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Silvercorp Discovers Five New High-Grade Silver Zones and Extends Known Silver Zones at the HZG Mine, Ying Mining District, China

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 7, 2013) - Silvercorp Metals Inc. (SVM.TO)(SVM) ("Silvercorp" or the "Company") is pleased to report the results from its 2012 underground tunneling and diamond drilling campaign at the HZG Mine, Ying Mining District, Henan Province, China.

The HZG Mine is located 1.4 kilometres south of the SGX Mine in the Ying Mining District. A total of 4,681 metres ("m") of underground tunneling and 14,394m of diamond drilling in 41 holes were completed between January 1, 2012 and December 31, 2012 at the HZG Mine for the purposes of testing the strike and downdip extension of the major mineralized vein structures HZ20, HZ22 and HZ5. As a result of this program, five new vein structures HZ20W, HZ22W, HZ23, HZ23E and HZ23E1 have been discovered and contain high-grade silver mineralization.

Highlights of selected mineralization zones exposed in underground tunnels:

  • Drift PD820-HZ20-690-SYM-ECM3-SYM along vein HZ20 on 690m level, has revealed a zone 130m in length, 0.74m true width grading 599 g/t silver ("Ag"), 3.29% lead ("Pb") and 0.35% zinc ("Zn");
  • Drift PD820-HZ20W-650 along vein HZ20W, a newly discovered vein, on 650m level, has revealed a zone 45m in length, 1.25m true width grading 1,409g/t Ag, 0.30% Pb and 0.85% Zn;
  • Drift PD810-740-HZ5 along vein HZ5 on 740m level, has revealed a zone of 75m in length, 0.50m true width grading 669g/t Ag, 0.79% Pb and 0.11% Zn;
  • Drift PD810-HZ5-780-SYM along vein HZ5 on 780m level, has revealed a zone 85m in length, 0.54m true width grading 544g/t Ag, 0.88% Pb and 0.10% Z; and
  • Drift PD820-HZ20-770-SYM along vein HZ20 on 770m level, has revealed a zone 50m in length, 0.74m true width grading 664g/t Ag, 2.61% Pb and 0.27% Zn.

Highlights of selected intercepts of drill holes:

  • Hole ZK43B02 intercepted a 1.12m interval, 1.12m true width of vein HZ22 grading 637g/t Ag, 1.25% Pb and 0.13% Zn at the 711m elevation; and
  • Hole ZK47B03 intercepted a 1.14m interval, 1.13m true width of vein HZ22W grading 542g/t Ag, 1.02% Pb and 0.11% Zn at the 700m elevation, and a 0.77m interval, 0.76m true width, of vein HZ23 grading 449 g/t Ag, 0.51% Pb, and 0.32% Zn.

The purpose of the underground tunneling program (consisting of 2,541m of drifts, 1,174m of cross-cuts, and 1,015m of raises) was to delineate and upgrade the previous drill-defined resource blocks within the major vein structures between the 650m and the 850m elevations. Drift and crosscut tunnels have been developed at 40m to 50m intervals and are connected with raises, declines, and shafts through different levels. A total of 1,790 chip samples were collected during the 2012 underground tunneling program. Zones of mineralization were exposed in tunnels on different levels along major mineralized vein structures HZ20, HZ20W, HZ22 and HZ5 between the 650m and the 850m elevations.

The 2012 diamond drilling program was designed to test the lateral and downdip extension of the major mineralized vein structures between the 750m and the 400m elevations. A total of 14,394m of drilling (including 7,768m in 17 surface holes and 6,626m in 24 underground holes), was completed and a total of 1,009 core samples were collected in the 2012 drilling program. As at December 31, 2012, assay results for 28 holes have been received. 19 of the 28 holes with assay results intercepted mineralization zones. The 2012 diamond drilling program delineated a resource block that extends 400m along strike and from the 800m to 550m elevation downdip between exploration lines 41 and 51 within the vein structure HZ22. Furthermore, five new mineralized vein structures; HZ20W, HZ22W, HZ23, HZ23E and HZ23E1 have been discovered as a result of the 2012 underground tunneling and diamond drilling campaign. A summary of the new vein structures is as follows:

  • Vein Structure HZ20W: HZ20W is located parallel to the west of vein structure HZ20 and has been revealed by underground tunneling at the 650m elevation. The vein structure has been traced for approximately 400m along strike and high-grade mineralization zones have been exposed within the structure in underground tunnels.
    Vein Structure HZ22W: HZ22W is located 30m to 40m (and runs parallel) to the west of vein structure HZ22. Mineralization zones within this structure have been intercepted between the 700m and 750m elevations in surface holes ZK45B03, ZK4703, ZK4704, ZK47B03 and ZK47B04 between exploration lines 45 and 48.
  • Vein Structure HZ23: HZ23 is located parallel to the east of HZ22 and the discovery was made by surface drilling. The mineralization zones within the vein structure have been intercepted at the 660m, 620m and 390m elevations by surface holes ZK43B02, ZK43B04, ZK4505 and ZK4703, drilled between exploration lines 43 and 47.
  • Vein Structures HZ23E and HZ23E1: HZ23E and its parallel zones are located approximately 50m to the east of HZ23. The vein group consists of at least three mineralized zones which have been intercepted in holes ZK43B03 and ZK43B04 on exploration line 44.

Tables 1 and 2 below list the assay results of some selected mineralization zones exposed in tunnels and intercepts in drill holes.

In 2013, a comprehensive exploration program including 2,062m of underground tunneling on vein structures HZ20, HZ22 and HZ5 and 29,568m of underground diamond drilling on vein structures HZ20, HZ20W, HZ22, and HZ23 is planned at the HZG Mine.

