Discovery Silver Corp. (TSX: DSV) (OTCQX: DSVSF) is pleased to announce results from Feasibility Study drilling on its flagship Cordero silver project located in Chihuahua State, Mexico. These holes consist of reserve expansion and definition drilling and will be incorporated in a Feasibility Study in conjunction with a resource update planned for the first half of 2024.

Highlight intercepts from this current set of drill holes include:

• 52 m averaging 105 g/t AgEq¹ (51 g/t Ag, 0.19 g/t Au, 0.6% Pb and 0.9% Zn) from 102 m and 37 m averaging 171 g/t AgEq¹ (79 g/t Ag, 0.09 g/t Au, 1.1% Pb and 1.5% Zn) from 276 m in hole C22-722.
• 15 m averaging 479 g/t AgEq¹ (278 g/t Ag, 0.08 g/t Au, 3.1% Pb and 2.9% Zn) from 145 m in hole C22-713.
• 39 m averaging 134 g/t AgEq¹ (104 g/t Ag, 0.17 g/t Au, 0.5% Pb and 0.3% Zn) from 46 m in hole C22-728.

Tony Makuch, CEO, states: “The reserve expansion and definition component of our Feasibility Study drill program at our Cordero project is now complete. In total we have added approximately 35,000 m of drilling in over 100 drill holes since the cut-off for the Pre-Feasibility Study resulting in a comprehensive drill dataset supporting the Feasibility Study of approximately 310,000 m in close to 800 drill holes. The additional drilling we have completed, including this current set of drill results, has demonstrated the potential to further grow reserves at what is already one of the largest silver deposits globally. Our drilling through the remainder of the year will be focused on engineering drilling to support the Feasibility Study along with drill testing multiple targets on our large and highly prospective land package.”

DRILL PROGRAM UPDATE:

The Company has now drilled approximately 52,000 m (164 holes) as part of its Feasibility Study drill program (since the data cut-off for the PFS study). This includes approximately 35,000 m of reserve definition and expansion drilling, 7,000 m of condemnation drilling and 10,000 m of engineering drilling (hydrogeology and geotechnical). Engineering drilling will be ongoing through the remainder of the year along with the property-wide drill program which commenced last month. Property-wide drilling will initially target large chargeability anomalies in the Sanson area (approximately 3.5 km to the northeast of Cordero) and skarn targets at depth in the northeast of the deposit. Currently, 9,000m of drilling is planned in 2023.  This program may be expanded depending on the results of the initial drilling.

DRILL RESULTS:

This current set of Feasibility Study drilling consists of 22 drill holes and was focused on reserve upgrade and expansion drilling in the southwest of the deposit. Drill results continue to demonstrate the potential to improve grade and convert waste to ore within the reserves pit.

Hole C22-722, drilled in the southwest of the South Corridor within the reserves pit, returned several long mineralized intervals including 51.7 m of 105 g/t AgEq¹ from 101.9 m, 82.1 m of 84 g/t AgEq¹ from 165.4 m and 37.4 m of 171 g/t AgEq¹ from 275.8 m. These intervals have the potential to expand the volume of higher-grade blocks laterally and vertically. Hole C22-728, drilled approximately 75 m to the north of C22-722, returned 38.5 m of 134 g/t AgEq¹ from 46.2 m potentially increasing estimated grades in this part of the deposit. Hole C22-725 was drilled in the southwest of the North Corridor and returned 62.1 m of 94 g/t AgEq¹ from 47.2 m including 21.7 m of 158 g/t AgEq¹ potentially increasing the depth extent of higher-grade blocks.

Supporting maps and sections, drill hole locations and full assay results can be found here: Plan map, sections & assays. A PDF of this release with supporting maps and sections included as appendices can be found here: Release with plan map & sections. Detailed drill highlights from this set of Feasibility Study drill holes 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 reporting 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 is calculated as Ag(g/t) + 18.39 x Au(g/t) + 30.81 x Pb(%) + 36.54 x Zn(%). This calculation is based on metal prices of USD $22.00/oz Ag, $1,600/oz Au, $1.00/lb Pb, $1.20/lb Zn and life-of-mine average recovery assumptions from the 2023 Pre-Feasibility Study of 87% for Ag, 22% for Au, 86% for Pb and 85% for Zn.

About Discovery

Discovery’s flagship project is its 100%-owned Cordero project, one of the world’s largest silver deposits. The PFS published in February 2023 demonstrates that Cordero has the potential to be developed into a highly capital-efficient mine that offers the combination of margin, size, and scalability. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico.