SILVERCORP REPORTS 2021 DRILLING AT TLP MINE HITS MULTIPLE HIGH-GRADE SILVER AND GOLD ZONES

News provided by

Silvercorp Metals Inc

Jan 27, 2022, 17:05 ET

Trading Symbol

TSX:  SVM


NYSE American:  SVM

VANCOUVER, BC, Jan. 27, 2022 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to report additional high-grade intercepts from its 2021 exploration program at the TLP mine. Extensive exploration drilling and tunneling are ongoing at the TLP mine and all other mines in the Ying Mining District, Henan Province, China.

From June 1 to December 31, 2021, 43,573 metres ("m") from a total of 276 diamond drill holes, including 218 underground holes and 58 surface holes, were completed at the TLP mine. Assay results for 270 holes have been received, with 202 holes intercepting mineralization. The Company also received assay results for 35 holes pending from the previous drilling program at the TLP mine from October 1, 2020 to May 31, 2021 disclosed in the Company's news release dated June 1, 2021. Currently, there are 13 rigs drilling at the TLP mine.

The strategy of the drilling program is fourfold: 1) drill above or beneath the stopes that were previously mined but stopped due to more variation in grades, thickness and attitudes of the vein structures than previously modeled to easily obtain ore; 2) drill for high-grade silver-lead-zinc veins within the resource area; 3) drill for silver-lead-zinc veins in the resource area at higher elevations near the surface where there are limited drill holes from previous drilling programs; and 4) drill for high-grade silver-lead-zinc veins at the northwest side of the resource area to expand the resources.

Drilling Above or Beneath Previously Mined Stopes

Most holes drilled during the period targeted blocks of known silver-lead-zinc veins in production areas that were previously missed due to limited drilling or tunneling, 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 southwest-striking T15 series, T16 series, T17W, T11, T20, T21, T30, T3 series, T4 series, T5 series, T1, and T2, and the north-northwest-striking T14 series, T22, T28, and T31 series. Drilling discovered additional splay and parallel vein structures T16E3, T4E, T4W, T5E2, and T5a. This drilling has resulted in a significant amount of upgraded resources for near-term mine planning and production.  Since access tunnels are already in place, the upgraded high-grade resource blocks can quickly be converted to reserves and mined.

Highlights of the high-grade intercepts at the TLP mine:

  • Underground hole ZKG0712 intersected a 1.36 m interval (1.03 m true width) of vein T11 grading 2,042 grams per tonne ("g/t") silver ("Ag"), 36.86% lead ("Pb"), 6.73% zinc ("Zn"), 0.43 g/t gold ("Au"), and 0.83% copper ("Cu") from 211.32 m depth, at an elevation of 632 m;

  • Underground hole ZKG4T1601 intersected a 4.03 m interval (2.27 m true width) of vein T16 grading 1,003 g/t Ag, 8.93% Pb, 0.83% Zn, 0.16 g/t Au, and 0.10% Cu from 79.56 m depth, at an elevation of 762 m;

  • Underground hole ZKG0305 intersected a 1.11 m interval (1.11 m true width) of vein T15W grading 1,597 g/t Ag, 14.71% Pb, 0.39% Zn, 0.08 g/t Au, and 0.41% Cu from 44.89 m depth, at an elevation of 782 m;

  • Underground hole ZKT0210 intersected a 3.59 m interval (3.57 m true width) of vein T3 grading 581 g/t Ag, 8.83% Pb, 0.63% Zn, 0.05 g/t Au, and 0.05% Cu from 250.35 m depth, at an elevation of 787 m; and

  • Underground hole ZKG0832 intersected a 1.40 m interval (0.95 m true width) of vein T15W grading 994 g/t Ag, 29.33% Pb, 0.77% Zn, 0.05 g/t Au, and 0.11% Cu from 70.64 m depth, at an elevation of 810 m.

Drilling Silver-Lead-Zinc Veins within the Resource Area Intersected Unexpected High-Grade Gold Veins

Drilling intersected two types of gold mineralization in gold-silver-lead-zinc veins and gold veins, respectively. The former is thought to be formed by gold mineralization in the vein structures which was then overprinted by silver-lead-zinc mineralization with quartz-sericite alteration. Most of this type of gold mineralization occurs at elevations between 700 m and 760 m. The latter mineralization is predominantly composed of gold with no or low silver-lead-zinc mineralization in shear structures associated with quartz-ankerite alteration at higher elevations above 830 m.

Highlights of the high-grade gold and gold-silver-lead-zinc intercepts within the TLP resource area:

  • Surface hole ZKTDB3504 intersected a 1.46 m interval (true width unknown) of an unknown gold vein grading 8 g/t Ag, 0.02% Pb, 0.02% Zn, 13.96 g/t Au, and 0.01% Cu from 91.12 m depth, at an elevation of 909 m;

  • Underground hole ZKT0016 intersected a 1.01 m interval (0.79 m true width) of gold vein T1W grading 12 g/t Ag, 0.12% Pb, 0.02% Zn, 13.91 g/t Au, and 0.01% Cu from 95.26 m depth, at an elevation of 861 m;

  • Underground hole ZKT1124 intersected a 2.04 m interval (1.70 m true width) of vein T2 grading 281 g/t Ag, 3.32% Pb, 0.52% Zn, 6.83 g/t Au, and 0.59% Cu from 56.78 m depth, at an elevation of 749 m; and

  • Underground hole ZKT1351 intersected a 1.31 m interval (0.88 m true width) of vein T1W1 grading 7 g/t Ag, 0.02% Pb, 0.03% Zn, 6.09 g/t Au, and 0.01% Cu from 97.95 m depth, at an elevation of 836 m.

