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Silvercorp Metals Inc
Symbol SVM
Shares Issued 174,870,964
Close 2020-11-03 C$ 9.54
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Silvercorp drills 0.92 m of 6,455 g/t Ag at LME

2020-11-03 17:43 ET - News Release

Mr. Lon Shaver reports

SILVERCORP INTERSECTS 0.92 METRES GRADING 6,455 G/T SILVER, 10 G/T GOLD AND 5.28% LEAD AT THE LME MINE, YING MINING DISTRICT, CHINA

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

The exploration program from Oct. 1, 2019, to Sept. 30, 2020, at the LME mine has targeted the down-dip and along-strike extensions of known mineralized vein structures in the production areas. So far, 13,515 metres from a total of 53 diamond drill holes, including 47 underground holes and six surface holes, have been completed. Assay results for 32 holes have been received with 21 holes intercepting mineralization.

Most of the infill 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 LM5, LM5E, LM5E1, LM5E2, LM5W and LM6. Some new vein structures, including LM2E, LM5Ea and LM5Ea1, were discovered in this production area. 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 LME mine going forward. Eight rigs have been drilling at the LME mine since July, 2020, to continue identifying these types of easily accessible zones.

Low-angle gold structures

The step-out drilling also targeted the LM4E2 structure which is dipping at a 10-degree-to-35-degree angle, along a northeast strike of 60 degrees. The LM4E2 vein contains gold mineralization characterized by quartz-pyrite banding and K-feldspar-silicification alteration. Sporadic drill intercepts from over 20 holes have defined a mineralized area of greater than 1,500 metres in length and greater than 800 m down dip. Holes ZKLDB2101, ZKL6713, ZKL58T1703 and ZKL5305_1 intersected intervals of 3.31 m, 4.21 m, 0.99 m and 1.10 m of vein LM4E2 with gold grades of 4.57 grams per tonne, 4.53 g/t, 4.94 g/t and 3.31 g/t, respectively. Locally, LM4E2 is overprinted by late-stage subvertical silver-lead veins such as LM5 and LM6; as a result, hole ZKL53S04_1 intercepted 6.08 m of LM4E2 grading 375 g/t silver and 1.61 per cent lead, with only 0.09 g/t gold. Further drilling is continuing to test the continuity of vein LM4E2.

Hole ZKL6713 discovered another low-angle-dipping gold structure -- LM66W. It returned a 4.51 m intercept (3.11 m true thickness) grading 4.53 g/t Au without other metals present. LM66W is believed to be another low-angle-dipping gold structure located approximately 100 m below the LM4E2 structure.

Additionally, the company continues to test for new vein structures in previously less explored areas. The step-out drilling in the southeast part of the LME mine discovered new veins, including LM61, LM62, LM66, LM66E and LM66E3.

Highlights of selected drill hole intersections:

  • Hole ZKL53S04_4 intersected two major veins: A 2.46 m interval (2.02 m true width) of vein LM6 grading 1,328 grams per tonne (g/t) silver (Ag), 0.76 per cent lead (Pb), 0.64 per cent zinc (Zn), 0.12 g/t gold (Au) and 0.11 per cent copper (Cu), which includes a 0.45 m interval (0.37 m true width) grading 7,131 g/t Ag, 3.35 per cent Pb, 3.23 per cent Zn, 0.42 g/t Au and 0.55 per cent Cu; and a 0.75 m interval (0.71 m true width) of vein LM5E1 grading 495 g/t Ag, 3.88 per cent Pb, 0.48 per cent Zn, 0.19 g/t Au and 0.10 per cent Cu.
  • Hole ZKL5202SC intersected a 0.92 m interval (0.91 m true width) of vein LM5 grading 6,455 g/t Ag, 5.28 per cent Pb, 1.19 per cent Zn, 10.00 g/t Au and 0.29 per cent Cu.
  • Hole ZKL51A21_1 intersected a 2.30 m interval (2.04 m true width) of vein LM5E1 grading 535 g/t Ag, 2.76 per cent Pb, 0.55 per cent Zn and 0.32 per cent Cu, which includes a 1.05 m interval (0.93 m true width) grading 1,004 g/t Ag, 5.75 per cent Pb, 1.08 per cent Zn and 0.65 per cent Cu.
  • Hole ZKL53S04_1 intersected two major intersections:
    • A 0.56 m interval (0.53 m true width) of vein LM6E grading 692 g/t Ag, 0.11 per cent Pb and 0.09 per cent Zn;
    • A 6.08 m interval (5.72 m true width) of vein LM4E2 grading 375 g/t Ag, 1.61 per cent Pb, 0.55 per cent Zn and 0.09 g/t Au, which includes a 1.22 m interval (1.15 m true width) grading 1,019 g/t Ag, 1.01 per cent Pb, 0.82 per cent Zn and 0.26 g/t Au.
  • Hole ZKL53S04_2 intersected a 0.87 m interval (0.85 m true width) of vein LM4E grading 1,643 g/t Ag, 3.19 per cent Pb, 0.25 per cent Zn and 0.52 per cent Cu.

In addition to drilling, a total of 4,180 m of exploration tunnels have been developed at the LME mine during the period. This exploration tunnelling (comprising drifting, cross-cutting 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            Total    Channel     Drift                           Total mineralization
                         tunnelling    samples  included                            exposed by drift (1)
                                 (m) collected        (m) Length Average    Ag    Pb    Zn     Au    Cu 
                                                              (m)   true  (g/t)   (%)   (%)  (g/t)   (%) 
                                                                   width  
                                                                      (m)
LM2, LM4, LM4W, LM5, LM5E,
LM5E1, LM5W, LM6, LM6W,
LM18, LM18E1, LM60            4,180      2,020     1,923     844    0.68   392  1.85  0.50   0.12  0.04

(1) Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 120 g/t at the
    LME mine.
(2) Formula used for AgEq calculation: AgEq equals Ag g/t plus 34.17 multiplied by (Pb per cent plus Cu
    per cent) plus 11.92 multiplied by Zn per cent plus 79.31 multiplied by Au g/t).

Highlights of selected mineralized zones exposed in the drift tunnels:

  • Drift tunnel PD900-LM5E-500-2_Stope_Ext exposed mineralization 30 m long and 0.98 m wide (true width) grading 867 g/t Ag, 2.69 per cent Pb, 1.07 per cent Zn and 0.26 per cent Cu within vein structure LM5E.
  • Drift tunnel PD900-LM6E2-500-56NYM exposed mineralization 40 m long and 0.45 m wide (true width) grading 949 g/t Ag, 1.74 per cent Pb, 0.82 per cent Zn, 0.18 g/t Au and 0.18 per cent Cu within vein structure LM6E.
  • Drift tunnel PD900-LM5-510-54Nlink exposed mineralization 23 m long and 0.83 m wide (true width) grading 761 g/t Ag, 3.72 per cent Pb and 0.83 per cent Zn within vein structure LM5.
  • Drift tunnel PD900-LM5-450-51SYM exposed mineralization 25 m long and 0.77 m wide (true width) grading 700 g/t Ag, 1.89 per cent Pb, and 0.81 per cent Zn within vein structure LM5.

               SELECTED RESULTS FROM THE DRILL PROGRAMS AT THE LME MINE
 
Hole ID         From      To  Width   True     Ag     Pb     Zn     Au     Cu      Veins 
                  (m)     (m)    (m) width   (g/t)    (%)    (%)  (g/t)    (%)
                                        (m)

ZKL5001SC      14.39   15.03   0.64   0.62    616   2.26   0.39   0.05   0.16       LM5W
ZKL5001SC      22.27   23.18   0.91   0.88    801   3.41   0.38   0.28   0.18        LM5
ZKL5001SC      76.96   78.31   1.35   1.30    150   0.30   0.09   0.10   0.04      LM5E2
including      76.96   77.39   0.43   0.42    396   0.84   0.15   0.20   0.08      LM5E2
ZKL5103_8      16.33   18.21   1.88   1.14    157   0.36   0.13   0.06   0.03        LM5
including      17.89   18.21   0.32   0.19    770   1.28   0.17   0.03   0.09        LM5
ZKL5103_8      77.88   82.28   4.40   2.65    248   0.39   0.40   0.07   0.06       LM5E
including      80.30   82.28   1.98   1.19    527   0.43   0.45   0.09   0.11       LM5E
ZKL5103_9      56.78   58.13   1.35   1.16    225   7.96   0.99   0.32   0.01      LM5E1
including      57.79   58.13   0.34   0.29    808  31.16   3.39   1.11   0.03      LM5E1
ZKL5103_9      65.18   65.63   0.45   0.39    336   2.32   0.18   0.14   0.02   LM5Ea (1)
ZKL5103_10     55.63   56.44   0.81   0.70    264   0.47   0.41   0.02   0.02      LM5E1
ZKL5103_10     63.71   64.20   0.49   0.42    129   1.66   0.67   0.24   0.03  LM5Ea1 (1)
ZKL51A21_1     20.08   22.54   2.46   2.19    279   0.43   0.29   0.12   0.08        LM5
including      20.08   21.35   1.27   1.13    423   0.50   0.38   0.16   0.13        LM5
ZKL51A21_1     39.90   42.20   2.30   2.04    535   2.76   0.55   0.05   0.32      LM5E1
including      41.15   42.20   1.05   0.93  1,004   5.75   1.08   0.05   0.65      LM5E1
ZKL5202SC      21.50   22.42   0.92   0.91  6,455   5.28   1.19  10.00   0.29        LM5
ZKL5202SC      52.83   55.55   2.72   2.68    216   0.45   0.05   0.02   0.05       LM5E
ZKL5202SC      63.30   64.24   0.94   0.92    345   1.30   0.10   0.05   0.04      LM5Ea
ZKL5305_1     139.11  140.30   1.19   0.84    239   1.26   0.42   0.03   0.03        LM6
ZKL5305_1     147.73  148.83   1.10   0.78     84   1.83   0.84   3.31   0.02      LM4E2
ZKL5305_1     205.23  207.57   2.34   1.52    362   4.67   1.08   0.08   0.04        LM5
including     205.23  206.14   0.91   0.59    884  11.83   2.70   0.18   0.11        LM5
ZKL53S04_1    104.44  105.00   0.56   0.53    692   0.11   0.09   0.05   0.02       LM6E
ZKL53S04_1    167.23  173.31   6.08   5.72    375   1.61   0.55   0.09   0.02      LM4E2
including     172.09  173.31   1.22   1.15  1,019   1.01   0.82   0.26   0.03      LM4E2
ZKL53S04_2     75.22   76.09   0.87   0.85  1,643   3.19   0.25   0.03   0.52       LM4E
ZKL53S04_4    111.00  113.46   2.46   2.02  1,328   0.76   0.64   0.12   0.11        LM6
including     111.00  111.45   0.45   0.37  7,131   3.35   3.23   0.42   0.55        LM6
ZKL53S04_4    235.92  236.67   0.75   0.71    495   3.88   0.48   0.19   0.10      LM5E1
ZKL58T1703    231.09  232.32   0.81   0.79    198   4.90   0.85   0.19   0.02       T17E
ZKL58T1703    363.71  364.70   0.99   0.64     43   0.50   0.71   4.94   0.01      LM4E2
ZKL6713       347.95  352.16   4.21   3.11      1   0.01   0.01   4.53   0.07   LM66W (1)
including     349.33  350.78   1.45   1.07      1   0.01   0.01   9.80   0.09      LM66W
ZKL7114       612.06  615.28   3.22   2.71     84   1.27   0.52   0.05   0.01   LM66E (1)
including     614.87  615.28   0.41   0.35    416   2.91   1.49   0.05   0.02      LM66E
ZKLDB2101     158.70  162.01   3.31   2.99     30   1.15   0.02   4.57   0.01      LM4E2
including     160.32  162.01   1.69   1.53     14   0.03   0.02   8.40   0.01      LM4E2

