Jan 24, 2022 miningnewsdaily

SILVERCORP INTERSECTS 1.35 METRES TRUE WIDTH GRADING 2,532 GRAMS PER TONNE SILVER AND 14.38% ZINC FROM VEIN S31 AT THE SGX MINE

<br /> SILVERCORP INTERSECTS 1.35 METRES TRUE WIDTH GRADING 2,532 GRAMS PER TONNE SILVER AND 14.38% ZINC FROM VEIN S31 AT THE SGX MINE<br />

PR Newswire


VANCOUVER, BC

,

Jan. 24, 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 SGX mine. Extensive exploration drilling and tunneling are ongoing at the SGX mine and all other mines in the Ying Mining District,

Henan Province

,

China

.

From

July 1 to December 31, 2021

, 52,634 metres (“m”) from a total of 327 diamond drill holes, including 272 underground holes and 55 surface holes, were completed at the SGX mine. Assay results for 209 holes have been received, with 102 holes intercepting mineralization. The Company also received assay results for  33 holes pending from the previous drilling program at the SGX mine from

October 1, 2020

to

June 30, 2021

disclosed in the Company’s news release dated

July 6, 2021

. Currently, there are 19 rigs drilling at the SGX 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; 2) drill for silver-lead-zinc veins in the resource area at higher elevations closer to surface where there are limited drill holes from previous drilling programs; 3) drill for gold-silver veins in the resource area that were not prioritized in previous drilling programs; and 4) drill step-outs to the east of the resource area to confirm the continuity of the newly discovered gold-silver veins.


Drilling Above or Beneath Previously Mined Stopes and Near Surface Silver-Lead-Zinc Veins within the Resource Area

Most holes drilled during this 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 northwest-dipping S2 series, S6 series, S7 series, S8 series, S14 series, S18 series, S19 series, S21 series, east-dipping S31, S28, S29, and S32 veins, which have resulted in a significant amount of upgraded resources. Since access tunnels are already in place, any high-grade mineralization discovered can quickly be converted to reserves and mined.

Highlights of the high-grade silver-lead-zinc intercepts at the SGX mine:


  • Hole ZK02AS6E1007

    intersected a

    3.19 m

    interval (

    1.35 m

    true width) of vein S31 grading 2,532 grams per tonne (“g/t’) silver (“Ag”), 0.69% lead (“Pb”), 14.38% zinc (“Zn”), 0.05 g/t gold (“Au”), and 0.12% copper (“Cu”) from

    58.35 m

    depth, at an elevation of

    372 m

    ;

  • Hole ZK12S7001

    intersected a

    2.02 m

    interval (

    1.65 m

    true width) of vein S7a1 grading 1,315 g/t Ag, 14.36% Pb, 0.84% Zn, 0.24 g/t Au, and 0.23% Cu from

    161.50 m

    depth, at an elevation of

    300 m

    ;

  • Hole ZK62S3101

    intersected a

    0.97 m

    interval (

    0.89 m

    true width) of vein S31 grading 1,764 g/t Ag, 36.49% Pb, 5.72% Zn, 0.13 g/t Au, and 0.27% Cu from

    80.19 m

    depth, at an elevation of

    239 m

    ;

  • Hole ZK04AS6E1002

    intersected a

    0.84 m

    interval (

    0.76 m

    true width) of vein S2 grading 2,497 g/t Ag, 29.05% Pb, 5.78% Zn, 0.12 g/t Au, and 0.23% Cu from

    3.31 m

    depth, at an elevation of

    353 m

    ;

  • Hole ZK50S2914

    intersected a

    1.22 m

    interval (

    0.88 m

    true width) of vein S29 grading 2,097 g/t Ag, 1.44% Pb, 20.61% Zn, 0.32 g/t Au, and 0.12% Cu from

    218.16 m

    depth, at an elevation of

    341 m

    ; and

  • Hole ZK04AS6E1005

    intersected a

    3.50 m

    interval (

    3.35 m

    true width) of vein S2 grading 291 g/t Ag, 7.41% Pb, 0.94% Zn, 0.12 g/t Au, and 0.04% Cu from

    3.04 m

    depth, at an elevation of

    354 m

    .


Drilling for Previous Low Priority Gold-Silver Veins within the Resource Area and Step-Out Drilling Intersecting Gold-Silver Veins

400 m

to the East of the Resource Area

The drilling continued intersecting and extending the east dipping gold-silver S16 series, including S16W, S16W1, S16E, and S16E3. A total of 44 holes, including 38 holes from this period and six holes pending from the previous drilling program, targeted the S16 vein series.  Together with the tunneling programs, the drill programs defined a mineralized block with a N-S strike length of

500 m

, and a

150 m

down-dip extension. Drilling was focused within the central portion of the block (

300 m

by

100 m

), with drill hole spacing ranging between

15 m

by

15 m

and

25 m

by

25 m

. Assay results for 33 holes from the previous drilling program were returned, with 23 holes intersecting gold mineralization.

