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Silvercorp Metals Inc
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Silvercorp drills 7.6 m of 705 g/t Ag, 1.51% Pb at LMW

2021-10-14 07:17 ET - News Release

Mr. Guoliang Ma reports

SILVERCORP INTERSECTS 7.6 METRES TRUE WIDTH GRADING 705 GRAMS PER TONNE SILVER AND 1.51% LEAD FROM VEIN LM7W AT THE LMW MINE

Silvercorp Metals Inc. has released results of thick and high-grade intercepts from its 2021 exploration program at the LMW mine. Extensive exploration drilling and tunnelling are continuing at the LMW mine and all other mines in the Ying mining district, Henan province, China.

From May 1 to Sept. 30, 2021, 23,908 metres a total of 166 diamond drill holes, including 152 underground holes and 14 surface holes, were completed at the LMW mine. Assay results for 102 holes have been received, with 70 holes intercepting mineralization. Currently there are 12 rigs drilling at the LMW mine.

The strategy of the drilling program is threefold: (1) drill above or beneath the stopes that were previously mined but stopped due to poor understanding of the geology, such as veins LM7 and LM7W, where much thicker pods have been discovered by infill drilling; (2) drill for high-grade silver-lead-zinc veins at the northwest and east sides of the resource area with previous limited drilling without follow-up such as W1, W2, W6 and LM41E series veins where high-grade intercepts were discovered and can quickly be mined; and (3) drill low-angle gold veins such as LM50, copper-gold-silver veins such as LM26 and gold-silver-copper veins such as LM22.

Drilling intersected high-grade silver-lead-zinc veins at the northwest and east sides of the resource area

At the northwest side of the resource area, drilling intersected high-grade silver-lead-zinc veins W1, W2, W6 and W6E1 with true widths up to 4.67 m, at an elevation above 850 m. The drilling program discovered new splay and parallel veins, including W1E, W2E, W2W, W6W and W18E. Vein W1 has been defined approximately 200 m along strike and 100 m downdip and is still open laterally along strike and at depth.

At the east side of the resource area, between the LMW mine and the LME mine, drilling intersected high-grade silver-lead-zinc vein LM41E, at an elevation above 760 m. Drilling also intersected additional splay and parallel silver-lead-zinc veins LM41E1 and LM41E1Wa, which are also high-grade vein structures with true widths up to 7.03 m.

Drill above or beneath the stopes that were previously mined

Most holes in this period targeted blocks of known silver-lead-zinc veins in the production areas that were previously missed due to limited drilling or tunnelling, changes in the strikes and dips and/or pinch-swelling of the pay zones in the veins. The high-grade intercepts are mainly associated with the northeast-striking LM7 series and LM12 series and the northwest-striking LM8 series and LM19 series. Drilling discovered additional splay and parallel vein structures LM12-2a and T1; the latter may be a southwest extension of the major vein structure T1 at the TLP mine to the northeast of the LMW mine.

Highlights of the high-grade silver-lead-zinc mineralization at the LMW mine:

  • Hole ZKX05X023 intersected an 8.87-metre interval (7.60 m true width) of vein LM7W grading 705 grams per tonne silver, 1.51 per cent lead, 0.08 per cent zinc, 0.06 g/t gold and 0.05 per cent copper from 24.73 m depth, at an elevation of 790 m.
  • Hole ZKX1137 intersected a 5.16 m interval (4.80 m true width) of vein LM41E1 grading 984 g/t Ag, 1.19 per cent Pb, 0.29 per cent Zn, 0.08 g/t Au and 1.15 per cent Cu from 46.4 m depth, at an elevation of 793 m.
  • Hole ZKX0451 intersected a 3.11 m interval (1.72 m true width) of vein W1 grading 1,468 g/t Ag, 4.90 per cent Pb, 0.97 per cent Zn, 0.03 g/t Au and 0.35 per cent Cu from 137.88 m depth, at an elevation of 981 m.
  • Hole ZKX05X037 intersected a 5.40 m interval (5.06 m true width) of vein LM8W grading 703 g/t Ag, 1.52 per cent Pb, 0.14 per cent Zn, 0.08 g/t Au and 0.42 per cent Cu from 24.97 m depth, at an elevation of 795 m.
  • Hole ZKX0789 intersected a 2.96 m interval (2.21 m true width) of vein LM7W grading 1,646 g/t Ag, 2.42 per cent Pb, 0.27 per cent Zn, 0.45 g/t Au and 0.17 per cent Cu from 15.96 m depth, at an elevation of 786 m.
  • Drift tunnel PD918-W1-918-4SYM exposed mineralization 15 m long and 0.85 m wide (true width), grading 1,561 g/t Ag, 4.31 per cent Pb, 0.62 per cent Zn, 0.02 g/t Au and 0.45 per cent Cu of vein W1 at an elevation of 918 m.
  • Drift tunnel PD918-W1-918-4NYM exposed mineralization 30 m long and 0.61 m wide (true width), grading 1,222 g/t Ag, 3.74 per cent Pb, 0.98 per cent Zn, 0.15 g/t Au and 0.34 per cent Cu of vein W1 at an elevation of 918 m.

Drill low-angle gold or copper-gold-silver veins

The drilling continued intersecting and extending the low-angle gold vein LM50. An additional 17 holes in this period targeted LM50 and defined a block 800 m east-west by 500 m north-south, with hole density at the central 300 m by 300 m portion being approximately 25 m by 25 m. Another 15 holes targeted the low-angle gold vein structure LM26. The assay results of 13 holes were returned with 10 holes intersecting gold mineralization.

Highlights of the intercepts from the low-angle gold veins at the LMW mine:

  • Hole ZKX0796 intersected a 3.47 m interval (2.74 m true width) of vein LM50 grading 11.82 g/t Au, 27 g/t Ag, 0.29 per cent Pb, 0.22 per cent Zn and 0.01 per cent Cu from 37.23 m depth, at an elevation of 786 m.
  • Hole ZKX0788 intersected a 2.47 m interval (1.99 m true width) of vein LM50 grading 1.26 g/t Au, 1,193 g/t Ag, 0.40 per cent Pb, 0.04 per cent Zn and 0.16 per cent Cu from 14.46 m depth, at an elevation of 789 m.
  • Hole ZKX0787 intersected a 1.51 m interval (1.27 m true width) of vein LM26 grading 5.86 g/t Au, two g/t Ag, 0.01 per cent Pb, 0.02 per cent Zn and 0.01 per cent Cu from 80.04 m depth, at an elevation of 749 m.
  • Hole ZKX0153 intersected a 2.12 m interval (1.23 m true width) of vein LM26 grading 4.62 g/t Au, 19 g/t Ag and 0.75 per cent Cu from 63.11 m depth, at an elevation of 646 m.
  • Hole ZKX0172 intersected a 1.19 m interval (1.01 m true width) of vein LM26 grading 2.81 g/t Au, 132 g/t Ag and 4.05 per cent Cu from 60.95 m depth, at an elevation of 643 m.
  • Drift tunnel PD924-LM22-834-5YMSS exposed mineralization 20 m long and 0.38 m thick (true thickness), grading 97 g/t Ag, 26.89 g/t Au and 12.93 per cent Cu of vein LM22 at an elevation of 834 m.
  • Drift tunnel PD924-LM22-834-5YMSD exposed mineralization 10 m long and 0.39 m thick (true thickness), grading 54 g/t Ag, 38.95 g/t Au and 5.63 per cent Cu of vein LM22 at an elevation of 834 m.

                 SELECTED INTERCEPTS FROM THE DRILLING PROGRAM AT THE LMW MINE
  
Hole ID         From       To     Interval    True width       Ag       Pb       Zn       Au      Cu
                 (m)      (m)          (m)           (m)    (g/t)      (%)      (%)    (g/t)     (%)

ZKX0153        63.11    65.23         2.12          1.23       19     0.08     0.01     4.62    0.75
ZKX0172        60.95    62.14         1.19          1.01      132     0.03     0.01     2.81    4.05
ZKX0173         1.35     2.33         0.98          0.49      196     6.26     1.45     0.03    0.39
ZKX0173        69.70    70.43         0.73          0.21      217     0.83     0.15     1.87    0.79
ZKX0346        66.05    66.55         0.50          0.46      322     2.45     0.13     0.03    0.04
ZKX0363       116.29   118.78         2.49          2.43       92     2.05     0.15     0.05    0.04
ZKX0390        18.68    19.52         0.84          0.63       57     3.89     0.14     0.05    0.04
ZKX0390        60.86    61.63         0.77          0.58       37     0.01     0.03     0.92    5.43
ZKX0391        60.94    61.51         0.57          0.48        9     0.56     0.07     3.15    2.36
ZKX0392         9.23    10.25         1.02          0.42      214     0.20     0.33     0.01    0.03
ZKX0393        16.81    17.64         0.83          0.56       25     5.36     0.02     0.01    0.01
ZKX0422       311.17   312.39         1.22          0.18      348     1.79     0.11     0.03    0.12
ZKX0433       119.75   120.26         0.51          0.41        1     0.00     0.01     2.82    0.01
ZKX0433       144.41   145.51         1.10          1.07      172     7.31     0.13     0.01    0.03
ZKX0434       114.94   116.86         1.92          1.81      639     3.30     0.55     0.04    0.06
ZKX0434       146.36   148.91         2.55          2.42    1,065     2.98     0.26     0.02    0.28
ZKX0435       158.30   159.28         0.98          0.78      238     0.51     0.45     0.03    0.02
ZKX0435       225.40   226.60         1.20          2.40       46     5.96     0.13     0.02    0.02
ZKX0442       136.75   139.86         3.11          2.88      543     4.21     1.19     0.03    0.11
ZKX0442       147.76   150.20         2.44          2.26      695     2.96     0.17     0.03    0.07
ZKX0447       154.85   156.05         1.20          0.79    4,034     4.67     0.73     0.05    0.46
ZKX0448        91.40    95.32         3.92          2.72      183     1.03     0.20     0.05    0.14
ZKX0451        61.86    62.83         0.97          0.54      376     5.78     0.13     0.03    0.04
ZKX0451       121.68   126.31         4.63          2.57      300     0.62     0.08     0.03    0.05
ZKX0451       137.88   140.99         3.11          1.72    1,468     4.90     0.97     0.03    0.35
incl.         138.72   139.90         1.18          0.65    3,572    12.55     2.40     0.03    0.88
ZKX0452        28.85    29.82         0.97          0.95      995     3.06     0.19     0.05    0.23
ZKX0452       136.42   141.17         4.75          4.67      123     0.66     0.16     0.05    0.03
ZKX0452       146.67   147.70         1.03          1.01      195     0.14     0.09     0.05    0.02
ZKX0452       163.80   164.40         0.60          0.59      309     1.04     0.10     0.05    0.02
ZKX0544        26.31    27.08         0.77          0.74      176     8.77     0.07     0.14    0.03
ZKX0578        82.30    83.44         1.14          1.13      230     0.72     0.10     0.33    0.21
ZKX0581        68.26    70.77         2.51          1.98      200     0.22     0.12     0.09    0.09
ZKX05X019      16.90    17.45         0.55          0.54      158     1.18     0.04     0.03    0.02
ZKX05X019      39.38    44.59         5.21          5.14      221     1.49     0.34     0.03    0.57
ZKX05X020      23.03    24.48         1.45          1.40      455     1.09     0.02     0.03    0.07
ZKX05X020      35.97    46.44        10.47          5.79      520     0.72     0.27     0.03    0.28
ZKX05X021      37.66    43.76         6.10          6.06      213     0.85     0.11     0.05    0.28
incl.          38.73    39.81         1.08          0.91    1,075     2.04     0.17     0.19    1.20
ZKX05X023      24.73    33.60         8.87          7.60      705     1.51     0.08     0.06    0.05
incl.          27.81    29.25         1.44          1.23    3,721     1.52     0.12     0.05    0.09
ZKX05X024      21.14    24.79         3.65          3.21      135     0.74     0.05     0.06    0.03
ZKX05X024      41.66    44.38         2.72          2.38      692     1.38     0.18     0.10    0.66
incl.          41.66    42.17         0.51          0.45    1,737     2.53     0.10     0.05    0.10
ZKX05X025      16.57    19.68         3.11          2.45      207     0.62     0.07     0.98    0.03
ZKX05X025      20.68    21.78         1.10          0.87      179     0.68     0.04     0.03    0.03
ZKX05X037      24.97    30.37         5.40          5.06      703     1.52     0.14     0.08    0.42
incl.          28.15    29.23         1.08          1.01    2,721     4.74     0.38     0.20    1.65
ZKX05X037      46.09    52.24         6.15          5.75      185     0.77     0.10     0.03    0.10
ZKX0628        34.81    35.62         0.81          0.80      422     1.44     4.71     0.03    0.13
ZKX0628       150.69   151.90         1.21          1.21      600     1.25     0.10     0.03    0.02
ZKX0629        65.51    67.72         2.21          1.90      743     1.64     1.35     0.05    0.00
incl.          65.51    66.38         0.87          0.75    1,175     4.10     3.38     0.05    0.29