Table 1: Selected tunneling results from the HZG Mine

...
Tunnel ID Level
(m)
Vein Distance to Reference Point
(m)
Reference
Point
Channel
Azimuth
Mineralization Intercepts
Horizontal
Width
(m)
True
Width
(m)
Ag (g/t) Pb (%) Zn (%)
PD810-HZ5-780-SYM 780 HZ5 65 XA4 130 0.70 0.68 482 1.45 0.08
  780 HZ5 70 XA4 130 0.60 0.58 228 0.92 0.10
  780 HZ5 75 XA4 130 0.80 0.77 1,009 3.41 0.12
  780 HZ5 80 XA4 130 1.60 1.55 1,390 0.67 0.11
  780 HZ5 85 XA4 130 0.80 0.77 587 0.72 0.13
  780 HZ5 90 XA4 130 0.20 0.19 13 0.24 0.12
  780 HZ5 95 XA4 130 0.60 0.58 13 0.56 0.13
  780 HZ5 100 XA4 130 0.50 0.48 666 1.19 0.07
  780 HZ5 105 XA4 130 0.45 0.43 1,450 0.61 0.09
  780 HZ5 110 XA4 137 0.60 0.58 80 0.33 0.10
  780 HZ5 115 XA4 137 0.40 0.39 9 0.20 0.04
  780 HZ5 120 XA4 137 0.50 0.48 172 0.85 0.11
  780 HZ5 125 XA4 150 0.40 0.39 175 0.93 0.09
  780 HZ5 130 XA4 150 0.50 0.48 36 0.08 0.05
  780 HZ5 135 XA4 150 0.30 0.29 3 0.11 0.16
  780 HZ5 140 XA4 150 0.30 0.29 13 0.06 0.04
  780 HZ5 145 XA4 150 0.40 0.39 573 0.89 0.22
  780 HZ5 150 XA4 150 0.50 0.48 102 0.37 0.11
Length of the zone 85m Weighted Average 0.56 0.54 540 0.88 0.10
PD810-740-HZ5-SYM 740 HZ5 0 A9 137 0.95 0.92 1,116 0.84 0.16
  740 HZ5 5 A9 137 1.10 1.06 3,046 0.29 0.17
  740 HZ5 10 A9 137 0.30 0.29 7 0.05 0.08
  740 HZ5 15 A9 137 0.55 0.53 103 0.19 0.08
  740 HZ5 20 A9 137 0.55 0.53 22 0.34 0.11
  740 HZ5 25 A9 137 0.70 0.68 264 3.13 0.12
  740 HZ5 30 A9 135 0.25 0.24 3 0.01 0.01
  740 HZ5 35 A9 135 0.40 0.39 51 0.81 0.06
  740 HZ5 40 A9 135 0.20 0.19 3 0.01 0.01
  740 HZ5 45 A9 135 0.50 0.48 76 0.28 0.07
  740 HZ5 50 A9 135 0.35 0.34 3 0.31 0.09
  740 HZ5 55 A9 135 0.30 0.29 29 0.01 0.06
  740 HZ5 60 A9 135 0.30 0.29 24 0.01 0.07
  740 HZ5 65 A9 135 0.50 0.48 875 0.62 0.13
Length of the zone 65m Weighted Average 0.50 0.48 745 0.65 0.11
PD810-780-HZ22-NYM 780 HZ22 130 CM''1 146 0.65 0.59 48 0.16 0.06
  780 HZ22 135 CM''1 146 0.50 0.45 3 0.03 0.04
  780 HZ22 140 CM''1 122 0.50 0.45 223 1.22 0.16
  780 HZ22 145 CM''1 122 0.60 0.54 105 1.78 0.08
  780 HZ22 150 CM''1 115 0.85 0.77 113 0.24 0.05
  780 HZ22 155 CM''1 115 0.55 0.50 334 0.65 0.11
  780 HZ22 160 CM''1 135 0.55 0.50 357 1.26 0.03
  780 HZ22 165 CM''1 135 0.70 0.63 308 0.12 0.04
  780 HZ22 170 CM''1 135 0.55 0.50 140 1.22 0.06
  780 HZ22 175 CM''1 122 0.50 0.45 61 1.00 0.02
  780 HZ22 180 CM''1 122 0.90 0.82 440 0.33 0.02
  780 HZ22 185 CM''1 122 0.80 0.73 388 0.46 0.07
  780 HZ22 190 CM''1 122 0.80 0.73 99 0.35 0.10
  780 HZ22 195 CM''1 122 0.45 0.41 566 0.21 0.04
Length of the zone 65m Weighted Average 0.64 0.58 230 0.60 0.06
PD810-780-HZ22-NYM 780 HZ22 215 XA4 140 0.60 0.54 151 0.13 0.08
  780 HZ22 220 XA4 140 0.85 0.77 650 0.73 0.13
  780 HZ22 225 XA4 140 0.90 0.82 1,353 0.74 0.25
  780 HZ22 230 XA4 140 0.95 0.86 867 0.38 0.08
  780 HZ22 235 XA4 135 0.95 0.86 760 1.30 0.18
  780 HZ22 240 XA4 135 0.45 0.41 48 0.10 0.01
  780 HZ22 245 XA4 135 0.40 0.36 323 0.52 0.07
  780 HZ22 250 XA4 135 0.60 0.54 248 1.84 0.19
Length of the zone 35m Weighted Average 0.71 0.65 650 0.76 0.14
PD810-740-HZ5-NYM 740 HZ5 80 A9 138 0.80 0.77 84 3.58 0.09
  740 HZ5 85 A9 138 0.70 0.68 462 0.17 0.05
  740 HZ5 90 A9 138 0.70 0.68 998 0.79 0.09
  740 HZ5 95 A9 138 0.55 0.53 135 0.59 0.12
  740 HZ5 100 A9 138 0.20 0.19 3 0.01 0.01
  740 HZ5 105 A9 138 0.30 0.29 3 0.01 0.04
  740 HZ5 110 A9 138 0.50 0.48 160 0.40 0.13
Length of the zone 30m Weighted Average 0.54 0.52 332 1.08 0.08
PD890-HZ22-850-SYM 850 HZ22 0 A5'' 121 0.60 0.54 455 1.33 0.27
  850 HZ22 5 A5'' 121 0.40 0.36 10 0.06 0.03
  850 HZ22 10 A5'' 121 0.60 0.54 62 6.01 0.18
  850 HZ22 15 A5'' 121 0.20 0.18 38 0.05 0.02
  850 HZ22 20 A5'' 121 0.40 0.36 16 0.36 0.06
  850 HZ22 25 A5'' 121 0.50 0.45 91 2.91 0.17
  850 HZ22 30 A5'' 121 0.50 0.45 296 7.82 0.14
Length of the zone 30m Weighted Average 0.46 0.41 163 3.11 0.15
PD890-HZ22-850-NYM 850 HZ22 0 A4-1 110 0.48 0.44 860 1.85 0.13
  850 HZ22 5 A4-1 110 0.58 0.53 592 0.46 0.10
  850 HZ22 10 A4-1 110 0.63 0.57 456 2.14 0.49
  850 HZ22 15 A4-1 110 0.40 0.36 367 0.59 0.19
  850 HZ22 20 A4-1 110 0.50 0.45 87 0.09 0.07
  850 HZ22 25 A4-1 110 0.55 0.50 52 0.05 0.03
  850 HZ22 30 A4-1 110 0.70 0.63 56 0.08 0.01
Length of the zone 30m Weighted Average 0.55 0.50 339 0.75 0.15
PD890-HZ22-850-SYM 850 HZ22 95 A5'' 123 0.40 0.36 464 0.45 0.09
  850 HZ22 100 A5'' 305 1.30 1.18 42 0.03 0.01
  850 HZ22 105 A5'' 305 0.80 0.73 40 0.07 0.13
  850 HZ22 110 A5'' 305 0.85 0.77 398 0.33 0.07
  850 HZ22 115 A5'' 305 0.90 0.82 210 0.09 0.01
  850 HZ22 120 A5'' 305 0.80 0.73 304 0.01 0.01
  850 HZ22 125 A5'' 305 0.40 0.36 47 0.21 0.15
  850 HZ22 130 A5'' 305 0.70 0.63 72 0.08 0.04
  850 HZ22 135 A5'' 305 0.80 0.73 356 0.23 0.25
  850 HZ22 140 A5'' 305 0.50 0.45 53 0.23 0.08
  850 HZ22 145 A5'' 305 0.50 0.45 52 0.17 0.08
  850 HZ22 150 A5'' 305 0.90 0.82 64 0.12 0.11
Length of the zone 55m Weighted Average 0.74 0.67 170 0.14 0.08
PD850-HZ22-810-SYM 810 HZ22 0 22S1 116 0.50 0.45 249 0.62 0.23
  810 HZ22 5 22S1 116 0.20 0.18 20 0.15 0.07
  810 HZ22 10 22S1 116 0.70 0.63 350 0.23 0.17
  810 HZ22 15 22S1 116 0.60 0.54 775 0.19 0.13
  810 HZ22 20 22S1 116 0.50 0.45 565 0.46 0.19
  810 HZ22 25 22S1 116 0.80 0.73 690 0.22 0.10
  810 HZ22 30 22S1 116 0.60 0.54 307 0.09 0.05
  810 HZ22 35 22S1 130 0.40 0.36 268 0.42 0.14
  810 HZ22 40 22S1 130 0.40 0.36 46 1.33 0.05
  810 HZ22 45 22S1 130 0.60 0.54 46 0.24 0.02
  810 HZ22 50 22S1 130 0.20 0.18 5 0.13 0.03
  810 HZ22 55 22S1 130 0.50 0.45 77 0.02 0.02
  810 HZ22 60 22S1 130 1.30 1.18 797 1.89 0.20
Length of the zone 60m Weighted Average 0.56 0.51 423 0.60 0.12
PD850-HZ20-810-SYM 810 HZ20 135 XS40-4 78 0.50 0.48 4,589 5.36 0.93
  810 HZ20 140 XS40-4 78 0.60 0.58 149 0.22 0.22
  810 HZ20 145 XS40-4 78 1.00 0.97 353 0.95 0.12
  810 HZ20 150 XS40-4 78 0.40 0.39 411 10.37 0.17
  810 HZ20 155 XS40-4 78 0.70 0.68 716 0.52 0.16
  810 HZ20 160 XS40-4 78 1.00 0.97 247 0.93 0.42
  810 HZ20 165 XS40-4 78 0.60 0.58 142 0.61 0.05
  810 HZ20 170 XS40-4 87 0.40 0.39 62 0.69 0.04
  810 HZ20 175 XS40-4 87 0.60 0.58 9 0.45 0.06
  810 HZ20 180 XS40-4 87 0.60 0.58 110 0.69 0.04
  810 HZ20 185 XS40-4 87 0.50 0.48 1,369 12.31 1.62
  810 HZ20 190 XS40-4 87 0.60 0.58 51 29.58 0.15
Length of the zone 55m Weighted Average 0.63 0.60 606 4.59 0.31
PD850-HZ22-810-SYM 810 HZ22 0 XS51-6 138 0.80 0.73 334 0.44 0.38
  810 HZ22 5 XS51-6 121 0.60 0.54 81 0.47 0.05
  810 HZ22 25 XS51-6 308 1.20 1.09 89 2.28 0.22
  810 HZ22 30 XS51-6 138 1.20 1.09 408 5.49 0.24
  810 HZ22 35 XS51-6 308 0.50 0.45 2,160 1.00 2.08
  810 HZ22 45 XS51-6 138 0.80 0.73 24 2.30 0.10
Length of the zone 45m Weighted Average 0.85 0.77 394 2.41 0.39
PD820-HZ20-770-SYM 770 HZ20 0 S26 78 0.40 0.39 1,159 0.62 1.95
  770 HZ20 5 S26 78 0.40 0.39 164 0.30 0.12
  770 HZ20 20 S26 78 0.40 0.39 30 0.92 0.08
  770 HZ20 25 S26 78 0.40 0.39 86 2.77 0.51
  770 HZ20 30 S26 78 0.40 0.39 5 0.06 0.06
  770 HZ20 35 S26 78 0.40 0.39 261 0.37 0.17
  770 HZ20 40 S26 85 0.50 0.48 76 0.29 0.12
Length of the zone 40m Weighted Average 0.41 0.40 248 0.75 0.42
PD820-HZ20-770-SYM 770 HZ20 70 S26 98 0.50 0.48 3,311 0.32 1.26
  770