Discovery Harbour Advances Caldera Property Permitting, Amends Property Terms

Vancouver, British Columbia--(Newsfile Corp. - June 3, 2020) - Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company" or "Discovery Harbour") is pleased to announce positive progress towards receiving the required permits for a drill program on its Caldera gold project in Nevada. The Company has also negotiated improved property terms.

The United States Forest Service ("USFS") has completed its review of the Exploration Plan of Operations ("the Plan") submitted by the Company (see News Release, April 8, 2020) in furtherance of the planned Caldera drill program. The USFS has determined the Plan meets the regulatory requirements to proceed with its environmental review. To conduct this review, the USFS has determined that only an archaeological survey will be required. The Company has engaged a Nevada contractor and expects that the required archaeological work will be completed within the next few weeks, at which point a report will be prepared and submitted to the USFS. The environmental review identifies the level of environmental impact and determines the form of impact assessment. Once a determination is made, the final environmental impact assessment will be completed. Future drilling will be subject to further USFS and other regulatory approvals.

Mark Fields, the President and CEO of the Company, comments, "We are pleased that our permitting is proceeding in a timely manner. We are on track to undertake a drill program this fall, subject to financing and final regulatory approvals. The Plan includes testing up to 10 drill targets in five separate mineralized areas. Our strategy is to drill 100 to 300 metres deeper than any previous drilling on the Caldera project. We believe the high-grade gold occurrences historically drilled over significant widths at or near surface were deposited by a deeper, potentially high grade, low sulphidation epithermal gold system. The planned drill program will be the first test to the necessary depth." (See News Releases, April 8, March 4, February 10, January 9, 2020).

The Company is also pleased to announce an amendment to the Company's property option agreement to acquire a 100% interest in the Caldera project, subject to advance minimum royalty payments and a 2% retained royalty. In light of the market uncertainty caused by the COVID-19 pandemic, the Optionor and Discovery Harbour have agreed that the US$100,000 Advance Minimum Royalty payment due in November this year will be amended such that US$50,000 will be paid in November and US$50,000 will be payable 6 months later.

Mark Fields comments, "We continue to appreciate the co-operation and positive relationship we have with our Option partner, Genesis Gold Corporation and the Rostas."

The 100% Discovery Harbour-optioned Caldera property was generated by Don Merrick and John Zimmerman of Genesis Gold Corporation, 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.

For more information on Discovery Harbour Resources Corp., please visit the Company's website at www.discoveryharbour.com.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

"Mark Fields"

Mark Fields
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information

This news release contains forward‐looking information that involves 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57112

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