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Discovery Silver Reports Q3 2021 Financial Results and Update
TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial
About this update from Discovery Silver Corp
[{"type":"text","content":" TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial results for the three months ended September 30, 2021 (“Q3 2021”), and to provide a summary of key events for the quarter and subsequent to quarter-end. All amounts are presented in Canadian dollars (“C$”) unless otherwise stated. Discovery’s flagship project is our 100%-owned Cordero silver project (“Cordero” or the “Project”) located in Chihuahua State, Mexico. We are aggressively advancing the Project through drilling (+120,000 meters in past two years), and metallurgical testing and engineering studies, with a focus on delineating a high-margin project with size and scaleability. HIGHLIGHTS: The Company’s cash position as of the date of this release is approximately $73.1 million Subsequent to quarter end we released our first-ever Environmental, Social and Governance (“ESG”) report and launched a brand-new Sustainability section on our website. These materials set out the Company’s current practices and priorities going forward, including in the Company’s Vision, Mission and Values that form the foundation on which we advance our flagship Cordero Project. We completed detailed and comprehensive metallurgical testing program for Cordero which delivered several significantly positive outcomes related to processing and process design. We released an updated Mineral Resource Estimate (“Resource”) for Cordero which not only confirmed Cordero’s status as one of the world’s largest silver deposits and but also showed how advanced the Project has become with 87% of the Resource in the Measured and Indicated category. The release also outlined various subsets of the resource at higher cut-offs, clearly illustrating the high-margin potential of the Project. The Cordero Preliminary Economic Assessment (“PEA”) remains on schedule for later this quarter. Our Phase 2 drilling is on-going with four drill rigs on site, focusing on reserve definition, resource expansion and high-grade vein delineation. SUMMARY OF Q3 2021 & SUBSEQUENT EVENTS: Financial & Corporate: Balance Sheet As at September 30, 2021, we had a cash and cash equivalents and short term investment balance of $72.6 million (approximately $73.1 million as of the date of this release). Inaugural ESG Report / Su...