Discovery Silver Corp. (TSX-V: DSV) (OTCQX: DSVSF) is pleased to announce results from 17 holes from its Phase 2 drill program on its flagship Cordero silver project located 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 intercepts include:

• C21-575 intercepted a high-grade zone outside the current resource that returned 45.6 m averaging 328 g/t AgEq¹ from 327.0 m (125 g/t Ag, 0.54 g/t Au, 2.0% Pb and 2.7% Zn) including 17.4 m averaging 674 g/t AgEq¹ (254 g/t Ag, 0.94 g/t Au, 4.0% Pb & 6.1% Zn)
• C21-573 intercepted 38.6 m averaging 189 g/t AgEq¹ from 191.8 m (91 g/t Ag, 0.11 g/t Au, 1.3% Pb and 1.3% Zn) beneath the PEA pit
• C21-538 intercepted near-surface mineralization on the margins of the PEA pit that returned 32.3 m averaging 142 g/t AgEq¹ from 28.5 m (70 g/t Ag, 0.12 g/t Au, 0.8% Pb and 1.0% Zn)

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

DRILL RESULTS:

This current set of Phase 2 drill holes was focused on expansion of the open pit and the resource in the northeast of Cordero, an area of the deposit that has seen significantly less drilling. The results will be incorporated in a resource update and Pre-Feasibility Study scheduled for completion in the fourth quarter of 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 m below the resource pit that returned 45.6 m of 328 g/t AgEq¹. Hole C21-573, drilled 100 m along strike of this hole to the southwest, returned 38.6m of 189 g/t AgEq¹ from 191.8 m, representing the potential extension of the high-grade zone encountered in C21-575.

The Company’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 m, and across a strike length of at least 450 m. Highlight intervals from this drilling include 177.4 m averaging 74 g/t AgEq¹ (C21-567), 32.9 m averaging 123 g/t AgEq¹ (C21-569), 41.6 m averaging 86 g/t AgEq¹ (C21-572) and 18.7 m averaging 109 g/t AgEq¹ (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.

Drill hole locations are shown in Figure 1 (see links below) and detailed drill highlights from the holes in this release are provided in the tables below.

Resource Expansion (intercepts outside of the resource pit constraint)

Open Pit Expansion (intercepts within the resource pit constraint but outside the 2021 PEA pit)

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.

SUPPORTING MATERIALS:

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

https://discoverysilver.com/site/assets/files/5866/20220331_sections_assays.pdf

DRILL PROGRAM UPDATE:

The Company has now completed 59,000 m (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: (1) Pre-Feasibility Study drilling consisting of reserve definition and engineering drilling; (2) resource expansion in the northeast of the deposit and at depth; and (3) initial drill testing of five property-wide targets on the Company’s extensive land package.

About Discovery

Discovery’s flagship project is its 100%-owned Cordero project, one of the world’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 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$65 million.