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Silvercorp Metals Inc
Symbol SVM
Shares Issued 173,816,834
Close 2020-05-27 C$ 5.71
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Silvercorp Metals begins drilling at Chinese mines

2020-05-28 08:03 ET - News Release

Mr. Lon Shaver reports

SILVERCORP LAUNCHES A DRILL PROGRAM FOR GOLD MINERALIZATION AT THE LMW, LME AND TLP MINES, YING MINING DISTRICT, CHINA

A drill program targeting gold mineralization is under way at Silvercorp Metals Inc.'s LMW, LME and TLP mines within the Ying mining district, Henan province, China.

Silvercorp has previously reported limited gold assay results in news releases dated Jan. 4, 2011, Jan. 10, 2011, Jan. 26, 2012, Feb. 13, 2012, Aug. 20, 2012, Jan. 31, 2013, and Feb. 19, 2014, for the LMW, LME and TLP mines, but as the focus was on mining silver-lead-zinc veins the characterization of gold mineralization was poorly understood. As such, many gold-bearing intercept results from drilling over the years have never been released as they do not fit into any known silver-lead-zinc veins that are mined by the company.

Recent tunneling programs have exposed gently dipping quartz-ankerite-sulphide shear zones with high gold and copper values, such as LM22 and LM26 at the LMW mine and LM4E2 at the LME mine. Photos available on-line show the exposed LM22 structure from the LMW mine of a massive quartz-ankerite-sulphide vein composed of 19 per cent Cu and 20 grams per tonne Au over 0.3 metre within a silicification shear zone. This clearly shows that the gold-mineralized, subhorizontal, quartz-ankerite-sulphide shear zones were cut and overprinted by the later stage subvertical silver-lead-zinc veins that Silvercorp has been mining.

Initial sample results from these tunnels and decline are listed in the "Au mineralized zones exposed by drift tunneling at the LMW and LME mines" table. LM22, from the decline at 805 m elevation, extends 30 m long with a 0.43 m sample width and an average grade of 13.95 g/t Au, 2.2 per cent Cu and 26 g/t Ag. Vein LM26 also contains high copper and gold values.

                      AU MINERALIZED ZONES EXPOSED BY DRIFT TUNNELLING AT THE LMW AND LME MINES
 
Mines   Tunnel ID                     Length (m)   Sample width (m)   Au (g/t)   Ag (g/t)   Pb (%)   Zn (%)   Cu (%) 

LMW     PD924-LM22-834-3SYM_decline        30.0               0.43      13.95         26     0.09     0.03     2.20
LMW     PD924-LM22-834-3NYM                15.0               0.30       4.35         19     0.03     0.02     3.85
LMW     XPDN-LM26-650-3WYM                 10.0               0.46       1.52        207     0.99     0.34     0.79

With the discovery of the subhorizontal nature of gold-related shear zones, the company has re-examined its database for drill intercepts with gold grades in earlier drilling programs. The "Selected drill holes with higher Au values" table lists the assay results of the drill holes with gold values higher than 2.0 g/t that have not been released before. Most of these gold carrying intercepts were not mined as many tunnels advanced horizontally and did not hit these subhorizontal shear zones.

The intercepts from the "Selected drill holes with higher Au values" table are relatively narrow, which is mostly due to selective sampling techniques as current exploration in the Ying mining district is targeting narrow veins. Logging of the drill core shows much wider quartz-ankerite-epidote-k-feldspar-biotite-sulphide alteration, but only narrow samples were taken in most occasions.

From the "Selected drill holes with higher Au values" table, subhorizontal shear zone LM22 was intercepted by three subvertical drill holes ZKX0308, ZKX0310 and ZKX0309 near 840 m elevation. ZKX0308 has a sample width of 0.28 m grading 22.65 g/t Au and 19.8 per cent Cu, ZKX0310 has a sample width of 0.50 m grading 75.7 g/t Au and 0.35 per cent Cu, and ZKX0309 has a sample width of 0.28 m grading 63.5 g/t Au and 0.32 per cent Cu. ZKX0309 also intercepted multiple subhorizontal shear zones, including LM26 with a sample width of 0.61 m grading 4.7 g/t Au at 662 m elevation, and an unknown shear zone at 403 m elevation with a sample width of 0.91 m grading 2.55 g/t Au.

LM26 was also intercepted by drill hole ZKX0306 at 625 m elevation with a sample width of 0.57 m grading 22.35 g/t Au.

Highlights of selected drill hole interceptions with higher Au values:

  • Hole ZKX10505 has a sample width 0.51 m from 397.94 m to 398.45 m, grading 25.42 g/t Au and 15 g/t Ag from LMW.
  • Hole ZKL5033 has a sample width of 0.55 m grading 29.5 g/t Au from LME.
  • Hole ZK-?-1124 has a sample width of 1.22 m grading 9.17 g/t Au, 314 g/t Ag and 2.12 per cent lead from TLP.
  • Hole ZKT05S35 has a sample width of 2.0 m grading 3.92 g/t Au, 2,765 g/t Ag, 4.95 per cent Pb and 0.88 per cent Cu from TLP.
  • Hole ZKT2901 has a sample width of 2.54 m grading 3.6 g/t Au, 266 g/t Ag, 8.55 per cent Pb and 3.52 per cent Cu from TLP.

                              SELECTED DRILL HOLES WITH HIGHER AU VALUES
 
                         From       To   Int.      Au       Ag      Pb      Zn       Cu        Ag-Pb-Zn
Mine       Hole ID         (m)      (m)    (m)   (g/t)    (g/t)     (%)     (%)      (%)  Year released

