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Discovery Silver Corp
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Close 2021-04-19 C$ 2.35
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Discovery Silver drills 128m of 165 g/t AgEq at Cordero

2021-04-20 07:14 ET - News Release

Mr. Taj Singh reports


Discovery Silver 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 a phase 1 drill program scheduled for completion at the end of this month. The results from this program will be incorporated in a new resource estimate and revamped PEA (preliminary economic assessment) in the second half of the year. Phase 1 drilling will be immediately followed by phase 2 definition and expansion drilling.

Highlight intercepts include:

  • 128.2 metres averaging 165 grams per tonne silver equivalent from 312.4 m (65 g/t silver, 0.05 g/t gold, 1.2 per cent lead and 1.3 per cent zinc) including 26.1 m averaging 263 g/t AgEq (109 g/t Ag, 0.06 g/t Au, 2.0 per cent Pb and 1.9 per cent Zn) in hole C20-405;
  • 110.0 m averaging 110 g/t AgEq from 137.1 m (37 g/t Ag, 0.04 g/t Au, 0.8 per cent Pb and 1.0 per cent Zn) and 51.8 m averaging 184 g/t AgEq (65 g/t Ag, 0.05 g/t Au, 1.6 per cent Pb and 1.4 per cent Zn) in hole C21-414;
  • 27.4 m averaging 279 g/t AgEq from 382.0 m (78 g/t Ag, 0.08 g/t Au, 1.3 per cent Pb and 3.6 per cent Zn) in hole C20-407.

Taj Singh, president and chief executive officer, stated: "Our phase 1 drill program, which will conclude at the end of this month, will form the basis for our upcoming resource update and PEA scheduled for the second half of the year. Drill results to date, including those presented today, have surpassed all expectations, and demonstrate the scale, continuity and higher-grade nature of the mineralized system at Cordero. We look forward to carrying this momentum into our phase 2 drill program with drilling continuing uninterrupted and targeting focused on high-grade vein delineation and bulk-tonnage reserve definition and resource expansion."

Drill results

Drill holes from this release build further higher-grade bulk-tonnage continuity in the South corridor within northeast-trending domains. These domains have been defined over a strike length of approximately 1.4 kilometres and are open to the northeast and have been drilled to a depth of 500 m and remain open below this. Higher-grade zones of mineralization are typically flanked by medium- and lower-grade mineralization pointing to the scalability of the mineralized system at Cordero. Mineralization typically consists of galena, sphalerite and pyrite in disseminations, veinlets and stockworks predominantly hosted in breccia, rhyodacite and intervals of replacement mineralization in calcareous sediments.

Detailed drill highlights from the 13 holes in this release are provided in the table.


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

C20-393       149.6     187.6      38.1       33      0.03      0.6      1.5          117
C20-398       244.0     261.0      17.1       12      0.15      0.5      0.9           79
and           327.4     349.5      22.1       23      0.04      0.6      0.8           80
C20-399       201.1     236.1      35.0       13      0.04      0.2      1.0           64
C20-400        39.2      76.5      37.4       77      0.10      0.3      0.1           99
and           108.3     137.9      29.7       25      0.01      0.2      1.5           94
and           162.0     172.5      10.5       44      0.10      0.4      2.2          155
C20-403       127.6     157.0      29.4       15      0.02      0.3      0.8           59
and           360.1     398.8      38.7       55      0.07      0.6      1.3          137
and           430.5     454.5      24.0       32      0.23      0.2      0.7           87
C20-405       312.4     440.5     128.2       65      0.05      1.2      1.3          165
including     333.0     359.1      26.1      109      0.06      2.0      1.9          263
C20-407       382.0     409.4      27.4       78      0.08      1.3      3.6          279
C21-410       139.4     214.3      75.0       39      0.04      0.3      0.9           92
and           282.4     324.5      42.1       23      0.02      0.2      0.8           64
C21-412        55.2     129.5      74.3       23      0.05      0.3      0.5           59
and           345.5     365.9      20.4       37      0.05      0.7      1.4          124
C21-414       137.1     247.0     110.0       37      0.04      0.8      1.0          110
and           357.1     408.9      51.8       65      0.05      1.6      1.4          184

(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.) per ounce Ag, $1,350 (U.S.)/oz Au, 85 U.S. cents per
pound 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. 

Phase 1 drill program update

The company has completed 70,100 m (171 holes) as part of its expanded phase 1 drill program that started in September, 2019, and is scheduled for completion at the end of this month. Assays from 43 holes are pending. Data from phase 1 drilling will be used to support the bulk-tonnage resource update and PEA scheduled for the second half of the year.

The four drill rigs currently operating on site will continue uninterrupted with phase 2 drilling. Phase 2 drilling will be focused on three key areas: (1) upgrading inferred resources to indicated for inclusion in a prefeasibility study on Cordero; (2) resource expansion of bulk-tonnage mineralization; and (3) testing of the width, grade and continuity of extensive high-grade vein systems that transect the deposit.

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, and 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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