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Silvercorp Metals Inc
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Close 2020-10-14 C$ 10.17
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Silvercorp drills 2.28 m of 1,125 g/t Ag at TLP

2020-10-14 17:43 ET - News Release

Mr. Lon Shaver reports

SILVERCORP INTERSECTS 2.28 METRES GRADING 1,125 G/T SILVER, 4.43% LEAD, 0.40% ZINC, 0.06 G/T GOLD, AND 0.23% COPPER IN THE 2020 EXPLORATION PROGRAM AT THE TLP MINE, YING MINING DISTRICT, CHINA

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

From Oct. 1, 2019, to Sept. 30, 2020, the drilling program at the TLP mine has targeted the down/up-dip and along-strike extensions of known mineralized vein structures in the production areas. So far, 26,355 metres from a total of 110 diamond drill holes, including 106 underground holes and four surface holes, have been completed. Assay results for 71 holes have been received with 48 holes intercepting mineralization.

Most of the underground drills were focused on high-grade drill intercepts from previous drill programs where mining access tunnels were developed but the mineralization was not mined. This drilling program intersected many higher-grade silver-lead ore zones, including veins T11, T2E, T33W5 and the newly discovered T15W3 vein. Most of the higher-grade silver-lead zones can be mined using existing access and development tunnels, which is expected to substantially reduce tunnel development costs at the TLP mine going forward. Ten rigs have been drilling at the TLP mine since July, 2020, to continue identifying these types of easily accessible zones.

Additionally, the company continues to test for new vein structures in previously less-explored areas. The step-out drilling in the northwest part of the TLP mine discovered new veins, including CJ9W, CJW1, CJ11, CJ12, CJ12E and CJ20.

Highlights of selected drill hole intersections:

  • Hole ZKG08S01_1 intersected two major veins:
    • A 2.28-metre interval (2.10 m true width) of vein T15W3 grading 1,125 grams per tonne (g/t) silver (Ag), 4.43 per cent lead (Pb), 0.4 per cent zinc (Zn), 0.06 g/t gold (Au) and 0.23 per cent copper (Cu) at 797 m elevation, which includes a 0.53 m interval (0.49 m true width) grading 4,742 g/t Ag, 17.68 per cent Pb, 1.50 per cent Zn, 0.11 g/t Au and 0.96 per cent Cu;
    • A 0.80 m interval from 50.60 m to 51.40 m (0.74 m true width) of vein T11 grading 1,334 g/t Ag, 17,99 per cent Pb, 0.56 per cent Zn and 0.50 per cent Cu at 778 m elevation.
  • Hole ZKG08S01_3 intersected two major veins:
    • A 2.07 m interval from 0.40 m to 2.47 m (2.02 m true width) of vein T15W3 grading 1,027 g/t Ag, 10.25 per cent Pb, 1.20 per cent Zn and 0.13 per cent Cu at 798 m elevation, which includes a 1.04 m interval (1.02 m true width) grading 2,041 g/t Ag, 20.20 per cent Pb, 2.33 per cent Zn and 0.25 per cent Cu;
    • A 1.10 m interval from 66.37 m to 67.47 m (1.08 m true width) of vein T11E2 grading 614 g/t Ag, 1.74 per cent Pb, 0.25 per cent Zn, 0.11 g/t Au and 0.12 per cent Cu at 776 m elevation, which includes a 0.60 m interval (0.60 m true width) grading 1,114 g/t Ag, 2.86 per cent Pb, 0.42 per cent Zn, 0.05 g/t Au and 0.20 per cent Cu.
  • Hole ZKG08S01_6 intersected two major veins:
    • A 2.05 m interval from 0.00 m to 2.05 m (1.99 m true width) of vein T15W3 grading 811 g/t Ag, 7.68 per cent Pb, 0.51 per cent Zn, 0.05 g/t Au and 0.21 per cent Cu at 797 m elevation, which includes a 1.05 m interval from 1.00 m to 2.05 m (1.05 m true width) grading 1,564 g/t Ag, 14.24 per cent Pb, 0.85 per cent Zn, 0.05 g/t Au and 0.39 per cent Cu;
    • A 0.94 m interval from 94.88 m to 95.82 m (0.90 m true width) of an unnamed vein, grading 691 g/t Ag, 2.60 per cent Pb, 0.56 per cent Zn, 0.09 g/t Au and 0.11 per cent Cu.
  • Hole ZKG08S01_2 intersected a 1.77 m interval from 0.00 m to 1.77 m (1.74 m true width) of vein T15W3 grading 539 g/t Ag, 2.29 per cent Pb, 0.58 per cent Zn and 0.20 per cent Cu at 797 m elevation, which includes a 0.79 m interval from 0.98 m to 1.77 m (0.78 m true width) grading 1,175 g/t Ag, 4.66 per cent Pb, 1.19 per cent Zn and 0.43 per cent Cu.

