Discovery Silver Corp. announced results from Feasibility Study drill holes on its flagship Cordero silver project located in Chihuahua State, Mexico. These holes consist of reserve and resource expansion drilling and will be incorporated in a Feasibility Study in conjunction with a resource update planned for the first half of 2024.

This current set of Feasibility Study drilling consists of 30 drill holes and was focused on two key areas: 1) expansion of reserves within and beneath the Pre-Feasibility Study open pit and 2) upgrading and expansion of the resource in the far northeast of the deposit. Drilling has been focused on expanding reserves through the conversion of waste to ore within the reserves pit and through the expansion at depth of the reserves pit. In the northeast of the deposit, C22-675 intercepted 83.7 m of 83 g/t AgEq1 at the bottom of the reserves pit and 38.2 m of 64 g/t AgEq1 approximately 50 m below the reserves pit.

Also in the northeast, C22-683 intercepted 27.6 m of 148 g/t AgEq1 approximately 100 m below the reserves pit. All three intervals were within areas predominantly modelled as waste. In the central part of the deposit, C22-687 intercepted 35.6m of 126 g/t AgEq1 toward the bottom of the reserves pit and 27.4 m of 133 g/t AgEq1 directly beneath the pit in areas modelled as waste.

In the southwest of the deposit, C22-677 intercepted 31.7m of 158 g/t AgEq1 from 107.8 m and 38.5 m of 241 g/t AgEq1 from 184.9 m. Both intervals were within the reserves pit in zones previously modeled as low to medium grade highlighting the potential to increase the grade profile in this part of the deposit. Drilling in 2022 outlined low grade mineralization with a number of discrete high-grade zones in the far northeast of the deposit, more than 1 km beyond the limits of the reserves pit. Most of this mineralization is within 100 m of surface and is included within the resource pit constraint as part of the January 2023 resource update.

15 follow up drill holes have been completed testing the lateral depth and strike extent of mineralization within this zone. Hole C22-671 returned intervals of 14.8 m of 370 AgEq1 from 49.7 m and 23.1 m of 141 AgEq1 from 142.7 m in hole C22-671. This hole was drilled on section approximately 60 m to the southeast of C22-611 that returned 36.4 m of 94 AgEq1 from 142.7 m and 14.6 m of 124 AgEq1 from 186.8 m representing the potential lateral expansion of this zone.

C22-662 intercepted 10.4m of 94 AgEq1 from 273.0 m. This represents the potential lateral expansion of the mineralization intercepted in C22-609 drilled on section approximately 60 m to the northwest that returned 33.1 m of 150 AgEq1 from 233.7 m and 17.7 m of 115 AgEq1 from 198.2 m. The follow up drilling in the far northeast confirms the presence of a broad mineralized fracture system in the area. The orientation of mineralization does not appear to be consistent with the dominant northeast orientation evident in the main part of the Cordero deposit. A more detailed review of fracture orientation along with further drilling is required to develop a better understanding of the main controls of mineralization in this part of the deposit.

The Company has now completed 39,000 m (131 holes) as part of its Feasibility Study drill program (since the data cut-off for the PFS study). Feasibility study drilling consists of engineering drilling, resource upgrade drilling and drilling targeting the expansion of the PFS open pit. An additional 12,000 m is still to be drilled in this drill program and will be ongoing in the first half of this year.

Significant target generation work on the Company's large, highly-prospective land package was completed in 2022. In addition to mapping and sampling work, 125 line-km's of induced polarization (IP) surveys were completed during 2022 and early 2023 at the Molino de Viento, La Perla, Sanson, Dos Mil Diez targets and at the site of the proposed tailings storage facility. The surveys identified large chargeability anomalies at Molino de Viento and in the eastern portion of Sanson.

These anomalies reported a similar level of chargeability intensity to those in the main Cordero resource area. Drill testing of these anomalies is scheduled to commence in the middle of the year with initial drilling focused on Sanson. Currently, 9,000m of drilling is planned for property wide drilling in 2023. This program may be expanded depending on the results of the initial drilling.