Discovery Silver Corp. announced results of the final 26 drill holes from its Phase 2 drill program on its Cordero silver project (Cordero or the Project) located in Chihuahua State, Mexico. These holes consisted of upgrade and expansion drilling of the PEA pit and expansion drilling of the 2021 resource pit.

Drilling will be used to support a Pre-Feasibility Study (PFS) planned for early 2023. The Company is also pleased to provide an update on its ongoing exploration program on its property wide targets. This final set of Phase 2 drill holes was focused on two main areas: 1. upgrade and expansion drilling of the PEA open pit; and 2. expansion drilling of the resource at depth in the northeast of the deposit.

Results will be incorporated in a resource update and PFS scheduled for completion in the first quarter of 2023. Resource upgrade drilling in the PEA starter pit (Pozo de Plata zone) continue to confirm the excellent continuity of near-surface high-grade mineralization. Highlight intercepts include 58.3 m of 208 g/t AgEq1 from 78.1 m, 48.3m of 231 g/t AgEq1 from 147.6 m (both intercepts from C22-614) and 50.0 m of 109 g/t AgEq1 from 140.0 m (C22-613).

Drilling beneath the PEA pit in the northeast of the deposit returned a number of excellent intercepts highlighting the potential to expand the open pit for the upcoming PFS. Examples include 61.1m of 123 g/t AgEq1 approximately 50 m below the PEA pit in hole C22-637, 65.3 m of 121 g/t AgEq1 approximately 100 m below the PEA pit in hole C22-615 and 46.7 m of 108 g/t AgEq1 approximately 100 m below the PEA pit in hole C22-645. Drilling continues to be successful in demonstrating the continuity of mineralization beneath the resource pit constraint highlighting the potential to expand the resource at depth in the northeast of the deposit.

In the South Corridor, C22-644 intercepted a broad zone of higher-grade mineralization starting at the edge of the resource pit that returned 124.7 m of 111 g/t AgEq1. This area of the deposit was previously modeled as waste. In the North Corridor, C22-634 intercepted 42.2 m of 201 g/t AgEq1 approximately 20 m below the resource pit constraint.

Drilling also continues to intercept broad zones of mineralization at significant depths that correlate with the deep feeder structures of the mineralized system at Cordero. Examples from the drill holes in this press release include C22-637, which returned 86.4m of 120 g/t AgEq1 from 716.4 m and C22-625, which returned 40.6m of 97 g/t AgEq1 from 721.1 m. The Company has now completed its Phase 2 drill program. This drill program along with all previous drilling is summarized in the table below.

Feasibility study drilling has already commenced and will consist of engineering drilling, resource upgrade drilling and drilling targeting the expansion of the PFS open pit. The total metres to be drilled in the feasibility study drill program will be finalised following the completion of the PFS.