In addition to drilling, a total of 38,995 m of exploration tunnels between 510 m and 1,070 m elevation have been developed during the period. Exploration tunnelling at the TLP mine (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, and are summarized in the attached table.

Major target veins          Target       Total      Channel     Drift                Total mineralization
                        levels (m)  tunnelling      samples  included                exposed by drift (1)
                                           (m)    collected       (m)    Length Average    Ag    Pb    Zn 
                                                                            (m)    true (g/t)   (%)   (%)
                                                                                  width  
                                                                                    (m)
T5E1, T11, T14, T14E,
T15W, T15W, T16, T16E,
T16W, T17, T17E, T17W,
T21, T23, T26, T26E,
T31W3, T33E, T35E, T39E  510-1,070      38,995        6,544    23,846     8,239    0.67   240  3.17  0.38

(1) Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 130 g/t at the
    TLP mine.
(2) Formula used for AgEq calculation: TLP equals 34.19 multiplied by Pb per cent plus Ag g/t.

Highlights of selected mineralized zones exposed in the drift tunnels:

  • Drift tunnel PD846-T16W-846-12SYM exposed mineralization 105 m long and 0.42 m wide (true width) grading 972 g/t Ag, 1.25 per cent Pb and 0.72 per cent Zn within vein structure T16W at 846 m elevation.
  • Drift tunnel PD890-T5E1a-890-31NYM exposed mineralization 15 m long and 0.44 m wide (true width) grading 1,784 g/t Ag, 9.55 per cent Pb and 0.81 per cent Zn within vein structure T31W3 at 890 m elevation.
  • Drift tunnel PD960-T23-990-1NYM exposed mineralization 25 m long and 0.75 m wide (true width) grading 1,879 g/t Ag, 1.31 per cent Pb and 0.12 per cent Zn within vein structure T23 at 990 m elevation.
  • Drift tunnel PD1050-T26-1050-A4NYM exposed mineralization 25 m long and 1.11 m wide (true width) grading 716 g/t Ag, 9.05 per cent Pb and 0.13 per cent Zn within vein structure T26 at 990 m elevation.
  • Drift tunnel PD820-T16-600-1SYM exposed mineralization 80 m long and 1.04 m wide (true width) grading 719 g/t Ag, 5.19 per cent Pb and 0.92 per cent Zn within vein structure T16 at 600 m elevation.

                      TABLE 1: SELECTED RESULTS FROM THE DRILL PROGRAMS AT THE TLP MINE
 
Hole ID     From (m)  To (m)     Elevation     Width    True width       Ag     Pb     Zn       Au     Cu       Vein
                                       (m)       (m)           (m)    (g/t)    (%)    (%)    (g/t)    (%)

