Silvercorp Intersects 1.89 Metres Grading 37.08 Grams Per Tonne Gold in New Gold Zones at the LMW Mine, Ying Mining District, China

VANCOUVER, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) — Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) is pleased to report the discovery of new gold zones and high grade intercepts from its 2020 exploration program at the LMW mine, Ying Mining District, Henan Province, China. Extensive exploration drilling and tunnelling are ongoing at the LMW mine, and all other mines at the Ying Mining District.

The 2020 exploration program from July 1, 2019 to October 30, 2020 at the LMW mine has used in-fill drilling to target areas of known sub-vertical silver-lead-zinc veins that were previously believed to be uneconomic. Since June 2020, drilling has also targeted the gently-dipping zones believed to host gold mineralization, as reported in the May 28, 2020 news release. These gold zones were previously undiscovered and appear to have been over-printed by the sub-vertical silver-lead-zinc veins which are the focus of current mining operations.   Currently, ten rigs are drilling at the LMW mine and a total of 132 diamond drill holes, including 108 underground holes and 24 surface holes totaling 37,869 metres (“m”) have been completed. Assay results for 125 holes have been received with 72 holes intercepting many zones of higher-grade silver-lead mineralization, including veins LM7, LM7W1, LM8, LM8_1, LM12_1, LM13, LM14, LM16, LM22, LM25W, LM41E, LM41E1, and LM41E2. Most of these higher-grade silver-lead discoveries can be mined through existing tunnels which is expected to substantially reduce tunnel development costs at the LMW mine going forward.

Drilling to test the gold-bearing sub-horizontal shear zone LM22 has intersected high gold grades, including 37.08 g/t Au over 1.89m. In addition, at least three new gently-dipping (to the west at less than 15°), stacked gold mineralization zones, namely LM50, LM51 and LM53, have been discovered in this drill campaign. The gold mineralization is associated with k-feldspar-ankerite-quartz-pyrite-galena veinlets and stockwork alteration. The most-drilled LM50 vein has been defined by drilling and underground tunnelling over 450m along strike to the northeast and 350m down-dip in a 25m to 50m grid pattern and true thicknesses ranging from 0.5m to over 5.4m. Three rigs are drilling LM50 which is open in all directions.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b26bc88-10c9-403e-a77f-76bdbb51a4ce

Highlights of selected drill hole intersections:

  • Hole
    ZKX0535 intersected a 1.89m interval (1.66m true width) of vein LM22 grading 37.08 grams per tonne (“g/t”) gold (“Au”), 4 g/t silver (“Ag”), and 0.53% copper (“Cu”), which includes a 1.25m interval (1.10m true width) grading 55.80 g/t Au, 5 g/t Ag, and 0.56% Cu.
  • Hole
    ZKX0723 intersected a 6.13m interval (4.89m true width) of vein LM50 grading 5.23 g/t Au, 30 g/t Ag, 0.21% lead (“Pb”), and 0.12% zinc (“Zn”), which includes a 1.58m interval (1.34m true width) grading 12.70 g/t Au, 19 g/t Ag, 0.10% Pb, and 0.12% Zn.
  • Hole ZKX0527 intersected a 2.34m interval (2.22m true width) of vein LM50 grading 8.51 g/t Au, and 16 g/t Ag, including a 1.22m interval (1.16m true width) grading 13.30 g/t Au, and 15 g/t Ag.
  • Hole ZKX0725 intercepted a 2.45m interval grading 4.33 g/t Au of an unknown vein, approximately 50m above the LM50 zone.
  • Hole
    ZKX0940 intersected a 1.63m interval (1.46m true width) of vein LM8_1 grading 1,984 g/t Ag, 3.86% Pb, 0.60% Zn, 0.07 g/t Au, and 0.49% Cu, which includes a 1.08m interval (0.97m true width) grading 2,985 g/t Ag, 5.26% Pb, 0.87% Zn, 0.10 g/t Au, and 0.73% Cu.
  • Hole
    ZKX0934 intersected a 4.43m interval (2.50m true width) of vein LM12_1 grading 343 g/t Ag, 6.21% Pb, 1.16% Zn, and 0.17 g/t Au, which includes two intersections:

    • A 1.24m interval (0.70m true width) grading 339 g/t Ag, 7.72% Pb, 0.28% Zn, and 0.17 g/t Au; and
    • A 0.89m interval (0.50m true width) grading 1,185 g/t Ag, 17.46% Pb, 4.84% Zn, and 0.50 g/t Au.
  • Hole ZKX0118 intersected a 1.81m interval (1.29m true width) of vein LM25W grading 1,715 g/t Ag, 1.53% Pb, 0.44% Zn, 0.44 g/t Au, and 0.30% Cu.

