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Discovery Metals Announces High-Grade Channel Samples from its Minerva Project, Including Values up to 1,775 g/t Silver, 25.8% Zinc, and 14.5% Lead at Surface


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Highlights

  • First-ever modern surface exploration results from the Minerva project, situated in a past-producing district.
  • 152 total samples, of which 146 were taken as channels from surface outcrops.
  • Preliminary mapping and sampling results suggest the presence of a large Ag-Pb-Zn skarn / carbonate replacement (CRD) system at shallow depth.

May 17, 2018, Toronto, Ontario - Discovery Metals Corp. (TSX-V: DSV) ("Discovery" or the "Company") is pleased to announce assay results of 152 samples from its Minerva project ("Minerva" or "the Project"), situated in a northern Coahuila State, Mexico.

Taj Singh, P.Eng, President & CEO stated, "First assay results from the sampling program at Minerva corroborate our field observations that there is a significant amount of silver, lead, and zinc mineralization in and around the Minerva intrusive complex at surface and compelling evidence for mineral potential at depth. For the next two months our focus will be to continue to systemically map, sample, conduct geophysics, and plan for drilling at Minerva."

About the Minerva Project

The Project is located approximately 30km west of the La Encantada silver mine owned by First Majestic Silver Corp. and within 20-100km of Discovery’s six other projects. Minerva encompasses Ag-Pb-Zn mineralization hosted in skarns, mantos, chimneys and breccias, similar to La Encantada. Mineralization is located along the northern margin of a polyphase granitoid intrusive body. While relatively well exposed in some areas, most of the known mineralized zones are flanked by areas of shallow gravel cover, with the total lateral extent of the mineralized system relatively unknown.

Within the Project, three previously recognized mineralized areas were targeted by Discovery’s current surface sampling program: (1) La Tercia; (2) Concordia; (3) Mina Minerva. All three locations have been subject to artisanal mining, with the most extensive historical workings in the Mina Minerva area. Peñoles (Industrias Peñoles S.A.B. de C.V.) built a mine and processing plant at Mina Minerva in the 1940s, and produced an unknown quantity of ore from shallow underground workings before turning its attention to La Encantada in the 1960s.

For additional information, including location, geology and sample maps, please refer to:
https://dsvmetals.com/site/assets/files/5187/minerva-pr-appendix-full.pdf

La Tercia

The La Tercia prospect area is located along a skarn-altered zone at the contact between diorite and biotite monzonite and host Santa Elena Formation limestones over a 2km-long section of exposed contact, which strikes under alluvial cover at its northwest and southeast extent. Mineralization consists of stockworks of galena, sphalerite, and minor chalcopyrite in association with calcite, quartz, and limonite. Anglesite (Pb sulphate), cerrusite (Pb carbonate) and some iron-rich gossan are also present. Silver minerals include cerargyrite and native silver. The principal target is a galena stockwork about zone 275m x 150m in area and hosted primarily in diorite. Table 1 highlights assay results for 14 surface samples from La Tercia.

Table 1 – Highlighted Results from La Tercia Area, Minerva Project

Sample IDTypeWidth (m)Ag g/tPb %Zn %AgEq* g/t
117504Channel0.41410.540.31182
117520Channel0.8302.274.62402
117521Channel1.0291.381.09151
117522Channel1.2241.861.20172
117561Channel2.02496.880.14539
117562Channel4.0371.620.16112
117570Channel2.0412.910.06162
117643Grabn/a724.430.36271
118515Channel0.6553.790.36228
118516Channel0.6764.100.61273
118517Channel0.6563.440.72232
118518Channel0.5543.750.25220
118519Channel0.6845.740.24329
118520Channel0.5562.990.19187

NOTE: all numbers are rounded; assays are uncut, undiluted; *AgEq based on USD $17/oz Ag, $1.50/lb Zn, $1.00/lb, Pb and does not consider metallurgical recovery.

Concordia

The Concordia prospect area lies north of and along trend with the Mina Minerva area. Mineralized skarn strikes under alluvial cover and may be offset by a structure to its east. The Concordia prospect consists of a small argillized diorite dyke intruded along a propylitic altered biotite monzonite contact with extensive marble-garnet skarn developed in the surrounding Santa Elena limestone formation. Mineralization occurs primarily in the breccia zone and also in mantos, gossans, faults, and stockwork. Zinc occurs primarily as oxides and lead and silver are mainly found in a calcite-galena stockwork. Mineralization is exposed in a zone about 1km long and 300m in width, plunging under alluvial cover to the north. Table 2 highlights assay results for eight surface samples from Concordia.

Table 2 – Highlighted Results from Concordia Area, Minerva Project

Sample IDTypeWidth (m)Ag g/tPb %Zn %ZnEq* %AgEq* g/t
117523Channel0.5200.261.862.42146
117524Channel0.8177514.500.9440.352437
117526Channel0.7512.590.383.02182
117527Channel0.9701.500.472.75166
117616Channel1.5170.752.112.63159
117619Channel0.4110.4325.8022.951385
117620Grabn/a592.0924.5023.791436
118511Channel0.91081.330.062.83171

NOTE: all numbers are rounded; assays are uncut, undiluted; *ZnEq and AgEq based on USD $17/oz Ag, $1.50/lb Zn, $1.00/lb, Pb and do not consider metallurgical recovery.