LMW       ZKX10505     397.94   398.45   0.51   25.42       15    0.03    0.06     0.01   2019
LMW       ZKX10508     174.83   175.70   0.87    2.22        5    0.02    0.01     0.00   2019
LMW       ZKX10916     369.59   369.89   0.30    2.17        4    0.02    0.02     0.01   2019
LMW       ZKX12004      28.50    29.22   0.72    4.96        4    0.02    0.01     1.93   2019
LMW     ZKX117PA01     171.26   172.59   1.33    3.70        4    0.02    0.01     0.06   2017
LMW       ZKX02Q01     189.37   190.10   0.73    3.71      351    2.62    1.32     2.56   2016 Released
LMW        ZKX0662     211.28   212.36   1.08    5.62        1    0.01    0.01     0.01   2016
LMW      ZKX104S23     187.44   188.64   1.20    2.18      295    3.35    0.18     0.07   2013 Released
LMW        ZKX0604     155.71   155.88   0.17    4.45       27    0.05    0.11     1.97   2012
LMW        ZKX1124      32.20    32.46   0.26    4.27        8    0.01    0.01     0.01   2012
LMW        ZKX2201     209.23   210.33   1.10    4.06        3    0.01    0.01     0.01   2012
LMW        ZKX0001     306.98   307.28   0.30    4.54        3    0.01    0.01     0.01   2011
LMW        ZKX0001     332.55   333.42   0.87    4.04        4    0.01    0.01     0.32   2011
LMW        ZKX0003     542.20   542.40   0.20    2.89       34    0.07    0.02     1.84   2011
LMW        ZKX0004     617.55   618.21   0.66    8.84    1,206    5.60    1.65     0.48   2011
LMW        ZKX0404      31.79    33.22   1.43    3.06        9    0.03    0.03     0.01   2011
LMW        ZKX0405     286.09   286.39   0.30   19.70        4    0.01    0.03     0.33   2011
LMW        ZKX0406     256.04   256.24   0.20  135.00       27    0.01    0.07     4.28   2011
LMW       ZKX10604     334.52   335.12   0.60   21.60       81    0.56    0.31     0.01   2011
LMW       ZKX10606     149.78   150.82   1.04    5.59        6    0.05    0.03     0.01   2011
LMW       ZKX10607     140.97   141.58   0.61    3.95       25    0.53    0.88     0.02   2011
LMW        ZKX0305     341.77   342.10   0.33   10.23       12    0.12    0.05     0.08   2010
LMW        ZKX0306     368.90   369.47   0.57   22.35        8    0.04    0.01     0.05   2010
LMW        ZKX0307     150.43   150.71   0.28    3.55       23    0.04    0.02     2.62   2010
LMW        ZKX0308      79.66    79.94   0.28   22.65      141    0.17    0.14    19.80   2010
LMW        ZKX0308     194.30   194.44   0.14    3.98       22    0.31    0.02     0.80   2010
LMW        ZKX0309      80.10    80.32   0.22   63.50        8    0.09    0.07     0.32   2010
LMW        ZKX0309     264.95   265.56   0.61    4.70        3    0.01    0.02     0.12   2010
LMW        ZKX0309     402.95   403.89   0.94    2.55        3    0.03    0.01     0.05   2010
LMW        ZKX0310      84.37    84.87   0.50   75.74        6    0.02    0.01     0.35   2010
LME     ZKL54T1701     393.93   397.47   3.54    2.54       31    0.64    0.61     0.00   2019
LME     ZKL58T1703     363.71   364.70   0.99    4.94       43    0.50    0.71     0.01   2019
LME        ZKL6712     153.05   153.64   0.59    7.30       19    1.93    0.02     0.02   2019
LME        ZKL7605     672.22   672.83   0.61    3.99        5    0.02    0.02     0.00   2019
LME        ZKL5033     454.22   454.77   0.55   29.50       15    0.03    0.03     0.01   2017
LME        ZKL5337     297.77   298.22   0.45    3.01      315    0.58    0.43     0.04   2017 Released
LME        ZKL5337     300.94   301.54   0.60    2.12    4,229   19.76    0.96     0.15   2017 Released
LME       ZKL53A21      91.96    92.68   0.72    2.35        5    0.16    0.02     0.02   2017
LME        ZKL5421     303.48   304.39   0.91    2.63       50    0.79    0.38     0.02   2017
LME        ZKL5421     358.91   359.18   0.27    3.51        5    0.03    0.07     0.02   2017
LME        ZKL5422     392.93   393.25   0.32    2.69      154    4.08    2.95     0.27   2017 Released
LME        ZKL5422     424.88   426.14   1.26    2.72      182    9.08    1.79     0.14   2017 Released
LME        ZKL5422     428.12   428.68   0.56    2.64      197    0.70    0.19     0.20   2017
LME        ZKL5423     497.66   498.30   0.64    3.77      194    1.36    1.46     0.07   2017
LME       ZKL55A21      62.38    63.13   0.75    2.11       89    0.43    0.60     0.21   2017
LME       ZKL58S19     237.49   237.69   0.20    3.70       73    0.77    0.15     0.01   2017
LMF        ZKL7005     400.30   400.77   0.47    2.81        5    0.06    0.12     0.01   2017
LME        ZKL5144     486.69   487.18   0.49    2.31        5    0.03    0.09     0.01   2016
LME        ZKL7004     330.85   331.33   0.48    7.45    1,821    2.54    0.34     0.08   2016
LME        ZKL5342      67.16    68.51   1.35    2.98        4    0.05    0.03     0.01   2015
