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Silvercorp Metals Inc
Symbol SVM
Shares Issued 176,111,214
Close 2021-07-06 C$ 6.84
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Silvercorp Metals drills 2.5 m of 25.02 g/t Au at SGX

2021-07-06 09:24 ET - News Release

Mr. Guoliang Ma reports

SILVERCORP INTERSECTS VEIN S16W WITH 2.21 METRES TRUE WIDTH GRADING 25 GRAMS PER TONNE GOLD AT THE SGX MINE, YING MINING DISTRICT, CHINA

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

From Oct. 1, 2020, to June 30, 2021, 48,867 metres (m) from a total of 298 diamond drill holes, including 242 underground holes and 56 surface holes, were completed at the SGX mine. Assay results for 254 holes have been received, with 166 holes intercepting mineralization.

The diamond drilling program at the SGX mine targeted (1) blocks of known silver-lead-zinc veins; (2) blocks of silver-lead-zinc veins with gold grades but low silver-lead-zinc grades; (3) gold veins in and above the existing production areas; and (4) newly discovered gold veins outside the production areas. Currently, 20 rigs are drilling at the SGX mine.

Drilling intersected high-grade veins in and above the production areas

Detailed drilling of blocks of known silver-lead-zinc and gold veins in and above the SGX mine production areas intersected high-grade veins. These mineralized occurrences 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. The company expects that these discoveries can be converted quickly into reserves and mined with existing underground workings.

The high-grade intercepts for this period are associated with parallel silver-lead-zinc veins S7, S7_1, S7_2, S7E2, S7W1, S14, S14_1, S14_2, S14W, S16W, S16W1, S16E, S16E2, S16E8, S21 and S21W1 and gold veins S16W and H18E. Other veins include S1W2, S8W2, S19, S29, S31E, S33 and S33E.

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

  • Hole ZK74S16W07 intersected a 2.50-metre interval (2.21 m true width) of vein S16W grading 20 grams per tonne (g/t) silver (Ag), 0.46 per cent lead (Pb), 1.07 per cent zinc (Zn), 25.02 g/t gold (Au) and 0.03 per cent copper (Cu) at the 200-metre elevation. S16W is a major production vein at the SGX mine and the blocks with gold grades but lower Ag-Pb-Zn grades were left over from previous mining.
  • Hole ZK64S16W005 intersected a 1.25-metre interval (1.25 m true width) of vein S16W grading 141 g/t Ag, 1.86 per cent Pb, 0.63 per cent Zn, 24.28 g/t Au and 0.02 per cent Cu at the 321-metre elevation.
  • Hole ZK16S7407 intersected a 0.92-metre interval (0.75 m true width) of vein S16W grading 1,376 g/t Ag, 13.43 per cent Pb, 1.07 per cent Zn, 0.37 g/t Au and 0.21 per cent Cu at the 444-metre elevation.
  • Hole ZK53S2910 intersected a 2.05-metre interval (2.05 m true width) of vein S29 grading 423 g/t Ag, 18.19 per cent Pb, 8.29 per cent Zn, 0.01 g/t Au and 0.03 per cent Cu at the 392-metre elevation, which includes a 0.84-metre interval (0.84 m true width) grading 962 g/t Ag, 43.55 per cent Pb, 19.39 per cent Zn, 0.01 g/t Au and 0.05 per cent Cu at the 392-metre elevation.
  • Hole ZK60S16W002 intersected a 2.19-metre interval (1.54 m true width) of vein S21W1 grading 963 g/t Ag, 2.84 per cent Pb, 0.34 per cent Zn, 0.25 g/t Au and 0.18 per cent Cu at the 324-metre elevation, which includes a 1.08-metre interval (0.76 m true width) grading 1,841 g/t Ag, 5.63 per cent Pb, 0.60 per cent Zn, 0.46 g/t Au and 0.34 per cent Cu at the 324-metre elevation.
  • Hole ZK51S16W102 intersected a 2.02-metre interval (two m true width) of vein S16W1 grading 461 g/t Ag, 4.79 per cent Pb, 1.76 per cent Zn, 0.02 g/t Au and 0.06 per cent Cu at the 560-metre elevation, which includes a 0.77-metre interval (0.76 m true width) grading 1,031 g/t Ag, 12.53 per cent Pb, 4.56 per cent Zn, 0.05 g/t Au and 0.15 per cent Cu at the 560-metre elevation.
  • Hole ZK02AS7_208 intersected a 1.25-metre interval (0.74 m true width) of vein S7_2 grading 916 g/t Ag, 23.18 per cent Pb, 0.54 per cent Zn, 0.11 g/t Au and 0.13 per cent Cu at the 199-metre elevation.
  • Hole ZK01BS7-1004 intersected a 1.19-metre interval (1.01 m true width) of vein S7_1 grading 591 g/t Ag, 24.12 per cent Pb, 1.79 per cent Zn, 0.11 g/t Au and 0.08 per cent Cu at the 285-metre elevation.

