Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF)
(“Discovery” or the “Company”) is pleased to announce results from
21 diamond drill holes targeting bulk-tonnage mineralization in the
North Corridor at its flagship Cordero silver project (“Cordero” or
“the Project”) located in Chihuahua State, Mexico. The results from
this release will be incorporated in the new resource estimate
scheduled for completion later this quarter and PEA in 4Q 2021.
Highlight intercepts include:
- 132.6 m
averaging 260 g/t AgEq1 from 204.7 m (78 g/t Ag, 0.11 g/t
Au, 1.7% Pb and 2.8% Zn) in hole C21-479 including:
- 46.3 m
averaging 448 g/t AgEq1 (110 g/t Ag, 0.10 g/t Au, 2.4% Pb
and 5.9% Zn) including;
- 21.5 m
averaging 748 g/t AgEq1 (194 g/t Ag, 0.12 g/t Au, 4.2% Pb
and 9.6% Zn)
-
77.1 m averaging 190 g/t AgEq1 from 361.1 m (55
g/t Ag, 0.12 g/t Au, 1.4% Pb and 1.8% Zn) in hole C21-479
including:
- 19.6 m
averaging 422 g/t AgEq1 (137 g/t Ag, 0.25 g/t Au, 3.7% Pb
and 3.2% Zn)
-
86.2 m averaging 192 g/t AgEq1 from 312.5 m (51
g/t Ag, 0.09 g/t Au, 1.2% Pb and 2.2% Zn) in hole C21-476
including:
- 36.5 m
averaging 372 g/t AgEq1 (97 g/t Ag, 0.16 g/t Au, 2.3% Pb
and 4.3% Zn)
-
81.4 m averaging 184 g/t AgEq1 from 297.3 m (43
g/t Ag, 0.05 g/t Au, 0.9% Pb and 2.5% Zn) in hole C21-496
including:
- 44.6 m
averaging 251 g/t AgEq1 (60 g/t Ag, 0.07 g/t Au, 1.3% Pb
and 3.4% Zn)
Taj Singh, President and CEO, states: “Our drill
results continue to reinforce the broad widths and excellent grades
that characterize large areas of the Cordero deposit.
Drilling in the NE Extension was successful in extending the
strike length of high-grade mineralization by approximately 100 m.
The five best intercepts within this zone, including four
intercepts from this release, have returned an average interval of
109 m at 212 g/t AgEq. Today’s results, along with
the final assay results from our Phase 1 drill program will be
incorporated in our upcoming resource estimate due to be released
later this quarter.”
DRILL RESULTS:
Drilling in the NE Extension zone was successful
in expanding the high-grade zone intercepted in C20-319, which
returned 168.8 m of 207 g/t AgEq1 from 140.0 m (see May 7, 2020,
press release), by approximately 100 m along strike. Holes in this
release drilled to the northeast of C20-319 intercepted 132.6m of
260 g/t AgEq1 and 77.1 m of 190 g/t AgEq1 (C21-479), 86.2 m of 192
AgEq1 (C21-476) and 81.4 m of 184 g/t AgEq1 (C21-496). Follow up
drilling targeting the expansion of this zone to the northeast of
C21-496 will be completed during the Phase 2 drill program.
Drilling in the SW Extension zone was successful
in confirming continuity of mineralization within the high-grade
bulk-tonnage domain in areas where there were gaps in previous
drilling. Highlight intercepts include 102.7 m of 96 g/t AgEq1
(C21-486) and 55.7 m of 76 g/t AgEq1 (C21-490). Drilling in the Far
NE, an area of the deposit that has seen little previous drilling,
was targeting the potential expansion of the high-grade
bulk-tonnage domain to the northeast. Assay results reported a
number of shallow lower grade intercepts in combination with
encouraging intercepts including 94.3 m of 93 g/t AgEq1 (C21-461),
42.8 m of 92 g/t AgEq1 (C21-448) and 37.0 m of 98 g/t AgEq1
(C21-453). These results will be reviewed in conjunction with the
updated resource model prior to further drilling in this part of
the deposit.
Drill hole locations are shown in Figure 1 (see
links below) and detailed drill highlights from the holes in this
release are provided in the table below.
Hole ID |
From (m) |
To (m) |
Width(m) |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
AgEq1(g/t) |
Location |
C21-448 |
97.5 |
115.0 |
17.6 |
59 |
0.10 |
0.3 |
0.6 |
101 |
Far NE |
and |
376.0 |
418.7 |
42.8 |
27 |
0.04 |
0.2 |
1.3 |
92 |
|
|
|
|
|
|
|
|
|
|
C21-450 |
233.7 |
284.8 |
51.1 |
24 |
0.03 |
0.5 |
0.9 |
79 |
Far NE |
including |
252.4 |
269.8 |
17.4 |
39 |
0.03 |
0.8 |
1.3 |
123 |
|
|
|
|
|
|
|
|
|
|
C21-453 |
280.7 |
317.7 |
37.0 |
36 |
0.04 |
0.6 |
0.9 |
98 |
Far NE |
|
|
|
|
|
|
|
|
|
|
C21-461 |
46.5 |
140.8 |
94.3 |
35 |
0.02 |
0.6 |
0.8 |
93 |
Far NE |
including |
84.7 |
107.3 |
22.7 |
51 |
0.03 |
1.1 |
1.9 |
171 |
|
|
|
|
|
|
|
|
|
|
C21-476 |
108.3 |
226.5 |
118.2 |
22 |
0.06 |
0.4 |
0.7 |
68 |
NE Extension |
including |
161.4 |
198.0 |
36.6 |
33 |
0.07 |
0.5 |
1.0 |
100 |
and |
312.5 |
398.7 |
86.2 |
51 |
0.09 |
1.2 |
2.2 |
192 |
including |
312.5 |
349.0 |
36.5 |
97 |
0.16 |
2.3 |
4.3 |
372 |
|
|
|
|
|
|
|
|
|
|
C21-479 |
204.7 |
337.3 |
132.6 |
78 |
0.11 |
1.7 |
2.8 |
260 |
NE Extension |
including |
249.0 |
271.8 |
22.8 |
148 |
0.12 |
3.4 |
2.2 |
370 |
& including |
291.0 |
337.3 |
46.3 |
110 |
0.10 |
2.4 |
5.9 |
448 |
including |
315.8 |
337.3 |
21.5 |
194 |
0.12 |
4.2 |
9.6 |
748 |
and |
361.1 |
438.1 |
77.1 |
55 |
0.12 |
1.4 |
1.8 |
190 |
including |
373.1 |
392.7 |
19.6 |
137 |
0.25 |
3.7 |
3.2 |
422 |
C20-492 |
176.8 |
271.8 |
95.0 |
19 |
0.09 |
0.2 |
1.5 |
96 |
NE Extension |
|
|
|
|
|
|
|
|
|
|
C21-494 |
72.4 |
274.9 |
202.5 |
17 |
0.07 |
0.2 |
0.8 |
65 |
NE Extension |
|
|
|
|
|
|
|
|
|
|
C21-496 |
149.9 |
184.0 |
34.2 |
50 |
0.04 |
1.0 |
1.0 |
129 |
NE Extension |
and |
297.3 |
378.7 |
81.4 |
43 |
0.05 |
0.9 |
2.5 |
184 |
including |
321.8 |
366.4 |
44.6 |
60 |
0.07 |
1.3 |
3.4 |
251 |
and |
396.0 |
419.5 |
23.6 |
66 |
0.05 |
1.5 |
2.5 |
226 |
|
|
|
|
|
|
|
|
|
|
C21-486 |
24.5 |
127.2 |
102.7 |
37 |
0.15 |
0.5 |
0.7 |
96 |
SW Extension |
including |
74.0 |
98.1 |
24.1 |
71 |
0.27 |
1.0 |
1.3 |
184 |
|
|
|
|
|
|
|
|
|
|
C21-490 |
17.0 |
72.7 |
55.7 |
37 |
0.21 |
0.2 |
0.3 |
76 |
SW Extension |
1All results in this news release are rounded.
