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Discovery Metals Corp
Symbol DSV
Shares Issued 301,869,842
Close 2020-11-12 C$ 1.87
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Discovery Metals drills 139m of 138 g/t AgEq at Cordero

2020-11-12 07:16 ET - News Release

Mr. Taj Singh reports


Discovery Metals Corp. has released results from seven diamond drill holes targeting bulk-tonnage mineralization in the South corridor at its flagship Cordero project located in Chihuahua state, Mexico. The South corridor has seen significantly less drilling than the North corridor and will be a key area of focus for the remainder of the 55,000-metre phase 1 drill program. The goal of this drill program is to delineate a high-margin silver project with size and scaleability.

Highlight intercepts include:

  • Hole C20-348: 139.1 metres averaging 138 grams per tonne silver equivalent (g/t AgEq) from 196.2 m (47 g/t silver, 0.07 g/t gold, 0.6 per cent lead and 1.6 per cent zinc) including 19.0 m averaging 357 g/t AgEq (112 g/t Ag, 0.17 g/t Au, 1.8 per cent Pb and 4.0 per cent Zn);
  • Hole C20-353: 26.6 m averaging 108 g/t AgEq from 99.5 m (56 g/t Ag, 0.09 g/t Au, 0.4 per cent Pb and 0.7 per cent Zn) and 29.6 m averaging 119 g/t AgEq from 278.1 m (52 g/t Ag, 0.07 g/t Au, 0.8 per cent Pb and 0.8 per cent Zn);
  • Hole C20-359: 62.2 m averaging 86 g/t AgEq from 149.0 m (38 g/t Ag, 0.07 g/t Au, 0.4 per cent Pb and 0.7 per cent Zn).

Taj Singh, president and chief executive officer, stated: "Our drill targeting approach in the South corridor is guided by ongoing iterations of our internal model in order to identify areas that are classified as waste due to a lack of drilling. Considering all seven holes in this release intercepted broad zones of mineralization in such areas bodes well for the conversion of waste to ore in this part of the deposit. This obviously has positive implications for not only increasing the size of the pit-constrained resource but also for reducing the overall strip ratio of the deposit and clearly demonstrates that we continue to add value through the drill bit through our pro-active and focused exploration approach."

Drill results

The seven holes in this release were drilled along approximately 700 m of strike extent of the South corridor and were designed to infill significant gaps in previous drilling. All holes intercepted broad zones of galena and sphalerite mineralization in disseminations, veinlets and stockworks predominantly hosted in dacite and sedimentary rock.

The highlight hole in this release was C20-348, drilled in the central part of the South corridor. C20-348 intercepted multiple broad zones of higher-grade mineralization including an intercept of 139.1 m averaging 138 g/t AgEq from 196.2 m (47 g/t Ag, 0.07 g/t Au, 0.6 per cent Pb and 1.6 per cent Zn) including 19.0 m averaging 357 g/t AgEq (112 g/t Ag, 0.17 g/t Au, 1.8 per cent Pb and 4.0 per cent Zn). The remaining holes were drilled up to 250 m to the southwest and up to 450 m to the northeast of C20-348.

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

C20-348         77.6    148.8        71.2        18     0.06      0.2     0.7             59
including      144.0    144.8         0.8       495     0.42      7.2     3.1            913
and            196.2    335.3       139.1        47     0.07      0.6     1.6            138
including      273.2    276.1         2.9       471     0.21      4.2     3.8            793
including      292.5    311.5        19.0       112     0.17      1.8     4.0            357
and            388.0    420.2        32.3        44     0.08      0.7     1.3            127
C20-353         99.5    126.1        26.6        56     0.09      0.4     0.7            108
including      118.7    119.7         1.0       849     0.37      4.5     5.8          1,281
and            207.1    226.5        19.4        41     0.06      0.5     1.2            115
and            278.1    307.7        29.6        52     0.07      0.8     0.8            119
C20-355          4.5     63.3        58.9        29     0.06      0.4     0.4             66
and             64.6    156.7        92.1        27     0.05      0.2     0.4             56
and            288.7    321.0        32.4        72     0.07      0.3     0.1             95
C20-356        122.8    161.2        38.4        36     0.04      0.6     0.7             90
and            380.5    414.1        33.6        25     0.03      0.3     0.6             65
C20-359        107.1    141.0        33.9        30     0.07      0.5     0.6             79
and            149.0    211.2        62.2        38     0.07      0.4     0.7             86
including      195.7    197.3         1.6       530     0.42      2.5     3.5            800
and            228.2    231.5         3.3       152     0.71      2.2     6.9            572
including      228.2    229.0         0.8       236     0.27      5.7     9.2            840
C20-363        268.4    325.5        57.1        18     0.01      0.2     1.0             69
C20-364        366.7    424.3        57.6        19     0.03      0.3     0.7             61

(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 were chosen based on a 20 g/t AgEq cut-off 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 per cent of the company's mineralized intercepts. AgEq calculations for 
reported drill results are based on $16.50 (U.S.)/ounce Ag, $1,350 (U.S.)/ounce Au, 85 U.S. 
cents/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. 
Refer to technical notes for metallurgical recoveries assumed in the 2018 PEA completed 
on Cordero.


Phase 1 drill program update

The company has completed 39,950 m (105 holes) as part of its expanded 55,000 m phase 1 drill program. Assays from 27 holes are pending. There are currently four drill rigs operational 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.

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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