Skip to main content
A scary good deal on trusted journalism
Get full digital access to
per week for 24 weeks SAVE OVER $140
A scary good deal on trusted journalism
per week
for 24 weeks
// //

Discovery Silver Corp TSX Venture: DSV-X

Today's Change
Real-Time Last Update TSX Venture Last Sale

More stories below advertisement

Discovery Intersects 194 g/t AgEq over 217 m in Final Drilling for Upcoming Resource Estimate at Cordero

GlobeNewswire - Wed Aug 25, 6:00AM CDT

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 ("Cordero" or "the 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."

Highlight intercepts include:


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 AgEq from 147.2 m (C21-482), 21.0 m of 197 g/t AgEq from 121.5 m (C21-474) and 23.7 m of 195 g/t AgEq 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 AgEq and 54.9 m of 133 g/t AgEq (C21-493) and 51.0m @ 107 g/t AgEq and 69.2 m of 121 g/t AgEq (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 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  To    Width (m) Ag    Au    Pb   Zn   AgEq   (g/t) Location
            (m)   (m)             (g/t) (g/t) (%)  (%)
C21-481     39.3  256.6 217.3     75    0.45  1.1  1.0  194          Pozo de Plata
including   110.8 192.7 81.9      99    0.54  1.5  1.4  254
C21-482     147.2 172.7 25.5      236   0.55  1.2  1.9  404          Josefina
including   168.1 169.6 1.5       2,552 2.33  13.3 13.3 3,763
C21-485     87.6  88.6  1.1       1,057 0.19  7.4  8.4  1,681        Josefina
and         110.0 110.7 0.7       691   0.04  3.2  9.7  1,209
C21-474     121.5 142.5 21.0      79    0.10  1.2  1.6  197          Josefina
including   127.6 128.9 1.3       418   0.24  5.2  6.1  871
& including 135.6 137.1 1.5       434   0.08  7.5  5.3  923
C21-475     126.6 164.0 37.5      76    0.05  1.2  1.5  185          Josefina
including   126.6 127.3 0.7       1,320 0.21  11.0 10.8 2,169
and         134.3 135.9 1.6       597   0.16  12.2 11.7 1,522
C20-480     63.1  115.5 52.5      34    0.03  0.5  0.9  94           Josefina
including   90.3  91.2  1.0       554   0.28  4.6  10.0 1,154
C21-499     89.6  128.6 39.0      79    0.08  1.4  3.4  276          Josefina
and         90.8  99.9  9.1       221   0.23  3.6  10.2 786
C21-516     24.8  48.5  23.7      75    0.15  0.7  2.1  195          Josefina
C21-442     358.7 415.5 56.8      40    0.05  0.7  1.7  139          South Corridor
and         435.3 459.7 24.4      43    0.06  0.9  1.7  150
C21-493     153.5 181.6 28.1      29    0.07  0.5  1.5  115
and         214.8 267.3 52.5      42    0.08  0.7  1.3  128
and         392.8 447.6 54.9      39    0.06  0.9  1.3  133
C21-504     96.6  147.6 51.0      42    0.16  0.5  0.8  107          South Corridor
and         301.7 370.9 69.2      43    0.05  0.8  1.1  121
C21-501     339.8 360.4 20.6      92    0.06  1.5  3.8  305          NE Extension
C21-443     323.7 334.8 11.2      28    0.01  0.7  2.5  157          Far NE
C21-446     130.5 145.8 15.4      43    0.04  0.6  1.2  116          Far NE
and         186.7 212.4 25.7      37    0.09  0.5  0.8  95
C21-449     244.8 331.0 86.2      27    0.06  0.2  0.5  59           Far NE

All 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.


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.


Supporting maps and sections, drill hole locations and full assay results can be found at the following link:

A PDF of this release with supporting maps and sections included as appendices can be found at the following link:

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.

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, CFA

VP Corporate Development & Investor Relations

Phone: 416-613-9410



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 Person

Gernot 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.


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.

comtex tracking


More stories below advertisement

All market data (will open in new tab) is provided by Barchart Solutions. Copyright © 2021.

Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. For exchange delays and terms of use, please read disclaimer (will open in new tab).

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies