Discovery Silver Corp T.DSV

Discovery Intercepts 337 g/t AgEq over 34 m

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Discovery Intercepts 337 g/t AgEq over 34 m and 606 g/t AgEq over 18 m Below the PEA Open Pit at Cordero

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Discovery Silver Corp.

Fri, May 13, 2022, 4:00 AM

 

 

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Discovery Silver Corp.

TORONTO, May 13, 2022 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce results from 19 holes from its Phase 2 drill program on its flagship Cordero silver project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. The current set of results includes resource upgrade drilling for the Pre-Feasibility Study (“PFS”), planned for the fourth quarter of this year, and expansion drilling of the PEA open pit and the resource pit.

Highlight intercepts include:

• C21-560 intercepted a high-grade interval immediately below the current Preliminary Economic Assessment (“PEA”) pit that returned 18.1 m averaging 606 g/t AgEq¹ from 230.0 m (234 g/t Ag, 0.15 g/t Au, 3.8% Pb and 6.5% Zn);

• C21-564 intercepted 33.9 m averaging 337 g/t AgEq¹ from 622.1 m (95 g/t Ag, 0.21 g/t Au, 1.9% Pb and 4.5% Zn) approximately 70 m below the PEA pit;

  • C21-544 intercepted 60.4 m averaging 122 g/t AgEq¹ from 115.7 m (45 g/t Ag, 0.07 g/t Au, 0.9% Pb and 1.2% Zn) approximately 50 m below the PEA pit;

  • C21-574 intercepted 13.4 m averaging 483 g/t AgEq¹ from 3.3 m (272 g/t Ag, 0.16 g/t Au, 4.1% Pb and 1.9% Zn) in a step-out hole approximately 100 m to the northeast of the resource pit.

Taj Singh, President and CEO, states: “We continue to intercept excellent grades both within and on the margins outside of the open pit defined in our 2021 PEA. This will further increase the confidence in the resource supporting our upcoming PFS and underscores the potential to expand the PFS open pit. In addition, our resource expansion drilling in the far northeast continues to highlight the prospectivity of this part of the deposit. Broad-spaced drilling to date has identified multiple sub-parallel mineralized corridors in this area that have the potential to expand the resource along strike and at depth.”

DRILL RESULTS:

This current set of Phase 2 drill holes was focused on two main areas: 1) upgrade and expansion drilling of the PEA open pit; and 2) resource expansion in the far northeast of the deposit. Results will be incorporated in a resource update and PFS scheduled for completion in the fourth quarter of this year.

Detailed drill highlights from the holes in this release are provided in the tables below. Supporting maps and sections, drill hole locations and full assay results can be found at the following link:
https://discoverysilver.com/site/assets/files/5187/20220513_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/5187/20220513_pr_w_sections_final.pdf

PEA Open Pit Upgrade & Expansion Drilling

Drilling in and around the open pit outlined in the 2021 PEA continues to intercept excellent grades over broad widths. This drilling is expected to improve the confidence of the resource that will support the PFS mine plan.

A number of intercepts outside the PEA open pit also demonstrate the potential to increase the size of the open pit in the PFS. C21-560 intercepted a series of sulphide veins and intrusive breccias that returned 18.1 m of 606 g/t AgEq¹ from 230.0 m. This intercept was directly beneath the PEA open pit in an area previously modelled as medium grade. C21-564, drilled to upgrade the resource at depth in the South Corridor returned multiple mineralized intercepts including 33.9 m of 337 g/t AgEq¹ approximately 70 m below the bottom of the PEA pit. C21-544 intercepted a broad zone of intrusive breccias that returned 60.4 m of 122 g/t AgEq¹ from 115.7 m. This zone was approximately 50 m below the PEA pit in an area previously modelled as waste.

Detailed drill highlights from the PEA open pit upgrade and expansion drilling are provided in the table below:

