Discovery Silver Corp. (TSX-V: DSV) (OTCQX: DSVSF) is pleased to announce results from 13 diamond drill holes targeting bulk-tonnage mineralization at its flagship Cordero silver project located in Chihuahua State, Mexico. The holes are part of a Phase 1 drill program scheduled for completion at the end of this month. The results from this program will be incorporated in a new resource estimate and revamped PEA in the second half of the year. Phase 1 drilling will be immediately followed by Phase 2 definition and expansion drilling.

Highlight intercepts include:

• 128.2 m averaging 165 g/t AgEq¹ from 312.4 m (65 g/t Ag, 0.05 g/t Au, 1.2% Pb and 1.3% Zn) including 26.1 m averaging 263 g/t AgEq¹ (109 g/t Ag, 0.06 g/t Au, 2.0% Pb, 1.9% Zn) in hole C20-405

• 110.0 m averaging 110 g/t AgEq¹ from 137.1 m (37 g/t Ag, 0.04 g/t Au, 0.8% Pb and 1.0% Zn) and 51.8 m averaging 184 g/t AgEq¹ (65 g/t Ag, 0.05 g/t Au, 1.6% Pb, 1.4% Zn) in hole C21-414
• 27.4 m averaging 279 g/t AgEq¹ from 382.0 m (78 g/t Ag, 0.08 g/t Au, 1.3% Pb and 3.6% Zn) in hole C20-407

Taj Singh, President and CEO, states: “Our Phase 1 drill program, which will conclude at the end of this month, will form the basis for our upcoming resource update and PEA scheduled for the second half of the year. Drill results to date, including those presented today, have surpassed all expectations, and demonstrate the scale, continuity and higher-grade nature of the mineralized system at Cordero. We look forward to carrying this momentum into our Phase 2 drill program with drilling continuing uninterrupted and targeting focused on high-grade vein delineation and bulk-tonnage reserve definition and resource expansion.”

DRILL RESULTS:

Drill holes from this release build further higher-grade bulk-tonnage continuity in the South Corridor within northeast trending domains. These domains have been defined over a strike length of approximately 1.4 km and are open to the northeast and have been drilled to a depth of 500 m and remain open below this. Higher-grade zones of mineralization are typically flanked by medium and lower-grade mineralization pointing to the scaleability of the mineralized system at Cordero. Mineralization typically consists of galena, sphalerite and pyrite in disseminations, veinlets and stockworks predominately hosted in breccia, rhyodacite and intervals of replacement mineralization in calcareous sediments.

Drill hole locations are shown in Figure 1 (see links below) and detailed drill highlights from the 13 holes in this release are provided in the table below.

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. Intervals with stockwork mineralization were chosen based on a 25 g/t AgEq cutoff with no more than 10 m of dilution. Intervals with vein mineralization were based on a 100 g/t AgEq cutoff with no more than 1 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 $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.

PHASE 1 DRILL PROGRAM UPDATE:

The Company has completed 70,100 m (171 holes) as part of its expanded Phase 1 drill program that started in September 2019 and is scheduled for completion at the end of this month. Assays from 43 holes are pending. Data from Phase 1 drilling will be used to support the bulk-tonnage resource update and PEA scheduled for the second half of the year.

The four drill rigs currently operating on site will continue uninterrupted with Phase 2 drilling. Phase 2 drilling will be focused on three key areas: (1) upgrading inferred resources to indicated for inclusion in a prefeasibility study on Cordero; (2) resource expansion of bulk-tonnage mineralization; and (3) testing of the width, grade and continuity of extensive high-grade vein systems that transect the deposit.

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

https://discoverysilver.com/site/assets/files/5670/2021-04-20-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/5670/2021-04-20-cordero-drill-results.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. The project is located in a prolific mining belt in Chihuahua State, Mexico, and is supported by an industry leading balance sheet with over C$90 million of cash allocated for aggressive exploration, resource expansion and future development.