Discovery Silver Corp. (TSX-V: DSV) (OTCQX: DSVSF) is pleased to announce results from 13 diamond drill holes drilled along the Josefina high-grade vein trend at its flagship Cordero 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 in 3Q 2021 and PEA in 4Q 2021. Phase 2 drilling is ongoing and is focused on resource definition and expansion.
Taj Singh, President and CEO, states: “These latest drill results from Josefina have returned some of our highest-grade hits to date. With our Phase 1 drilling now complete we have transformed what started as a loosely defined vein with less than 1 km of strike extent into a prominent corridor with two well-defined veins with a total strike extent of more than 2.5 km. Our drilling has also established the presence of higher-grade bulk-tonnage style mineralization adjacent to the Josefina veins which suggests most of the vein trend will likely fall within the open pit. These results have exceeded our expectations and, from modest beginnings, should result in Josefina being a key value driver in the mine plan for our upcoming PEA.”
Highlight intercepts include:
The Josefina vein trend consists of two principal southwest-trending subparallel veins with an interpreted combined strike extent of more than 2.5 km. The holes in this release confirm continuity of bonanza grade mineralization along the central part of the vein trend. High-grade veins were intercepted within broader zones of mineralization in the majority of holes pointing to the bulk-tonnage potential in this part of the deposit. The increased density of drilling from the Phase 1 drill program will allow for the veins and bulk-tonnage mineralization to be modelled separately for the resource update to ensure a more accurate estimate of the overall grade and tonnage along the Josefina trend.
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 at least 400 m below surface. The vein trend is open at depth below this.
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 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 disseminated 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 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 17,200 m (47 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:
A PDF of this release with supporting maps and sections included as appendices 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.