Mina Minerva

The Mina Minerva area lies along trend with Concordia to the south and extends under alluvial cover to the south. The prospect has at least 700m long of contact skarn / skarnoid which extends at least 300m in width before plunging under alluvial cover to the north. The prospect consists of two abandoned shafts, one of which is 40m deep, several large mine dumps, underground workings, and the foundations of surface facilities. Mineralization is mainly replacement style hosted in recrystallized limestone, and occurs primarily as zinc oxides and silver-rich lead sulphates and carbonates. Table 3 highlights assay results for 13 surface samples from Mina Minerva.

Table 3 – Highlighted Results from Mina Minerva Area, Minerva Project

Sample IDTypeWidth (m)Ag g/tPb %Zn %Zn Eq* %Ag Eq* g/t
117531Channel5.1390.381.963.01182
117533Dumpn/a22930.55.6729.891805
117534Channel0.6790.988.2310.34624
117535Channel0.41031.203.356.05365
117536Channel0.81439.705.3314.24860
117537Channel0.3832.2016.219.121154
117538Channel0.8430.781.753.19193
117540Channel1.0412.0416.4018.561121
117541Channel0.8671.9617.4519.981206
117542Channel0.8440.8713.9015.29923
117543Channel1.01571.837.8211.70706
117544Dumpn/a651.677.719.93600
117548Dumpn/a3513.351.6111.12671

NOTE: all numbers are rounded; assays are uncut, undiluted; *ZnEq and AgEq based on USD $17/oz Ag, $1.50/lb Zn, $1.00/lb, Pb and do not consider metallurgical recovery.

For full tables of results, please refer to:
https://dsvmetals.com/site/assets/files/5187/minerva-pr-appendix-full.pdf

Findings & Interpretations

Based on the work to date, the following key findings and interpretations are noted:

  • the presence of multiple, high-grade mineralized areas, workings and prospects at surface demonstrates the strong potential of the Minerva project.
  • the Minerva project can be generally described as a polyphase stock intruded into limestone and impure limestone, leading to development of extensive skarnoid and skarn, as well as Ag-Pb-Zn mineralization associated with CRD-type mantos and chimneys. Subsequently, these mineralized bodies have undergone oxidation in the surface environment, with metal-bearing sulphides, oxides, sulphates and carbonates at surface.
  • At La Tercia, a mineralized area of 300m x 250m has currently been identified in and around the diorite / biotite monzonite / limestone contact and the principal target is a silver-rich galena stockwork zone that has been identified over a 275m x 150m.
  • Concordia and Mina Minerva appear to be part of the same system. Across Concordia and Minerva a mineralized area of approximately 300m x 1.7km has been identified, along the limestone / intrusive contact. Mineralization at both of these targets is open at depth and may continue to the west and north, plunging under shallow alluvial gravel cover.
  • All known areas of exposed mineralization extend under adjoining shallow alluvial cover providing for the potential for blind and buried targets.
  • Discovery is in the process of obtaining detailed satellite and hyperspectral imagery for the Minerva project area. Magnetic surveys, additional detailed mapping and sampling, and possibly IP-Resistivity are planned for Q2-Q3. Drill permits have been received, with an initial drilling program planned for Q3. Minerva has never had any exploration drill testing carried out on it.
  • The Company has also submitted applications for the acquisition of significant land holdings surrounding the Minerva project, as part of its Discovery Mega-Claim.

Technical Information

Sample analysis and QA/QC Program: The rock chip and channel samples were taken perpendicular to mineralization. The entire volume of each chip or channel sample was transported from site by ALS and prepared at the ALS lab facilities in Zacatecas and Chihuahua facilities, with splits of pulps shipped to the ALS lab in Vancouver for analysis. Samples were analyzed for: (1) gold, using a standard fire assay with a 30-gram pulp and Atomic Absorption (AA) finish for gold; and (2) Thirty-element inductively coupled plasma atomic emission spectrometry (ICP-AES). Over limit sample values were re-assayed for: (1) values of zinc > 10%, values of lead > 10%, and values of silver > 100 g/t; samples were re-assayed using the ME- OG62 (high-grade material ICP-AES) analytical package; (2) for values of zinc or lead greater than 30%, samples were re-assayed using the Zn-VOL50 or Pb-VOL50 (potentiometric titration) analytical methods, respectively; (3) for values of silver greater than 1,500 g/t, samples were re- assayed using the Ag-CON01 analytical method, a standard fire assay with 30g pulp and gravimetric finish. Certified standards and blanks were routinely inserted into all sample shipments to ensure integrity of the assay process.

Qualified Person:Taj Singh, M.Eng, P.Eng, President and CEO, 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 the release is accurate.

ABOUT DISCOVERY METALS

Discovery Metals is focused on discovering and advancing high grade polymetallic deposits in a recently assembled land package of approximately 300,000 hectares over a large and historic mining district in northern Coahuila State, Mexico. The portfolio of seven key properties, all with shallow high-grade silver-zinc-lead mineralization, is situated in a world class carbonate replacement deposit belt that stretches from southeast Arizona to central Mexico. The land holdings contain numerous historical direct-ship ore workings with ~4km of underground development. No modern exploration or exploration drill testing has been carried out on the properties.

On Behalf of the Board of Directors

" Taj Singh"

Taj Singh, M.Eng, P.Eng, CPA
President, Chief Executive Officer, and Director

For further information contact:

#701 - 55 University Ave
Toronto, ON Canada, M5J 2H7
email: info@dsvmetals.com
website: www.dsvmetals.com

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.

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 the Company 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, delays in receipt of required permits, 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. We do not assume any obligation to update any forward-looking statements except as required under applicable laws.

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