Near Surface Silver-Lead-Zinc Veins Intersected by Surface and Underground Drilling within the TLP Resource Area

Surface and underground diamond drilling tested certain blocks near the surface in the central and northeast parts of the TLP resource area, and intersected high-grade silver-lead-zinc veins T1, T2, T3 series, T4, T5, and T20. The surface holes also intersected thick mineralization in T2 and T3. Surface hole ZKTDB0605, for instance, intersected vein T3 with a true width of 7.44 m. The purpose of this drilling is to extend the resources to higher elevations within the current resource area. The aforementioned drilling also discovered T5E2, a splay and parallel vein to T5.

Highlights of the high-grade/thick silver-lead-zinc intercepts near surface at the TLP mine:

  • Surface hole ZKTDB2001 intersected a 0.87 m interval (0.82 m true width) of vein T3 grading 2,871 g/t Ag, 2.47% Pb, 0.79% Zn, 0.05 g/t Au, and 1.63% Cu from 157.40 m depth, at an elevation of 1,027 m;

  • Surface hole ZKTDB0608 intersected a 3.38 m interval (1.42 m true width) of vein T2W2 grading 1,052 g/t Ag, 4.38% Pb, 0.14% Zn, 0.05 g/t Au, and 0.10% Cu from 164.11 m depth, at an elevation of 1,075 m;

  • Surface hole ZKTDB0605 intersected a 9.45 m interval (7.44 m true width) of vein T3 grading 168 g/t Ag, 1.41% Pb, 0.18% Zn, 0.05 g/t Au, and 0.02% Cu from 25.96 m depth, at an elevation of 1,144 m;

  • Surface hole ZKTDB0601 intersected a 7.23 m interval (6.81 m true width) of vein T2 grading 133 g/t Ag, 2.63% Pb, 0.11% Zn, 0.02 g/t Au, and 0.01% Cu from 19.16 m depth, at an elevation of 1,151 m; and

  • Underground hole ZKT0442 intersected a 29.93 m interval (24.51 m true width) of vein T1W1 grading 104 g/t Ag, 1.35% Pb, 0.27% Zn, 0.05 g/t Au, and 0.02% Cu from 26.72 m depth, at an elevation of 862 m.

Drilling Intersected High-Grade Silver-Lead-Zinc Veins at the Northwest Side of the Resource Area

At the northwest side of the resource area, drilling intersected high-grade silver-lead-zinc vein T33, and its parallel vein T33W3. This drilling is to support the Company's strategy to expand the resources laterally. 

Table 1: Assay results for 146 drill holes from the TLP mine

Hold ID

From
(m)

To
(m)

Elevation
(m)

Interval
(m)

True
Width
(m)

 Ag
(g/t)

Pb
(%)

Zn
(%)

Au
(g/t)

Cu
(%)

