Mr. Lon Shaver reports
SILVERCORP REPORTS RECEIPT OF THREE EXPLORATION PERMITS AND NEGOTIATION OF MINING CONTRACTS RENEWAL AT THE YING MINING DISTRICT
Silvercorp Metals Inc. has been granted three exploration permits of 48.8 square kilometres in area, covering depth extensions of three mining permits, SGX, HPG and TLP-LME-LMW, at the Ying mining district. Previously, the exploration activities underneath the mining permits were covered by a joint venture agreement between the company and the Department of Natural Resources of Henan Province.
Previous drilling in the new exploration permits has intercepted extensive mineralization, such as drill hole ZK-H17-0012 from the HPG mine, which intercepted a 1.42-metre (m) interval from 784.85 m to 786.27 m downhole grading 263 grams per tonne (g/t) gold (Au) and 335 g/t silver (Ag) at approximately minus 82 m elevation, and a 1.24 m interval grading 9.65 g/t Au, 286 g/t Ag, 4.30 per cent lead (Pb) and 2.19 per cent zinc (Zn) at minus 34 m elevation. Please see the company's news release dated Feb. 19, 2014, for further details. Recent relogging and resampling surrounding the 1.42 m interval yielded a 5.02 m interval grading 75.9 g/t Au and 98 g/t Ag, approximately 400 m below the HPG mining permit. These new exploration permits have no depth limitation.
Negotiations to renew mining contracts at the Ying mines
The company's two-year mining contracts with the eight mining contractors at the Ying mining district expired on March 31, 2021, and the parties have reached a temporary two-month extension to renew the contracts for another two years. In case an agreement cannot be reached with certain contractors, the company may replace them with new ones, which may cause temporary mining delays.
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.
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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