TORONTO - Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) ('Discovery' or the 'Company') is pleased to announce results from 12 diamond drill holes targeting bulk-tonnage mineralization at its flagship Cordero silver project ('Cordero' or 'the Project') located in Chihuahua State, Mexico.

The holes are part of the recently completed Phase 1 drill program. The results from this program will be incorporated in a new resource estimate and PEA in the second half of the year. Phase 2 drilling is ongoing and is focused on resource definition and expansion.

Taj Singh, President and CEO, states: 'This current set of holes, drilled in areas where there were significant gaps in previous drilling, confirm the continuity of higher-grade mineralization at depth in the South Corridor. Excellent grades over broad widths were encountered on a consistent basis highlighting the potential for Cordero to emerge as one of the few multigenerational mines in the silver space. We look forward to compiling the final assay results from our Phase 1 drill program for incorporation in our resource update in Q3 2021 and preliminary economic assessment in Q4 2021.'

DRILL RESULTS

Drill holes from this release confirm continuity of higher-grade bulk-tonnage mineralization at depth in the central part of the South Corridor. Mineralization is hosted within northeast trending domains that have been defined over a strike length of approximately 1.4 km and are open to the northeast. Hole C21-425 intercepted 143.0 m averaging 120 g/t AgEq1 from 517.8 m, confirming mineralization to a depth of 600 m, approximately 100 m below the pit bottom from the 2018 PEA.

Mineralization consists predominantly of galena, sphalerite and pyrite in disseminations, veinlets and stockworks hosted in breccia, rhyodacite and intervals of replacement mineralization in calcareous sediments. Higher-grade zones are typically flanked by medium and lower-grade mineralization pointing to the scaleability of the mineralized system at Cordero.

DRILL PROGRAM UPDATE

Phase 1 drilling: The Company's Phase 1 drill program concluded at the end of April. The data from the 75,000 m of new drilling (178 holes) completed in this program, along with 133,000 m of historic drilling (292 holes), will be used to support an updated resource (3Q 2021) and PEA (4Q 2021).

Phase 2 drilling: The Company has completed 11,000 m (31 holes) as part of its Phase 2 drill program 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$85 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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