South Corridor At Cordero Project Reports On Drill Results

TORONTO - Discovery Metals Corp. reported 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 meter (m) 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 m averaging 138 grams per tonne silver equivalent (“g/t AgEq1”) from 196.2 m (47 g/t Ag, 0.07 g/t gold (“Au”), 0.6% lead (“Pb”) and 1.6% zinc (“Zn”)) including 19.0 m averaging 357 g/t AgEq1 (112 g/t Ag, 0.17 g/t Au, 1.8% Pb, 4.0% Zn); Hole C20-353: 26.6 m averaging 108 g/t AgEq1 from 99.5 m (56 g/t Ag, 0.09 g/t Au, 0.4% Pb and 0.7% Zn) and 29.6 m averaging 119 g/t AgEq1 from 278.1 m (52 g/t Ag, 0.07 g/t Au, 0.8% Pb, 0.8% Zn); and Hole C20-359: 62.2 m averaging 86 g/t AgEq1 from 149.0 m (38 g/t Ag, 0.07 g/t Au, 0.4% Pb and 0.7% Zn).

Taj Singh, President and CEO, said, “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 proactive and focused exploration approach.”  

The seven holes in this release were drilled along approximately 700 m of strike extent of the South Corridor and were designed to in-fill 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 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% Pb and 1.6% Zn) including 19.0 m averaging 357 g/t AgEq1 (112 g/t Ag, 0.17 g/t Au, 1.8% Pb, 4.0% Zn). The remaining holes were drilled up to 250 m to the southwest and up to 450 m to the northeast of C20-348. Drill

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.