Discovery Harbour Prepares to Test Deep Gold Target at Caldera

Discovery Harbour Prepares to Test Deep Gold Target at Caldera

Vancouver, British Columbia – October 15, 2019 – Discovery Harbour Resources Corp. (TSXV: DHR) (the “Company” or “Discovery Harbour”) is pleased to provide a project update on its 100% optioned Caldera epithermal gold project in Nevada.

Located at the junction of the prolific Northumberland and Walker Land gold belts in southern Nevada, the Caldera gold project covers over 30 square kilometres and hosts low-sulphidation epithermal-style gold and pathfinder mineralization over a significant area measuring approximately 6 km by 2.5 km.

The Company is currently preparing to mobilize field crews for a program of detailed soil sampling following results from recent and historic work, including widespread gold and pathfinder mineralization in soils, chip samples up to 193 grams per tonne gold (g/t Au), and shallow drill intercepts including 8.33 g/t Au over 25 ft, and 37.92 g/t Au over 10 ft, which are interpreted by the Company to be expressions of a bonanza gold/silver zone at depth (see table below). The current soil sampling program will be used to prioritize the numerous drill targets that have been identified.

Mark Fields, President and CEO of the Company, states “Discovery Harbour has provided evidence that the target bonanza gold-silver zone is preserved and has not been eroded after its formation. Our intent is to conduct a drill program testing to depths between 300 to 400 metres vertically, well beyond the depths tested by previous drilling. I am excited that Discovery Harbour is preparing to test these multiple targets to the “boiling zone” depth where bonanza gold grades could be intersected.”

Discovery Harbour will be the first company to test Caldera’s potential for the discovery of bonanza gold grades based on the low sulphidation epithermal gold model. A drill permit application is being prepared for submission to the appropriate regulatory agencies. Previous operators have done extensive shallow work including prospecting, surface geological and geophysical work, and drilling to an average vertical depth of less than 100m while exploring for a bulk tonnage gold deposit.

The Company is in the final stages of consolidating and integrating all available data sets from historic sources, including structural, geochemical and geophysical data sets into a three-dimensional conceptual model. Targets are being selected and prioritized to drill to approximately 300 metres to 400 metres vertical depth where bonanza grades of gold and silver would have come out of solution at the boiling zone.

A summary of the Caldera project highlights based on historical work and work undertaken by Discovery Harbour has identified the following low sulphidation epithermal gold project characteristics:

  • Historical work includes small scale gold production, shallow drilling and extensive rock and soil anomalies by multiple parties;
  • Shallow drilling to an average depth of less than 100 metres has intercepted numerous multi- gram gold intercepts over five feet or more in six different zones. Only 3 drill holes went deeper than 160 metres vertical depth, the deepest being only 194 metres;
  • Rock sampling includes 804 rock chip samples of which 74 samples are over 5 g/t Au and 367 samples are over 1 g/t Au, the highest being 193 g/t Au; and
  • Soil sampling has partially defined gold and pathfinder element anomalies over mapped structures and several areas. Pathfinder elements mercury, antimony and arsenic had high values respectively of 6,636 ppm, 231 ppm and 1,835 ppm.

Discovery Harbour’s 2017 mapping program successfully:

  • Identified 30 targets with various low sulphidation epithermal gold characteristics;
  • Detailed key structures extending up to 6.5 kilometres with coincident alteration zones;
  • Identified boiling textures such as comb quartz and bladed silica after calcite, and sheeted-stockwork, narrow veins and an interpreted silicified maar which all indicate a paleosurface overa preserved low sulphidation epithermal system; and
  • Spectrometer analysis of clay alteration minerals indicated they are low temperature productscharacteristic of the distal and shallow levels of a low sulphidation epithermal gold system.

The historical drill result highlights include:

Please refer to the Discovery Harbour Resources Corp. website for further details and results at: www.discoveryharbour.com

The 100% optioned Caldera gold project was generated by Don Merrick and John Zimmerman of Genesis Gold Corp., a private Utah company specializing in gold exploration in the Western United States (www.genesisgoldcorp.com), the foundation of which are the claims first staked by Zsolt Rosta.

Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour Resources Corp.

Discovery Harbour is a Canadian TSX Venture Exchange listed company (TSXV: DHR) focused on sourcing, exploring and developing mineral properties, with a strategic focus on gold projects, in order to enhance shareholder value. Its current focus is the Caldera low sulphidation epithermal gold project in southern Nevada.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

“Mark Fields”

Mark Fields
President and Chief Executive Officer

Disclaimer for Forward-Looking Information

This news release contains forward‐looking information that involve various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour, such as statements that Discovery Harbour intends to pursue the Caldera Project. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, or (iii) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.