Discovery Silver Corp. (TSX-V: DSV) (OTCQX: DSVSF) is pleased to announce results from 12 diamond drill holes targeting the Josefina and Todos Santos high-grade vein trends at its flagship Cordero project located in Chihuahua State, Mexico. Multiple vein trends with a combined strike extent of more than 5 km flank the higher-grade bulk-tonnage domain at Cordero; the Josefina and Todos Santos vein trends currently represent approximately 3 km of this strike extent.

Highlight intercepts include:

Josefina Vein

• 4.1 m averaging 1,043 g/t AgEq¹ from 304.5 m (520 g/t Ag, 0.11 g/t Au, 3.0% Pb and 9.8% Zn) within 41.5 m averaging 237 g/t AgEq¹ (97 g/t Ag, 0.04 g/t Au, 1.0% Pb and 2.5% Zn) in hole C21-421
• 1.3 m averaging 1,041 g/t AgEq¹ from 402.8 m (495 g/t Ag, 0.17 g/t Au, 5.6% Pb and 8.0% Zn) in hole C21-421
• 1.2 m averaging 1,736 g/t AgEq¹ from 164.9 m (997 g/t Ag, 0.25 g/t Au, 8.9% Pb and 9.7% Zn) within 22.4 m averaging 322 g/t AgEq¹ (156 g/t Ag, 0.10 g/t Au, 1.7% Pb and 2.3% Zn) in hole C21-431

Todos Santos Vein

• 2.2 m averaging 403 g/t AgEq¹ from 157.5 m (163 g/t Ag, 0.17 g/t Au, 2.8% Pb and 3.1% Zn) in hole C20-404
• 1.0 m averaging 589 g/t AgEq¹ from 258.1 m (160 g/t Ag, 0.39 g/t Au, 3.8% Pb and 6.4% Zn) in hole C21-409
• 2.1 m averaging 558 g/t AgEq¹ from 73.3 m (160 g/t Ag, 0.27 g/t Au, 3.3% Pb and 6.3% Zn) in hole C21-418

Taj Singh, President and CEO, states: “Our vein drilling at Josefina continues to deliver bonanza grade intercepts. Several of the high-grade veins were within broader zones of disseminated mineralization that returned highlight intercepts of 41.5 m averaging 237 g/t AgEq, 22.4 m averaging 322 g/t AgEq and 36.4 m averaging 124 g/t AgEq. This increases our confidence that the higher-grade bulk tonnage domain will expand to the east to incorporate sections of the Josefina vein trend.

We also continue to expand the drill-confirmed strike extent at Todos Santos. Step out holes 250 m to the southwest and 250 m to the northeast from our previous drilling were successful in intercepting high-grade vein mineralization. We will continue to systematically test Todos Santos at depth and along strike as part of our ongoing Phase 2 drill program.”

JOSEFINA VEIN:

The Josefina vein trend consists of two principal southwest-trending subparallel veins with an interpreted strike extent of approximately 1.5 km. The four holes in this release were successful in confirming continuity of bonanza grade mineralization along the central part of the vein trend. High-grade veins were intercepted within broader zones of mineralization in all four holes pointing to the bulk-tonnage potential in this part of the deposit.

The veins along the Josefina trend dip steeply to the northwest and mineralization typically consists of semi-massive galena, sphalerite and pyrite. Drilling has confirmed the depth continuity of veins at Josefina to approximately 370 m below surface. The vein trend is open at depth below this and along strike in both directions.

Drill hole locations and current vein interpretations are shown in Figure 1 (see links below) and detailed drill highlights of the holes from this release at Josefina are provided in the table below. The true width of the veins is estimated to be approximately 70% of the drilled width.

¹For full supporting technical disclosure please refer to footnote 1 under the table of Todos Santos Vein results.

TODOS SANTOS VEIN:

The Todos Santos vein trend, consisting of the Main Vein and Footwall Vein, has an interpreted southwest strike extent of at least 1.5 km and depth extent of at least 400 m based on historic underground workings and drilling. Drilling in the southwest of the Main Vein was successful in extending the drill-confirmed strike extent by 250 m with C21-418 returning 2.1 m averaging 558 g/t AgEq¹. Drilling also confirmed the strike extent of the Footwall Vein extends to the northeast well beyond the previous PEA pit limit with C21-409 returning 1.0 m averaging 589 g/t AgEq¹. The Todos Santos vein trend remains open along strike in both directions beyond these holes and at depth.

High-grade mineralization in both the Main Vein and Footwall Vein is typically associated with quartz-carbonate veins that dip steeply to the northwest. Mineralization typically consists of galena, sphalerite and pyrite. Drill hole locations and current vein interpretations are shown in Figure 1 (see links below) and detailed drill highlights of the holes drilled at Todos Santos from this release are provided in the table below. The true width of the veins is estimated to be approximately 70% of the drilled width.

¹All results in this news release are rounded. Assays are uncut and undiluted. As a guideline, intervals with stockwork mineralization were chosen based on a 25 g/t AgEq cutoff with no more than 10 m of dilution and intervals with vein mineralization were based on a 100 g/t AgEq cutoff with no more than 1 m of dilution. Widths are drilled widths; the true width of the vein mineralization is estimated to be approximately 70% of the drilled width. 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 $16.50/oz Ag, $1,350/oz Au, $0.85/lb Pb, $1.00/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 2018 PEA completed on Cordero.

DRILL PROGRAM UPDATE:

Phase 1 drilling: The Company’s Phase 1 drill program concluded at the end of April. The data from the 75,000 m of drilling (178 holes) completed in this program will be used to support the resource update (3Q 2021) which the PEA (4Q 2021) will be based on.

Phase 2 drilling: The Company has completed 5,000 m (13 holes) as part of its Phase 2 drill program which will be ongoing through the remainder of the year. Phase 2 drilling will be focused on three key areas: (1) upgrading inferred resources for inclusion in a prefeasibility study; (2) resource expansion of bulk-tonnage mineralization; and (3) testing of the width, grade and continuity of the extensive high-grade vein systems that transect the deposit. There are currently four drill rigs operating on site.

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/5680/2021-05-26-dsv-nrsa.pdf

About Discovery

Discovery’s flagship project is its 100%-owned Cordero project, one of the few silver projects globally that offers margin, size and scaleability. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico, and is supported by an industry leading balance sheet with over C$90 million available for aggressive exploration, resource expansion and future development. Discovery was a recipient of the 2020 TSX Venture 50 award and the 2021 OTCQX Best 50 award.