Discovery Silver announced its 1Q22 financial results and provided a status update regarding its Cordero project. In addition, the company highlighted that its main priorities are to complete Cordero’s Pre-Feasibility Study (PFS) before the end of 2022 and strengthen its 2022 ESG program.
In a press release, Discovery said the project’s PFS remains on schedule and is expected to be delivered in 4Q22. The PFS is expected to have a similar focus to the company’s 2021 Preliminary Economic Assessment (PEA), including the expansion of processing facilities and optimization of storage to speed up the payback period. The PFS will seek to optimize extraction rates and maximize capital efficiency at the oxide heap leach project during the early years of the mine's life, Discovery reported.
In 2021, the company focused its drilling program involving five targets across the property to identify their readiness for production through a systematic mapping and sampling program. For 2022, Discovery stressed that it plans to drill 16km at these five targets, called Sanson, Dos Mil Diez, Molina de Viento, Porfido Norte and La Perla. Additionally, Discovery announced that its metallurgical test work on sulfides to confirm grade variability and recovery is now 60 percent complete. The miner explained that since definition drilling was already completed, it is now focusing on three open pit drill holes.
In addition, the company announced that it seeks to further highlight its strong environmental and social commitment this year by strengthening its ESG approach. Discovery highlighted that its ESG 2021 report is expected to be released in the summer, while certifications such as the International Association for Sustainable Economy (IASE) are expected to be obtained in 2H22.
In an interview with MBN, Taj Singh,President, CEO and Director, Discovery Silver, said that “Discovery is committed to improving the lives of its host communities in every possible way. We have been very active in carrying out social and environmental programs in the area, regularly providing educational support, basic supplies to families in need and carrying out extensive environmental and ecological studies with a focus on rehabilitation and improvement. As always, we seek to always improve to deliver more.”
Furthermore, Discovery reported that during 1Q22, it held cash and cash equivalents and short-term investment balance of US$61.22 million. The company highlighted that its finances position Cordero to accomplish all the works planned for 2022 and complete its Definitive Feasibility Study in 2H23.