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Silvercorp Metals Inc
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Silvercorp drills 3.57 m of 7.17 g/t Au at DCG

2021-10-12 17:45 ET - News Release

Mr. Guoliang Ma reports

SILVERCORP EXTENDS KNOWN GOLD VEINS AND DISCOVERS NEW GOLD VEIN STRUCTURES AT THE DCG MINE

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

From March 1, 2020, to Sept. 30, 2021, 29,010 metres from a total of 207 diamond drill holes, including 117 underground holes and 90 surface holes, were completed at the DCG mine. Assay results for 164 holes have been received, with 110 holes intercepting mineralization. Currently, there are six rigs drilling at the DCG mine.

The drilling program has been focused on three targets: (1) definition and stepout drilling for known gold vein C9 to the east of the resource area; (2) drilling for new gold veins to the east of the resource area; and (3) infill drilling for known silver-lead-zinc veins in the resource area.

Drilling defined gold vein C9 for 850 metres in length

C9 is a gold vein striking north-northwest, with a dip varying between 30 degrees and 50 degrees to the east. It is associated with quartz and sericite alteration, and minor K-feldspar alteration, with disseminated pyrite and some overprinted galena and sphalerite. The thickness of the vein ranges between 0.5 m and six m.

Historically, there are only two drill holes which have intersected the C9 vein. However, during the 2020-2021 drilling program, 67 holes were drilled to define the C9 vein along a strike length of approximately 850 m, and over 150 m downdip. The vein is still open laterally along strike and at depth. The drilling also intersected additional splay and parallel gold veins, including C9-1, C9-1E, C9E, C9W and C9a.

Drilling discovered gold vein C76

The newly discovered gold vein C76 is controlled by a fault striking approximately 225 degrees and dipping 40 degrees to 50 degrees to the northwest. The vein pinches and swells, with horizontal thickness ranging from 0.5 m to over 10 m. The gold mineralization is associated with dark grey quartz alteration, disseminated fine-grained pyrite, and black gouge with minor galena and sphalerite. This structure intersects vein C9 with sinistral apparent displacement of around 35 m. The drilling also discovered additional splay and parallel gold veins, including C76W, C77 and C77E.

Underground crosscut works have shown that thick gold zones occur near C9 cutting C76 and C77, such as the crosscut DCG-XPD-C76-800-400NMW-CM5 that exposed 5.46-metre true width grading 5.66 grams per tonne gold and 78 g/t silver at an elevation of 800 m.

Highlights of the high-grade gold intercepts at the DCG mine:

  • Hole ZKDB51BC902 intersected a 3.57-metre interval (3.28-metre true width) of vein C9 grading 7.17 g/t Au and 15 g/t Ag from an 81.99-metre depth at an elevation of 816 m.
  • Hole ZKDB51C903 intersected a 7.17-metre interval (5.74-metre true width) of vein C9 grading 2.92 g/t Au and four g/t Ag from a 74.54-metre depth at an elevation of 812 m, which includes a 1.39-metre interval (1.12-metre true width) grading 8.93 g/t Au and nine g/t Ag from a 74.54-metre depth at an elevation of 812 m.
  • Hole ZK50C903 intersected a 2.87-metre interval (2.74-metre true width) of vein C9 grading 4.67 g/t Au and 51 g/t Ag from a 62.10-metre depth at an elevation of 818 m.
  • Hole ZKDB403AC7602 intersected a 1.55-metre interval (1.47-metre true width) of vein C77 grading 5.07 g/t Au and 19 g/t Ag from a 22.80-metre depth at an elevation of 1,010 m.

Drilling defines silver-lead-zinc veins in the resource area

Fifty-one surface and underground holes were drilled within the resource area at the DCG mine to define the silver-lead-zinc veins, including C4, C4E, C4E1, C4E2, C4W and C7. These veins strike southwest and dip northwest between 45 degrees and 65 degrees. The drilling defined a resource area of around 400 m along strike and 100 m downdip.

