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

Highlight intercepts from this current set of drill holes include: · 52 maveraging 105 g/t AgEq1 (51 g/t Ag, 0.19 g/t Au, 0.6% Pb and 0.9% Zn) from 102 m and 37 m averaging 171 g/t AgEq1 (79 g/t Ag, 0.09 g/t Au, 1.1% Pb and 1.5% Zn) from 276 m in hole C22-722. 15 m averaging 479 g/t AgEq1 (278 g/t Ag, 0.08 g/t Au, 3.1% Pb and 2.9% Zn) from 145 m in hole C22-713. 39 m averaging 134 g/t AgEq1 (104 g/t Ag, 0.17 g/t Au, 0.5% Pb and 0.3% Zn) from 46 m in hole C22-728.

DRILL PROGRAM UPDATE: The Company has now drilled approximately 52,000 m (164 holes) as part of its Feasibility Study drill program (since the data cut-off for the PFS study). This includes approximately 35,000 m of reserve definition and expansion drilling, 7,000 m of conde millionation drilling and 10,000 m of engineering drilling (hydrogeology and geotechnical). Engineering drilling will be ongoing through the remainder of the year along with the property-wide drill program which commenced last month.

Property-wide drilling will initially target large chargeability anomalies in the Sanson area (approximately 3.5 km to the northeast of Cordero) and skarn targets at depth in the northeast of the deposit. Currently, 9,000m of drilling is planned in 2023. This program may be expanded depending on the results of the initial drilling.

DRILL RESULTS: This current set of Feasibility Study drilling consists of 22 drill holes and was focused on reserve upgrade and expansion drilling in the southwest of the deposit. Drill results continue to demonstrate the potential to improve grade and convert waste to ore within the reserves pit. Hole C22-722, drilled in the southwest of the South Corridor within the reserves pit, returned several long mineralized intervals including 51.7 m of 105 g/t AgEq1 from 101.9 m, 82.1 m of 84 g/t AgEq1 from 165.4 m and 37.4 m of 171 g/t AgEq1 from 275.8 m. These intervals have the potential to expand the volume of higher-grade blocks laterally and vertically.

Hole C22-728, drilled approximately 75 m to the north of C22-722, returned 38.5 m of 134 g/t AgEq1 from 46.2 m potentially increasing estimated grades in this part of the deposit. Hole C22-725 was drilled in the southwest of the North Corridor and returned 62.1 m of 94 g/t AgEq1 from 47.2 m including 21.7 m of 158 g/t AgEq1 potentially increasing the depth extent of higher-grade blocks.