An anonymous director reports

SILVERCORP INTERSECTS VEIN H17_1 WITH 1.21 METRES TRUE WIDTH GRADING 20.8 GRAMS PER TONNE GOLD AND 64 GRAMS PER TONNE SILVER AT THE HPG MINE, YING MINING DISTRICT, CHINA

Silvercorp Metals Inc. has released results from its 2021 exploration programs at the HPG mine. Extensive exploration drilling and tunnelling are continuing at the HPG mine and all other mines at the Ying mining district in Henan province, China.

From Nov. 1, 2020, to May 31, 2021, 23,977 metres from a total of 133 diamond drill holes, including 66 underground holes and 67 surface holes, were completed at the HPG mine. Assay results for 127 holes have been received, with 51 holes intercepting mineralization. Currently, 11 rigs are drilling at the HPG mine.

Drilling intersected high-grade veins in the production areas

The diamond drilling programs at the HPG mine targeted blocks of known silver-lead-zinc and gold veins in the production areas that were previously missed due to limited drilling and tunnelling, changes in the strikes and dips, and/or pinch swelling of the pay zones in the veins. Since access tunnels are already in place, any discovered high-grade blocks can quickly be converted to reserves and mined.

The high-grade intercepts for this period are associated with parallel silver-lead-zinc veins H5, H5W and H5_2 and gold veins H16, H16_3 and H171W. Other veins include H10_1, H10_1a, H11, H12_1 and H13.

Highlights of high-grade intercepts at the HPG mine production area:

• Hole ZK01N03 intersected a 1.94-metre interval (1.58-metre true width) of silver-lead-zinc vein H5 grading 719 grams per tonne silver, 13.09 per cent lead, 5.09 per cent zinc, 1.77 grams per tonne gold and 0.19 per cent copper at the 373-metre elevation, which includes a 1.23-metre interval (1.00-metre true width) grading 1,051 grams per tonne silver, 20.11 per cent lead, 7.58 per cent zinc, 1.71 grams per tonne gold and 0.25 per cent copper at the 373-metre elevation.
• Hole ZK01N04 intersected a 2.89-metre interval (2.36-metre true width) of silver-lead-zinc vein H5W grading 150 grams per tonne silver, 2.91 per cent lead, 9.36 per cent zinc, 0.50 gram per tonne gold and 0.05 per cent copper at the 362-metre elevation, which includes a 0.76-metre interval (0.62-metre true width) grading 420 grams per tonne silver, 8.33 per cent lead, 30.93 per cent zinc, 0.56 gram per tonne gold and 0.14 per cent copper at the 362-metre elevation.
• Hole ZK2736 intersected a 1.16-metre interval (1.01-metre true width) of gold vein H16_3 grading eight grams per tonne silver, 0.06 per cent lead, 0.03 per cent zinc, 11.80 grams per tonne gold and 0.01 per cent copper at the 498-metre elevation.

Surface and underground drilling intersected high-grade gold veins at near surface at the HPG mine resource area

Surface and underground diamond drilling tested some artisanal workings in the northeast part of the HPG mining permit area and intersected high-grade gold veins. A follow-up drilling program will further test this discovery.

Highlights of high-grade, near-surface intercepts of gold veins H17 and H17_1 in the resource area:

• Hole ZK3817 intersected a 1.45-metre interval (1.27-metre true width) of gold vein H17_1 grading 64 grams per tonne silver, 0.26 per cent lead, 0.05 per cent zinc, 20.78 grams per tonne gold and 0.01 per cent copper at the 730-metre elevation.
• Hole ZK2410 intersected a 4.98-metre interval (2.53-metre true width) of gold vein H17 grading 16 grams per tonne silver, 0.06 per cent lead, 0.04 per cent zinc, 9.86 grams per tonne gold and 0.01 per cent copper at the 774-metre elevation, which includes a 1.06-metre interval (0.67-metre true width) grading 21 grams per tonne silver, 0.08 per cent lead, 0.02 per cent zinc, 26.38 grams per tonne gold and 0.01 per cent copper at the 775-metre elevation.
• Hole ZK4401 intersected a 2.24-metre interval (1.92-metre true width) of gold vein H17 grading eight grams per tonne silver, 0.01 per cent lead, 0.02 per cent zinc, 11.39 grams per tonne gold and 0.01 per cent copper at the 696-metre elevation, which includes a 1.30-metre interval (1.11-metre true width) grading 12 grams per tonne silver, 0.01 per cent lead, 0.01 per cent zinc, 18.19 grams per tonne gold and 0.01 per cent copper at the 695-metre elevation.
• Hole ZK2019 intersected a 1.81-metre interval (1.68-metre true width) of gold vein H17 grading 37 grams per tonne silver, 0.31 per cent lead, 0.05 per cent zinc, 10.15 grams per tonne gold and 0.03 per cent copper at the 756-metre elevation.

Quality control

Drill cores are NQ size. Drill core samples, limited by apparent mineralization contacts or shear/alteration contacts, were split into halves by saw cutting. The half cores are stored in the company's core shacks for future reference and checks, and the other half core samples are shipped in securely sealed bags to the Chengde Huakan 514 Geology and Minerals Test and Research Institute in Chengde, Hebei province, China, 226 kilometres northeast of Beijing; the Zhengzhou Nonferrous Exploration Institute Lab in Zhengzhou, Henan province, China; and the Analytical Lab of the Inner Mongolia Geological Exploration Bureau in Hohhot, Inner Mongolia, China. All the three labs are analytical labs certified under ISO 9000. 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 atomic absorption spectroscopy (AAS), and the other is digested with two acids for analysis of silver, lead, zinc and copper with AAS.

Channel samples are collected along sample lines perpendicular to the mineralized vein structure in exploration tunnels. Spacing between sampling lines is typically five metres along strike. Both the mineralized vein and the altered wall rocks are cut by continuous chisel chipping. Sample length ranges from 0.2 metre to more than one metre, depending on the width of the mineralized vein and the mineralization type. Channel samples are prepared and assayed with AAS at Silvercorp's mine laboratory (Ying lab) located at the mill complex in Luoning county, Henan province, China. The Ying lab is officially accredited by the Quality and Technology Monitoring Bureau of Henan province and is qualified to provide analytical services. The channel samples are dried, crushed and pulverized. A 200-gram sample of minus 160 mesh is prepared for assay. A duplicate sample of minus one millimetre is made and kept in the laboratory archives. Gold is analyzed by fire assay with AAS finish, and silver, lead, zinc and copper are assayed by two-acid digestion with AAS finish.

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

The company maintains its own comprehensive QA/QC program to ensure best practices in sample preparation and analysis of the exploration samples. Project geologists regularly insert CRMs, field duplicates and blanks to each batch of 30 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 approximately 3 per cent to 5 per cent of the pulp samples to higher level labs to check for lab bias. Data from both the company's and the labs' QA/QC programs are reviewed on a timely basis by project geologists.

Guoliang Ma, PGeo, manager of exploration and resource of the company, is the qualified person for Silvercorp under National Instrument 43-101 and has reviewed and given consent to the technical information contained in this news release.

About Silvercorp Metals Inc.

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees' well-being, and sustainable development.

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