TORONTO - Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) ('Discovery' or the 'Company') is pleased to announce results from the final drill holes that will be used to support the new resource estimate on its flagship Cordero silver project located in Chihuahua State, Mexico.

The resource update is scheduled for completion toward the end of this quarter and will be followed by an updated PEA in 4Q 2021.

Taj Singh, President and CEO, states: 'The results from our first drill program at Cordero, including further exceptional results in this release, have exceeded our expectations. We have not only confirmed the size and scaleability of Cordero, but also highlighted the excellent margin potential of the Project too. The large volume of drill data we have added, totaling 91,000 m in 223 holes, has also significantly de-risked the Project. This new drilling, which will be complemented by our reinterpretation of the geological and structural controls of the deposit, provides a strong platform on which the upcoming resource and PEA will be based.'

The final drill holes for the updated resource estimate were from multiple zones in both the North and South Corridors. Drilling in the South Corridor along the Josefina vein trend continues to intercept high-grade veins within broader zones of disseminated mineralization. Highlight intercepts include 25.5 m of 404 g/t AgEq1 from 147.2 m (C21-482), 21.0 m of 197 g/t AgEq1 from 121.5 m (C21-474) and 23.7 m of 195 g/t AgEq1 from 24.8 m (C21-516).

Infill drilling within the central part of the South Corridor was also successful in confirming continuity of mineralization within the higher-grade bulk-tonnage domain. Highlight intercepts include 52.5m of 128 g/t AgEq1 and 54.9 m of 133 g/t AgEq1 (C21-493) and 51.0m @ 107 g/t AgEq1 and 69.2 m of 121 g/t AgEq1 (C21-504). Drilling in the South Corridor in the Far NE returned mixed results suggesting limited potential to extent the high-grade bulk-tonnage domain in this part of the deposit.

In the North Corridor, hole C20-481 confirmed the excellent starter pit potential of the Pozo de Plata zone returning 217.3m of 194 g/t AgEq. The mineralized zone sits partially within a higher-grade breccia unit more than 150 m wide and started near-surface (39.3 m downhole) and consistently reported excellent grades through the entire +200 m interval.

DRILL PROGRAM UPDATE

Resource drilling: all assays from drilling that will support the updated resource have now been received. This drilling, totaling 91,000 m (223 holes), will supplement the 133,000 m (292 holes) of historic drilling completed on the Project. The resource update is scheduled for completion later this quarter and will be followed by an updated PEA in 4Q 2021.

Phase 2 drilling: The Company has completed 10,000 m (21 holes) as part of its Phase 2 drill program (excluding drill metres used to support the updated resource) which will be ongoing through the remainder of the year. Phase 2 drilling will be focused on three key areas: (1) upgrading inferred resources for inclusion in a prefeasibility study; (2) resource expansion of bulk-tonnage mineralization and (3) testing of the width, grade and continuity of the extensive high-grade vein systems that transect the deposit. There are currently four drill rigs operating on site.

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. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico, and is supported by an industry leading balance sheet with over C$80 million available for aggressive exploration, resource expansion and future development. Discovery was a recipient of the 2020 TSX Venture 50 award and the 2021 OTCQX Best 50 award.

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 is not for distribution to United States newswire services or for dissemination in the United States.

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 laws.

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