Hole ID	From (m)	To (m)	Width (m)	Ag (g/t)	Au (g/t)	Pb (%)	Zn (%)	AgEq1 (g/t)
C21-532	98.1	158.6	60.6	22	0.03	0.4	0.5	55
and	206.8	245.3	38.6	69	0.10	1.5	1.0	159
C21-540	96.0	136.6	40.6	27	0.07	0.3	0.4	58
and	155.7	175.3	19.6	48	0.43	0.9	1.1	145
C21-541	210.4	251.8	41.5	39	0.04	0.1	0.3	57
and	494.5	553.2	58.8	30	0.07	0.5	1.4	103
including	495.3	522.2	27.0	45	0.14	0.7	1.9	148
C21-544	115.7	176.1	60.4	45	0.07	0.9	1.2	122
and	295.6	322.7	27.1	23	0.04	0.5	1.0	77
C21-550	267.8	313.6	45.9	44	0.06	1.1	1.1	123
and	348.2	369.7	21.6	47	0.07	1.0	1.8	155
C21-560	230.0	248.1	18.1	234	0.15	3.8	6.5	606
C21-564	258.2	309.3	51.2	28	0.16	0.3	1.0	85
and	449.6	460.8	11.2	91	0.12	1.8	3.0	266
and	492.1	572.2	80.2	29	0.06	0.4	0.8	75
and	622.1	656.0	33.9	95	0.21	1.9	4.5	337

Resource Expansion Drilling

Resource expansion drilling remains focused in the northeast of the deposit in both the North and South Corridors. The drilling in this area is wide-spaced (drill spacing ranges from approximately 50 m – 250 m) and is targeting the expansion of the resource along strike to the northeast and at depth. The need for additional infill drilling in this area will be evaluated once the resource model has been updated in 4Q 2022 with this new drill data.

In the South Corridor, drilling confirmed the potential extension of feeder structures supporting the Josefina Vein trend by 250 m to the northeast. C21-574, a 150 m step-out hole, intercepted 13.4 m of 483 g/t AgEq¹ from 3.3 m and 27.5 m of 122 g/t AgEq¹ from 411.1 m. C21-579, drilled 100 m further northeast of C21-574, intercepted a number of sulphide veins including one vein at depth that returned 2.8 m of 486 g/t AgEq¹ from 430.4 m.

In the North Corridor, drilling encountered a number of broad mineralized zones beneath the resource pit. Highlight intercepts from these zones include 34.0 m of 143 g/t AgEq¹ from 350.8 m (C21-578), 29.1 m of 109 g/t AgEq¹ from 635.3 (C21-577), 20.7 m of 104 g/t AgEq¹ from 383.9 m (C21-584) and 21.8 m of 126 g/t AgEq¹ from 416.0 m (C21-584).

Detailed drill highlights from the resource expansion drilling are provided in the table below:

Hole ID	From (m)	To (m)	Width (m)	Ag (g/t)	Au (g/t)	Pb (%)	Zn (%)	AgEq1 (g/t)	Area
C21-574	3.3	16.7	13.4	272	0.16	4.1	1.9	483	NE – South Corridor
and	91.3	103.6	12.3	38	0.08	0.6	2.2	146
and	411.1	438.6	27.5	46	0.07	0.3	1.6	122
C21-577	247.0	258.9	12.0	45	0.12	0.5	1.4	123	NE – North Corridor
and	348.7	357.8	9.1	44	0.05	0.3	3.5	186
and	490.4	541.2	50.9	26	0.05	0.3	1.3	86
and	635.3	664.4	29.1	16	0.02	0.1	2.4	109
C21-578	151.9	177.7	25.8	22	0.05	0.3	0.5	53	NE – North Corridor
and	350.8	384.8	34.0	54	0.10	0.4	1.8	143
C21-579	430.4	433.2	2.8	217	0.04	4.2	3.6	486	NE – South Corridor
C21-580	111.8	129.3	17.5	53	0.07	0.9	1.4	137	NE – North Corridor
and	144.0	179.5	35.5	34	0.10	0.4	0.6	75
C21-581	185.5	210.4	24.9	16	0.01	0.2	1.9	94	NE – North Corridor
and	520.5	534.2	13.7	16	0.03	0.0	4.0	166
C21-584	136.5	138.6	2.1	358	0.23	6.3	6.4	810	NE – North Corridor
and	244.4	252.4	7.9	120	0.36	2.5	4.0	370
and	383.9	404.6	20.7	29	0.02	0.2	1.8	104
and	416.0	437.8	21.8	31	0.04	0.2	2.3	126

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 71,000 m (211 holes) as part of its Phase 2 drill program (excluding drill metres used to support the 2021 Mineral Resource Estimate). Phase 2 drilling will continue through the remainder of the year and will be focused on three key areas: (1) PFS 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.

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$60 million.

On Behalf of the Board of Directors,

Taj Singh, M.Eng, P.Eng, CPA
President, Chief Executive Officer and Director

For further information contact:

Forbes Gemmell, CFA
VP Corporate Development
Phone: [phone]
Email: [e-mail]
Website: www.discoverysilver.com

..............Bluetick