ZKX0629       151.08   153.33         2.25          1.94      181     5.94     0.12     0.02    0.00
ZKX0742       157.08   159.59         2.51          2.50      544     1.00     0.41     0.05    0.15
ZKX0748       169.79   171.81         2.02          1.67    1,103     4.11     2.56     0.03    0.25
incl.         169.79   170.51         0.72          0.59    2,901    10.69     6.91     0.03    0.61
ZKX0754        85.20    88.81         3.61          3.16      120     1.15     0.07     0.10    0.88
ZKX0766        14.66    15.17         0.51          0.49      458     0.29     0.23     0.03    0.06
ZKX0771         4.65     6.01         1.36          1.33      453     0.52     0.19     0.01    0.04
ZKX0771        11.69    12.61         0.92          0.90      389     1.55     0.46     0.02    0.06
ZKX0771        41.17    42.66         1.49          1.46       93     1.81     0.12     0.02    0.03
ZKX0772        77.32    77.92         0.60          0.57      857     6.54     3.32     0.05    0.54
ZKX0787        40.84    45.87         5.03          4.22      173     0.56     0.05     0.05    0.03
ZKX0787        80.04    81.55         1.51          1.27        2     0.01     0.02     5.86    0.01
ZKX0788        14.46    16.93         2.47          1.99    1,193     0.40     0.04     1.26    0.16
incl.           15.8    16.93         1.13          0.91    1,963     0.03     0.03     2.65    0.29
ZKX0789        15.96    18.92         2.96          2.21    1,646     2.42     0.27     0.45    0.17
incl.          15.96    16.56         0.60          0.45    3,024     0.04     0.03     1.31    0.17
and            17.87    18.37         0.50          0.37    2,724    12.53     1.34     0.60    0.60
ZKX0789        54.29    62.20         7.91          5.91      122     1.69     0.17     0.44    0.07
ZKX0793        40.82    42.43         1.61          1.39      611     4.65     0.05     0.20    1.11
ZKX0796         1.53     2.11         0.58          0.46      511     0.58     0.03     0.05    0.07
ZKX0796          7.9     9.48         1.58          1.24      994     4.05     0.12     0.18    0.39
incl.            7.9     8.57         0.67          0.53    2,155     9.48     0.27     0.37    0.92
ZKX0796        31.07    31.65         0.58          0.46      271     0.64     0.27     0.17    0.13
ZKX0796        37.23     40.7         3.47          2.74       27     0.29     0.22    11.82    0.01
incl.          38.99     40.7         1.71          1.35       44     0.56     0.42    23.24    0.02
ZKX0982         6.95     7.75         0.80          0.60      391     1.35     0.19     0.03    0.05
ZKX0982        56.77    57.81         1.04          0.79    1,829     8.81     0.71     0.11    0.34
ZKX0983        43.22    51.51         8.29          7.03      347     3.86     0.20     0.06    0.13
incl.          48.48    49.29         0.81          0.69    2,955    35.65     1.07     0.29    0.66
ZKX0986        85.68    86.82         1.14          3.02       91     3.95     0.76     0.07    0.01
ZKX0987        44.43    52.46         8.03          3.57      649     1.96     0.32     0.19    0.48
incl.          47.73    49.30         1.57          0.70    2,000     5.07     0.85     0.53    0.37
ZKX09X004      50.69    51.95         1.26          1.22       56     5.59     0.08     0.03    0.01
ZKX09X004      57.42    60.39         2.97          2.89      391     3.18     0.15     0.03    0.17
incl.          59.36    60.39         1.03          1.00      980     8.00     0.31     0.03    0.39
ZKX09X005      46.00    46.56         0.56          0.40      323     4.49     0.13     0.03    0.08
ZKX1117        46.78    48.00         1.22          1.15      207     1.92     0.59     0.03    0.01
ZKX1117       115.92   117.35         1.43          1.35      298     0.68     0.04     0.02    0.05
ZKX1119         9.98    11.04         1.06          0.36      119     6.31     0.13     0.01    0.33
ZKX1137        37.61    39.36         1.75          1.63      295     2.50     0.20     0.04    0.09
ZKX1137        46.40    51.56         5.16          4.80      984     1.19     0.29     0.08    1.15
incl.          48.45    49.12         0.67          0.62    1,827     7.34     0.48     0.08    0.50
and            50.66    51.56         0.90          0.84    4,050     0.49     1.22     0.31    6.17
ZKX1142       145.65   146.85         1.20          0.98       38     7.01     0.07     0.05    0.01
ZKX11806       88.93    89.48         0.55          0.97       46    11.63     0.16     0.02    0.21
ZKX11810      235.90   237.43         1.53          1.23      148     1.63     0.03     0.05    0.57
ZKX11811      103.94   105.90         1.96          1.54      344     2.79     0.39     0.04    0.20
ZKX1337       151.03   153.86         2.83          0.99        3     0.10     0.03     5.88    0.01
incl.         152.73   153.86         1.13          0.40        7     0.17     0.06    13.80    0.01
ZKX14209      132.81   134.52         1.71          1.46      236     1.81     0.58     0.12    0.04
ZKX14209      137.15   139.32         2.17          1.86      139     3.11     0.18     0.05    0.02
ZKX14209      152.55   153.35         0.80          0.69      181     4.94     3.54     0.05    0.02
ZKX14209      179.51   180.67         1.16          0.99      513     2.96     0.31     0.16    0.08