Vein

ZKG0129

66.86

67.74

925

0.88

0.87

405

2.12

1.84

0.03

0.03

T16E

ZKG0302

85.58

88.70

730

3.12

2.30

235

2.34

0.28

0.08

0.04

T11

ZKG0303

62.11

62.89

779

0.78

0.72

190

0.49

0.08

0.12

0.02

T11

ZKG0305

44.89

46.00

782

1.11

1.11

1,597

14.71

0.39

0.08

0.41

T15W

ZKG0316

100.52

102.76

710

2.24

1.78

337

4.06

1.29

0.27

0.11

T11

ZKG0316

112.42

113.05

699

0.63

0.47

486

0.54

0.09

0.53

0.03

T11E1

ZKG0316

112.42

113.05

699

0.63

0.47

486

0.54

0.09

0.53

0.03

T11E1

ZKG0317

62.54

64.03

752

1.49

1.37

164

1.74

0.26

0.05

0.05

T15W

ZKG0334

173.55

174.22

629

0.67

0.66

1,608

8.25

1.41

0.11

0.08

T16

ZKG0335

248.22

249.14

619

0.92

0.70

240

15.94

1.12

0.04

0.16

T15W

ZKG0337

285.40

286.16

563

0.76

0.62

75

5.92

0.14

0.02

0.14

T14E

ZKG0339

40.05

41.35

623

1.30

1.09

444

0.16

0.09

0.37

0.01

T17W

ZKG0341

34.57

35.21

629

0.64

0.56

154

0.45

0.26

0.03

0.02

T17W

ZKG0341

110.44

111.18

582

0.74

0.62

81

1.87

0.12

0.27

0.04

T14

ZKG0342

41.58

42.10

624

0.52

0.42

2,369

2.54

1.36

3.37

0.09

T17W

ZKG0346

80.47

81.58

610

1.11

0.96

51

2.12

0.14

0.05

0.05

T15W4

ZKG0702

202.87

203.58

635

0.71

0.66

130

8.39

0.94

0.53

0.18

T11

ZKG0703

18.03

19.54

780

1.51

1.50

216

2.08

0.73

0.07

0.02

T16

ZKG0706

164.75

165.27

680

0.52

0.50

126

2.90

0.44

0.10

0.06

T14E

ZKG0712

211.32

212.68

632

1.36

1.03

2,042

36.86

6.73

0.43

0.83

T11

ZKG0813

49.46

50.76

789

1.30

1.00

240

1.38

0.58

0.05

0.08

T11

ZKG0715

170.81

171.47

723

0.66

0.53

641

1.51

0.97

0.72

0.10

T11

ZKG0814

35.87

37.12

791

1.25

1.14

154

1.86

0.20

0.05

0.03

T15

ZKG0814

52.19

52.89

787

0.70

0.65

187

0.09

0.05

0.05

0.02

T11

ZKG0828

112.88

113.49

956

0.61

0.33

934

7.81

0.82

0.02

0.33

T4

ZKG0830

86.63

88.33

956

1.70

1.18

328

1.89

0.06

0.05

0.07

T5

ZKG0832

70.64

72.04

810

1.40

0.95

994

29.33

0.77

0.05

0.11

T15W

ZKG0833

13.79

14.72

827

0.93

0.72

40

3.24

0.71

0.03

0.01

T11

ZKG0833

78.14

79.18

812

1.04

0.75

695

10.91

1.09

0.03

0.12

T15W3

ZKG0841

24.32

24.86

830

0.54

0.54

308

1.59

0.44

0.05

0.01

T16E3 [1]

ZKG0841

88.09

88.63

807

0.54

0.54

100

2.38

0.34

0.05

0.01

T14E

ZKG0843

44.97

49.65

823

4.68

4.67

264

3.34

0.16

0.05

0.05

T16E2

ZKG0843

53.68

54.63

820

0.95

0.93

118

0.74

0.08

0.05

0.02

T15W1

ZKG0843

83.02

83.97

809

0.95

0.94

151

0.78

0.30

0.05

0.02

T14E

ZKG0845

47.95

48.49

825

0.54

0.53

591

1.10

0.48

0.02

0.06

T15W1

ZKG0943

167.89

169.91

681

2.02

0.41

244

8.54

0.64

0.32

0.09

T14E

ZKG0944

172.45

173.04

680

0.59

0.56

87

10.48

1.17

0.12

0.05

T14E

ZKG1017

3.46

4.54

955

1.08

0.68

331

0.51

0.35

0.05

0.05

T16E

ZKG1018

7.71

8.67

955

0.96

0.96

660

1.24

0.32

0.05

0.05

T16E

ZKG1018

57.29

57.91

946

0.62

0.61

171

1.63

0.20

0.05

0.04

T16

ZKG1019

18.36

19.06

954

0.70

0.56

2,744

4.50

0.95

0.03

0.27

T16E

ZKG1020

1.86

2.45

955

0.59

0.53

233

0.50

0.63

0.02

0.05

T16E1

ZKG1020

86.85

88.58

915

1.73

1.64

133

1.43

0.23

0.02

0.04

T15W

ZKG1021

2.49

3.18

954

0.69

0.67

841

4.07

1.70

0.03

0.14

T16E1

ZKG1021

82.88

83.53

915

0.65

0.65

659

6.69

0.42

0.03

0.04

T15W3

ZKG1416

78.17

79.37

914

1.20

0.96

65

1.77

0.23

0.05

0.02

T15W

ZKG1417

75.43

76.89

930

1.46

1.12

459

0.66

0.08

0.14

0.13

T15W

ZKG1417

141.45

142.13

906

0.68

0.51

172

1.12

0.62

0.05

0.01

T11E

ZKG1425

116.03

117.06

948

1.03

0.53

53

5.60

0.14

0.03

0.01

T15

ZKG1805

13.32

15.06

833

1.74

1.00

118

0.85

0.10

0.05

0.03

T11E4

ZKG1805

202.36

203.05

787

0.69

0.40

172

2.04

0.75

0.05

0.04

T17

ZKG1805

281.67

282.46

768

0.79

0.70

139

0.81

0.32

0.05

0.05

T22Ea

ZKG1806

285.68

287.26

715

1.58

0.81

1,898

8.02

2.19

0.05

0.49

T22E

ZKG1806

292.38

293.54

712

1.16

1.03

108

2.28

0.27

0.02

0.02

T22E1

ZKG1807

243.27

243.89

773

0.62

0.62

108

1.28

0.43

0.03

0.25

T16

ZKG4T1601

79.56

83.59

762

4.03

2.27

1,003

8.93

0.83

0.16

0.10

T16

incl

80.28

81.54

761

1.26

0.71

2,631

20.80

1.89

0.36

0.26

T16

ZKT0015

65.82

67.35

872

1.53

1.08

77

1.89

0.10

0.07

0.02

T3

ZKT0015

71.25

72.64

870

1.39

0.98

949

0.61

0.17

0.04

0.05

T22

ZKT0016

95.26

96.27

861

1.01

0.79

12

0.12

0.02

13.91

0.01

T1W

ZKT0210

77.67

78.45

860

0.78

0.77

725

0.47

0.10

0.33

0.17

T1W1

ZKT0210

250.35

253.94

787

3.59

3.57

581

8.83

0.63

0.05

0.05

T3

ZKT0336

49.08

50.63

1,010

1.55

1.54

108

1.05

0.13

0.05

0.03

T3E

ZKT0344

57.18

61.17

981

3.99

0.63

130

0.87

0.05

0.03

0.02

T3E

ZKT0424

98.15

99.82

805

1.67

1.32

67

1.72

0.18

0.03

0.16

T1W1

ZKT0427

141.82

142.41

916

0.59

0.51

1,794

0.19

0.06

0.13

0.28

T33

ZKT0431

3.94

4.85

891

0.91

0.85

88

1.02

0.08

0.03

0.01

T23

ZKT0433

36.77

37.67

873

0.90

0.86

134

0.96

0.41

0.05

0.02

T23a

ZKT0433

122.92

125.61

829

2.69

2.05

174

0.76

0.47

0.08

0.07

T26

ZKT0442

26.72

56.65

862

29.93

24.51

104

1.35

0.27

0.05

0.02

T1W1

ZKT0443

0.00

2.01

898

2.01

0.49

183

0.72

0.16

0.05

0.03

T28

ZKT04T2801

141.74

143.47

878

1.73

1.72

751

3.36

0.40

0.07

0.25

T28

ZKT04T2802

137.53

138.50

864

0.97

0.73

41

2.80

0.26

0.05

0.01

T28

ZKT04T2803

127.27

128.40

876

1.13

0.85

90

1.35

0.08

0.03

0.04

T1W1

ZKT0811

2.74

3.68

897

0.94

0.88

141

0.12

0.25

0.05

0.02

T1W1

ZKT09C10

199.23

199.74

898

0.51

0.45

393

0.75

0.04

0.02

0.07

T35E1

ZKT1103

97.07

99.09

746

2.02

1.84

154

5.95

0.91

0.27

0.42

T3E

 incl

97.07

97.58

746

0.51

0.46

467

18.46

3.25

0.88

1.34

T3E

ZKT1104

60.32

61.50

751

1.18

1.09

267

0.34

0.13

0.05

0.01

T2

ZKT1107

53.00

59.13

740

6.13

5.69

51

3.75

0.26

0.92

0.56

T2

incl

55.66

56.34

739

0.68

0.63

128

17.94

0.73

4.96

2.01

T2

ZKT1108

59.36

61.67

754

2.31

1.71

153

3.77

0.29

0.65

0.48

T2

ZKT1108

82.28

84.34

752

2.06

1.55

57

16.77

0.10

0.08

0.06

T3

ZKT1108

86.96

88.34

752

1.38

1.04

38

4.26

0.17

0.10

0.19

T3E

ZKT1108

112.81

114.02

749

1.21

0.72

287

21.83

0.61

0.99

0.22

T4

ZKT1109

61.36

62.79

773

1.43

0.97

28

2.26

0.08

0.10

0.50

T2

ZKT1110

57.79

59.42

738

1.63

1.40

62

1.18

0.08

0.11

0.75

T2

ZKT1111

68.23

70.58

736

2.35

1.75

89

4.52

0.27

0.43

0.91

T2

ZKT1111

97.17

99.98

727

2.81

2.09

351

7.42

1.90

0.60

0.73

T3E

ZKT1111

139.15

140.05

712

0.90

0.66

318

33.03

1.11

0.05

2.19

T5

ZKT1112

44.52

45.50

762

0.98

0.79

178

0.86

0.03

0.70

0.03

T2W

ZKT1113

50.36

52.22

735

1.86

1.50

22

3.21

0.07

0.12

0.32

T2

ZKT1113

96.54

97.74

713

1.20

0.97

68

0.08

0.12

0.13

1.43

T3E

ZKT1114

89.63

92.52

697

2.89

2.52

56

0.94

0.08

0.46

1.56

T3

ZKT1114

99.92

101.25

691

1.33

1.12

33

6.77

0.75

0.10

0.20

T3E

ZKT1122

73.53

74.54

698

1.01

0.85

81

1.28

0.09

0.19

0.98

T2

ZKT1123

95.68

96.79

671

1.11

0.83

25

3.04

0.03

0.21

0.14

T2

ZKT1124

56.78

58.82

749

2.04

1.70

281

3.32

0.52

6.83

0.59

T2

ZKT1124

87.99

88.50

744

0.51

0.42

400

4.05

0.45

0.51

0.13

T3

ZKT1124

93.98

94.89

743

0.91

0.78

64

1.61

0.19

0.10

0.05

T3E

ZKT1125

80.24

101.56

730

21.32

13.48

92

1.62

0.64

0.47

0.47

T3

ZKT1309

115.54

116.44

730

0.90

0.86

332

0.39

0.05

0.12

0.03

T2W

ZKT1309

130.89

135.14

723

4.25

4.06

126

3.67

0.45

0.32

0.66

T2

 incl

131.72

132.76

725

1.04

0.99

814

10.47

0.15

2.41

2.04

T2

ZKT1310

137.12

140.82

724

3.70

3.44

285

6.77

1.07

0.41

0.90

T2

 incl

138.96

140.82

724

1.86

1.73

515

12.66

1.90

0.69

1.73

T2

ZKT1310

169.66

170.54

716

0.88

0.82

93

0.95

0.12

0.05

0.03

T4

ZKT1311

141.70

143.34

728

1.64

1.58

172

1.91

0.16

0.48

1.78

T3

ZKT1312

54.90

55.92

742

1.02

1.00

137

0.14

0.28

0.05

0.06

T1

ZKT1312

140.06

142.06

714

2.00

1.60

96

0.65

0.27

0.37

0.60

T3

ZKT1312

169.37

170.91

704

1.54

1.40

58

1.98

0.13

0.08

0.36

T3E

ZKT1345

177.09

177.67

803

0.58

0.44

130

2.99

0.05

0.05

0.01

T16

ZKT1346

174.81

175.49

808

0.68

0.55

316

0.57

1.61

0.10

0.03

T16

ZKT1350

87.27

87.87

788

0.60

0.58

160

0.54

0.17

0.03

0.06

T22

ZKT1350

131.91

132.46

780

0.55

0.47

808

1.07

1.27

0.13

0.10

T2W

ZKT1351

97.95

99.26

836

1.31

0.88

7

0.02

0.03

6.09

0.01

T1W1

ZKT2102A

139.95

141.31

862

1.36

1.15

281

0.87

0.30

0.03

0.61

T14E

ZKT2124

71.74

72.54

820

0.80

0.79

241

2.60

0.18

0.05

0.04

T14

ZKT21T39E01

28.18

28.89

835

0.71

0.57

410

0.65

0.34

0.03

0.12

T38

ZKT2917

152.87

153.41

786

0.54

0.52

640

0.06

0.05

0.05

0.01

T39E2

ZKT2919

184.01

185.72

731

1.71

1.55

180

2.65

0.50

0.07

0.02

T39W

ZKT3109

9.32

9.91

797

0.59

0.53

148

1.74

0.08

0.08

0.01

T14E

ZKT3109

66.04

66.94

788

0.90

0.85

73

4.44

0.10

0.07

0.10

T21

ZKT3110

27.29

28.18

784

0.89

0.85

29

4.27

0.30

0.03

0.16

T14E

ZKT3111

8.69

9.34

797

0.65

0.51

21

14.23

0.63

0.05

0.01

T5

ZKT3112

53.51

54.12

770

0.61

0.40

87

2.33

0.27

0.05

3.45

T21

ZKT3710

29.13

30.64

796

1.51

0.93

105

0.27

0.75

0.69

0.05

T4

ZKT3710

42.45

43.65

795

1.20

0.94

97

1.77

0.22

0.80

0.06

T5

ZKT3712

33.97

34.82

781

0.85

0.59

111

0.19

0.77

0.68

0.02

T30

ZKT3712

79.51

80.27

759

0.76

0.58

71

9.08

0.16

0.21

0.07

T21

ZKT3727

57.25

58.09

768

0.84

0.76

39

3.30

0.11

0.17

0.01

T5

ZKT3727

87.68

88.98

752

1.30

0.87

318

0.93

0.72

4.92

0.09

T21

ZKT3728

25.83

26.43

796

0.60

0.53

298

0.33

0.06

0.14

0.02

T4

ZKT3728

29.79

30.48

796

0.69

0.61

150

0.73

0.20

0.13

0.03

T4E [1]

ZKT3728

57.58

59.25

793

1.67

1.55

389

8.98

0.58

0.13

0.03

T5

 incl

58.17

59.25

793

1.08

0.89

596

13.23

0.82

0.18

0.04

T5

ZKT3729

0.00

1.08

798

1.08

1.05

323

0.18

0.15

0.10

0.02

N/A [2]

ZKT3729

6.54

7.92

795

1.38

1.27

448

0.89

0.86

0.58

0.07

T30

ZKT3729

75.89

79.92

763

4.03

3.92

38

2.19

0.13

0.07

0.02

T21

ZKT3732

0.00

1.68

798

1.68

1.42

389

0.53

0.22

0.10

0.05

T30

ZKT3732

82.75

83.92

741

1.17

0.68

58

2.80

0.17

0.13

0.03

T21

ZKT3733

2.18

2.83

796

0.65

0.61

188

0.27

0.38

0.07

0.03

T30

ZKT3734

34.72

36.55

809

1.83

0.86

108

0.25

0.17

0.99

0.02

T4

ZKT3735

3.90

4.68

798

0.78

0.61

163

0.17

0.38

0.17

0.03

T30

ZKT3736

13.69

16.11

803

2.42

1.33

435

0.31

0.23

0.04

0.01

T4W [1]

ZKT3736

43.48

45.01

811

1.53

0.84

164

0.37

0.40

0.92

0.04

T4E

ZKT4123

17.16

18.22

741

1.06

0.72

18

6.47

1.05

0.12

0.01

T20

ZKT4123

23.66

24.51

736

0.85

0.58

193

5.47

0.10

1.35

0.22

T3E

ZKT4123

51.09

54.44

714

3.35

1.69

27

3.21

0.25

0.21

0.09

T30

ZKT4311

41.66

42.58

737

0.92

0.84

40

4.66

0.26

0.15

0.62

T4

ZKT4313

0.00

4.29

756

4.29

4.06

150

3.25

0.08

0.16

0.13

T2

ZKT4315

5.99

7.07

754

1.08

0.75

70

1.41

0.09

0.20

0.06

T2

ZKT4505

14.56

15.36

752

0.80

0.74

96

2.98

0.06

4.03

0.06

T20

ZKT4505

83.27

84.09

736

0.82

0.60

90

0.66

0.82

0.73

0.04

T5a [1]

ZKT4505

87.00

90.95

735

3.95

2.89

45

1.59

0.45

0.77

0.03

T5

ZKT4506

14.60

15.29

745

0.69

0.55

28

7.07

0.03

0.18

0.10

T20

ZKT4506

36.73

38.26

728

1.53

1.21

317

24.24

0.16

0.31

0.91

T3E

ZKT4507

0.00

5.55

757

5.55

4.71

114

3.10

0.09

0.12

0.22

T2

ZKT4507

47.23

47.77

766

0.54

0.30

19

0.27

0.09

3.45

0.04

T23W

ZKT4507

53.22

57.35

768

4.13

2.31

23

0.37

0.12

2.20

0.02

T1W

ZKT4508

1.50

4.79

755

3.29

2.02

51

2.00

0.07

0.10

0.05

T2

ZKT4508

65.17

67.13

737

1.96

0.99

118

4.23

0.05

0.07

0.01

T1W

ZKT4518

13.54

14.23

749

0.69

0.65

40

2.33

0.06

0.67

0.05

T20

ZKT4518

41.87

42.79

738

0.92

0.79

16

2.90

0.08

0.04

0.08

T3E

ZKT4519

16.30

16.89

755

0.59

0.55

49

3.96

0.61

0.04

0.08

T20

ZKT4519

40.77

41.70

754

0.93

0.65

79

21.48

0.12

0.07

0.06

T31

ZKT4519

81.92

82.67

753

0.75

0.50

87

0.29

0.46

1.32

0.09

T5

ZKT4519

106.80

107.41

752

0.61

0.44

20

9.81

0.14

0.09

0.01

T21

ZKT4520

28.50

31.59

762

3.09

2.16

131

4.92

0.19

0.33

0.05

T3E

ZKT4520

77.24

78.09

772

0.85

0.42

111

7.94

0.36

0.15

0.08

T5

ZKT7T1403

118.46

119.83

1,033

1.37

1.11

71

1.65

0.13

0.03

0.02

T14

ZKT7T3E03

94.31

94.97

1,064

0.66

0.31

299

0.41

0.10

0.03

0.14

T3E

ZKT7T501

103.63

105.95

1,049

2.32

0.88

328

7.54

0.25

0.06

0.03

T14

 incl

104.34

105.02

1,048

0.68

0.26

1,066

23.29

0.51

0.10

0.09

T14

ZKTDB0302

83.23

83.72

1,062

0.49

0.41

441

35.27

0.20

0.06

0.18

T1W1

ZKTDB0302

102.35

103.08

1,047

0.73

0.64

124

6.29

0.07

0.05

0.01

T1W

ZKTDB0402

165.97

167.94

1,087

0.82

1.72

476

2.02

0.63

0.03

0.04

T4

ZKTDB0402

169.56

173.35

1,085

1.28

3.66

293

2.22

0.29

0.02

0.09

T2W2

ZKTDB0601

19.16

26.39

1,151

7.23

6.81

133

2.63

0.11

0.02

0.01

T2

ZKTDB0601

42.89

46.49

1,138

3.60

3.40

121

2.28

0.13

0.14

0.04

T3E

ZKTDB0601

99.22

99.78

1,103

0.56

0.51

732

1.23

0.17

0.06

0.08

T4

ZKTDB0601

163.64

165.26

1,064

1.62

1.54

124

0.50

0.14

0.03

0.08

T5

ZKTDB0604

25.51

29.66

1,153

4.15

2.79

499

4.38

0.42

0.05

0.12

T2

ZKTDB0604

31.11

34.04

1,150

2.93

1.97

274

2.81

0.39

0.05

0.08

T3

ZKTDB0605

25.96

35.41

1,144

9.45

7.44

168

1.41

0.18

0.05

0.02

T3

ZKTDB0605

49.52

50.51

1,130

0.99

0.78

67

1.81

0.40

0.05

0.02

T3E

ZKTDB0605

185.57

186.54

1,036

0.97

0.83

12

3.50

0.07

0.05

0.01

T5

ZKTDB0607

23.50

28.01

1,147

4.51

4.03

107

0.55

0.10

0.05

0.01

T2

ZKTDB0607

30.19

35.44

1,141

5.25

4.70

72

3.08

0.08

0.05

0.02

T3

ZKTDB0607

46.99

47.71

1,130

0.72

