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Silvercorp Metals Inc
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Silvercorp drills 1.42 m of 263 g/t Au, 335 g/t Ag

2014-02-19 17:25 ET - News Release

An anonymous director reports

SILVERCORP INTERCEPTS 1.42 METRE INTERVAL GRADING 263 G/T GOLD AND 335 G/T SILVER AT THE HPG MINE, YING MINING DISTRICT, CHINA

Silvercorp Metals Inc. is releasing the highlights of its recently completed 2013 step-out drilling program at the HPG and TLP mines in the Ying mining district, Henan province, China. The 2013 downdip drilling exploration tested high-grade zone extensions of the current major veins, targeting the downdip extensions, approximately 200 to 250 metres below the limits of existing resources.

The 2013 drilling program included both underground and surface diamond drilling, and totalled 3,459 metres of core drilling in 14 holes at the HPG mine and 10,289 metres of drilling in 16 holes at the TLP mine. Twelve of 16 holes at TLP and eight of 14 holes at HPG intercepted significant high-grade mineralization. The results from this drilling program have further extended the downdip potential of the major mineralized veins at both the HPG and TLP mines, and this mineralization remains open to depth.

Highlights of selected intercepts of drill holes include the following.

HPG mine:

  • Surface drill hole ZK-H17-0012 intercepted a 1.42-metre interval from 784.85 metres to 786.27 metres downhole, with a 0.65-metre true width of vein H13, grading 263 grams per tonne gold (Au), 335 g/t silver (Ag) 0.73 per cent lead (Pb) and 1.74 per cent zinc (Zn) at the minus 82-metre elevation. The same hole also hit a 1.24-metre interval (0.57-metre true width), of vein H11, grading 9.65 g/t Au, 286 g/t Ag, 4.30 per cent Pb and 2.19 per cent Zn at the minus 34-metre elevation;
  • Hole ZK0416 intercepted a 1.90-metre interval from 167.85 metres to 169.75 metres, (1.54-metre true width), of vein H17, grading 1.43 g/t Au, 239 g/t Ag, 9.43 per cent Pb and 1.69 per cent Zn at the plus-327-metre elevation;
  • Hole ZK0111 intercepted a 1.90-metre interval from 76.37 metres to 78.86 metres (1.71-metre true width), of vein H17, grading 1.94 g/t Au, 150 g/t Ag, 5.53 per cent Pb and 2.98 per cent Zn at the plus-316-metre elevation.

TLP mine

  • Surface hole ZK-III-3120 intercepted a 1.20-metre interval from 926.33 metres to 927.53 metres (0.80-metre true width), of vein T3, grading 2.54 g/t Au, 220 g/t Ag, 0.35 per cent Pb and 0.27 per cent Zn, at the plus-two-metre elevation;
  • Surface hole ZK-III-2728 intercepted a 1.38-metre interval from 563.14 metres to 564.52 metres (0.65-metre true width), of vein T3E, grading 2.21 g/t Au, 338 g/t Ag, 0.95 per cent Pb and 1.30 per cent Zn, at the plus-225-metre elevation;
  • Surface hole ZK-III-2510 intercepted a 1.81-metre interval from 428.29 metres to 430.10 metres (1.48-metre true width), of vein T33, grading 1.07 g/t Au, 140 g/t Ag, 0.69 per cent Pb and 0.69 per cent Zn, at the plus-404-metre elevation.

The significant gold mineralization intercepted at depth at the HPG mine (especially the deepest surface drill hole ZK-H17-0012 that intersected vein H13 grading 263 g/t Au and 335 g/t Ag) is encouraging as it indicates the presence of a high-grade gold-silver-lead-zinc system about 300 metres below where the lowest mining tunnels are located. This may represent a change in the style of mineralization from silver-lead-zinc dominated at shallows to a gold dominated style at depth, providing potential for metal resource expansion at depth.

          SELECTED DRILLING RESULTS FROM THE HPG MINE

                       From          To    Interval  True width
Hole ID                  (m)         (m)         (m)         (m)

ZK0416               167.85      169.75        1.90        1.54
ZK00+2508             53.49       55.20        1.71        1.46
                     140.98      142.58        1.60        1.57
ZK00+2509            104.65      105.70        1.05        0.95
                     152.42      153.40        0.98        0.85
ZK0111                76.37       78.86        2.49        1.52
                     163.80      165.70        1.90        1.71
ZK0215               154.08      155.82        1.74        1.48
ZK03+2501             73.08       74.01        0.93        0.79
ZK01+2502            129.61      131.41        1.80        1.57
ZK-H17-0012          320.02      323.62        3.60        1.29
                     725.28      726.52        1.24        0.57
                     784.85      786.27        1.42        0.65
                     914.05      914.35        0.30        0.14

                                                         Mineralized        
Hole ID           Ag (g/t)  Au (g/t)    Pb (%)    Zn (%)        vein

