Discovery Reports 1,150 g/t AgEq over 3.4 m and Extends Strike of the Todos Santos Vein Trend at Cordero

TORONTO, Oct. 14, 2020 - Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF) (“Discovery” or the “Company”) is pleased to announce results from four diamond drill holes targeting the Todos Santos high-grade vein trend at its flagship Cordero project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. Todos Santos flanks the higher-grade bulk-tonnage domain to the northeast and now has a minimum strike extent of at least 1.5 kilometres (“km”) based on historic underground workings and new drilling. The current holes are part of the first-ever drill program of the Todos Santos vein trend.

Highlight intercepts include:

• Hole C20-349: 3.4 m averaging 1,150 grams per tonne silver equivalent (“g/t AgEq¹”) from 145.6 m (412 g/t Ag, 0.42 g/t gold (“Au”), 8.0% lead (“Pb”) and 10.0% zinc (“Zn”)) within a 5.0 m interval averaging 962 g/t AgEq¹ (331 g/t Ag, 0.35 g/t Au, 6.3% Pb, 9.2% Zn)
• Hole C20-351: 2.0 m averaging 1,207 g/t AgEq¹ from 224.8 m (532 g/t Ag, 0.38 g/t Au, 8.8% Pb and 8.1% Zn) within a 49.7 m interval averaging 146 g/t AgEq¹ (38 g/t Ag, 0.09 g/t Au, 0.6% Pb, 1.9% Zn)
• Hole C20-352: 3.3 m averaging 572 g/t AgEq¹ from 228.2 m (152 g/t Ag, 0.71 g/t Au, 2.2% Pb and 6.9% Zn) within a 21.0 m interval averaging 188 g/t AgEq¹ (59 g/t Ag, 0.19 g/t Au, 0.9% Pb, 2.0% Zn)
• Hole C20-354: 1.0 m averaging 1,729 g/t AgEq¹ from 380.1 m (433 g/t Ag, 0.23 g/t Au, 9.3% Pb and 22.9% Zn) within a 6.9 m interval averaging 466 g/t AgEq¹ (133 g/t Ag, 0.10 g/t Au, 2.9% Pb, 5.4% Zn)

Taj Singh, President and CEO, states: “These current drill holes, along with the relogging of historical drill core in this part of the deposit, now suggest that the Todos Santos vein trend extends well beyond the footprint of historical underground workings and beyond the limit of the mega pit in the 2018 PEA. This recent work also confirmed for the first time through drilling the existence of a parallel footwall vein in the northeast of the Todos Santos trend. This footwall vein returned high-grade intercepts of 2.0 m averaging 1,207 g/t AgEq and 1.0 m averaging 1,729 g/t AgEq. We look forward to follow-up drilling focused on confirming and extending the vein potential along the Todos Santos vein trend as we advance this new and exciting component of the Cordero story that could add significant value to the higher-grade open pit project.”

DRILL RESULTS:

The four holes in this release were successful in establishing and expanding continuity both along strike and at depth of the Todos Santos vein trend. All four holes returned high-grade vein intercepts from both the Main Vein along the Todos Santos trend as well as a previously unidentified Footwall Vein. High-grade mineralization in both the Main Vein and Footwall Vein is typically associated with quartz-carbonate veins with galena, sphalerite and pyrite mineralization. A number of these vein intercepts lie within broader zones of disseminated sulphide mineralization hosted in brecciated dacite and sedimentary wall rock.

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 based on historic underground workings and drilling, with veins dipping steeply to the northwest. The drill-confirmed portion of the Main Vein along the Todos Santos trend has a strike extent of 800 m and a down-dip extent of 300 m and is open along strike in both directions and at depth. The Footwall Vein has a drill-confirmed strike extent of 400 m and is open to the northeast and at depth.

Drill hole locations for all holes are shown in Figure 1 (see links below). Detailed drill highlights are provided in the table below.

Notes: Stkw – Stockwork mineralization, MV – Main Vein, FW – Footwall Vein

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. Intervals with stockwork 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.

PHASE 1 DRILL PROGRAM UPDATE:

The Company has completed 32,400 m (84 holes) as part of its expanded 55,000 m Phase 1 drill program. Assays from 22 holes are pending. There are currently four drill rigs operational on site. Additional drill rigs may be added when the Company is confident that the health and safety risks related to COVID-19 can be managed effectively.

Drilling is focused on two key concepts: (1) targeting of bulk-tonnage mineralization within and to the east and northeast of both mineralized corridors; and (2) testing of the width, grade and continuity of extensive high-grade vein systems that traverse the Project.

Supporting maps and sections, drill hole locations and full assay results can be found at the following link: https://dsvmetals.com/site/assets/files/5404/20201014-dsv-sa.pdf

A PDF of this release with supporting maps and sections included as appendices can be found at the following link: https://dsvmetals.com/site/assets/files/5404/20201014-dsv-nr.pdf

About Discovery
Discovery’s flagship project is its 100%-owned Cordero silver project in Chihuahua State, Mexico. Our drill results to date show that Cordero is developing all the attributes of a tier 1 project – grade, scale, significant organic growth opportunities and well located in one of Mexico’s premier mining belts. The project is supported by an industry leading balance sheet with over C$80 million of cash allocated for aggressive exploration, resource expansion and future development.

Sample analysis and QA/QC Program
True widths of reported drill intercepts have not been determined. 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 Metals 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.

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
forbes.gemmell@dsvmetals.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.

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 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.