Highlights of the high-grade silver-lead-zinc intercepts at the DCG mine:

  • Hole ZKDB05C4E005 intersected a 1.70-metre interval (1.66-metre true width) of vein C4E grading 68 g/t Ag, 15.48 per cent lead, 0.5 per cent zinc and 0.16 per cent copper from a 160.81-metre depth at an elevation of 837 m.
  • Hole ZK03AC705 intersected a 1.02-metre interval (0.98-metre true width) of vein C7 grading 620 g/t Ag, 0.90 per cent Pb, 0.04 per cent Zn and 0.09 g/t Au from a 205.57-metre depth at an elevation of 782 m.
  • Hole ZK03C8-202 intersected a 0.66-metre interval (0.63-metre true width) of newly discovered vein L1 grading 750 g/t Ag, 6.10 per cent Pb, 0.23 per cent Zn, 1.55 g/t Au and 0.08 per cent Cu from an 84.69-metre depth at an elevation of 849 m.

                   SELECTED INTERCEPTS FROM THE 2020-2021 DRILLING PROGRAMS AT THE DCG MINE
  
Hole ID               From         To    Interval    True width      Au      Ag       Pb       Zn            Cu
                        (m)        (m)         (m)           (m)   (g/t)   (g/t)      (%)      (%)           (%)

