Discovery Silver Corp. announced results from 22 holes from its Phase 2 drill program on its Cordero silver project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. The current set of results is focused on expansion of the open pit and the resource in the northeast of the deposit and will be incorporated in a resource update and Pre-Feasibility Study scheduled for completion in the fourth quarter of this year.

This current set of Phase 2 drill holes was focused on expansion of the open pit and the resource in the northeast of Cordero. The drilling in this part of the deposit is widely spaced with drill spacing typically ranging from approximately 50 m to 250 m. Follow-up step-out and infill drilling in this area will be planned once the resource model has been updated in Fourth Quarter 2022 with this new drill data. C22-610 intercepted a mineralized fracture system approximately 180 m below historic workings at surface that returned 32.6 m of 388 g/t AgEq1 from 226.6 m. C22-609, collared approximately 300 m to the northwest of C22-610, confirmed the potential depth extensions of three parallel sets of historic workings at surface.

Highlight intercepts below these workings at depth include 33.1 m of 150 g/t AgEq1, 17.7 m of 115 g/t AgEq1 and 4.9 m of 375 g/t AgEq1. These holes are the northeastern most holes drilled by the Company and intercepted mineralization up to 500 m outside the current resource. Historic surface workings extend at least 200 m further to the northeast, highlighting the potential for resource growth in this part of the deposit.

C22-605 intercepted a near-surface high-grade zone near-surface that returned 38.6 m of 265 g/t AgEq1 from 27.2 m including 22.3 m of 380 g/t AgEq1. This zone sits within the far northeast of the resource in an area previously modelled as low grade/waste. C22-596 was drilled approximately 150 m to the northeast of the current resource to test the extension of the Josefina vein trend in this direction.

Highlight intercepts from this hole included 60.3 m of 184 g/t AgEq1 from 77.2 m and 36.4 m of 77 g/t AgEq1 from 481.3 m. The Company has now completed 82,000 m (235 holes) as part of its Phase 2 drill program (excluding drill metres used to support the 2021 Mineral Resource Estimate). Approximately 70,000 m (215 holes) from the Phase 2 program will be used to inform the resource update and Pre-Feasibility Study scheduled for Fourth Quarter 2022. Engineering drilling and the initial drill testing of five property-wide targets is ongoing.

The Company's Phase 3 drill program will ramp up in Fourth Quarter 2022 and will be based on the results from the resource update and Pre-Feasibility study.