(1) Veins discovered between Oct. 1, 2019, and Sept. 30, 2020

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

PD838-LM2-730-3NYM              LM2         30.00         0.35       237    3.47  0.63   0.00   0.00 
PD838-LM2-730-3SYM              LM2         10.00         0.47       237    4.07  0.76   0.00   0.00 
PD900-LM4-500-61SYM             LM4         30.00         0.36        81    0.97  0.23   0.02   0.02 
PD900-LM5-450-51SYM             LM5         25.00         0.77       700    1.89  0.81   0.00   0.00 
PD900-LM5-450-51NYM             LM5        100.00         0.63       511    1.17  0.40   1.33   0.03 
PD900-LM5-510-54Slink           LM5         12.00         0.51        88    1.09  0.19   0.00   0.00 
PD900-LM5-510-54Nlink           LM5         23.00         0.83       761    3.72  0.83   0.00   0.02 
PD900-LM5-650-70NYM             LM5         20.00         0.72       139    2.03  0.95   0.00   0.00 
PD900-LM5E-450-51NYM           LM5E         45.00         0.78       234    3.11  0.95   0.00   0.00 
PD900-LM5E-500-2_Stope_Ext     LM5E         30.00         0.98       867    2.69  1.07   0.06   0.26 
PD900-LM5E-600-68_Stope_Ext    LM5E         10.00         0.74       458    1.90  1.21   0.02   0.10 
PD900-LM5E1-450-51NYM          LM5E1        25.00         0.49       168    3.01  0.20   0.00   0.00 
PD900-LM5E1-450-51SYM          LM5E1        30.00         0.35       108    3.79  0.39   0.00   0.00 
PD900-LM5W-550-68NYM           LM5W         35.00         0.37       266    1.22  0.35   0.00   0.00 
PD900-LM5W-650-67SYM           LM5W         90.00         0.66       454    1.04  0.29   0.00   0.00 
PD900-LM6-600-69NYM             LM6         10.00         0.99       164    0.47  0.29   1.15   0.05 
PD900-LM6-650-69NYM             LM6         20.00         1.21       460    1.41  0.32   0.02   0.07 
PD900-LM6-650-69SYM             LM6         50.00         1.03       325    0.98  0.22   0.02   0.04 
PD900-LM6-700-68NYM             LM6         40.00         1.09       352    1.04  0.17   0.00   0.00 
PD900-LM6W-600-70NYM            LM6         10.00         0.98       405    1.61  0.27   0.02   0.05 
PD900-LM6E2-500-56NYM          LM6E         40.00         0.45       949    1.74  0.82   0.18   0.18 
PD900-LM18-930-56NYM           LM18         10.00         0.58       707    2.29  0.23   0.02   0.10 
PD900-LM18-930-56SYM           LM18         25.00         0.58       264    3.87  0.60   0.02   0.04 
PD900-LM18E1-915-52NYM        LM18E1        65.00         0.40       366    1.46  0.90   0.00   0.00 
PD900-LM18E1-915-56SYM        LM18E1        25.00         1.14       240    0.42  0.06   0.00   0.00 
PD838-LM18E1-845-54SYM        LM18E1        15.00         0.33        64    2.05  0.16   0.00   0.00 
PD838-LM18E1-845-54NYM        LM18E1        19.00         0.47       377    1.34  0.42   0.01   0.04 

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 one-half cores are stored in the company's core shacks for future reference and checks, and the other one-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-CSTC Standards Technical Services (Tianjin) Co. Ltd., Tianjin, 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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