Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) is pleased to announce results from 23 holes from its Phase 2 drill program on its flagship Cordero silver project located in Chihuahua State, Mexico. This current set of results is focused on upgrading resources for the Pre-Feasibility Study planned for later this year.

Highlight intercepts include:

• 49.9 m averaging 247 g/t AgEq¹ from 124.5 m (99 g/t Ag, 0.26 g/t Au, 1.9% Pb and 1.8% Zn) including 21.4 m averaging 446 g/t AgEq¹ (185 g/t Ag, 0.46 g/t Au, 3.5% Pb & 3.2% Zn) in hole C21-533
• 46.8 m averaging 288 g/t AgEq¹ from 366.5 m (61 g/t Ag, 0.07 g/t Au, 1.4% Pb and 4.8% Zn) in hole C21-556
• 113.6 m averaging 101 g/t AgEq¹ from 160.9 m (28 g/t Ag, 0.09 g/t Au, 0.2% Pb and 1.6% Zn) in hole C21-555

• 165.0 m averaging 92 g/t AgEq¹ from 399.8 m (33 g/t Ag, 0.06 g/t Au, 0.7% Pb and 0.9% Zn) including 31.3 m averaging 141 g/t AgEq¹ (58 g/t Ag, 0.07 g/t Au, 1.1% Pb & 1.2% Zn) in hole C21-545

Taj Singh, President and CEO, states: “Our initial Phase 2 drill holes have been focused on upgrade drilling within the very large open pit outlined in our Preliminary Economic Assessment in late 2021. The drill results in today’s release intercepted broad zones of higher-grade mineralization within the pit outline and will enhance the resource definition for our PFS which we anticipate delivering later this year. In conjunction with this upgrade drilling we remain focused on the growth potential at Cordero with recent drilling shifting to the northeast of deposit targeting the potential expansion of both the open pit and the overall resource for the project. In addition, our first ever drilling of our property-wide targets is expected to commence in the coming months. We have also recently commenced our next phase of metallurgical test work as well as finalised the scope for the PFS engineering drilling in what is shaping up to be a very busy year for the Company.”

DRILL RESULTS:

This current set of Phase 2 drill holes was focused on upgrading resources in both the North and South Corridors for the PFS mine plan. The PFS is scheduled for completion in the fourth quarter of this year.

In the South Corridor hole C21-555, drilled in the northeast of the corridor, intercepted 113.6 m of 101 g/t AgEq¹ from 160.9 m, confirming and potentially expanding downdip the higher-grade zone in this part of the deposit. Hole C21-547, drilled along the same section, reported a number of long mineralized intervals including 34.9 m of 133 g/t AgEq¹ from 392.6 m; this interval was below the PEA pit outline in an area modeled as low to medium grade. Hole C21-545 intercepted 165.0 m of 92 g/t AgEq¹ confirming the downdip extension of the high-grade zone reported in C20-343 (401.7 m of 134 g/t AgEq¹, see September 14, 2020, press release).

In the North Corridor drilling was predominantly focused on the NE Extension zone. All four holes drilled in this zone intercepted broad zones of mineralization relatively close to surface and within the open pit outline. Highlight intercepts from these holes include 49.9 m of 247 g/t AgEq¹ (C21-533), 56.4 m of 105 g/t AgEq¹ from 188.5 m (C21-539), 26.2 m of 114 g/t AgEq¹ from 105.6 m (C21-520) and 29.7m of 112 g/t AgEq¹ from 111.4 m (C21-526).

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 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. 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 47,600 m (86 holes) as part of its Phase 2 drill program (excluding drill metres used to support the 2021 Mineral Resource Estimate). Assays from 51 holes are pending. 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.

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/5849/20220210_dsv_sa.pdf

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$70 million.