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Silvercorp Reports Positive Exploration Results from the TLP and LME Mines at the Ying Mining District

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VANCOUVER, British Columbia, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Silvercorp Metals Inc. ("Silvercorp” or the “Company”) (TSX/NYSE American: SVM) is pleased to report the results of its 2018-2019 exploration programs at the TLP and LME mines, Ying Mining District, Henan Province, China. Exploration drilling is ongoing at the TLP and LME mines, and all other mines at the Ying Mining District.

From April 1, 2018 to September 30, 2019, Silvercorp continued the extensive exploration programs at the TLP and LME mines and completed 37,212 metres (“m”) of diamond drilling with six underground rigs from current production levels, and 33,004m of exploration tunneling between elevation levels 500m and 1,070m. Results from the drilling program extended the major mineralized vein structures along strike and downdip, and exploration tunneling exposed high grade mineralized zones within major production vein structures. Eight new mineralized veins were discovered in the TLP mine during this period. Among them, veins T31W3, T26, T26E, T39E, T39E2 and T17E indicate the increasing importance of the NNW and NS striking veins. The drilling results from veins LM5, LM5E and LM4 at the LME mine extended the high-grade mineralized zones to at least the 260m level.

Highlights of selected mineralized zones exposed in the drift tunnels:

  • Drift Tunnel PD890-T5E1_1-890-31NYM exposed mineralization 15m long and 0.44m wide (true width) grading 1,784 grams per tonne (“g/t”) silver (“Ag”), 9.55% lead (“Pb”) and 0.81% zinc (“Zn”) within vein structure T31W3 on the 890m level at the TLP mine;

  • Drift Tunnel PD1050-T26-1050-A4NYM exposed mineralization 25m long and 1.11m wide (true width) grading 716 g/t Ag, 9.05% Pb and 0.13% Zn within vein structure T26 on the 1050m level at the TLP mine;

  • Drift Tunnel PD930-T14E-930-A0SYM exposed mineralization 60m long and 1.66m wide (true width) grading 430 g/t Ag, 5.05% Pb and 0.39% Zn within vein structure T14E on the 930m level at the TLP mine;

  • Drift Tunnel PD820-T16-600-1SYM exposed mineralization 80m long and 1.04m wide (true width) grading 719 g/t Ag, 5.19% Pb and 0.92% Zn within vein structure T16 on the 600m level at the TLP mine; and

  • Drift Tunnel PD900-LM18E1-915-52NYM exposed mineralization 60m long and 0.47m wide (true width) grading 1,469 g/t Ag, 2.38% Pb and 0.28% Zn within vein structure LM18E1 on the 915m level at the LME mine.

The exploration tunneling from April 1, 2018 to September 30, 2019 at the TLP and LME mines, comprising drifting, crosscutting 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 is summarized in the following table:

Mine

Major Target Veins

Target
Levels
(m)

Total
Tunneling
(m)

Channel
Samples Collected

Drift
Included
(m)

Total Mineralization Exposed by Drift [1]

Length
(m)

Average True
Width (m)

Ag
(g/t)

Pb
(%)

Zn
(%)

TLP

T1W, T1W1, T5, T11, T14E, T15W, T16, T16W, T17, T17E, T17W, T26, T26E, T31W3, T33E, T35E, T39E

510-1070

28,648

10,982

14,404

6,903

0.65

241

3.64

0.41

LME

LM4E2, LM5, LM5E, LM6, LM6W, LM18E1

500-1070

4,356

1,402

2,092

754

0.61

282

2.11

0.38

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 120 g/t at the TLP mine and 125 g/t at the LME mine. (Formulae used for AgEq calculation: TLP=36.75*Pb%+Ag g/t; LME=39.019*Pb%+Ag g/t)

Highlights of selected drill hole intersections:

  • Hole ZKT0641 intersected a 2.73m interval from 2.12m to 4.85m, 2.00m true width, of vein T3E grading 841 g/t Ag, 0.67% Pb and 0.20% Zn at the 1079m elevation at the TLP mine;

  • Hole ZKL7602 intersected a 3.82m interval from 263.75m to 267.57m, 2.71m true width, of vein LM6W grading 491 g/t Ag, 0.78% Pb and 0.16% Zn at the 601m elevation at the TLP mine;

  • Hole ZKX11071 intersected a 1.01m interval from 296.36m to 297.37m, 0.82m true width, of vein T2 grading 471 g/t Ag, 2.84% Pb and 0.33% Zn at the 560m elevation, and a 1.19m interval from 317.55m to 318.74m, 0.97m true width, of vein T3 grading 931 g/t Ag, 0.47% Pb and 0.06% Zn at the 546m elevation at the TLP mine; and

  • Hole ZKL6105 intersected a 0.79m interval from 113.98m to 114.77m, 0.53m true width, of vein LM4 grading 2,174 g/t Ag, 0.95% Pb and 0.25% Zn at the 497m elevation, and a 0.45m interval from 289.80m to 290.25m, 0.32m true width, of vein LM5 grading 2,217 g/t Ag, 2.90% Pb and 0.91% Zn at the 333m elevation at the LME mine.

