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Discovery Metals Corp
Symbol DSV
Shares Issued 311,654,546
Close 2021-02-01 C$ 2.14
Recent Sedar Documents

Discovery Metals drills 131m of 118 g/t AgEq at Cordero

2021-02-02 07:19 ET - News Release

Mr. Taj Singh reports

DISCOVERY SIGNIFICANTLY EXPANDS HIGHER-GRADE BULK-TONNAGE DOMAIN AT CORDERO

Discovery Metals Corp. has released results from 13 diamond drill holes targeting bulk-tonnage mineralization at its flagship Cordero silver project located in Chihuahua state, Mexico. The holes are part of an expanded 65,000-metre phase 1 drill program that will be incorporated in a new resource estimate and revamped PEA (preliminary economic assessment) in the second half of the year.

Highlight intercepts include:

  • Hole C20-375: 131.6 metres averaging 118 grams per tonne silver equivalent from 49.2 m (48 g/t silver, 0.09 g/t gold, 0.5 per cent lead and 1.1 per cent zinc) including 37.1 m averaging 223 g/t AgEq (119 g/t Ag, 0.22 g/t Au, 1.0 per cent Pb and 1.2 per cent Zn);
  • Hole C20-378: 85.6 m averaging 175 g/t AgEq from 406.2 m (53 g/t Ag, 0.05 g/t Au, 1.4 per cent Pb and 1.7 per cent Zn) including 39.9 m averaging 308 g/t AgEq (93 g/t Ag, 0.08 g/t Au, 2.4 per cent Pb and 3.0 per cent Zn);
  • Hole C20-373: 126.1 m averaging 103 g/t AgEq from 281.2 m (40 g/t Ag, 0.10 g/t Au, 0.4 per cent Pb and 1.0 per cent Zn);
  • Hole C20-390: 57.6 m averaging 134 g/t AgEq from 184.4 m (41 g/t Ag, 0.11 g/t Au, 0.3 per cent Pb and 1.8 per cent Zn).

Taj Singh, president and chief executive officer, stated: "We have now expanded the higher-grade bulk-tonnage domain by 300 m northeast along strike in the South corridor. This area of the deposit had seen only limited drilling historically. Our recent drilling, including highlight intercepts in this release of 132 m at 118 g/t AgEq and 126 m at 103 g/t AgEq, has consistently delivered broad zones of near-surface mineralization. These results are a positive surprise and emphasize the sheer scale of the higher-grade mineralizing system at Cordero and show the opportunities that lie ahead for the project in this rising silver price environment."

Drill results

Drill holes from this release were successful in confirming and expanding the higher-grade bulk-tonnage domain in the South corridor. Drilling in the northeast extension, an area with limited historical drilling, has consistently intercepted broad zones of galena and sphalerite mineralization in disseminations, veinlets and stockworks predominantly hosted in rhyodacite and sedimentary rock. The company's drilling has extended the strike extent of the higher-grade bulk-tonnage domain by approximately 300 m along strike across an estimated lateral extent of approximately 400 m. Highlight intercepts from this area are shown in the associated table. Initial stepout holes up to 300 m farther to the northeast also returned significant intercepts (27.3 m at 91 g/t AgEq in hole C20-368 and 21.2 m at 96 g/t AgEq in hole C20-374) demonstrating the potential for further expansion of the bulk-tonnage domain in this direction.


Hole ID         From         To     Width        Ag        Au      Pb        Zn     AgEq (1)
                 (m)        (m)       (m)     (g/t)     (g/t)     (%)       (%)        (g/t)

C20-373        281.2      407.3     126.1        40      0.10     0.4       1.0          103
C20-375         49.2      180.7     131.6        48      0.09     0.5       1.1          118
C20-390        184.4      242.0      57.6        41      0.11     0.3       1.8          134
and            258.7      302.1      43.5        36      0.06     0.5       1.0          100
C20-361         58.4      100.0      41.7        58      0.10     0.7       1.0          131
C20-367        156.8      209.9      53.2        20      0.11     0.3       1.8          113
C20-363         88.5      199.9     111.5        32      0.03    0.33      0.87           83
and            268.4      325.5      57.1        18      0.01     0.2       1.0           69
C11-158         90.0      176.0      86.0        23      0.05     0.4       1.1           90
and            202.0      250.0      48.0        44      0.10     0.6       2.1          163
and            272.0      294.0      22.0       108      0.15     2.4       4.2          379

South Corridor infill drilling also continues to yield positive results. Hole C20-378 intercepted 85.6 m at 175 g/t AgEq from 406.2 m. This intercept is approximately 80 m southwest of the mineralized zone reported in hole C20-343 that returned 112.3 m at 247 g/t AgEq from 243.5 m (see Sept. 14, 2020, press release) confirming the presence of a broad high-grade zone in this area.

Phase 1 drill program update

The company has completed 49,900 m (129 holes) as part of its expanded 65,000 m phase 1 drill program. Assays from 26 holes are pending. There are currently four drill rigs operating on site. Additional drill rigs may be added when the company is confident that the health and safety risks related to COVID-19 can be managed effectively.

Drilling is focused on two key concepts: (1) targeting of bulk-tonnage mineralization within and to the east and northeast of both mineralized corridors; and (2) testing of the width, grade and continuity of extensive high-grade vein systems that transect the deposit.


