Discovery Silver Corp. (TSX-V: DSV) (OTCQX: DSVSF) is pleased to announce results from 12 diamond drill holes targeting bulk-tonnage mineralization at its flagship Cordero silver project located in Chihuahua State, Mexico. The holes are part of the recently completed Phase 1 drill program. The results from this program will be incorporated in a new resource estimate and PEA in the second half of the year. Phase 2 drilling is ongoing and is focused on resource definition and expansion.
Highlight intercepts include:
Taj Singh, President and CEO, states: “This current set of holes, drilled in areas where there were significant gaps in previous drilling, confirm the continuity of higher-grade mineralization at depth in the South Corridor. Excellent grades over broad widths were encountered on a consistent basis highlighting the potential for Cordero to emerge as one of the few multigenerational mines in the silver space. We look forward to compiling the final assay results from our Phase 1 drill program for incorporation in our resource update in Q3 2021 and preliminary economic assessment in Q4 2021.”
Drill holes from this release confirm continuity of higher-grade bulk-tonnage mineralization at depth in the central part of the South Corridor. Mineralization is hosted within northeast trending domains that have been defined over a strike length of approximately 1.4 km and are open to the northeast. Hole C21-425 intercepted 143.0 m averaging 120 g/t AgEq1 from 517.8 m, confirming mineralization to a depth of 600 m, approximately 100 m below the pit bottom from the 2018 PEA.
Mineralization consists predominantly of galena, sphalerite and pyrite in disseminations, veinlets and stockworks hosted in breccia, rhyodacite and intervals of replacement mineralization in calcareous sediments. Higher-grade zones are typically flanked by medium and lower-grade mineralization pointing to the scaleability of the mineralized system at Cordero.
Drill hole locations are shown in Figure 1 (see links below) and detailed drill highlights from the 12 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.
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 new drilling (178 holes) completed in this program, along with 133,000 m of historic drilling (292 holes), will be used to support an updated resource (3Q 2021) and PEA (4Q 2021).
Phase 2 drilling: The Company has completed 11,000 m (31 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 maps and sections, drill hole locations and full assay results can be found at the following link:
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$85 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.
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We acknowledge the [financial] support of the Government of Canada.