The underground drilling program is conducted mainly from the current production levels to delineate the downdip and along-strike extensions of known mineralized vein structures in the production area and test for new vein structures in the previously less explored areas.

The drilling programs from April 1, 2018 to September 30, 2019 at the TLP and LME mines are summarized in the following table:

Mine

Major Target Veins

Target
Elevation
(m)

Metres
Drilled
(m)

Holes
Completed

Samples
Collected

Holes
Intercepted
Vein Structures

Holes
Intercepted
ore

TLP

T2, T2W, T3, T3E, T5,
T5E, T5E2, T11, T14E, T15W, T16E, T22, LM5, LM6, LM6W

214-1,111

25,170

92

1,676

86

39

LME

LM4, LM5, LM5E, LM5E1, LM6E, LM6E1, T11, T17, T17E, T17E1, T17W1

270-1,000

12,041

34

852

32

17

Tables 1 and 2 below list the assay results of certain mineralized zones exposed in drift tunnels and selected mineralized drill hole intersections from the exploration programs.


Table 1: Selected mineralized zones exposed by drift tunneling at the TLP and LME mines

Mine

Tunnel ID

Target

Level

Length

True
Width
(m)

Ag

Pb

Zn

Vein

(m)

(m)

(g/t)

(%)

(%)

TLP

PD820-T11-700-4NYM

T11

700

120.0

0.78

317

5.09

0.57

TLP

PD820-T11-600-1SYM

T11

600

90.0

1.21

236

7.70

0.76

TLP

PD930-T14E-930-A0SYM

T14E

930

60.0

1.66

430

5.05

0.39

TLP

PD890-T14E-890-21SYM

T14E

890

125.0

0.83

444

3.31

0.40

TLP

PD820-T14E-755-3SYM

T14E

755

20.0

0.67

103

8.99

0.16

TLP

PD820-T15W-650-4SYM

T15W

650

35.0

0.57

191

6.77

0.44

TLP

PD820-T15W-650-4NYM

T15W

650

80.0

1.01

175

10.18

0.33

TLP

PD846-T16E-846-7NYM

T16

846

35.0

1.10

695

1.23

0.37

TLP

PD820XPD-T16W-755-23SYM

T16

755

35.0

0.39

669

1.81

2.31

TLP

PD820-T16-700-12SYM

T16

700

45.0

0.57

679

3.84

1.03

TLP

PD820XPD-T16-700-15NYM

T16

700

60.0

0.41

785

2.12

2.61

TLP

PD820-T16-600-1SYM

T16

600

80.0

1.04

719

5.19

0.92

TLP

PD846-T16W-846-12SYM

T16W

846

105.0

0.42

972

1.25

0.72

TLP

PD820-T17W-700-14SYM

T16W

700

41.0

0.77

279

4.12

0.37

TLP

PD846-T17-846-16NYM

T17

846

125.0

0.49

353

3.17

0.47

TLP

PD846-T17-846-16SYM

T17

846

117.5

0.80

321

3.40

0.83

TLP

PD820-T17-700-14NYM

T17

700

35.0

1.03

375

4.29

0.39

TLP

PD820-T17-700-14SYM

T17

700

24.0

0.51

288

5.06

0.10

TLP

PD846-T17E-846-16NYM

T17E [1]

846

55.0

0.52

412

5.19

0.46

TLP

PD820-T17-650-4SYM

T17W

650

70.0

0.68

608

1.90

0.93

TLP

PD820-T17W-600-1NYM

T17W

600

15.0

0.46

976

4.49

0.37

TLP

PD960-T1W-990-4NYM

T1W

990

35.0

0.71

837

2.62

0.48

TLP

PD1070-T1W1-1070-4SYM

T1W1

1070

25.0

1.19

304

2.91

0.11

TLP

PD1070-T22W-1070-6SYM

T22W

1070

30.0

0.49

501

2.31

0.07

TLP

PD1050-T26-1050-A4NYM

T26 [1]

1050

25.0

1.11

716

9.05

0.13

TLP

PD960-T26-990-A6NYM

T26 [1]

990

35.0

1.25

312

2.97

0.05

TLP

PD840-T26E-840-1SYM

T26E [1]

840

20.3

0.52

302

5.50

0.09

TLP

PD890-T5E1支-890-31NYM

T31W3 [1]