ZKCJ0801      262.49  262.84           703      0.35          0.34      233   6.26   1.55     0.25   0.06       CJ12
ZKCJ0801      280.29  280.70           695      0.41          0.40        8   3.57   0.18     0.05   0.04      CJ12E
ZKG0123       263.97  264.60           547      0.67          0.58       73  25.13   0.48   <0.050   0.02       T15W
ZKG0123       286.28  287.08           539      0.81          0.74       76  29.71   0.30     0.14   0.04        T11
ZKG0636       391.07  391.59           229      0.52          0.40       93  27.69   4.38     0.10   0.06        T11
ZKG08S01_1      0.00    2.28           797      2.28          2.10    1,125   4.43   0.40     0.06   0.23  T15W3 (1)
including       1.01    1.54           797      0.53          0.49    4,742  17.68   1.50     0.11   0.96      T15W3
ZKG08S01_1     50.60   51.40           778      0.80          0.74    1,334  17.99   0.56     0.07   0.50        T11
ZKG08S01_2      0.00    1.77           797      1.77          1.74      539   2.29   0.58     0.05   0.20      T15W3
ZKG08S01_3      0.40    2.47           798      2.07          2.02    1,027  10.25   1.20     0.05   0.13      T15W3
ZKG08S01_3     16.82   17.32           792      0.50          0.48      226   1.07   0.06     0.05   0.03       T15W
ZKG08S01_3     57.90   58.49           779      0.59          0.59       81   1.69   0.12     0.05   0.06        T11
ZKG08S01_3     66.37   67.47           776      1.10          1.08      614   1.74   0.25     0.11   0.12      T11E2
ZKG08S01_5      3.09    4.68           796      1.59          0.68      449   3.88   0.38     0.05   0.12      T15W3
ZKG08S01_5     70.12   76.28           778      6.16          2.53      216   2.81   0.10     0.06   0.03        T11
including      74.20   76.28           779      2.08          0.85      522   1.33   0.18     0.07   0.06        T11
ZKG08S01_6      0.00    2.05           797      2.05          1.99      811   7.68   0.51     0.05   0.21      T15W3
ZKG08S01_6     14.53   16.13           790      1.60          1.56      190   0.98   0.06     0.18   0.01       T15W
ZKG08S01_6     19.57   20.49           787      0.92          0.90      317   1.84   0.33     1.68   0.16      T15W5
ZKG08S01_6     94.88   95.82           750      0.94          0.90      691   2.60   0.56     0.09   0.11    Alt (2)
ZKG08S01_6    130.85  131.92           731      1.07          1.03        2   4.36   9.83     0.10   0.38        T12
ZKG08S01_9      0.00    1.75           798      1.75          1.59      370   2.51   0.38     0.55   0.09      T15W3
ZKG08S01_9     21.06   21.58           795      0.52          0.47      480   2.43   0.17     0.05   0.04       T15W
ZKG08S01_9    113.90  114.64           784      0.74          0.70      325   0.29   0.10     0.05   0.02        T12
ZKT05S35_1    104.29  105.51           809      1.22          0.85       72   5.07   0.47     0.07   0.01      T33E1
ZKT05S35_1    184.28  186.94           742      1.35          1.08       45   2.17   0.13     0.10   0.30       T1W1
ZKT0707_1      99.53  101.30           809      1.76          1.42      548   1.97   0.51     0.16   0.30      T33E1
ZKT07J04       50.64   53.33           790      2.69          0.95      205   1.82   0.16     0.05   0.06        T2W
ZKT07S37_5      7.00    7.66           761      0.66          0.52      383   1.97   0.04     0.05   0.05       T1W1
ZKT07S37_6      8.27   10.50           760      1.15          0.84      168   7.87   0.45     0.16   0.31       T1W1
ZKT09Y20       77.12   78.47           837      1.35          1.07      826   0.72   0.42     0.10   0.04      T33W5
ZKT09Y20       95.21   96.25           823      1.04          0.83      109   0.99   0.06     0.10   0.15        T33
ZKT11Y01       79.41   81.50           852      2.09          0.85      338   1.03   0.11     0.11   0.06        T21
ZKT11Y08       29.70   31.58           939      1.88          1.73      164   1.18   0.19     0.11   0.02         T5
ZKT11Y30       82.58   82.87           744      0.29          0.25      424   6.72   0.62     0.19   0.03       T33E
ZKT23Y09      227.89  228.38           658      0.49          0.44       38   8.44   1.40     0.01   0.10       T14E
ZKT31S1_2      93.67   94.68           762      1.01          0.42      155  41.20   2.15     0.21   0.21        T2E
ZKX11473      265.68  266.72           900      1.04          1.01      161   3.08   0.08     0.05   0.03        LM8

(1) Veins discovered between Oct. 1, 2019, and Sept. 30, 2020.
(2) No vein ID assigned.

