TORONTO - Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) ('Discovery' or the 'Company') is pleased to announce results from 19 holes from its Phase 2 drill program on its flagship Cordero silver project ('Cordero' or 'the Project') located in Chihuahua State, Mexico.
The current set of results includes resource upgrade drilling for the Pre-Feasibility Study ('PFS'), planned for the fourth quarter of this year, and expansion drilling of the PEA open pit and the resource pit.
Highlight intercepts include: C21-560 intercepted a high-grade interval immediately below the current Preliminary Economic Assessment ('PEA') pit that returned 18.1 m averaging 606 g/t AgEq1 from 230.0 m (234 g/t Ag, 0.15 g/t Au, 3.8% Pb and 6.5% Zn); C21-564 intercepted 33.9 m averaging 337 g/t AgEq1 from 622.1 m (95 g/t Ag, 0.21 g/t Au, 1.9% Pb and 4.5% Zn) approximately 70 m below the PEA pit; C21-544 intercepted 60.4 m averaging 122 g/t AgEq1 from 115.7 m (45 g/t Ag, 0.07 g/t Au, 0.9% Pb and 1.2% Zn) approximately 50 m below the PEA pit; C21-574 intercepted 13.4 m averaging 483 g/t AgEq1 from 3.3 m (272 g/t Ag, 0.16 g/t Au, 4.1% Pb and 1.9% Zn) in a step-out hole approximately 100 m to the northeast of the resource pit.
Taj Singh, President and CEO, states: 'We continue to intercept excellent grades both within and on the margins outside of the open pit defined in our 2021 PEA. This will further increase the confidence in the resource supporting our upcoming PFS and underscores the potential to expand the PFS open pit. In addition, our resource expansion drilling in the far northeast continues to highlight the prospectivity of this part of the deposit. Broad-spaced drilling to date has identified multiple sub-parallel mineralized corridors in this area that have the potential to expand the resource along strike and at depth.'
DRILL RESULTS
This current set of Phase 2 drill holes was focused on two main areas: 1) upgrade and expansion drilling of the PEA open pit and 2) resource expansion in the far northeast of the deposit. Results will be incorporated in a resource update and PFS scheduled for completion in the fourth quarter of this year.
About Discovery
Discovery's flagship project is its 100%-owned Cordero project, one of the world's largest silver deposits. The PEA completed in November 2021 demonstrates that Cordero has the potential to be developed into a highly capital efficient mine that offers the combination of margin, size and scaleability. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. Continued exploration and project development at Cordero is supported by a strong balance sheet with cash of approximately C$60 million.
Contact:
Forbes Gemmell
Tel: 416-613-9410
Email: forbes.gemmell@discoverysilver.com
Web: www.discoverysilver.com
TECHNICAL NOTES & FORWARD-LOOKING STATEMENTS
The most recent technical report for the Cordero Project is the 2021 Preliminary Economic Assessment (PEA). The PEA was completed by Ausenco Engineering Canada Inc. with support from AGP Mining Consultants Inc. and Knight Piesold and Co. (USA). The full technical report supporting the PEA is available on Discovery's website and on SEDAR under Discovery Silver Corp.
The PEA assumed average life-of-mine recovery assumptions for sulphide material of 84% for Ag, 19% for Au, 86% for Pb and 85% for Zn. The PEA assumed oxide recovery assumptions of 56% for Ag and 63% for Au for crushed feed and 36% for Ag and 35% for Au for uncrushed ROM feed.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the '1933 Act') or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Cautionary Note Regarding Forward-Looking Statements
This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking statements. Forward-looking statements including, but not limited to Discovery's future plans and objectives regarding the Cordero Project and the prospect of further discoveries there, which constitute forward looking information that involve various risks and uncertainties. Although Discovery believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable laws.
DISCOVERY SILVER CORP. 
