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Discovery Silver Corp
Symbol DSV
Shares Issued 325,040,517
Close 2021-05-26 C$ 2.50
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Discovery Ag drills 4.1 m of 1,043 g/t AgEq at Cordero

2021-05-26 07:08 ET - News Release

Mr. Taj Singh reports


Discovery Silver Corp. has released results from 12 diamond drill holes targeting the Josefina and Todos Santos high-grade vein trends at its flagship Cordero project located in Chihuahua state, Mexico. Multiple vein trends with a combined strike extent of more than five kilometres flank the higher-grade bulk-tonnage domain at Cordero; the Josefina and Todos Santos vein trends currently represent approximately three km of this strike extent.

Highlight intercepts

Josefina vein:

  • 4.1 metres averaging 1,043 grams per tonne silver equivalent from 304.5 m (520 g/t silver, 0.11 g/t gold, 3.0 per cent lead and 9.8 per cent zinc) within 41.5 m averaging 237 g/t AgEq (97 g/t Ag, 0.04 g/t Au, 1.0 per cent Pb and 2.5 per cent Zn) in hole C21-421;
  • 1.3 m averaging 1,041 g/t AgEq from 402.8 m (495 g/t Ag, 0.17 g/t Au, 5.6 per cent Pb and 8.0 per cent Zn) in hole C21-421;
  • 1.2 m averaging 1,736 g/t AgEq from 164.9 m (997 g/t Ag, 0.25 g/t Au, 8.9 per cent Pb and 9.7 per cent Zn) within 22.4 m averaging 322 g/t AgEq (156 g/t Ag, 0.10 g/t Au, 1.7 per cent Pb and 2.3 per cent Zn) in hole C21-431.

Todos Santos vein:

  • 2.2 m averaging 403 g/t AgEq from 157.5 m (163 g/t Ag, 0.17 g/t Au, 2.8 per cent Pb and 3.1 per cent Zn) in hole C20-404;
  • 1.0 m averaging 589 g/t AgEq from 258.1 m (160 g/t Ag, 0.39 g/t Au, 3.8 per cent Pb and 6.4 per cent Zn) in hole C21-409;
  • 2.1 m averaging 558 g/t AgEq from 73.3 m (160 g/t Ag, 0.27 g/t Au, 3.3 per cent Pb and 6.3 per cent Zn) in hole C21-418.

Taj Singh, president and chief executive officer, stated: "Our vein drilling at Josefina continues to deliver bonanza-grade intercepts. Several of the high-grade veins were within broader zones of disseminated mineralization that returned highlight intercepts of 41.5 m averaging 237 g/t AgEq, 22.4 m averaging 322 g/t AgEq and 36.4 m averaging 124 g/t AgEq. This increases our confidence that the higher-grade bulk-tonnage domain will expand to the east to incorporate sections of the Josefina vein trend.

"We also continue to expand the drill-confirmed strike extent at Todos Santos. Stepout holes 250 m to the southwest and 250 m to the northeast from our previous drilling were successful in intercepting high-grade vein mineralization. We will continue to systematically test Todos Santos at depth and along strike as part of our ongoing phase 2 drill program."

Josefina vein

The Josefina vein trend consists of two principal southwest-trending subparallel veins with an interpreted strike extent of approximately 1.5 km. The four holes in this release were successful in confirming continuity of bonanza-grade mineralization along the central part of the vein trend. High-grade veins were intercepted within broader zones of mineralization in all four holes pointing to the bulk-tonnage potential in this part of the deposit.

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 approximately 370 m below surface. The vein trend is open at depth below this and along strike in both directions.

Drill hole locations and current vein interpretations are shown in an image on the company's website, and detailed drill highlights of the holes from this release at Josefina are provided in the associated table. The true width of the veins is estimated to be approximately 70 per cent of the drilled width.

