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Discovery Intercepts 241 g/t AgEq over 39 m in Feasibility Study Drilling at Cordero

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Discovery Intercepts 241 g/t AgEq over 39 m in Feasibility Study Drilling at Cordero

 

 

 

 

 

Discovery Silver Corp. (TSX: DSV) (OTCQX: DSVSF) is pleased to announce results from Feasibility Study drill holes on its flagship Cordero silver project located in Chihuahua State, Mexico. These holes consist of reserve and resource expansion drilling and will be incorporated in a Feasibility Study in conjunction with a resource update planned for the first half of 2024.

 

Highlight intercepts from this current set of drill holes include:

  • 32 m averaging 158 g/t AgEq1 (77 g/t Ag, 0.16 g/t Au, 0.7% Pb and 1.3% Zn) from 108 m and 39 m averaging 241 g/t AgEq1 (124 g/t Ag, 0.09 g/t Au, 1.2% Pb and 1.9% Zn) from 185 m within the reserves pit in the South Corridor in hole C22-677.
  • 36 m averaging 126 g/t AgEq1 (35 g/t Ag, 0.06 g/t Au, 0.7% Pb and 1.7% Zn) from 481 m and 27 m averaging 133 g/t AgEq1 (25 g/t Ag, 0.06 g/t Au, 0.6% Pb and 2.2% Zn) from 555 m in hole C22-687; these intervals were toward the bottom and beneath the reserves pit in an area previously modelled as waste.
  • 15 m averaging 370 g/t AgEq1 (137 g/t Ag, 0.05 g/t Au, 3.1% Pb and 3.5% Zn) from 50 m and 23 m averaging 141 g/t AgEq1 (55 g/t Ag, 0.04 g/t Au, 0.9% Pb and 1.5% Zn) from 143 m in hole C22-671; these intervals were approximately 1.5 km northeast of the reserves pit.

 

Tony Makuch, CEO, states: “Our recent Pre-Feasibility Study outlined the potential for Cordero to become a top three primary silver mine globally based on average annual production of 33 Moz AgEq over an 18-year mine life. Our follow up drilling since this study demonstrates there is further growth potential still to be realized within our upcoming Feasibility Study. Drilling has returned a number of higher-grade intercepts within and below the reserves pit in areas that were previously modeled as low-grade or waste demonstrating the potential to further lower the strip ratio through converting waste to ore within the pit and to expand the pit at depth.

 

We are also excited about the district-scale potential on our large land package. At Sanson, located 3.5 km northeast of Cordero, and Dos Mil Diez, 1.5 km to the southeast, we have identified large chargeability anomalies with similar intensity to the ore body at Cordero. Surface mapping at both targets has established intense alteration with anomalous levels of pathfinder elements. We look forward to the commencement of drilling at these targets over the coming months.”

 

DRILL RESULTS:

 

This current set of Feasibility Study drilling consists of 30 drill holes and was focused on two key areas: 1) expansion of reserves within and beneath the Pre-Feasibility Study open pit and 2) upgrading and expansion of the resource in the far northeast of the deposit. Supporting maps and sections, drill hole locations and full assay results can be found here: Plan map, sections & assays. A PDF of this release with supporting maps and sections included as appendices can be found here: Press release with plan map & sections.

 

Reserves Expansion Drilling

 

Drilling has been focused on expanding reserves through the conversion of waste to ore within the reserves pit and through the expansion at depth of the reserves pit. In the northeast of the deposit, C22-675 intercepted 83.7 m of 83 g/t AgEq1 at the bottom of the reserves pit and 38.2 m of 64 g/t AgEq1 approximately 50 m below the reserves pit. Also in the northeast, C22-683 intercepted 27.6 m of 148 g/t AgEq1 approximately 100 m below the reserves pit. All three intervals were within areas predominantly modelled as waste.

 

In the central part of the deposit, C22-687 intercepted 35.6m of 126 g/t AgEq1 toward the bottom of the reserves pit and 27.4 m of 133 g/t AgEq1 directly beneath the pit in areas modelled as waste. In the southwest of the deposit, C22-677 intercepted 31.7m of 158 g/t AgEq1 from 107.8 m and 38.5 m of 241 g/t AgEq1 from 184.9 m. Both intervals were within the reserves pit in zones previously modeled as low to medium grade highlighting the potential to increase the grade profile in this part of the deposit.

 

Detailed drill highlights from the initial feasibility study drill holes are provided in the table below:

 

Hole ID From
(m)
To
(m)
Width
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
AgEq1
(g/t)
C22-673 159.9 202.4 42.5 30 0.02 0.6 0.8 79
                 
C22-675 74.7 83.2 8.5 67 0.14 1.0 3.4 236
and 179.2 262.9 83.7 31 0.04 0.5 1.0 83
and 294.1 332.4 38.3 36 0.06 0.3 0.3 64
                 
C22-677 107.8 139.5 31.7 77 0.16 0.7 1.3 158
and 184.9 223.4 38.5 124 0.09 1.2 1.9 241
                 
C22-678 42.8 120.9 78.2 10 0.16 0.1 1.0 61
and 201.3 216.9 15.6 84 0.10 1.1 2.0 198
                 
C22-683 181.3 198.7 17.4 64 0.21 0.2 0.5 105
and 495.0 522.6 27.6 47 0.03 0.3 2.4 148
                 
C22-686 162.2 242.4 80.2 28 0.04 0.1 1.3 84
and 309.0 329.0 20.0 43 0.04 1.0 1.8 145
                 
C22-687 196.3 246.5 50.3 14 0.09 0.2 1.3 75
and 480.5 516.1 35.6 35 0.06 0.7 1.7 126
and 555.0 582.4 27.4 25 0.06 0.6 2.2 133
                 
C22-690 106.2 183.5 77.4 28 0.05 0.5 1.2 89
                 
C22-692 514.5 550.1 35.7 12 0.08 0.1 1.7 85
and 610.8 641.1 30.3 43 0.05 0.5 0.8 92
and 669.2 698.9 29.7 26 0.04 0.5 1.2 91

1See supporting technical disclosure underneath the second table below.

