Ontario - Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) ('Discovery' or the 'Company') is pleased to announce results from 13 diamond drill holes targeting bulk-tonnage mineralization at its flagship Cordero silver project located in Chihuahua State, Mexico.

The holes are part of a Phase 1 drill program scheduled for completion at the end of this month. The results from this program will be incorporated in a new resource estimate and revamped PEA in the second half of the year. Phase 1 drilling will be immediately followed by Phase 2 definition and expansion drilling. Taj Singh, President and CEO, states: 'Our Phase 1 drill program, which will conclude at the end of this month, will form the basis for our upcoming resource update and PEA scheduled for the second half of the year. Drill results to date, including those presented today, have surpassed all expectations, and demonstrate the scale, continuity and higher-grade nature of the mineralized system at Cordero. We look forward to carrying this momentum into our Phase 2 drill program with drilling continuing uninterrupted and targeting focused on high-grade vein delineation and bulk-tonnage reserve definition and resource expansion.'

DRILL RESULTS

Drill holes from this release build further higher-grade bulk-tonnage continuity in the South Corridor within northeast trending domains. These domains have been defined over a strike length of approximately 1.4 km and are open to the northeast and have been drilled to a depth of 500 m and remain open below this. Higher-grade zones of mineralization are typically flanked by medium and lower-grade mineralization pointing to the scaleability of the mineralized system at Cordero. Mineralization typically consists of galena, sphalerite and pyrite in disseminations, veinlets and stockworks predominately hosted in breccia, rhyodacite and intervals of replacement mineralization in calcareous sediments.

PHASE 1 DRILL PROGRAM UPDATE

The Company has completed 70,100 m (171 holes) as part of its expanded Phase 1 drill program that started in September 2019 and is scheduled for completion at the end of this month. Assays from 43 holes are pending. Data from Phase 1 drilling will be used to support the bulk-tonnage resource update and PEA scheduled for the second half of the year.

The four drill rigs currently operating on site will continue uninterrupted with Phase 2 drilling. Phase 2 drilling will be focused on three key areas: (1) upgrading inferred resources to indicated for inclusion in a prefeasibility study on Cordero; (2) resource expansion of bulk-tonnage mineralization and (3) testing of the width, grade and continuity of extensive high-grade vein systems that transect the deposit.

About Discovery

Discovery's flagship project is its 100%-owned Cordero project, one of the few silver projects globally that offers margin, size and scaleability. The project is located in a prolific mining belt in Chihuahua State, Mexico, and is supported by an industry leading balance sheet with over C$90 million of cash allocated for aggressive exploration, resource expansion and future development.

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 2018 Preliminary Economic Assessment (PEA) authored by M3 Engineering and Technology Corp and includes the most recent resource estimate, completed by Independent Mining Consultants, Inc. It is available on Discovery's website and on SEDAR under Levon Resources Ltd, a wholly owned subsidiary of Discovery. The PEA assumes metallurgical recoveries of 89% for Ag, 84% for Pb, 72% for Zn and 40% for Au.

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. 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. There can be no assurance that the Private Placement will close on the announced terms. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable law

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