In addition, a total of 8,684m of exploration tunnels have been developed at the LMW mine during the period. These exploration tunnels (including 4,750m of drifts) were 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 following table:

Major Target Veins

Total

Tunne
l
ling

(m)

Channel
Samples
Collected

Drift

Included

(m)

Total Mineralization Exposed by Drifts

[1]
Length

(m)
Average
True Width


m)
Ag

(g/t)
Pb

(%)
Zn

(%)
Au

(g/t)
Cu

(%)
LM19W2, T27E, LM14,
LM16_1, LM16,LM17W,
LM12_1, LM12E, LM22,
LM8_4a, LM32, LM8, LM41E,
LM17
8,684 3,320 4,750 775 0.53 397 4.34 0.42 0.09 0.18

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 155 g/t at the LMW mine (Formula used for AgEq calculation: AgEq = Ag g/t + 35.06 * (Pb% + Cu%) + 79.57 * Au g/t).

Highlights of selected mineralized zones exposed in the drift tunnels:

  • Drift Tunnel
    XPDS-LM17-575-26SYM2 exposed mineralization 25m long and 1.54m wide (true width) grading 894 g/t Ag, 9.35% Pb, 0.53% Zn, 0.17 g/t Au, and 1.16% Cu within vein structure LM17;
  • Drift Tunnel
    XPDS-LM16-675-115SYM exposed mineralization 10m long and 0.59m wide (true width) grading 1,740 g/t Ag, 0.96% Pb and 0.36% Zn within vein structure LM16;
  • Drift Tunnel
    PD1080-LM41E-1080-11NYM exposed mineralization 15m long and 0.74m wide (true width) grading 1,079 g/t Ag, 2.12% Pb, 0.15% Zn, 0.02 g/t Au, and 0.55% Cu within vein structure LM41E; and
  • Drift Tunnel
    PD918-W6-880-128NYM exposed mineralization 35m long and 0.68m wide (true width) grading 603 g/t Ag, 4.91% Pb, 2.12% Zn, 0.02 g/t Au, and 0.13% Cu within vein structure W6.