890

15.0

0.44

1,784

9.55

0.81

TLP

PD730-T31W-730-A25NYM

T31W3 [1]

730

45.0

0.45

209

8.61

0.34

TLP

PD730-T33E-560-23NYM

T33E

560

90.0

0.52

361

2.18

0.59

TLP

PD960-T35E-960-5NYM

T35E

960

40.0

0.40

712

2.64

0.79

TLP

PD820XPD-T39E-700-15SYM

T39E [1]

700

29.0

0.56

478

4.12

0.68

TLP

PD820XPD-T39E2-755-27SYM

T39E2 [1]

755

110.0

0.52

340

5.09

2.02

TLP

PD960-T5-990-11NYM

T5

990

32.0

1.10

145

8.03

0.10

TLP

PD840-T5E1-840-29NYM

T5E1

840

60.0

0.52

395

2.45

0.55

TLP

PD840-T5E1-840-29SYM

T5E1

840

25.0

0.77

481

2.80

0.51

TLP

PD1050-T5W-1050-5SYM

T5W

1050

35.0

0.60

274

4.84

0.08

TLP

PD1050-T5W1-1050-5NYM

T5W1 [1]

1050

35.0

0.44

410

2.85

0.17

LME

PD900-LM18E1-915-52NYM

LM18E1 [1]

915

60.0

0.47

1,469

2.38

0.28

LME

PD900-LM18E1-915-52SYM

LM18E1 [1]

915

35.0

0.80

428

3.65

0.32

LME

PD900-LM5-600-64NYM

LM5

600

25.0

0.39

258

1.81

0.56

LME

PD900-LM5-600-69SYM

LM5

600

40.0

1.13

235

1.38

0.27

LME

PD900-LM6W-650-70SYM

LM6W

650

40.0

0.48

335

1.12

0.36

[1] Veins discovered between April 30, 2018 and September 30, 2019


Table 2: Selected results from the drill programs at the TLP and LME mines

Mine

Hole ID

From
(m)

To
(m)

Elevation
(m)

Width
(m)

True
Width (m)

Ag
(g/t)

Pb
(%)

Zn
(%)

Vein

TLP

ZKT1331

321.18

321.98

723.19

0.80

0.69

437

2.16

0.17

T15W

359.98

360.31

708.65

0.33

0.28

449

1.85

0.59

T11

TLP

ZKX11674

387.97

388.40

458.67

0.43

0.34

18

5.52

0.49

T2

TLP

ZKGA3201

206.00

206.40

766.52

0.40

0.36

593

0.16

0.36

T22

TLP

ZKT1332

333.31

333.72

641.11

0.41

0.36

56

2.39

0.10

T15W

360.77

361.99

626.24

1.22

1.06

99

10.89

0.28

T11

TLP

ZKGA2801

267.80

268.93

757.27

1.13

1.09

414

1.61

0.35

T22

TLP

ZKGA2401

155.08

155.48

735.18

0.40

0.39

112

5.32

0.14

T22-1

TLP

ZKX11071

296.36

297.37

559.68

1.01

0.82

471

2.84

0.33

T2

317.55

318.74

545.71

1.19

0.97

931

0.47

0.06

T3

TLP

ZKTA4011

140.81

143.32

921.34

2.51

1.46

230

6.99

1.51

T14E

TLP

ZKTA4012

95.11

98.29

772.65

3.18

1.84

115

13.04

0.33

T14E

TLP

ZKT0641

2.12

4.85

1,079.32

2.73

2.00

841

0.67

0.20

T3E

161.21

161.82

1,054.43

0.61

0.42

291

1.58

0.28

T22E

TLP

ZKT1136

423.98

424.27

509.53

0.29

0.27

454

0.21

0.18

T11

TLP

ZKT1042

6.20

8.16

1,074.50

1.96

1.71

142

0.68

0.05

T3E

TLP

ZKT0441

6.14

6.48

1,077.38

0.34

0.16

1,451

1.14

0.76

T3E

152.27

152.96

1,034.66

0.69

0.33

360

0.59

0.10

T5

TLP

ZKT0842

104.48

107.05

1,111.22

2.57

1.48

86

4.36

0.31

T5

TLP

ZKT0940

90.61

92.15

780.69

1.54

1.30

124

0.42

0.10

T14E

303.01

303.47

638.21

0.46

0.40

254

0.39

0.23

T14

TLP

ZKL7602

263.75

267.57

601.25

3.82

2.71

491

0.78

0.16

LM6W

269.42

272.65

596.47

3.23

2.29

180

0.45

0.11

LM6

517.68

519.11

389.15

1.43

1.02

119

1.38

0.33

LM5

572.14

572.84

343.87

0.70

0.50

251

2.28

0.70

LM5E1

576.89

577.23

339.92

0.34

0.24

601

0.92

0.52

LM5E2

TLP

ZKT1043

88.79

90.49

1,057.12

1.70

1.15

59

6.16

0.46

T2W

TLP

ZKL7604

251.93

252.37

735.17

0.44

0.36

317

0.16

0.39

LM6

TLP

ZKT2527

122.44

124.14

734.90

1.70

0.94

31

6.21

0.09

T33W3 [1]