Hole ID              From       To    Width        Ag        Au        Pb      Zn      AgEq (1)
                      (m)      (m)      (m)     (g/t)     (g/t)       (%)     (%)         (g/t)

C20-368              34.7     61.9     27.3        43      0.13       0.4     0.5            91
C20-369             323.1    437.3    114.3        16      0.05       0.3     0.9            69
including           350.5    383.2     32.7        27      0.07       0.5     1.6           117
and                 485.0    486.3      1.3       123      0.10       2.9     7.7           552
C20-371              76.0    126.3     50.3        36      0.03       0.5     1.4           115
including            85.1    112.8     27.8        52      0.04       0.8     1.9           161
and                 220.0    230.0     10.0        73      0.11       0.6     0.4           122
C20-372              83.4     84.9      1.6       174      0.06       3.6     5.7           545
and                  88.5     89.0      0.5       778      0.14       6.1     1.0         1,045
C20-373             281.2    407.3    126.1        40      0.10       0.4     1.0           103
including           351.5    380.9     29.4        55      0.13       0.9     1.8           173
and including       405.3    406.2      0.9       733      2.37       3.5     1.5         1,113
C20-374              52.3     74.8     22.5        12      0.04       0.3     1.3            82
and                 338.1    359.3     21.2        39      0.02       0.4     1.0            96
C20-375              49.2    180.7    131.6        48      0.09       0.5     1.1           118
including           143.7    180.7     37.1       119      0.22       1.0     1.2           223
and including       155.5    156.8      1.3     1,335      0.36       6.4     0.2         1,598
C20-377              20.0    109.9     89.9        33      0.07       0.3     0.4            67
and                 266.5    284.9     18.4        21      0.03       0.4     1.8           114
C20-378             244.5    286.7     42.2        18      0.06       0.5     0.9            78
and                 406.2    491.8     85.6        53      0.05       1.4     1.7           175
including           438.8    478.7     39.9        93      0.08       2.4     3.0           308
and including       474.5    476.2      1.7       478      0.36       5.5    30.0         1,946
C20-380             143.8    177.6     33.8        16      0.01       0.2     1.4            82
C20-384              95.6    125.9     30.3        29      0.06       0.5     0.5            70
C20-388             180.8    267.8     87.0        12      0.02       0.3     0.7            54
C20-390              91.4     92.1      0.8       731      0.06      10.6     4.8         1,308
and                 184.4    242.0     57.6        41      0.11       0.3     1.8           134
and                 258.7    302.1     43.5        36      0.06       0.5     1.0           100

(1) All 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 cut-off with no more than 10 m of dilution. Intervals with vein mineralization were 
based on a 100 g/t AgEq cut-off with no more than one 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 per cent of the 
company's mineralized intercepts.
AgEq calculations for reported drill results are based on $16.50 (U.S.)/oz Ag, $1,350 
(U.S.)/oz Au, 85 U.S. cents/lb Pb and $1 (U.S.)/lb Zn. The calculations assume 100-per-cent 
metallurgical recovery and are indicative of gross in situ metal value at the indicated metal 
prices. Refer to technical notes for metallurgical recoveries assumed in the 2018 PEA 
completed on Cordero.

About Discovery Metals Corp.

Discovery Metals is a Canadian exploration and development company headquartered in Toronto, Canada, and focused on historic mining districts in Mexico. Discovery's flagship is its 100-per-cent-owned Cordero silver project in Chihuahua state, Mexico. The 35,000-hectare property covers a large district that hosts the announced resource as well as numerous exploration targets for bulk-tonnage diatreme-hosted, porphyry-style and carbonate replacement deposits.

Sample analysis and quality assurance/quality control program

True widths of reported drill intercepts have not been determined. Assays are uncut except where indicated. All core assays are from HQ drill core unless stated otherwise. Drill core is logged and sampled in a secure core storage facility located at the project site 40 kilometres north of the city of Parral. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to ALS Geochemistry-Mexico for preparation in Chihuahua City, Mexico, and subsequently pulps are sent to ALS Vancouver, Canada, which is an accredited mineral analysis laboratory, for analysis. All samples are prepared using a method whereby the entire sample is crushed to 70 per cent passing minus two millimetres, a split of 250 g is taken and pulverized to better than 85 per cent passing 75 microns. Samples are analyzed for gold using standard fire assay-AAS (atomic absorption spectroscopy) techniques (Au-AA24) from a 50 g pulp. Overlimits are analyzed by fire assay and gravimetric finish. Samples are also analyzed using 33-element inductively coupled plasma method (ME-ICP61). Overlimit sample values are reassayed for: (1) values of zinc greater than 1 per cent; (2) values of lead greater than 1 per cent; and (3) values of silver greater than 100 g/t. Samples are reassayed using the ME-OG62 (high-grade material ICP-AES (inductively coupled plasma atomic emission spectroscopy) analytical package. For values of silver greater than 1,500 g/t, samples are reassayed using the Ag-CON01 analytical method, a standard 30 g fire assay with gravimetric finish. Certified standards and blanks are routinely inserted into all sample shipments to ensure integrity of the assay process. Selected samples are chosen for duplicate assay from the coarse reject and pulps of the original sample. No QA/QC issues were noted with the results reported herein.

Qualified person

Gernot Wober, PGeo, vice-president, exploration, Discovery Metals, is the company's designated qualified person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and validated that the information contained in this news release is accurate.

We seek Safe Harbor.

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