Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF)
(“Discovery” or the “Company”) is pleased to announce results from
12 diamond drill holes targeting the Josefina and Todos Santos
high-grade vein trends at its flagship Cordero project (“Cordero”
or “the Project”) located in Chihuahua State, Mexico. Multiple vein
trends with a combined strike extent of more than 5 km flank the
higher-grade bulk-tonnage domain at Cordero; the Josefina and Todos
Santos vein trends currently represent approximately 3 km of this
strike extent.
Highlight intercepts include:
Josefina Vein
- 4.1 m
averaging 1,043 g/t AgEq1 from 304.5 m (520 g/t Ag, 0.11
g/t Au, 3.0% Pb and 9.8% Zn) within 41.5 m averaging 237
g/t AgEq1 (97 g/t Ag, 0.04 g/t Au, 1.0%
Pb and 2.5% Zn) in hole C21-421
-
1.3 m averaging 1,041 g/t AgEq1 from 402.8 m (495
g/t Ag, 0.17 g/t Au, 5.6% Pb and 8.0% Zn) in hole C21-421
-
1.2 m averaging 1,736 g/t AgEq1
from 164.9 m (997 g/t Ag, 0.25 g/t Au, 8.9% Pb and 9.7% Zn) within
22.4 m averaging 322 g/t AgEq1
(156 g/t Ag, 0.10 g/t Au, 1.7% Pb and 2.3% Zn) in hole C21-431
Todos Santos Vein
- 2.2 m
averaging 403 g/t AgEq1 from 157.5 m (163 g/t Ag, 0.17 g/t
Au, 2.8% Pb and 3.1% Zn) in hole C20-404
-
1.0 m averaging 589 g/t AgEq1 from 258.1 m (160
g/t Ag, 0.39 g/t Au, 3.8% Pb and 6.4% Zn) in hole C21-409
-
2.1 m averaging 558 g/t AgEq1 from 73.3 m (160 g/t
Ag, 0.27 g/t Au, 3.3% Pb and 6.3% Zn) in hole C21-418
Taj Singh, President and CEO, states: “Our vein
drilling at Josefina continues to deliver bonanza grade intercepts.
Several of the high-grade veins were within broader zones of
disseminated mineralization that returned highlight intercepts of
41.5 m averaging 237 g/t AgEq, 22.4 m averaging 322 g/t AgEq and
36.4 m averaging 124 g/t AgEq. This increases our confidence that
the higher-grade bulk tonnage domain will expand to the east to
incorporate sections of the Josefina vein trend.
We also continue to expand the drill-confirmed
strike extent at Todos Santos. Step out holes 250 m to the
southwest and 250 m to the northeast from our previous drilling
were successful in intercepting high-grade vein mineralization. We
will continue to systematically test Todos Santos at depth and
along strike as part of our ongoing Phase 2 drill program.”
JOSEFINA VEIN:
The Josefina vein trend consists of two
principal southwest-trending subparallel veins with an interpreted
strike extent of approximately 1.5 km. The four holes in this
release were successful in confirming continuity of bonanza grade
mineralization along the central part of the vein trend. High-grade
veins were intercepted within broader zones of mineralization in
all four holes pointing to the bulk-tonnage potential in this part
of the deposit.
The veins along the Josefina trend dip steeply
to the northwest and mineralization typically consists of
semi-massive galena, sphalerite and pyrite. Drilling has confirmed
the depth continuity of veins at Josefina to approximately 370 m
below surface. The vein trend is open at depth below this and along
strike in both directions.
Drill hole locations and current vein
interpretations are shown in Figure 1 (see links below) and
detailed drill highlights of the holes from this release at
Josefina are provided in the table below. The true width of the
veins is estimated to be approximately 70% of the drilled
width.
