Discovery Announces 2021 Work Program & Budget at Cordero

TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF) (“Discovery” or the “Company”) is pleased to outline its 2021 work program and budget for its flagship Cordero project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. All amounts are presented in Canadian dollars unless otherwise stated.

Taj Singh, President and CEO, states: “We anticipate 2021 will be a transformative year where we firmly establish Cordero as one of the few silver projects globally that offers margin, size and scaleability. Our focus is to both de-risk the Project by delivering a technically robust PEA, and to deliver resource growth, by expanding known zones and making new discoveries. We plan to complete 66,000 m of drilling outlined as follows:

	2021 Drill Program - 66,000 m
	Phase 1 drilling - 20,000 m	Phase 2 drilling - 46,000 m
	1Q 2021 - 2Q 2021	2Q 2021 - 4Q 2021
Bulk-tonnage mineralization	Resource definition - deliver new resource estimate followed by revamped PEA	Reserve definition - upgrade resource for inclusion in PFS
		Resource expansion - target 'blue sky' potential
High-grade veins	Resource development - initial testing of grades & continuity	Resource definition - initial infill drilling
Property-wide targets		Discovery - initiate scout drilling on property-wide targets

“Other key project development milestones for 2021 include completion of social baseline assessment and progress on environmental baseline studies. Our planned work for metallurgy, processing, geotech and hydrology will go above and beyond what is typically included in a PEA study and will identify areas where we can accelerate pre-feasibility work.

“Our current cash balance of approximately $82 million places us in a very strong position to fund our planned expenditures at Cordero this year of approximately $26 million. Recent investment in on-site infrastructure will allow us to maintain strict COVID-19 protocols and should ensure we can complete our proposed work program in a safe and efficient manner. We will continue to closely monitor the health and safety situation at site and if practicable, we will look to expand our drill program if it is deemed safe to do so.”