Drilling At The Cordero Silver Project

TORONTO - Discovery Silver Corp. reported on 15 Feasibility Study drill holes on its flagship Cordero silver project located in Chihuahua State, Mexico. These holes consisted of upgrade and expansion drilling of the proposed open pit and were drilled subsequent to the data cut-off date for the Pre-Feasibility Study (“PFS”). The Pre-Feasibility Study is progressing well and remains on track to be delivered in early 2023.

Highlight intercepts from this current set of drill holes include: 77 m averaging 126 g/t AgEq1 (46 g/t Ag, 0.08 g/t Au, 0.7% Pb and 1.4% Zn) from 218 m and 22 m averaging 265 g/t AgEq1 (83 g/t Ag, 0.10 g/t Au, 1.8% Pb and 3.2% Zn) from 374 m in hole C22-656; 96 m averaging 124 g/t AgEq1 (33 g/t Ag, 0.03 g/t Au, 0.7% Pb and 1.8% Zn) from 464 m including 36 m averaging 190 g/t AgEq1 (44 g/t Ag, 0.04 g/t Au, 0.9% Pb and 3.1% Zn) in hole C22-654; 43 m averaging 179 g/t AgEq1 (62 g/t Ag, 0.11 g/t Au, 1.4% Pb and 1.7% Zn) from 228 m in hole C22-648; and 52 m averaging 139 g/t AgEq1 (49 g/t Ag, 0.07 g/t Au, 0.8% Pb and 1.7% Zn) from 224 m in hole C22-653.

Tony Makuch, CEO, said, “Results from our first set of drill holes to increase the confidence level of the resource model continues to demonstrate the excellent continuity of mineralization within the open pit at Cordero and supports the mineral resource estimation. Drilling on the margins of the pit also outlines the opportunity to expand the size of the pit laterally and at depth as we proactively target value-creation opportunities.

Meanwhile we continue to make excellent progress on our Pre-Feasibility Study. Geotechnical evaluation work has confirmed favorable ground conditions of the proposed locations of key infrastructure, including the rock storage facility and the tailings storage facility. Mine design has been focused on the optimization of mine phasing including targeting a reduction in the volume of pre-strip during the development period. The process design has been improved and incorporates a conventional flowsheet with silver production and operating costs expected to benefit from better metallurgical recoveries and mill throughput rates that are approximately 25% higher than what was assumed in the PEA. Other scope areas are progressing well and we remain on schedule to deliver this major milestone in early 2023.”