ZK03AC406             4.71       5.78        1.07          0.61    0.02      15     3.35     0.06       0.01C4E
ZK03AC407             1.80       3.00        1.20          0.75    0.02      34     6.18     0.12       0.02C4E
ZK03AC407            55.98      57.05        1.07          0.67    0.02      12     2.86     0.05      0.02C4a1
ZK03AC407            67.44      68.49        1.05          0.78    0.02      30     1.81     0.17        0.02C4
ZK03AC408            23.85      25.58        1.73          1.41    0.02      27     2.03     0.15        0.08C4
ZK03AC409             4.00       6.03        2.03          1.28    0.02      20     6.07     0.12       0.02C4E
ZK03AC409            89.16      91.54        2.38          1.50    0.02     291     0.19     0.02        0.27C4
ZK03AC410            55.71      56.44        0.73          0.48    0.02      30     4.78     0.41      0.02C4a1
ZK03AC412            48.27      49.71        1.44          0.65    0.02      13     3.71     0.13      0.01C4a1
ZK03AC4E08            0.30       0.88        0.58          0.57    0.02      22     7.21     0.20       0.03C4a
ZK03AC4E08           35.98      38.62        2.64          2.55    0.20      40     5.38     0.19       0.03C4E
ZK03AC4E09           39.84      43.41        3.57          3.43    0.02      22     2.61     0.05       0.02C4E
ZK03AC4E10            1.55       2.06        0.51          0.48    0.02      29     2.95     0.03      0.02C4a1
ZK03AC4E10           39.95      42.52        2.57          2.44    0.02      33     6.56     0.07       0.02C4E
ZK03AC4E11           42.17      44.51        2.34          2.00    0.02      48     7.39     0.11       0.02C4E
ZK03AC701           451.65     452.23        0.58          0.56    1.00      42     6.42     0.18      0.47C8-2
ZK03AC703            11.29      13.08        1.79          1.02    0.01      27     2.72     0.11      0.07C4E2
ZK03AC705           205.57     206.59        1.02          0.98    0.09     620     0.90     0.04        0.01C7
ZK03C4E02            45.19      46.16        0.97          0.87    0.02      21     4.79     0.08       0.01C4E
ZK03C4E05            43.70      45.21        1.51          1.47    0.02      20     3.39     0.05       0.01C4E
ZK03C8-202           84.69      85.35        0.66          0.63    1.55     750     6.10     0.23     0.08L1 (1)
ZK05C401             67.56      71.15        3.59          2.75    0.02     150     2.74     0.24        0.07C4
ZK05C403             73.24      76.27        3.03          2.09    0.02      39     4.55     0.09        0.02C4
ZK05C406            106.31     106.66        0.35          0.22    4.85     429     1.97     1.09      0.37C4-1
ZK05C4E08            35.72      36.45        0.73          0.63    0.02      14     5.78     0.03       0.02C4E
ZK07C4E07            36.08      37.36        1.28          1.17    0.02      59     2.31     0.81       0.05C4E
ZK400AC7601          50.10      51.77        1.67          1.51    1.14      25     0.75     0.40    0.01C76 (1)
ZK401AC8E102        176.28     178.11        1.83          1.23    0.06      42     5.62     0.18      0.02C8E1
ZK401BC802           62.95      63.68        0.73          0.70    1.67       9     0.05     0.03       0.00C76
ZK401C7602          127.07     128.03        0.96          0.26    0.20      35     6.30     0.34        0.04C8
ZK401C7603          239.85     240.44        0.59          0.44    0.01      19    10.83     0.10      0.03C8E1
ZK403AC4002          47.45      48.48        1.03          0.72    0.02      47     2.30     0.21     0.01C4Ea3
ZK403AC4002          78.53      79.36        0.83          0.57    0.02      16     3.09     0.14     0.01C4Ea2
ZK403AC4002         145.76     146.88        1.12          0.78    0.02     225     5.95     0.12       0.02C4E
ZK403C401           140.30     140.98        0.68          0.65    0.02     358     0.61     0.03        0.03C4
ZK405C401           166.36     167.94        1.58          1.22    0.02      11     3.15     0.05        0.01C4
ZK405C401           242.54     243.15        0.61          0.45    0.02      25     7.03     0.16       0.02C4E
ZK417C1001          313.09     313.55        0.46          0.45    2.22       1     0.02     0.01   0.01C1-1 (1)
ZK50AC901            90.32      92.48        2.16          2.07    4.23      15     0.04     0.04        0.01C9
ZK50AC903             9.26       9.99        0.73          0.10    0.26      18     3.94     1.68   0.01C9-2 (1)
ZK50C903              0.00       1.26        1.26          1.19    0.69      51     6.65     0.15       0.05C9E
ZK50C903             62.10      64.97        2.87          2.74    4.67      51     0.03     0.03        0.01C9
ZK50C903             69.13      70.71        1.58          1.51    0.39      36     2.01     3.63    0.25C9a (1)
ZK51AC902           221.76     222.92        1.16          0.76    3.38       4     0.01     0.02        0.01C9
ZK51BC902            45.17      45.93        0.76          0.60    0.03      48     3.41     0.05    0.12C9W (1)
ZK51C902            100.96     102.45        1.49          1.10    3.86      10     0.04     0.02      0.01C9-1
ZK51C902            195.68     197.13        1.45          1.07    2.00       4     0.01     0.02        0.01C9
ZK51C902            205.58     207.42        1.84          1.36    3.37       2     0.00     0.01       0.01C9a
ZKDB05AC4E001        97.80      98.36        0.56          0.51    0.23     455     1.04     0.01      3.59C4-1
ZKDB05C4E005        160.81     162.51        1.70          1.66    0.02      68    15.48     0.50       0.16C4E
ZKDB402C7602         97.51      99.44        1.93          1.68    1.39      31     0.05     0.04        0.01C9
ZKDB402C7603        165.91     168.39        2.48          2.15    2.59       5     0.04     0.10        0.01C9
ZKDB403AC7601        25.50      28.50        3.00          2.78    1.76       6     0.02     0.06    0.01C77 (1)
ZKDB403AC7601        34.10      35.20        1.10          1.02    4.52       3     0.01     0.01   0.03C77E (1)
ZKDB403AC7602        22.80      24.35        1.55          1.47    5.07      19     0.01     0.02       0.01C77
ZKDB409C7602        244.77     245.77        1.00          0.94    2.61       1     0.01     0.00      0.01C8-1
ZKDB51AC901          95.54      96.58        1.04          0.98    3.46       1     0.00     0.00        0.01C9
ZKDB51AC905          81.96      83.23        1.27          0.74    2.86      64     0.73     0.52        0.02C9
ZKDB51AC906         104.26     105.51        1.25          1.24    2.06       2     0.00     0.00        0.01C9
ZKDB51BC902          81.99      85.56        3.57          3.28    7.17      15     0.01     0.01        0.01C9
ZKDB51C903           74.54      81.71        7.17          5.74    2.92       4     0.01     0.01        0.01C9
incl                 74.54      75.93        1.39          1.12    8.93       9     0.01     0.01        0.01C9
ZKDB51C907           72.97      73.57        0.60          0.60    1.73      64     0.22     0.09        0.01C9
ZKDB51C908           72.37      73.39        1.02          0.97    2.55      41     0.17     0.09        0.01C9
ZKDB52C902          121.08     122.72        1.64          1.52    2.55       1     0.00     0.01       0.01C9E
ZKDB53AC903          72.35      73.57        1.22          1.08    1.91      33     0.05     0.34        0.01C9
ZKDB53AC906         130.02     132.68        2.66          2.19    1.44      43     0.09     0.13        0.01C9
ZKDB53C904          147.90     148.54        0.64          0.37    1.04      29     5.44     3.74        0.04C8
ZKDB53C905           79.61      81.00        1.39          1.33    2.59      18     0.11     0.11        0.01C9
ZKDB53C906           77.85      79.25        1.40          1.36    5.40      13     0.02     0.01        0.01C9
ZKDB55C901          118.79     119.93        1.14          0.94    5.24      32     0.14     0.20        0.01C9