LME       ZKL58S17     226.24   226.79   0.55    3.04      338    0.74    0.48     0.06   2015
LME       ZKL58S17     233.02   233.85   0.83    3.81      185    3.23    0.93     0.02   2015
LME       ZK160401     105.51   105.77   0.26    2.33        1    0.00    0.00     0.00   2011
LME        ZKL5305     297.25   297.87   0.62    2.78       10    0.47    0.26     0.01   2010
LME        ZKL5305     328.50   328.66   0.16   10.56        3    0.05    0.01     0.02   2010
LME        ZKL5305     384.54   384.93   0.39    3.56        5    0.08    0.01     0.01   2010
LME        ZKL6103     252.51   253.94   1.43    3.43       25    0.13    0.18     0.01   2010
LME        ZKL6703     256.77   257.37   0.60    2.08        2    0.01    0.02     0.01   2010
LME        ZKL6902     285.56   286.73   1.17    2.28       37    0.19    0.17     0.02   2010
LME        ZKL6903     276.81   278.10   1.29    2.46       13    0.14    0.10     0.01   2010
TLP        ZKG0527     537.22   537.63   0.41    2.02        6    0.27    0.02     0.01   2019
TLP        ZKG0934     336.58   337.70   1.12    4.41        9    0.10    0.14     0.00   2017
TLP       ZKTA2402     162.26   164.52   2.26    2.87        7    0.03    0.06     0.01   2016
TLP      ZK-?-1124     281.07   282.29   1.22    9.17      314    2.12    0.33     0.04   2014
TLP       ZKX10607     140.97   141.58   0.61    3.95       25    0.53    0.88     0.02   2014
TLP      ZK-?-2510     429.20   430.10   0.90    2.32      331   10.02    1.32     0.51   2013 Released
TLP        ZKG0404     304.94   305.90   0.96    4.30    1,761    9.45    1.56     0.13   2012 Released
TLP        ZKG1401      75.47    76.19   0.72    3.48       71    0.09    0.05     0.01   2011
TLP       ZKT05S35     188.02   190.02   2.00    3.92    2,765    4.95    0.80     0.88   2011
TLP       ZKT11S31      61.46    62.00   0.54    2.29       75    1.95    0.39     0.05   2011
TLP       ZKT13S31     112.87   113.77   0.90    4.27        6    0.02    0.03     0.01   2011
TLP        ZKT0701      84.04    84.36   0.32    2.46    1,149    7.15    2.22     0.15   2010
TLP        ZKT0701      98.29    98.55   0.26    3.46       77    2.77    0.45     0.73   2010
TLP        ZKT0904     119.08   119.69   0.61    3.05      198    0.36    0.50     0.03   2010
TLP       ZKT09S32     222.00   222.73   0.73    2.09      167    1.99    0.70     0.55   2010
TLP        ZKT1301     145.63   145.94   0.31    2.70      249    7.02    1.47     2.22   2010
TLP        ZKT13S1      44.90    45.18   0.28    3.04      711    3.00    0.19     3.52   2010
TLP        ZKT2105     291.86   293.52   1.66    3.05       22    0.08    0.09     0.03   2010
TLP        ZKT21S4      43.70    44.25   0.55    7.62      478    2.98    0.15     6.54   2010
TLP        ZKT31S1      63.73    64.03   0.30    4.28      146   24.24    0.12     0.16   2010
TLP        ZKT2901     180.72   183.26   2.54    3.60      266    8.55    0.63     3.52   2009
TLP        ZKT2904     238.00   239.64   1.64    3.83      110    0.60    0.15     1.58   2009
TLP       ZKT33S22      59.16    60.73   1.57    2.95        4    0.23    0.01     0.11   2009
TLP         ZK0601     361.12   361.48   0.36    2.75      256    0.71    4.28     0.10   2008
                

Currently, the historical drill cores are being relogged and sampled for the alteration zones not previously sampled and assayed. Meanwhile, the company will focus its continuing drilling program to target gold-bearing zones intercepted by the previously mentioned drill holes with a total of 10 drill rigs at the LMW, TLP and LME mines (three underground rigs and two surface rigs for LMW, three underground rigs for TLP, and two underground rigs for LME) with the intention of continuous sampling of all alteration zones to test for the existence of broad gold mineralization zones.

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. The half 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 Test and Research Institute in Chengde, Hebei province, China, 226 kilometres northeast of Beijing, and the Zhengzhou Nonferrous Exploration Institute Lab in Zhengzhou, Henan province, China. Both labs are ISO9000 certified analytical labs. For analysis the sample is dried and crushed to minus one millimetre and then split to 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 with 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 g sample of minus 160 mesh is prepared for assay. A duplicate sample of minus 1mm 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 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 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 about 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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