Hole ID |
From (m) |
To (m) |
Width (m) |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
AgEq1 (g/t) |
C21-421 |
304.5 |
346.0 |
41.5 |
97 |
0.04 |
1.0 |
2.5 |
237 |
including |
304.5 |
308.6 |
4.1 |
520 |
0.11 |
3.0 |
9.8 |
1,043 |
& including |
307.5 |
308.6 |
1.1 |
693 |
0.12 |
4.0 |
20.2 |
1,682 |
& including |
341.7 |
345.0 |
3.3 |
182 |
0.09 |
3.4 |
7.1 |
605 |
and |
391.0 |
404.1 |
13.1 |
112 |
0.13 |
1.3 |
2.2 |
261 |
including |
402.8 |
404.1 |
1.3 |
495 |
0.17 |
5.6 |
8.0 |
1,041 |
|
|
|
|
|
|
|
|
|
C21-427 |
108.9 |
145.3 |
36.4 |
66 |
0.10 |
0.3 |
1.0 |
124 |
including |
118.0 |
118.8 |
0.8 |
1,107 |
0.12 |
6.7 |
4.7 |
1,547 |
and |
160.8 |
248.2 |
87.4 |
38 |
0.06 |
0.2 |
1.0 |
92 |
including |
247.4 |
248.2 |
0.9 |
358 |
0.10 |
0.7 |
1.5 |
454 |
|
|
|
|
|
|
|
|
|
C21-428 |
142.4 |
145.9 |
3.6 |
343 |
0.11 |
1.7 |
2.7 |
522 |
and |
193.0 |
212.3 |
19.3 |
40 |
0.06 |
0.7 |
1.4 |
126 |
including |
195.2 |
196.4 |
1.2 |
188 |
0.08 |
4.8 |
5.2 |
579 |
|
|
|
|
|
|
|
|
|
C21-431 |
164.9 |
187.3 |
22.4 |
156 |
0.10 |
1.7 |
2.3 |
322 |
including |
164.9 |
166.1 |
1.2 |
997 |
0.25 |
8.9 |
9.7 |
1,736 |
& including |
183.6 |
187.3 |
3.7 |
299 |
0.16 |
3.9 |
5.7 |
684 |
and |
240.8 |
242.2 |
1.4 |
221 |
0.16 |
2.6 |
6.6 |
601 |
1For full supporting technical disclosure please
refer to footnote 1 under the table of Todos Santos Vein
results.
TODOS SANTOS VEIN:
The Todos Santos vein trend, consisting of the
Main Vein and Footwall Vein, has an interpreted southwest strike
extent of at least 1.5 km and depth extent of at least 400 m based
on historic underground workings and drilling. Drilling in the
southwest of the Main Vein was successful in extending the
drill-confirmed strike extent by 250 m with C21-418 returning 2.1 m
averaging 558 g/t AgEq1. Drilling also confirmed the strike extent
of the Footwall Vein extends to the northeast well beyond the
previous PEA pit limit with C21-409 returning 1.0 m averaging 589
g/t AgEq1. The Todos Santos vein trend remains open along strike in
both directions beyond these holes and at depth.
High-grade mineralization in both the Main Vein
and Footwall Vein is typically associated with quartz-carbonate
veins that dip steeply to the northwest. Mineralization typically
consists of galena, sphalerite and pyrite. Drill hole locations and
current vein interpretations are shown in Figure 1 (see links
below) and detailed drill highlights of the holes drilled at Todos
Santos from this release are provided in the table below. The true
width of the veins is estimated to be approximately 70% of the
drilled width.
Hole ID |
From (m) |
To (m) |
Width (m) |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
AgEq1 (g/t) |
C20-404 |
97.6 |
159.6 |
62.0 |
19 |
0.28 |
0.1 |
2.0 |
132 |
including |
157.5 |
159.6 |
2.2 |
163 |
0.17 |
2.8 |
3.1 |
403 |
and |
348.3 |
369.6 |
21.4 |
46 |
0.07 |
0.8 |
1.3 |
133 |
including |
355.5 |
356.5 |
1.1 |
189 |
0.19 |
4.5 |
3.3 |
501 |
|
|
|
|
|
|
|
|
|
C21-409 |
258.1 |
259.2 |
1.0 |
160 |
0.39 |
3.8 |
6.4 |
589 |
|
|
|
|
|
|
|
|
|
C21-413 |
244.9 |
246.0 |
1.2 |
79 |
0.01 |
1.3 |
7.8 |
448 |
and |
261.5 |
263.3 |
1.9 |
113 |
0.04 |
2.4 |
3.2 |
335 |
|
|
|
|
|
|
|
|
|
C21-416 |
351.1 |
354.8 |
3.7 |
96 |
0.07 |
1.8 |
3.0 |
289 |
|
|
|
|
|
|
|
|
|
C21-418 |
73.3 |
75.4 |
2.1 |
160 |
0.27 |
3.3 |
6.3 |
558 |
|
|
|
|
|
|
|
|
|
C21-419 |
83.8 |
100.0 |
16.3 |
37 |
0.08 |
0.6 |
1.1 |
107 |
including |
91.4 |
92.0 |
0.5 |
212 |
0.17 |
3.3 |
3.6 |
491 |
1All results in this news release are rounded.
Assays are uncut and undiluted. As a guideline, intervals with
stockwork mineralization were chosen based on a 25 g/t AgEq cutoff
with no more than 10 m of dilution and intervals with vein
mineralization were based on a 100 g/t AgEq cutoff with no more
than 1 m of dilution. Widths are drilled widths; the true width of
the vein mineralization is estimated to be approximately 70% of the
drilled width. 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 drilling (178 holes) completed in this program will
be used to support the resource update (3Q 2021) which the PEA (4Q
2021) will be based on.
Phase 2 drilling: The Company
has completed 5,000 m (13 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/5680/2021-05-26-dsv-nrsa.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/5680/2021-05-26-dsv-nr.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
over C$90 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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