(1) New veins.

Tunnelling programs at the DCG mine

A total of 4,377 m of exploration tunnels have been developed at the DCG mine during this period. The exploration tunnelling, composed of drifting, crosscutting and raising, was driven along and across major mineralized vein structures to upgrade the drill-defined mineral resources and to test for new parallel and splay structures.

Highlights of selected mineralized zones exposed in the tunnels:

  • Crosscut DCG-XPD-C4-850-403SMW-CM2 exposed mineralization 1.18 m wide (true width), grading 0.63 g/t Au, 2,427 g/t Ag, 2.60 per cent Pb, 0.01 per cent Zn and 7.26 per cent Cu within vein C4 at an elevation of 850 m.
  • Crosscut DCG-XPD-C76-800-400NMW-CM5 exposed mineralization 5.46 m wide (true width), grading 5.66 g/t Au, 78 g/t Ag, 1.22 per cent Pb, 0.57 per cent Zn and 0.07 per cent Cu within vein C76 at an elevation of 800 m.
  • Crosscut DCG-XPD-C76-843-400SMW-CM2 exposed mineralization 1.17 m wide (true width), grading 19.17 g/t Au, 54 g/t Ag, 0.15 per cent Pb, 0.09 per cent Zn and 0.01 per cent Cu within vein C76 at an elevation of 843 m.
  • Drift tunnel DCG-XPD-C9-800-53SYM exposed mineralization 38 m long and 0.93 m wide (true width), grading 2.88 g/t Au, 114 g/t Ag, 0.15 per cent Pb, 0.19 per cent Zn and 0.04 per cent Cu within vein C9 at an elevation of 800 m.
  • Drift tunnel DCG-XPD-C4E-850-403SYM exposed mineralization 70 m long and 0.86 m wide (true width) grading 0.08 g/t Au, 76 g/t Ag, 7.33 per cent Pb, 0.20 per cent Zn and 0.04 per cent Cu within vein C4E at an elevation of 850 m.

                      SELECTED MINERALIZED ZONES EXPOSED BY CROSSCUTS AT THE DCG MINE
  
Tunnel ID                        From        To      Interval        Au        Ag        Pb        Zn        Cu
                                   (m)       (m)           (m)     (g/t)     (g/t)       (%)       (%)       (%)