TLP

ZKT0135

86.52

86.87

936.71

0.35

0.28

1,286

0.79

2.73

T16E

TLP

ZKT0135

118.13

118.84

929.60

0.71

0.58

541

1.19

0.28

T16E1

TLP

ZKT0333

91.82

92.18

914.10

0.36

0.14

1,237

1.36

0.27

T16E

TLP

ZKT1633

63.12

63.96

929.89

0.84

0.83

133

5.54

0.74

T15W

TLP

ZKT1633

89.17

89.50

918.06

0.33

0.33

244

4.08

7.92

T15

TLP

ZKT1632

223.96

224.31

987.46

0.35

0.33

290

1.70

4.00

T17

TLP

ZKT1432

220.81

222.55

1,006.17

1.74

1.61

108

1.66

0.84

T17

TLP

ZKG0123

85.25

85.57

617.24

0.32

0.30

229

8.41

0.26

T15W4

181.33

181.64

579.70

0.31

0.28

34

5.61

1.86

T16

263.97

264.60

547.41

0.63

0.58

73

25.13

0.48

T15W

286.28

287.08

538.69

0.80

0.74

76

29.71

0.30

T11

TLP

ZKT3724

308.40

308.85

533.74

0.45

0.34

32

13.66

0.14

T39

TLP

ZKG0525

215.64

216.12

549.08

0.48

0.34

119

2.56

2.34

T16E

273.20

273.89

522.05

0.69

0.54

11

6.93

0.21

T15W

318.84

319.34

500.63

0.50

0.38

12

3.60

0.13

T14E

LME

ZKL3201

276.43

276.78

679.68

0.35

0.25

56

16.02

0.05

T11

LME

ZKL6105

113.98

114.37

496.69

0.79

0.53

2,174

0.95

0.25

LM4

289.80

290.25

332.89

0.45

0.32

2,217

2.90

0.91

LM5

318.78

319.74

306.10

0.96

0.68

244

0.47

0.09

LM5E1

322.53

323.39

302.63

0.86

1.66

528

3.67

1.94

LM5E

LME

ZKL6502

94.94

95.98

536.89

1.04

1.25

217

1.95

0.26

LM4

197.35

197.72

467.63

0.37

1.09

452

0.77

0.73

LM5

234.74

235.44

442.66

0.70

0.62

721

1.12

1.28

LM5E

LME

ZKL6503

207.25

207.92

426.60

0.67

0.49

204

0.70

0.27

LM6E

281.70

282.10

363.79

0.40

0.29

292

17.63

0.10

LM5E

LME

ZKL6302

96.87

97.19

520.94

0.32

0.26

506

2.93

0.16

LM4

LME

ZKL5903

231.67

232.15

408.56

0.48

0.38

464

1.24

0.25

LM5

280.38

280.76

367.89

0.38

1.03

602

0.63

0.40

LM5E1

283.07

283.48

365.65

0.41

2.91

590

0.70

0.12

LM5E

LME

ZKL54S302

102.43

103.50

773.89

1.07

0.83

509

2.57

2.04

LM3_1

149.88

150.32

739.44

0.44

0.34

179

1.10

0.68

T17E1

158.85

159.70

732.90

0.85

0.65

2,019

1.74

0.58

T17E

355.76

357.17

588.57

1.41

1.09

126

4.95

0.26

T17

369.28

369.58

578.68

0.30

0.23

374

3.88

0.97

T17W1

LME

ZKL58T1701

292.69

293.61

636.37

0.92

0.67

2,246

6.59

2.70

LM3_1

302.55

303.00

629.14

0.45

0.33

22

5.46

0.60

LM4

LME

ZKL58T1702

138.55

139.88

770.01

1.33

1.07

647

0.47

0.23

T17E

314.73

315.88

661.05

1.15

0.90

120

3.05

0.36

T17

[1] Veins discovered between April 30, 2018 and September 30, 2019


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 the Analytical Lab of the Inner Mongolia Geological Exploration Bureau in Hohhot, Inner Mongolia, 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 1m, 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: investor@silvercorp.ca
Website: www.silvercorpmetals.com

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

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 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, 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; 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, 2017 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.

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