0.64

126

0.58

0.16

0.05

0.01

T3E

ZKTDB0608

29.90

41.98

1,145

12.08

7.83

119

1.29

0.20

0.05

0.02

T3

ZKTDB0608

143.45

144.06

1,086

0.61

0.39

838

1.70

0.42

0.05

0.11

T4

ZKTDB0608

164.11

167.49

1,075

3.38

1.42

1,052

4.38

0.14

0.05

0.10

T2W2

ZKTDB0610

21.69

27.21

1,153

5.52

4.57

106

2.88

0.24

0.10

0.01

T2

ZKTDB0610

134.93

137.27

1,097

2.34

1.44

754

1.74

0.16

0.03

0.13

T4

ZKTDB0611

16.79

22.36

1,156

5.57

5.32

95

3.97

0.18

0.03

0.01

T2

ZKTDB0611

63.69

64.71

1,135

1.02

0.96

87

2.68

0.91

0.03

0.04

T3E2

ZKTDB1101

23.83

33.19

1,093

9.36

9.17

67

2.02

0.27

0.05

0.05

T3

ZKTDB1103

17.67

18.79

1,088

1.12

0.97

80

3.28

0.34

0.05

0.07

T2

ZKTDB1512

204.80

206.34

990

1.54

0.48

338

0.39

0.15

0.05

0.03

T33W3

ZKTDB1514

185.67

186.23

983

0.56

0.49

188

1.18

0.09

0.03

0.02

T2

ZKTDB2001

157.40

158.27

1,027

0.87

0.82

2,871

2.47

0.79

0.05

1.63

T3

ZKTDB2002

210.99

211.69

953

0.70

0.67

140

1.16

0.12

0.05

0.02

T3

ZKTDB2003

95.80

96.59

1,092

0.79

0.77

277

0.21

0.08

0.02

0.03

T2

ZKTDB2003

139.49

141.59

1,068

0.83

2.09

207

0.74

0.12

0.02

0.03

T3

ZKTDB3101

228.58

231.83

836

3.25

3.15

194

1.44

0.27

0.07

0.03

T5E1

ZKTDB3301

135.35

136.27

893

0.92

0.76

137

1.19

0.19

0.05

0.02

T4

ZKTDB3501

184.29

185.84

851

1.55

1.32

187

1.64

0.19

0.03

0.01

T31W

ZKTDB3501

197.22

198.17

841

0.95

0.81

76

3.71

0.81

0.03

0.00

T20

ZKTDB3502

113.29

113.96

873

0.67

0.60

250

0.50

0.08

0.04

0.02

T3E

ZKTDB3502

127.31

128.53

863

1.22

1.03

998

1.45

0.78

0.33

0.05

T4

ZKTDB3502

180.59

181.34

823

0.75

0.63

62

3.76

0.15

0.15

0.01

T5E2 [1]

ZKTDB3502

195.20

196.10

812

0.90

0.76

112

1.04

0.25

0.03

0.00

N/A

ZKTDB3502

199.99

200.85

809

0.86

0.73

154

0.65

0.19

0.45

0.03

N/A

ZKTDB3503

195.57

196.75

836

1.18

1.14

290

2.34

0.28

0.02

0.02

T31W1E

ZKTDB3503

213.60

214.16

825

0.56

0.52

356

3.69

0.21

0.03

0.01

T20

ZKTDB3504

91.12

92.58

909

1.46

N/A [3]

8

0.02

0.02

13.96

0.01

N/A [2]

ZKTDB3701

98.50

99.25

881

0.75

0.70

153

1.41

0.23

0.05

0.01

T2

ZKTDB3701

192.81

194.23

814

1.42

1.22

677

1.75

1.08

0.18

0.04

T20

ZKTDB3702

206.66

207.53

848

0.87

0.82

49

5.25

0.83

0.05

0.01

T20

ZKTDB3901

110.70

112.51

874

1.81

1.55

147

0.39

0.03

0.10

0.04

T2

ZKTDB3901

114.61

117.38

871

2.77

2.68

90

0.51

0.08

0.28

0.01

T3

ZKTDB3901

174.85

177.01

829

2.16

2.01

38

2.63

0.11

0.04

0.03

T4

ZKTDB4101

128.55

133.56

852

5.01

4.75

143

2.09

0.11

0.05

0.07

T1

ZKTDB4101

189.79

192.46

813

2.67

2.35

41

2.28

0.18

0.29

0.03

T20

ZKTDB4102

129.08

137.71

852

8.63

8.20

183

1.20

0.26

0.11

0.07

T1

ZKTDB4103

110.74

111.55

871

0.81

1.59

280

0.72

0.18

0.03

0.01

T3

ZKTDB4301

84.10

85.42

884

1.32

1.23

23

0.12

0.07

3.21

0.01

T31

[1] New veins.

[2] New unnamed veins.

[3] Thickness unknown.

Tunneling Programs at the TLP Mine                  

A total of 6,982 m of exploration tunnels were developed at the TLP mine during this period. The exploration tunneling, comprised of drifting, cross-cutting 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 (Tables 2 and 3).