ZK0416                239      1.43      9.43      1.69          H17
ZK00+2508              58      0.03      8.39      0.16          H13
                      141      0.24      9.19      0.05          H17
ZK00+2509              20      0.08      1.18      1.77     New zone
                       45      0.20      2.61      1.67          H17
ZK0111                 59      3.10      1.20      1.78          H13
                      150      1.94      5.53      2.98          H17
ZK0215                 41      0.81      0.96      0.17          H17
ZK03+2501             240      0.38      1.48      1.42          H13
ZK01+2502              90      0.13      4.08      4.50          H15
ZK-H17-0012            86      0.26      2.43      7.85           H5
                      286      9.65      4.30      2.19          H11
                      335    263.26      0.73      1.74          H13
                       25      3.31      0.84      0.55          H17

                SELECTED DRILLING RESULTS FROM THE TLP MINE

                       From          To    Interval  True width
Hole                     (m)         (m)         (m)         (m)

ZK-III-3514          387.50      389.50        2.00        1.30
ZK-III-1526          820.71      821.65        0.94        0.63
ZK-III-3120          926.33      927.53        1.20        0.80
ZK-III-3515           535.1      537.04        1.94        1.33
ZK-III-2318          214.70      216.13        1.43        0.73
                     545.55      546.47        0.92        0.59
ZK-III-1928          214.89      215.73        0.84        0.38
ZK-III-2728          553.24      556.47        3.23        1.56
                     563.14      564.52        1.38        0.65
ZK-III-2729          639.15      640.40        1.25        0.50
ZK-III-0726          246.86      248.31        1.45        0.89
ZK-III-1820          532.03      532.83        0.80        0.47
                     652.46      653.57        1.11        0.64
ZK-III-2510          428.29      430.10        1.81        1.48

                                                         Mineralized        
Hole              Ag (g/t)  Au (g/t)    Pb (%)    Zn (%)        vein
ZK-III-3514            12      0.03      3.10      0.03           T3
ZK-III-1526             7      0.00      2.97      0.14          T3E
ZK-III-3120           220      2.54      0.35      0.27           T3
ZK-III-3515           168      0.00      0.30      0.08           T3
ZK-III-2318           115      0.44      1.03      1.47     New zone
                      111      0.00      0.36      0.33           T3
ZK-III-1928            80      0.00      1.15      0.04           T1
ZK-III-2728           117      0.51      2.51      0.20           T3
                      338      2.21      0.95      1.30          T3E
ZK-III-2729             9      0.00      5.54      0.50           T3
ZK-III-0726           141      0.00      0.25      0.15         T1W1
ZK-III-1820               less than                                  
                       22      0.05      3.95      0.06     New zone
                          less than                         
                      140      0.05      0.71      0.02     New zone
ZK-III-2510           145      1.07      4.53      0.69          T33

The planned 2014 exploration drilling program at the HPG and TLP mines will include two drill rigs at underground drilling stations and one drill rig at the surface to further test the extension of the deep mineralization as demonstrated by the drill holes.

Quality control

Drill cores are NQ size. Drill core samples, limited by apparent mineralization contact or shear/alteration contact, were split into halves by saw cutting. One-half samples of the cores are stored in the company's core shacks for future reference and checking, and the other half-core samples are shipped in security sealed bags to the Chengde Huakan 514 Geology and Minerals Testing and Research Institute in Chengde, Hebei province, and the Analytical Lab of the Inner Mongolia Geological Exploration Bureau in Hohhot, Inner Mongolia. Both analytical labs are ISO9000 certified. For analysis, the sample is dried and crushed to minus one millimetre and then split to a 200-gram to 300-gram subsample which is further pulverized to minus 200 mesh. Two subsamples are prepared from the pulverized sample. One is digested with aqua regia for gold analysis with AAS, and the other is digested with two-acids for analysis of silver, lead and zinc.

A routine quality assurance/quality control procedure is adopted at each lab to monitor the analytical quality of the lab. Certified reference materials (CRM), pulp duplicates and blanks are inserted into each lab batch of samples. QA/QC data at the lab are attached to the assay certificates for each batch of samples.

The company maintains its own comprehensive quality assurance and quality control program to ensure best practice in sample preparation and analysis of the drill core samples. Project geologists regularly insert CRM, field duplicates and blanks, to each batch of core samples, to monitor the sample preparation and analysis procedures at the labs. The analytical quality of the labs is further evaluated with external checks by sending about 3 per cent of the pulp samples to higher level labs to check for lab bias.

Data from both the company and the commercial labs' QA/QC programs are reviewed on a timely basis by project geologists.

Rujin Jiang, PGeo, is the qualified person on the project as defined under National Instrument 43-101. He has verified the information and has reviewed and approved the contents of this news release.

We seek Safe Harbor.

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