Table
1
:
Selected
results from the 2020 drill programs at the LMW mine

Hole ID From

(m)
To

(m)
Interval

(m)
True Width

(m)
Ag

(g/t)
Pb

(%)
Zn

(%)
Au

(g/t)
Cu

(%)
Vein Ore Type
ZKX0015 307.53 308.73 1.20 1.07 331 1.10 2.78 0.05 0.14 LM10W Ag-Pb
ZKX0015 349.68 350.51 0.83 0.78 3 0.01 0.01 1.03 0.29 LM51 [1] Au
ZKX0016 131.45 133.12 1.67 0.94 522 0.43 0.03 0.05 0.07 LM13 Ag-Pb
ZKX0017 278.50 280.97 2.47 1.34 273 0.25 0.03 0.16 0.26 LM26 [1] Au
ZKX0026 192.99 193.79 0.80 0.75 13 0.02 0.02 4.75 2.18 LM26 Au
ZKX0118 30.48 32.29 1.81 1.29 1,715 1.53 0.44 0.44 0.30 LM25W Ag-Pb
ZKX0118 146.71 148.17 1.46 1.27 3 0.01 0.01 3.52 0.33 LM22 [1] Au
ZKX0319 270.45 271.16 0.71 0.57 5 0.01 0.01 3.19 0.69 LM51 Au
ZKX0334 84.70 86.08 1.38 1.30 1 0.00 0.00 5.43 0.09 LM22 Au
ZKX0517 46.70 47.23 0.53 0.50 6 0.01 0.02 2.49 0.00 LM22a [1] Au
ZKX0527 162.82 165.16 2.34 2.22 16 0.64 0.07 8.51 0.01 LM50 [1] Au
Including 163.94 165.16 1.22 1.16 15 0.86 0.07 13.30 0.01 LM50 Au
ZKX0528 154.89 159.55 4.66 3.15 5 0.01 0.02 2.58 0.00 LM50 Au
Including 159.15 159.55 0.40 0.26 47 0.04 0.04 26.70 0.01 LM50 Au
ZKX0529 113.56 114.16 0.60 0.36 780 1.23 0.33 0.04 0.46 LM7W1 Ag-Pb
ZKX0529 168.28 176.06 7.78 4.68 256 0.76 0.07 0.01 0.08 LM7 Ag-Pb
Including 168.28 169.97 1.69 1.02 587 0.25 0.02 0.01 0.03 LM7 Ag-Pb
and 174.68 176.06 1.38 0.83 609 2.93 0.24 0.01 0.39 LM7 Ag-Pb
ZKX0531 105.26 105.97 0.71 0.61 5 0.02 0.01 21.10 1.14 LM22 Au
ZKX0535 92.91 94.80 1.89 1.66 4 0.00 0.01 37.08 0.53 LM22 Au
Including 92.91 94.16 1.25 1.10 5 0.00 0.01 55.80 0.56 LM22 Au
ZKX0723 184.27 190.40 6.13 4.89 30 0.21 0.12 5.23 0.00 LM50 Au
Including 184.27 185.85 1.58 1.34 19 0.10 0.12 12.70 0.01 LM50 Au
ZKX0725 126.41 128.86 2.45 2.06 2 0.01 0.01 4.33 0.01 ? [1], [2] Au
Including 126.41 127.36 0.95 0.80 3 0.02 0.01 10.03 0.01 ? Au
ZKX0725 166.07 167.37 1.30 1.18 1 0.02 0.06 1.87 0.01 LM50 Au
ZKX0726 165.59 166.44 0.85 0.65 15 0.59 0.33 9.74 0.01 LM50 Au
ZKX0726 207.06 208.56 1.50 0.92 370 0.59 0.08 0.01 0.04 LM8a Ag-Pb
ZKX0934 135.46 136.56 1.10 0.98 39 0.09 0.46 3.25 0.01 LM13 Ag-Pb
ZKX0934 323.27 327.70 4.43 2.50 343 6.21 1.16 0.17 0.04 LM12_1 Ag-Pb
Including 323.27 324.51 1.24 0.70 339 7.72 0.28 0.17 0.05 LM12_1 Ag-Pb
and 326.81 327.70 0.89 0.50 1,185 17.64 4.84 0.50 0.08 LM12_1 Ag-Pb
ZKX0940 249.22 250.85 1.63 1.46 1,984 3.86 0.60 0.07 0.49 LM8_1 Ag-Pb
Including 249.77 250.85 1.08 0.97 2,985 5.26 0.87 0.10 0.73 LM8_1 Ag-Pb
ZKX1103 56.48 57.34 0.86 0.72 156 0.91 0.05 0.03 0.01 LM7W1 Ag-Pb
ZKX1103 116.00 116.29 0.29 0.27 618 0.08 0.03 0.03 0.04 LM7W Ag-Pb
ZKX1104 157.45 157.70 0.25 0.23 2,133 1.99 0.14 0.05 0.18 LM41E Ag-Pb
ZKX1105 130.58 131.30 0.72 0.62 644 3.02 0.79 0.05 0.33 LM41E2 Ag-Pb
Including 130.58 130.82 0.24 0.21 1,842 8.37 2.25 0.05 0.94 LM41E2 Ag-Pb
ZKX1105 133.32 133.69 0.37 0.32 582 3.69 1.07 0.05 0.22 LM41E1 Ag-Pb
ZKX1108 130.04 131.52 1.48 0.85 330 0.63 0.02 0.01 0.02 LM12E Ag-Pb
ZKX1109 157.87 158.85 0.98 0.51 12 0.04 0.03 8.35 0.00 LM50 Au
ZKX1501 270.21 273.89 3.68 2.83 135 0.35 0.04 0.01 0.02 T22 Ag-Pb
Including 270.21 270.46 0.25 0.16 1,579 3.70 0.40 0.03 0.20 T22 Ag-Pb
ZKX4007 284.81 287.36 2.55 1.81 423 0.26 0.22 0.01 0.07 LM17 Ag-Pb
ZKX4008 296.43 297.54 1.11 0.80 29 13.52 0.04 0.01 0.00 LM17 Ag-Pb
Including 297.21 297.54 0.33 0.24 81 43.66 0.03 0.02 0.01 LM17 Ag-Pb
ZKX6801 121.67 122.94 1.27 1.22 2 0.25 0.02 1.99 0.02 LM53 [1] Au
Including 122.68 122.94 0.26 0.25 6 0.91 0.03 5.91 0.04 LM53 Au
ZKX6803 182.76 184.49 1.73 0.89 454 1.37 0.18 0.01 0.28 ? Ag-Pb
ZKX10105 336.91 337.16 0.25 0.20 20 9.13 1.00 0.03 0 LM8W Ag-Pb
ZKX10509 254.09 254.52 0.43 0.40 743 0.32 0.30 0.31 0.05 LM8W3 Ag-Pb
ZKX10509 282.06 282.41 0.35 0.27 723 1.57 0.14 0.33 0.01 LM8W2 Ag-Pb
ZKX10509 385.00 385.51 0.51 0.39 168 11.57 1.77 0.22 0.03 LM8 Ag-Pb
ZKX10708 247.43 249.99 2.56 2.15 394 2.96 0.22 0.03 0.07 LM8 Ag-Pb
ZKX10814 232.25 233.17 0.92 0.65 9 0.02 0.01 2.21 0.00 LM51 Au
ZKX10915 8.72 9.19 0.47 0.36 639 3.04 0.36 0.12 0.02 LM20 Ag-Pb
ZKX11402 259.04 259.84 0.80 0.54 527 2.21 0.43 0.07 0.12 LM8 Ag-Pb
ZKX11507 229.68 231.39 1.71 0.93 82 7.53 0.13 0.01 0.04 LM17W Ag-Pb
ZKX12503 174.73 175.88 1.15 0.99 475 1.68 0.13 0.05 0.02 LM14 Ag-Pb
ZKT4402 174.17 174.95 0.78 0.66 18 0.17 0.01 8.60 0.29 ? Au
ZKT4802 318.39 319.08 0.69 0.64 366 7.85 0.42 0.05 0.02 T11 Ag-Pb
Including 318.39 318.62 0.23 0.21 329 22.97 1.15 0.05 0.03 T11 Ag-Pb