Table 2: Summary of the tunneling programs at the TLP mine

Major Target Veins

Elevation
(m)

Total
Tunneling
(m)

Channel
Samples
Collected

Drift
Included

Total Mineralization Exposed by Drifts [1]

Length
(m)

True Width
(m)

Ag
(g/t)

Pb
(%)

Zn
(%)

T1W1, T2, T2E, T2W1, T5, T11, T14,
T14E, T15E, T15W, T15W2, T16,
T16E, T16W, T17, T17E, T17W, T22E,
T22W, T23, T31W, T33E1, T33E3

500-1050

6,982

3,062

4,932

2,213

0.66

255

3.53

0.47

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 125 g/t at the TLP mine
(Formula used for AgEq calculation: AgEq = Ag g/t + 33.82 * Pb% ).

Table 3: Selected mineralized zones exposed by drift tunneling at the TLP mine

Tunnel ID

Vein

Elevation
(m)

Length
(m)

Ore Length
(m)

True Width
(m)

Ag
(g/t)

Pb
(%)

Zn
(%)

PD730-T1W1-560-15NYM

T1W1

560

120

75

0.41

646

1.57

1.56

PD730-T2E-716-7SYM

T2E

716

20

20

0.97

247

3.92

0.37

PD1050-T5-1050-6NYM

T5

1050

104

80

0.75

198

2.53

0.36

PD930-T11-930-6NYM

T11

930

35

25

0.60

369

3.81

0.19

PD930-T11-930-6SYM

T11

930

30

30

0.83

141

2.78

0.23

PD890-T11-890-4SYM

T11

890

125

80

0.62

333

3.81

0.35

PD820-T11-755-8CCLJ

T11

755

35

20

0.76

468

3.59

0.21

PD820-T11-755-8CCNYM

T11

755

32

32

0.76

516

3.16

0.22

PD820-T11-600-3NYM

T11

600

280

95

0.87

56

4.78

0.54

PD820-T14-600-1NYM

T14

600

160

45

0.89

139

3.99

0.52

PD820XPD-T14-600-16NYM

T14

600

25

25

0.74

188

3.21

0.23

PD820XPD-T14-500-15NYM

T14

500

85

45

0.54

30

5.60

0.25

PD846-T15-846-12NYM

T15E

846

28

28

0.70

426

4.56

0.33

PD930-T15W-930-12CCWM

T15W

930

35

15

0.73

481

3.33

0.67

PD820-T15W-820-12SYM

T15W

820

50

45

0.53

288

4.79

0.36

PD820-T15W-820-12NYM

T15W

820

45

45

0.77

286

5.37

0.44

PD820-T15W-755-8NYM

T15W

755

16

16

0.47

883

4.93

0.20

PD820XPD-T15W-550-0NYM

T15W

550

75

75

0.53

30

3.92

0.35

PD846-T15W-846-12SYM

T15W2

846

125

60

0.49

436

2.92

0.49

PD800-T16-800-23SYM

T16

800

76

60

0.83

262

1.37

0.55

PD820XPD-T16-550-4NYM

T16

550

250

105

0.75

68

5.23

0.83

PD820-T16W-820-14SYM

T16W

820

20

20

0.86

1,011

4.45

1.32

PD890-T17-890-1SYM

T17

890

95

65

0.70

251

1.47

0.46

PD820XPD-T17W-550-4SYM

T17W

550

125

70

0.77

212

3.86

0.22

PD730-T2-665-23SYM

T22E

665

50

40

0.98

51

3.12

0.22

PD820-T22E-650-14SYM

T22E

650

95

60

1.04

185

4.20

0.22

PD820XPD-T23-510-11SYM

T23

510

45

40

1.44

382

2.70

2.04

PD890-T31W-890-31NYM

T31W

890

45

43

0.47

620

1.19

0.44

PD890-T31W-890-31SYM

T31W

890

31

31

0.49

1,460

6.95

1.11

PD960-T33E1-990-13SYM

T33E1

990

100

50

0.56

369

5.75

0.16

PD730-T33E3-510-19SYM

T33E3

510

145

30

0.59

486

2.47

0.26

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 km 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 1 mm and then split into a 200-300 g 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 5 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 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 1 mm is made and kept in the laboratory archives. Gold is analysed 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 CRMs, 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 3-5% 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, P. Geo., Manager of Exploration and Resource of the Company, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this news release.

About Silvercorp

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' wellbeing, and sustainable development.  For more information, please visit our website at www.silvercorp.ca.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

Certain of the statements and information in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.  Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, social and economic impacts of COVID-19; risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; property interests;  joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations;  competition;  operations and political conditions; regulatory environment in China and Canada;  environmental risks; legislative and regulatory initiatives addressing global climate change or other environmental concerns; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; and bringing actions and enforcing judgments under U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended March 31, 2021 under the heading "Risk Factors".  Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.  Accordingly, readers should not place undue reliance on forward-looking statements or information.  

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

CAUTIONARY NOTE TO US INVESTORS

The disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC").  The terms "proven mineral reserve", "probable mineral reserve" and "mineral reserves" used in this news release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43-101.  Accordingly, information contained in this news release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "Inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity.  An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.  Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.  Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.  Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7.  Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the "SEC Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1, 2021.  The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7.  As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources".  In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to corresponding definitions under the CIM Definition Standards.  During the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or reserves contained or referenced in this news release may not be comparable to similar information made public by companies that report according to U.S. standards.  While the SEC Modernization Rules are purported to be "substantially similar" to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards.  Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

SOURCE Silvercorp Metals Inc