Surface and underground drilling intersects newly discovered gold veins in the north and northeast sides of the resource area

Exploratory surface drilling and underground drilling in the north and northeast sides of the resource area at the SGX mine discovered gold veins S16W, S18E, S7-2E, S7_2, S74, S74a and S75. Gold mineralization in Ag-Pb-Zn veins, such as S16W, seems to be an earlier phase of mineralization which has been overprinted by Ag-Pb-Zn mineralization. Depending on the degree of overprint, gold grades in the Ag-Pb-Zn veins may vary substantially:

  • Surface hole ZKDB72S16W02 intersected a 0.48-metre interval from 186.22 m to 186.7 m (0.32 m true width) of vein S74 grading 1,048 g/t Ag, 0.50 per cent Pb, 1.67 per cent Zn, 24.45 g/t Au and 0.02 per cent Cu at the 534-metre elevation.
  • Underground hole ZK74S16W1004 intersected a 0.62-metre interval (0.41 m true width) of vein S74, grading 21 g/t Ag, 5.88 per cent Pb, 6.05 per cent Zn, 5.06 g/t Au and 0.15 per cent Cu at the 244-metre elevation.
  • Surface hole ZKDB34AS8001 intersected a 1.10-metre interval from 107.51 m to 108.61 m (0.69 m true width) of vein S75 grading eight g/t Ag, 0.22 per cent Pb, 0.33 per cent Zn, 4.97 g/t Au and 0.01 per cent Cu at the 699-metre elevation.

Tunnelling programs at the SGX mine

In addition to the drilling program, 11,958 m of exploration drift tunnelling were developed at the SGX mine during this period. The exploration tunnelling, comprising drifting, crosscutting and raising, was driven along and across major mineralized vein structures to upgrade the drill defined mineral resources and test for new parallel and splay structures. The results of the exploration tunnelling are summarized in an attached table.

Highlights of selected mineralized zones exposed in the drift tunnels:

  • Drift tunnel XPD-S37W-520-3ASYM exposed mineralization 30 m long and 1.02 m wide (true width) grading 961 g/t Ag, 19.71 per cent Pb and 5.13 per cent Zn within vein S37W at the 520-metre level.
  • Drift tunnel CM105-S2SJ-S2-140-16CL exposed mineralization 55 m long and 0.82 m wide (true width) grading 1,271 g/t Ag, 10.54 per cent Pb and 1.19 per cent Zn within vein S2 at the 140-metre level.
  • Drift tunnel CM105-S2SJ-S2W2-100-12ANYM exposed mineralization 45 m long and 0.99 m wide (true width) grading 732 g/t Ag, 11.63 per cent Pb and 3.03 per cent Zn within vein S2W2 at the 100-metre level.
  • Drift tunnel CM105-S2SJ-S1W5-220-12ANYM exposed mineralization 25 m long and 0.79 m wide (true width) grading 1,290 g/t Ag, 3.85 per cent Pb and 10.53 per cent Zn within vein S1W5 at the 220-metre level.
  • Drift tunnel CM105-S2SJ-S1W5-180-12ANYM exposed mineralization 25 m long and 0.75 m wide (true width) grading 1,147 g/t Ag, 7.43 per cent Pb and 9.96 per cent Zn within vein S1W5 at the 180-metre level.
  • Drift tunnel PD16-S6-110-4ANYM exposed mineralization 100 m long and 0.89 m wide (true width) grading 673 g/t Ag, 8.20 per cent Pb and 2.12 per cent Zn within vein S6 at the 110-metre level.

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 (km) northeast of Beijing, the Zhengzhou Nonferrous Exploration Institute Lab in Zhengzhou, Henan province, China, and SGS in Tianjin, China. All the three labs are ISO9000 certified analytical labs. For analysis, the sample is dried and crushed to minus one millimetre (mm) 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-acid digestion 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 m along strike. Both the mineralized vein and the altered wall rocks are cut by continuous chisel chipping. Sample length ranges from 0.2 m to more than one m, 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 mm 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 (CRM), 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 CRM, 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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