 

Far Northeast Drilling

 

Drilling in 2022 outlined low grade mineralization with a number of discrete high-grade zones in the far northeast of the deposit, more than 1 km beyond the limits of the reserves pit. Most of this mineralization is within 100 m of surface and is included within the resource pit constraint as part of the January 2023 resource update. 15 follow up drill holes have been completed testing the lateral depth and strike extent of mineralization within this zone.

 

Hole C22-671 returned intervals of 14.8 m of 370 AgEq1 from 49.7 m and 23.1 m of 141 AgEq1 from 142.7 m in hole C22-671. This hole was drilled on section approximately 60 m to the southeast of C22-611 that returned 36.4 m of 94 AgEq1 from 142.7 m and 14.6 m of 124 AgEq1 from 186.8 m representing the potential lateral expansion of this zone. C22-662 intercepted 10.4m of 94 AgEq1 from 273.0 m. This represents the potential lateral expansion of the mineralization intercepted in C22-609 drilled on section approximately 60 m to the northwest that returned 33.1 m of 150 AgEq1 from 233.7 m and 17.7 m of 115 AgEq1 from 198.2 m (see July 13, 2022, press release).

 

The follow up drilling in the far northeast confirms the presence of a broad mineralized fracture system in the area. The orientation of mineralization does not appear to be consistent with the dominant northeast orientation evident in the main part of the Cordero deposit. A more detailed review of fracture orientation along with further drilling is required to develop a better understanding of the main controls of mineralization in this part of the deposit.

 

Detailed drill highlights from drilling in the far northeast include:

 

Hole ID From
(m)
To
(m)
Width 
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
AgEq1
(g/t)
C22-661 81.0 86.9 5.8 279 1.85 0.9 1.9 516
and 130.8 132.5 1.7 165 0.08 6.7 7.5 657
                 
C22-662 273.0 283.4 10.4 59 0.05 1.5 2.3 194
                 
C22-669 58.2 67.6 9.3 49 0.04 1.2 2.3 175
                 
C22-670 320.3 335.4 15.1 26 0.04 0.5 0.5 64
                 
C22-671 49.7 64.5 14.8 137 0.05 3.1 3.5 370
and 142.7 165.8 23.1 55 0.04 0.9 1.5 141
                 
C22-674 259.3 269.3 10.0 25 0.02 0.2 2.0 109

1All results in this news release are rounded. Assays are uncut and undiluted. Widths are drilled widths, not true widths, as a full interpretation of the actual orientation of mineralization is not complete. As a guideline, intervals with disseminated mineralization were chosen based on a 25 g/t AgEq cutoff with no more than 10 m of dilution. AgEq calculations are used as the basis for total metal content calculations given Ag is the dominant metal constituent as a percentage of AgEq value in approximately 70% of the Company’s mineralized intercepts. AgEq calculations for reported drill results are based on USD $22.00/oz Ag, $1,600/oz Au, $1.00/lb Pb, $1.20/lb Zn. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices. Refer to Technical Notes below for metallurgical recoveries assumed in the 2021 PEA completed on Cordero.

 

DRILL PROGRAM UPDATE:

 

The Company has now completed 39,000 m (131 holes) as part of its Feasibility Study drill program (since the data cut-off for the PFS study). Feasibility study drilling consists of engineering drilling, resource upgrade drilling and drilling targeting the expansion of the PFS open pit. An additional 12,000 m is still to be drilled in this drill program and will be ongoing in the first half of this year.

 

Significant target generation work on the Company’s large, highly-prospective land package was completed in 2022. In addition to mapping and sampling work, 125 line-km’s of induced polarization (IP) surveys were completed during 2022 and early 2023 at the Molino de Viento, La Perla, Sanson, Dos Mil Diez targets and at the site of the proposed tailings storage facility. The surveys identified large chargeability anomalies at Molino de Viento and in the eastern portion of Sanson. These anomalies reported a similar level of chargeability intensity to those in the main Cordero resource area. Drill testing of these anomalies is scheduled to commence in the middle of the year with initial drilling focused on Sanson. Currently, 9,000m of drilling is planned for property wide drilling in 2023. This program may be expanded depending on the results of the initial drilling.

 

About Discovery

 

Discovery’s flagship project is its 100%-owned Cordero project, one of the world’s largest silver deposits. The PFS published in February 2023 demonstrates that Cordero has the potential to be developed into a highly capital-efficient mine that offers the combination of margin, size, and scalability. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. Continued exploration and project development at Cordero is supported by a strong balance sheet with cash of approximately C$40 million.

 

Posted March 22, 2023

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