Business
Discovery Metals Reports Q1 2020 Operating & Financial Results
TORONTO, May 28, 2020 (GLOBE NEWSWIRE) -- Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF) (“Discovery” or the “Company”) is pleased to announce its operating
About this update from Discovery Silver Corp
[{"type":"text","content":" TORONTO, May 28, 2020 (GLOBE NEWSWIRE) -- Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF) (“Discovery” or the “Company”) is pleased to announce its operating and financial results for the three months ended March 31, 2020. All amounts are presented in Canadian dollars (“CAD”) unless otherwise stated. Our Company is focused on advancing a portfolio of silver projects in historic mining districts in northern Mexico, including our flagship Cordero project in Chihuahua State (“Cordero” or the “Project”), as well as the Puerto Rico, Minerva and Monclova projects in Coahuila State. In February 2020 we were named to the TSX Venture Exchange’s 2020 Venture 50™ in recognition of our share price appreciation, market capitalization growth, and trading volume growth over the past year. In March 2020 we temporarily suspended all exploration activities at our Mexican operations due to the increased health and safety risks associated with the growing number of COVID-19 cases in the country. We have put in place business continuity plans so that exploration activity can quickly ramp up once it is deemed safe to do so. In April 2020 we announced the divestiture of our non-core Congress property located in British Columbia, to Talisker Resources Ltd. (“Talisker”). Under the terms of the purchase agreement, Talisker issued 1,000,000 common shares to our Company in return for 100% ownership of Congress. On May 18, 2020, we announced a $25 million private placement that included a $10 million investment from Mr. Eric Sprott. This financing is expected to close in early June. Support for this placement is indicative of the strong investment interest in our Company and the exposure and leverage that our Cordero project provides to a rising silver price. Upon completion, we will have over $40 million of cash on our balance sheet - this positions us as one of the best financed silver exploration companies in the industry. EXPLORATION HIGHLIGHTS: At Cordero, our 100% owned project in Chihuahua State, Mexico, we: Rapidly progressed our 30,000 to 35,000 metre (“m”) Phase 1 drill program – to date we have completed forty-eight holes totaling approximately 17,500 m Demonstrated excellent near-surface higher-grade potential at the Project over a strike length of approximately 1,250 m. Drill highlights to date include: 68.1 m of 361 g/t AgEq1 in ...