[1] Veins discovered between July 1, 2019 and October 30, 2020.

[2] New veins with no name assigned.

Table
2
:
Selected
mineralized zones exposed by drift
tun
n
el
li
ng
at
the LM
W
mine

Tunnel ID Vein Ore
Length


(m)
True
Width


(m)
Ag

(g/t)
Pb

(%)
Zn

(%)
Au

(g/t)
Cu

(%)
XPDN-LM8-600-111NYM LM8 25 0.33 229 2.57 0.29 0.04 0.07
XPDN-LM8_4a-500-143NYM LM8_4a 35 0.42 301 1.07 1.39 0.00 0.00
PD969Shaft-LM12_1-600-12SYM LM12_1 45 0.77 344 3.37 0.19 0.00 0.00
PD924-LM12E-924-11NYM LM12E 35 0.46 201 1.33 0.15 0.00 0.00
XPDS-LM14-625-109SYM LM14 20 0.24 440 3.34 0.06 0.00 0.00
XPDS-LM14-575-113NYM1 LM14 15 0.47 135 3.58 0.19 0.00 0.00
XPDS-LM14-575-113NYM2 LM14 15 0.30 304 2.96 0.25 0.00 0.00
XPDS-LM16-675-115SYM LM16 10 0.59 1,740 0.96 0.36 0.00 0.00
XPDS-LM16_1-725-111NYM LM16_1 20 0.29 616 1.64 0.25 0.00 0.00
XPDS-LM17-575-26SYM1 LM17 40 0.70 96 4.02 0.35 0.00 0.00
XPDS-LM17-575-26SYM2 LM17 25 1.54 894 9.35 0.53 0.17 1.16
XPDS-LM17W-600-0NYM1 LM17W 20 0.40 377 4.37 0.66 0.00 0.00
XPDS-LM17W-600-0NYM2 LM17W 40 0.72 249 2.98 1.16 0.00 0.00
XPDN-LM17W-800-9ECM LM17W1 15 0.27 719 5.07 0.59 0.00 0.00
XPDN-LM19W2-700-122SYM LM19W2 70 0.63 499 2.72 0.45 0.00 0.00
PD969Shaft-LM19W2-600-114SYM LM19W2 12 0.52 195 1.22 0.18 0.00 0.00
PD969Shaft-LM19W2-600-114NYM LM19W2 15 0.56 381 1.63 0.15 0.00 0.00
SJ969-LM19W2-550-110NYM LM19W2 15 0.97 26 8.58 0.26 0.00 0.00
PD924-LM22-834-3NYM LM22 40 0.18 11 0.04 0.01 2.72 1.55
PD969Shaft-LM30-550-114SYM LM30 30 0.41 136 4.40 0.31 0.00 0.00
PD969Shaft-LM12_2-500-14SYM LM32 25 0.28 303 4.87 0.85 0.33 0.11
PD1080-LM41E-1080-11NYM LM41E 15 0.74 1,079 2.12 0.15 0.02 0.55
PD924-T27E-900-110SYM T27E 20 0.89 114 14.33 0.17 0.00 0.00
PD918-W6-880-128NYM W6 [1] 35 0.68 603 4.91 2.12 0.02 0.13

[1] Veins discovered between July 1, 2019 and October 30, 2020.

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, 226km 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 1mm and then split to a 200-300g 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 5m along strike. Both the mineralized vein and the altered wall rocks are cut by continuous chisel chipping. Sample length ranges from 0.2m to more than 1.0m, 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 200g 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 analysed 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 3-5% 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.

For further information

Lon Shaver
Vice President
Silvercorp Metals Inc.

Phone: (604) 669-9397
Toll Free: 1 (888) 224-1881
Email: [email protected]
Website: www.silvercorp.ca


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Certain of the statements and information in this news 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
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This news release has been prepared in accordance with the requirements of NI 43‐101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws. NI 43‐101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.