
Width
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
 (%)
AgEq2
(g/t)
Mineralization
C19-307 17.5 19.5 2.0 700 0.06 1.33 2.05 837 Vein/Stockwork
and 155.3 156.1 0.8 1,175 0.22 7.41 4.53 1,642 Vein
and 202.7 204.0 1.3 516 0.05 5.65 6.94 1,007 Vein
                   
C19-308 3.6 17.6 14.0 185 0.02 0.05 0.13 194 Breccia
and 128.5 128.9 0.3 645 0.14 7.16 17.25 1,624 Vein
                   
C19-309 59.1 60.3 1.3 673 0.26 10.13 3.73 1,205 Vein/Fault Breccia
                   
C20-310 51.1 52.3 1.2 904 0.08 5.40 8.08 1,436 Vein/Fault Breccia
and 137.0 137.9 0.9 576 0.06 1.64 3.99 805 Vein/Stockwork
                   
C20-311 3.0 74.0 71.1 18 0.15 0.24 0.19 46 Breccia
                   
C20-312 3.0 127.1 124.1 46 0.03 0.23 0.54 79 Breccia & Vein
including 76.7 81.9 5.3 273 0.16 0.85 5.53 546 Breccia & Vein
including 81.3 81.9 0.6 1,500 0.87 3.24 30.00 2,929 Vein
                   
C20-313 214.1 224.1 10.0 15 0.00 0.63 1.58 103 Vein Breccia
                   
C20-314 135.0 241.0 106.1 51 0.37 0.97 0.56 139 Breccia
Including 164.1 168.9 4.8 355 2.08 6.62 4.54 946 Breccia
                   
C20-315 136.6 150.6 14.0 31 0.01 0.23 1.18 89 Multiple Veins
including 146.4 148.2 1.8 66 0.00 0.48 4.28 261 Vein
                   
C20-316 163.1 190.7 27.7 119 0.55 2.02 0.28 247 Breccia
including 166.4 167.4 1.0 1,255 1.10 20.00 2.49 2,153 Breccia
and including 181.0 182.5 1.5 721 2.30 12.71 1.89 1,435  Breccia
and 222.3 285.0 62.8 79 0.58 1.19 1.15 217 Breccia
including 240.5 250.4 10.0 212 1.14 3.45 2.29 522 Breccia
and including 256.8 268.7 11.9 151 0.75 2.30 3.09 422 Breccia

 

* Complete assay results for holes C19-307 through C20-316 can be found at the link in the “Discussion” section below. Please, refer to the “Technical Notes” section below for details on assumptions & calculations. Grams per tonne is abbreviated as “g/t”, silver equivalent is abbreviated as “AgEq”. 

 

DISCUSSION:

 

Gernot Wober, VP Exploration, comments: “We have made significant strides in our geological understanding of Cordero since we acquired the Project last year. Our starting point was a very large polymetallic system with over one billion tonnes of mineralized rock containing Ag, Pb, Zn and Au minerals (see 2018 Levon resource estimate), and it is becoming clear that the large size of this system is a reflection of robust and long-lived structures that transported the mineralizing fluids. It seems that these structures define the dominant north-east trends of the historically mined veins and the higher grade breccias. The critical opportunity for the Company, and the focus of our Phase 1 drill program, lies in the delineation of the higher-grade mineralization along these trends.”

 

Prior to the temporary suspension of exploration drilling activities at Cordero on March 31, 2020, 48 holes totaling 17,500 m had been completed. Assays from 24 holes are pending. All holes have been drilled roughly perpendicular to the northeast trend of higher-grade blocks outlined in the Levon Resources Ltd3 resource model.

 

Holes C19-307 through C20-316 comprise the third set of drill results released by Discovery. Drill hole locations relating to the current release are shown in Figure 1.

 

Five holes drilled in the corridor to the north of the main Cordero Fault (the “North Corridor” in Figure 1) all intercepted silver-rich breccia mineralization. Two of the holes, located along the northeast extension of the well-mineralized Pozo de Plata zone, both returned higher-grade intervals with excellent continuity: Hole C20-314 intercepted 106.1 m of 139 g/t AgEq2; and Hole C20-316 intercepted 62.8 m of 217 g/t AgEq2. Follow-up drilling is planned to test the potential of the north-east extension of the North Corridor when exploration activities resume.