        TABLE 2: SELECTED MINERALIZED ZONES EXPOSED BY DRIFT TUNNELLING AT THE TLP MINE
 
Tunnel ID              Target veins     Level     Length      True          Ag      Pb      Zn
                                          (m)        (m)     width       (g/t)     (%)     (%)
                                                               (m)

PD960-T1W-990-4NYM              T1W       990      35.00      0.60         837    2.62    0.48
PD1050-T5-1050-5NYM              T5      1050     107.50      1.45         197    4.90    0.15
PD960-T5-990-11NYM               T5       990      32.00      1.10         145    8.03    0.10
PD930-T5E1-930-31SYM           T5E1       930      23.00      0.70         619    2.29    0.78
PD840-T5E1-840-29NYM           T5E1       840      60.00      0.52         395    2.45    0.55
PD840-T5E1-840-29SYM           T5E1       840      25.00      0.77         481    2.80    0.51
PD820-T11-700-4NYM              T11       700     120.00      0.78         317    5.09    0.57
PD820-T11-650-4SYM              T11       650      60.00      0.64         320    1.70    0.26
PD820-T11-600-1SYM              T11       600      90.00      1.25         236    7.70    0.76
PD820XPD-T11-550-4SYM           T11       550      40.00      0.65         552    3.37    0.44
PD820XPD-T14-650-3SYM           T14       650      70.00      0.87          73    6.69    0.16
PD890-T14E-890-21SYM           T14E       890     125.00      0.83         444    3.31    0.40
PD820XPD-T14E-700-21SYM        T14E       700     285.00      0.81          56    5.41    0.34
PD820-T15W-600-1SYM            T15W       600      81.00      0.79         108    7.01    0.43
PD820-T15W1-700-4NYM          T15W1       700      50.00      0.42         293    6.26    0.37
PD846-T16E-846-7NYM             T16       846      35.00      1.10         695    1.23    0.37
PD820-T16-700-12SYM             T16       700      45.00      0.58         679    3.84    1.03
PD820-T16-600-1SYM              T16       600      80.00      1.04         719    5.19    0.92
PD930-T16E-930-1SYM            T16E       930      35.00      0.87         570    0.86    1.22
PD846-T16W-846-12SYM           T16W       846     105.00      0.42         972    1.25    0.72
PD820-T17W-700-14SYM           T16W       700      41.00      0.77         279    4.12    0.37
PD846-T17-846-16NYM             T17       846     125.00      0.49         353    3.17    0.47
PD846-T17-846-16SYM             T17       846     117.50      0.81         321    3.40    0.83
PD820-T17E-700-12NYM            T17       700      40.00      0.43         456    4.26    0.46
PD846-T17E-846-16NYM           T17E       846      55.00      0.52         412    5.19    0.46
PD820-T17-650-4SYM             T17W       650      70.00      0.66         608    1.90    0.93
PD820-T17W-600-1NYM            T17W       600      15.00      0.46         976    4.49    0.37
PD930-T21-930-31SYM             T21       930      82.00      0.87         233    2.26    0.18
PD960-T23-990-1NYM              T23       990      25.00      0.75        1879    1.31    0.12
PD1050-T26-1050-A4NYM           T26      1050      25.00      1.11         716    9.05    0.13
PD960-T26-990-A6NYM             T26       990      35.00      1.25         312    2.97    0.05
PD890-T5E1a-890-31NYM         T31W3       890      15.00      0.44        1784    9.55    0.81
PD730-T31W-730-A25NYM         T31W3       730      45.00      0.45         209    8.61    0.34
PD730-T33E-560-23NYM           T33E       560      90.00      0.55         361    2.18    0.59
PD730-T35-665-43NYM             T35       665      65.00      0.88          75    7.08    0.51
PD960-T35E-960-5NYM            T35E       960      40.00      0.40         712    2.64    0.79
PD800-T39E-800-19SYM           T39E       800      30.00      0.66         440    2.85    0.46
PD820XPD-T39E-700-15SYM        T39E       700      29.00      0.56         478    4.12    0.68
PD820XPD-T39E2-755-27SYM      T39E2       755     110.00      0.52         340    5.09    2.02

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 ISO9000-certified analytical labs. 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 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 1.0 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 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 (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 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.

We seek Safe Harbor.

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