DCG-XPD-C76-800-400NMW          14.50     15.60          1.10      7.00        18      0.17      0.03      0.01
DCG-XPD-C9-888-51SYM-CM1         1.60      4.50          2.90      0.87        52      0.12      0.11      0.01
DCG-XPD-C76-800-400NMW           1.80      3.80          2.00      2.63       316      0.51      0.54      0.05
DCG-XPD-C76-800-400NMW-CM5       2.40      4.40          2.00      0.02        50     12.77      0.31      0.04
DCG-XPD-C9-800-51NYM-CM2        13.30     20.20          6.90      2.91         8      0.05      0.02      0.00
DCG-XPD-C9-800-53NYM-CM2         1.80      4.80          3.00      0.88        46      0.19      0.04      0.00
DCG-XPD-C9-800-53SMW-CM1         0.85      2.35          1.50      5.12        46      0.12      0.01      0.01
DCG-XPD-C9-800-53SMW-CM2         5.60      8.00          2.40      1.65        24      0.34      0.55      0.01
DCG-XPD-C9-800-53SMW-CM3         1.40      2.20          0.80      1.37        11      0.10      0.09      0.01
DCG-XPD-C9-800-53SMW-CM6         6.40      7.10          0.70      0.19       130      0.15      0.18      0.01
DCG-XPD-C9-750-50AZCM            1.00      3.20          2.20      3.94       111      0.79      0.15      0.04
DCG-XPD-C9-800-51AWCM            0.00      1.10          1.10      0.75        63      8.09      0.67      0.08
DCG-XPD-C76-843-400NMW-CM1       2.00      2.70          0.70      7.54        91      0.69      0.37      0.01
DCG-XPD-C76-843-400SMW-CM1       3.30      5.05          1.75      3.53        40      0.09      0.13      0.01
DCG-XPD-C76-843-400SMW-CM2       1.40      3.00          1.60     19.17        54      0.15      0.09      0.01
DCG-XPD-C76-843-400SMW-CM3       2.00      2.80          0.80      6.49        54      0.17      0.42      0.01
DCG-XPD-C76-800-400NMW-CM1       0.90      1.25          0.35      4.30        17      0.05      0.07      0.01
DCG-XPD-C76-800-400NMW-CM2       2.90      3.70          0.80      3.25        26      0.08      0.04      0.01
DCG-XPD-C76-800-400NMW-CM3       4.40      8.40          4.00      5.28        26      3.00      0.10      0.08
incl                             7.50      8.40          0.90     21.79        63      0.23      0.16      0.01
DCG-XPD-C76-800-400NMW-CM4       2.00      2.60          0.60      3.32        61      2.68      0.25      0.14
DCG-XPD-C76-800-400NMW-CM5       0.00      7.40          7.40      5.66        78      1.22      0.57      0.07
DCG-XPD-C76-800-400NMW-CM6       0.00     12.60         12.60      2.07        25      0.63      0.12      0.03
DCG-XPD-C4-850-403SMW-CM2        3.70      5.00          1.30      0.63     2,427      2.60      0.01      7.26
DCG-XPD-C4-850-403SMW-CM3        2.65      4.23          1.58      2.24       516      3.36      0.20      1.01

                   SELECTED MINERALIZED ZONES EXPOSED BY DRIFT TUNNELLING AT THE DCG MINE 
  
Tunnel ID                    Length      True width          Au          Ag          Pb          Zn          Cu
                                 (m)             (m)       (g/t)       (g/t)         (%)         (%)         (%)

DCG-XPD-C4E-900-407NYM          300            0.66        0.02          46        7.02        0.23        0.03
DCG-XPD-C4E-850-403SYM          253            0.86        0.08          76        7.33        0.20        0.04
DCG-XPD-C9-843-53SYM            144            0.57        2.37          54        0.14        0.15        0.01
DCG-XPD-C9-800-53SYM             54            0.93        2.88         114        0.15        0.19        0.04
DCG-XPD-C9-800-53NYM            164            0.54        1.78          26        0.04        0.05        0.01
DCG-XPD-C9-800-51ANYM            48            0.77        5.19          17        0.13        0.15        0.00
DCG-XPD-C9-843-53SMW            120            0.17        9.23          28        0.02        0.02        0.01

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 SGS in Tianjin, China. All three labs are ISO9000-certified analytical labs. For analysis, the sample is dried and crushed to minus one millimetre and then split into a 200- 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 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 millimetre is made and kept in the laboratory archives. Gold is analyzed by fire assay with AAS finish while 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 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 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.

We seek Safe Harbor.

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