 

The other five holes were drilled on the margin of the Southern Corridor into the previously untested southernmost vein trend. All holes intercepted Ag-Pg-Zn rich vein mineralization. The objective of these holes was to improve the Company’s understanding of the structural and geological controls on the sulphide veins. These early results are very encouraging; highlight intercepts include 1.2 m of 1,436 g/t AgEq2 in Hole C20-310 and 0.6 m of 2,929 g/t AgEq2 in hole C20-312. These results will be reviewed in conjunction with a survey of historical underground workings ahead of a planned ramp-up of drilling of the vein targets when exploration activity at Cordero resumes.

 

Supporting maps and sections, drill hole locations and full assay results can be found at the following link:

https://dsvmetals.com/site/assets/files/5366/20200407_sections.pdf

 

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

https://dsvmetals.com/site/assets/files/5366/20200407_pr.pdf

 

About the Cordero Project

 

Discovery acquired the Cordero project through the acquisition of Levon Resources Ltd. in August 2019. Cordero is located on the eastern edge of the Sierra Madre Occidental mountains in the northern part of the Central Mexican Silver Belt, Mexico’s premier porphyry and carbonate replacement deposit district. Mineralization at Cordero is similar in nature to well-known nearby bulk tonnage precious metals mines and projects (e.g. Newmont Corporation’s Peñasquito Mine and Orla Mining Ltd.’s Camino Rojo project). The bulk tonnage potential of the Cordero deposit was first recognized by Levon in 2009 and the resource was defined by 132,000m of drilling in 292 holes. The most recent resource estimate3 as shown in the table below was released in 2018 (technical report available on Discovery’s website and Levon’s SEDAR profile) and was based on a base case cutoff grade of 15 g/t AgEq (highlighted below). The table includes a sensitivity analysis that also shows tonnage and grade estimates at higher AgEq cutoff grades within the resource shell.

 

 

AgEq3 (g/t) Cutoff Tonnage & Grade within Mineral Resources Pit Shell Total
Contained
Ag (Mozs)
Total
Contained
AgEq3 (Moz)
Class Tonnes (M) AgEq3 (g/t) Ag (g/t) Au (g/t) Pb (%) Zn (%)
15

 

Indicated 990 32 13 0.04 0.2 0.4 408 1,022
Inferred 282 56 21 0.04 0.3 0.8 188 513
25 Indicated 467 46 19 0.06 0.3 0.5 278 686
Inferred 183 77 28 0.05 0.4 1.0 163 451
50 Indicated 99 95 40 0.11 0.6 1.0 128 303
Inferred 100 112 41 0.06 0.7 1.5 131 360

 

Historical mine workings and prospects at Cordero date back to the 17th century. There are currently about 40 shallow, vertical shafts and associated workings identified at Cordero, generally developed along outcropping, southwest-striking, high-grade silver-zinc-lead-gold sulphide veins as well as high-grade skarn mineralization. Local artisanal miners report most of the past and recent production was direct shipping ore, which was hand-sorted, shipped, and processed in the nearby town of Parral. Despite a long history of mining, these veins have never been explored by drilling, and have the potential to add significantly to the high-grade mineral endowment at Cordero.

 

About Discovery

 

Discovery Metals Corp. is a Canadian exploration and development company headquartered in Toronto, Canada, and focused on historic mining districts in Mexico. Discovery’s flagship is its 100%-owned Cordero silver project in Chihuahua State, Mexico. The 35,000-hectare property covers a large district that hosts the announced resource as well as numerous exploration targets for bulk tonnage diatreme-hosted, porphyry-style, and carbonate replacement deposits. In addition, Discovery is also exploring multiple high-grade carbonate replacement-style silver-zinc-lead showings in a land package of approximately 150,000 hectares in Coahuila State, Mexico. The land holdings contain numerous historical direct-ship ore workings and significant underground development, but no drill-testing has ever been carried out on them.

 

Posted April 8, 2020

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