Tunnelling programs at the LMW mine

A total of 1,753 metres of exploration tunnels have been developed at the LMW 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 to test for new parallel and splay structures.

At the elevation of 834 m, three decline tunnels exposed low-angle gold vein LM22 with ore lengths of 20 m, 18 m and 10 m and gold grades of 26.89 g/t, 20.80 g/t and 38.95 g/t, respectively. A four-hole drilling program has been initiated to test the continuity of LM22 at the 834 m elevation.

                        SUMMARY OF THE TUNNELLING PROGRAM AT THE LMW MINE
  
                                    Channel
                           Total    samples     Drift            Total mineralization exposed by drifts (1) 
Major target veins    tunnelling  collected  included  Length  True width     Ag     Pb    Zn     Au     Cu
                             (m)                  (m)     (m)         (m)  (g/t)    (%)   (%)  (g/t)    (%)

W1, W2, W18,
W6W, LM22,
LM8-2, LM17,
LM41E, LM50,
LM20E, LM12-1,
LM7, LM20, LM11
and LM14                   1,753      1,358       738     385        0.71    519   2.71  0.43   2.72   0.70

(1) Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 145 g/t at the 
LMW mine (formula used for AgEq calculation: AgEq equals Ag g/t plus 64.66 times Au g/t plus 34.07 times 
Pb per cent).                            

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

XPDS-LM17-625-28SYM        206            35        0.87    720    4.31     0.49     0.02   0.47
XPDS-LM17-575-26SYM        148            77        0.89    316    4.30     0.77     0.02   0.15
XPDS-LM17-525-24SYM        260            10        0.80    635    1.19     0.27     0.02   0.47
PD924-LM22-834-3YMXS        20            18        0.53     23    0.08     0.01    20.80   0.69
PD924-LM22-834-5YMSD        10            10        0.39     54    0.04     0.03    38.95   5.63
PD924-LM22-834-5YMSS        26            20        0.38     97    0.06     0.09    26.89  12.93
XPDN-LM41E-700-9NYM         76            35        0.64    823    4.45     0.25     0.02   0.16
XPDN-LM50-800-7NYM          32            20        1.15    131    1.40     0.26     0.02   0.05
XPDN-LM50-800-7SYMCM       160            20        0.73      4    0.05     0.03     4.02   0.01
PD918-W1-918-4NYM           30            30        0.61  1,222    3.74     0.98     0.15   0.34
PD918-W1-918-4SYM           65            15        0.85  1,561    4.31     0.62     0.02   0.45
PD918-W1-880-8NYM          150            45        0.66    336    2.38     0.18     0.02   0.03

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.

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