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

C21-421              304.5      346.0        41.5          97       0.04       1.0      2.5        237
including            304.5      308.6         4.1         520       0.11       3.0      9.8      1,043
and including        307.5      308.6         1.1         693       0.12       4.0     20.2      1,682
and including        341.7      345.0         3.3         182       0.09       3.4      7.1        605
and                  391.0      404.1        13.1         112       0.13       1.3      2.2        261
including            402.8      404.1         1.3         495       0.17       5.6      8.0      1,041
C21-427              108.9      145.3        36.4          66       0.10       0.3      1.0        124
including            118.0      118.8         0.8       1,107       0.12       6.7      4.7      1,547
and                  160.8      248.2        87.4          38       0.06       0.2      1.0         92
including            247.4      248.2         0.9         358       0.10       0.7      1.5        454
C21-428              142.4      145.9         3.6         343       0.11       1.7      2.7        522
and                  193.0      212.3        19.3          40       0.06       0.7      1.4        126
including            195.2      196.4         1.2         188       0.08       4.8      5.2        579
C21-431              164.9      187.3        22.4         156       0.10       1.7      2.3        322
including            164.9      166.1         1.2         997       0.25       8.9      9.7      1,736
and including        183.6      187.3         3.7         299       0.16       3.9      5.7        684
and                  240.8      242.2         1.4         221       0.16       2.6      6.6        601


Todos Santos vein

The Todos Santos vein trend, consisting of the Main vein and Footwall vein, has an interpreted southwest strike extent of at least 1.5 km and depth extent of at least 400 m based on historic underground workings and drilling. Drilling in the southwest of the Main vein was successful in extending the drill-confirmed strike extent by 250 m with C21-418 returning 2.1 m averaging 558 g/t AgEq. Drilling also confirmed the strike extent of the Footwall vein extends to the northeast well beyond the previous PEA pit limit with C21-409 returning 1.0 m averaging 589 g/t AgEq. The Todos Santos vein trend remains open along strike in both directions beyond these holes and at depth.

High-grade mineralization in both the Main vein and Footwall vein is typically associated with quartz-carbonate veins that dip steeply to the northwest. Mineralization typically consists of galena, sphalerite and pyrite. Drill hole locations and current vein interpretations are shown in an image on the company's website, and detailed drill highlights of the holes drilled at Todos Santos from this release are provided in the associated table. The true width of the veins is estimated to be approximately 70 per cent of the drilled width.

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

C20-404        97.6     159.6      62.0         19     0.28     0.1      2.0         132
including     157.5     159.6       2.2        163     0.17     2.8      3.1         403
and           348.3     369.6      21.4         46     0.07     0.8      1.3         133
including     355.5     356.5       1.1        189     0.19     4.5      3.3         501
C21-409       258.1     259.2       1.0        160     0.39     3.8      6.4         589
C21-413       244.9     246.0       1.2         79     0.01     1.3      7.8         448
and           261.5     263.3       1.9        113     0.04     2.4      3.2         335
C21-416       351.1     354.8       3.7         96     0.07     1.8      3.0         289
C21-418        73.3      75.4       2.1        160     0.27     3.3      6.3         558
C21-419        83.8     100.0      16.3         37     0.08     0.6      1.1         107
including      91.4      92.0       0.5        212     0.17     3.3      3.6         491

(1) All results in this news release are rounded. Assays are uncut and undiluted. As a 
guideline, intervals with stockwork mineralization were chosen based on a 25 g/t AgEq 
cut-off with no more than 10 m of dilution, and intervals with vein mineralization were 
based on a 100 g/t AgEq cut-off with no more than one m of dilution. Widths are drilled 
widths; the true width of the vein mineralization is estimated to be approximately 70
per cent 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 per cent of the company's mineralized intercepts. AgEq 
calculations for reported drill results are based on $16.50 (U.S.)/ounce silver, 
$1,350 (U.S.)/oz gold, 85 U.S. cents/pound lead and $1 (U.S.)/lb zinc. 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 (preliminary economic assessment) completed on 


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 drilling (178 holes) completed in this program will be used to support the resource update (third quarter 2021), which the preliminary economic assessment (fourth quarter 2021) will be based on.

Phase 2 drilling

The company has completed 5,000 m (13 holes) as part of its phase 2 drill program, which will be continuing 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.

About Discovery Silver Corp.

Discovery's flagship project is its 100-per-cent-owned Cordero project, one of the few silver projects globally that offers margin, size and scalability. 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 $90-million available for aggressive exploration, resource expansion and future development.

Sample analysis and quality assurance/quality control program

The true width of the veins is estimated to be approximately 70 per cent of the drilled width. 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 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 grams 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 Silver, 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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