Mr. Tony Makuch reports

DISCOVERY REPORTS ADDITIONAL POSITIVE RESULTS FROM ITS FEASIBILITY STUDY DRILL PROGRAM AT CORDERO

Discovery Silver Corp. has provided 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 metres averaging 105 grams per tonne silver equivalent (AgEq) (1) (51 g/t Ag, 0.19 g/t gold, 0.6 per cent lead and 0.9 per cent zinc) from 102 m and 37 m averaging 171 g/t AgEq (1) (79 g/t Ag, 0.09 g/t Au, 1.1 per cent Pb and 1.5 per cent Zn) from 276 m in hole C22-722;
• 15 m averaging 479 g/t AgEq (1) (278 g/t Ag, 0.08 g/t Au, 3.1 per cent Pb and 2.9 per cent Zn) from 145 m in hole C22-713;
• 39 m averaging 134 g/t AgEq (1) (104 g/t Ag, 0.17 g/t Au, 0.5 per cent Pb and 0.3 per cent Zn) from 46 m in hole C22-728.

Tony Makuch, chief executive officer, 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 prefeasibility 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 continuing 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 kilometres to the northeast of Cordero) and skarn targets at depth in the northeast of the deposit. Currently, 9,000 m 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 AgEq (1) from 101.9 m, 82.1 m of 84 g/t AgEq (1) from 165.4 m and 37.4 m of 171 g/t AgEq (1) 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 AgEq (1) 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 AgEq (1) from 47.2 m including 21.7 m of 158 g/t AgEq (1) potentially increasing the depth extent of higher-grade blocks.

About Discovery Silver Corp.

Discovery's flagship project is its 100-per-cent-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.

Sample analysis and quality assurance/quality control program

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 km 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 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 over 1 per cent; (2) values of lead over 1 per cent; and (3) values of silver over 100 g/t. Samples are reassayed using the ME-OG62 (high-grade material 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 of 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.

The most recent technical report for the Cordero project is the 2023 preliminary feasibility study for the company's Cordero project. The report was completed by Ausenco with support from AGP Mining Consultants Inc., Knight Piesold Ltd. and Hard Rock Consulting and is available on Discovery's website and on SEDAR under Discovery Silver.

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