Assays are uncut and undiluted. Widths are drilled widths, not true
widths, as a full interpretation of the actual orientation of
mineralization is not complete. As a guideline, intervals with
disseminated mineralization were chosen based on a 25 g/t AgEq
cutoff with no more than 10 m of dilution. Intervals with vein
mineralization were based on a 100 g/t AgEq cutoff with no more
than 1 m of dilution. AgEq calculations are used as the basis for
total metal content calculations given Ag is the dominant metal
constituent as a percentage of AgEq value in approximately 70% of
the Company’s mineralized intercepts. AgEq calculations for
reported drill results are based on USD $16.50/oz Ag, $1,350/oz Au,
$0.85/lb Pb, $1.00/lb Zn. The calculations assume 100%
metallurgical recovery and are indicative of gross in-situ metal
value at the indicated metal prices. Refer to Technical Notes below
for metallurgical recoveries assumed in the 2018 PEA completed on
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). The
final assay results from Phase 1 drilling (14 holes) are expected
to be released later this month. Phase 2 assay results that have
been received whilst awaiting final assays from Phase 1 will also
be used to support the updated resource and PEA.
Phase 2 drilling: The Company
has completed 21,600 m (56 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.
SUPPORTING MATERIALS:
Supporting maps and sections, drill hole locations and full
assay results can be found at the following link:
https://discoverysilver.com/site/assets/files/5698/20210805_sections_assays.pdf
A PDF of this release with supporting maps and sections included
as appendices can be found at the following link:
https://discoverysilver.com/site/assets/files/5698/20210805_pr_w_sections_final.pdf
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
approximately 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. On Behalf of the Board of Directors,
Taj Singh, M.Eng, P.Eng, CPA, President, Chief
Executive Officer and Director
For further information contact:
Forbes Gemmell, CFAVP Corporate
Development & Investor RelationsPhone: 416-613-9410Email:
forbes.gemmell@discoverysilver.comWebsite:
www.discoverysilver.com
Sample analysis and QA/QC Program
The true width of the veins is estimated to be
approximately 70% of the drilled width. Assays are uncut except
where indicated. All core assays are from HQ drill core unless
stated otherwise. Drill core is logged and sampled in a secure core
storage facility located at the project site 40km north of the city
of Parral. Core samples from the program are cut in half, using a
diamond cutting saw, and are sent to ALS Geochemistry-Mexico for
preparation in Chihuahua City, Mexico, and subsequently pulps are
sent to ALS Vancouver, Canada, which is an accredited mineral
analysis laboratory, for analysis. All samples are prepared using a
method whereby the entire sample is crushed to 70% passing -2mm, a
split of 250g is taken and pulverized to better than 85% passing 75
microns. Samples are analyzed for gold using standard Fire
Assay-AAS techniques (Au-AA24) from a 50g pulp. Over limits are
analyzed by fire assay and gravimetric finish. Samples are also
analyzed using thirty three-element inductively coupled plasma
method (“ME-ICP61”). Over limit sample values are re-assayed for:
(1) values of zinc > 1%; (2) values of lead > 1%; and (3)
values of silver > 100 g/t. Samples are re-assayed using the
ME-OG62 (high-grade material ICP-AES) analytical package. For
values of silver greater than 1,500 g/t, samples are re-assayed
using the Ag-CON01 analytical method, a standard 30 g fire assay
with gravimetric finish. Certified standards and blanks are
routinely inserted into all sample shipments to ensure integrity of
the assay process. Selected samples are chosen for duplicate assay
from the coarse reject and pulps of the original sample. No QAQC
issues were noted with the results reported herein.
Qualified
PersonGernot Wober, P.Geo, VP Exploration,
Discovery Silver Corp., is the Company's designated Qualified
Person for this news release within the meaning of National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI
43-101”) and has reviewed and validated that the information
contained in this news release is accurate.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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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