- Discovery Metals (DSV) has posted a quarterly net loss of C$1.93 million, as it moves its Cordero project in Mexico towards production
- The junior explorer has completed just under half of a 55,000-metre drilling program at the site
- Once the latest drilling work is completed, the company will develop a new resource estimate and preliminary economic assessment for the site
- Following a recent capital raise, the company revealed has $80 million in cash to fund the project through to production
- Discovery Metals (DSV) is up 3.6 per cent and is trading at $2.28 per share
Discovery Metals (DSV) has posted a quarterly net loss of C$1.93 million, as it moves its Cordero project in Mexico towards production.
The site’s ongoing drill program will cover 55,000 metres of total work over the course of the year. So far this year, Discovery has completed 23,500 metres of the program, sinking 63 drill holes into the property.
The company expects the work to be completed by the end of the first quarter of next year.
Work on the bulk tonnage targets at Cordero has returned notable results, including 62.8 metres averaging 217 grams per tonne silver equivalent. Other bulk tonnage targets also returned high grades, including a 168 metre strike grading at 207 grams per tonne silver equivalent.
At the company’s high-grade vein targets drilling hit 1.4 metres of strike grading at 1,907 grams per tonne silver equivalent.
Other high grade veins included 1.3 metres averaging 2,777 grams per tonne silver equivalent and 1.3 metres averaging 1,007 grams per tonne silver equivalent.
During the quarter, Discovery Metals completed a $25 million private placement across May and June, that included a $10 million investment from serial minerals investor Eric Sprott.
Following this investment, the company revealed it was sitting on $80 million in cash to fund the project through to production.
Once the latest drilling work is completed, the company will develop a new resource estimate and preliminary economic assessment for the site, which is expected in the second half of next year.
Discovery Metals (DSV) is up 3.6 per cent and is trading at $2.28 per share at 11:30 am EDT.