The Company’s No. 1 mill has been upgraded by installing a Knelson Gravity Concentrator to maximize gold-silver ore recovery from the SGX, HPG, LMW, and DCG mines.

Step-out drilling confirmed the continuity of the gold-silver bearing S11 and S11E veins, approximately

400 m

east of the resource area. The S11 series gold-silver veins are sub-vertical and strike along a northeast-southwest trend.

Highlights of the gold silver intercepts at the SGX mine:


  • Hole ZK68AS16W002

    intersected a

    5.38 m

    interval (

    5.36 m

    true width) of vein S16W grading 52 g/t Ag, 1.08% Pb, 0.39% Zn, 3.93 g/t Au, and 0.01% Cu from

    37.67 m

    depth, at an elevation of

    340 m

    ;

  • Hole ZK74S16W08

    intersected a

    1.74 m

    interval (

    1.58 m

    true width) of vein S16E3 grading 3 g/t Ag, 0.01% Pb, 0.01% Zn, 5.57 g/t Au, and 0.01% Cu from

    92.90 m

    depth, at an elevation of

    246 m

    ; and

  • Hole ZK66AS16W002

    intersected a

    1.33 m

    interval (

    1.30 m

    true width) of vein S16W grading 56 g/t Ag, 0.34% Pb, 0.72% Zn, 4.61 g/t Au, and 0.04% Cu from

    67.13 m

    depth, at an elevation of

    341 m

    .


Table 1: Selected intercepts from the drilling programs at the SGX mine



Hole ID



From

(m)



To

(m)



Elevation

(m)



interval

(m)



True Width

(m)



Ag

(g/t)



Pb

(%)



Zn

(%)



Au

(g/t)



Cu

(%)



Veins



Ore Type


ZK01BS7_2003


116.95


117.46


194


0.51


0.44


74


4.45


0.27


0.16


0.02


S7_2


Ag-Pb-Zn


ZK01BS7_2007


93.55


94.30


255


0.75


0.48


275


18.73


0.30


0.05


0.03


S16W2


Ag-Pb-Zn


ZK01BS7_2007


114.32


120.19


252


5.87


5.27


193


6.32


0.08


0.06


0.02


S7_2


Ag-Pb-Zn


incl


114.32


115.05


253


0.73


0.65


1,058


45.45


0.05


0.05


0.10


S7_2


Ag-Pb-Zn


ZK01BS7_2007


179.64


180.52


245


0.88


0.68


71


0.16


5.27


0.05


0.08


S7_1E


Ag-Pb-Zn


ZK01BS7_2012


121.14


123.38


194


2.24


1.92


362


0.34


0.12


0.09


0.03


S7_2


Ag-Pb-Zn


ZK01BS7_2013


129.25


129.95


199


0.70


0.55


1,663


35.93


0.34


0.05


0.12


S7_2


Ag-Pb-Zn


ZK02AS6001


86.32


88.53


388


2.21


1.46


342


5.68


3.64


0.05


0.03


S6


Ag-Pb-Zn


ZK02AS6001


89.78


91.77


387


1.99


1.34


242


1.16


6.23


0.13


0.03


S2


Ag-Pb-Zn


ZK02AS6002


60.91


61.56


388


0.65


0.55


300


1.03


5.82


0.05


0.07


S6E1


Ag-Pb-Zn


ZK02AS6003


8.89


9.55


402


0.66


0.58


568


8.02


1.25


0.11


0.16


S14


Ag-Pb-Zn


ZK02AS6003


142.83


143.43


386


0.60


0.43


230


0.96


9.74


0.14


0.06


S2


Ag-Pb-Zn


ZK02AS6E1001


30.56


31.29


389


0.73


0.55


2,244


40.30


4.28


0.21


0.18


S31


Ag-Pb-Zn


ZK02AS6E1004


41.53


42.32


374


0.79


0.76


470


0.81


5.19


0.05


0.07


S31


Ag-Pb-Zn


ZK02AS6E1006


50.91


51.81


370


0.90


0.49


3,358


17.50


6.52


0.05


0.41


S31


Ag-Pb-Zn


ZK02AS6E1007


58.35


61.54


372


3.19


1.35


2,532


0.69


14.38


0.05


0.12


S31


Ag-Pb-Zn


incl


59.03


60.61


372


1.58


0.67


5,064


1.08


27.72


0.05


0.23


S31


Ag-Pb-Zn


ZK02AS6E1008


34.83


36.57


388


1.74


1.43


123


1.40


1.18


0.06


0.03


S31


Ag-Pb-Zn


ZK02AS6E1009


65.86


67.13


391


1.27


0.61


815


0.20


1.54


0.10


0.08


S31


Ag-Pb-Zn


ZK02BS6001


96.96


98.65


374


1.69


0.76


261


1.96


3.43


0.03


0.03


S29


Ag-Pb-Zn


ZK02S6002


139.30


139.99


374


0.69


0.62


159


0.16


0.15


0.04


0.00


S37


Ag-Pb-Zn


ZK02S7_210


102.38


105.08


438


2.70


1.79


251


1.27


1.87


0.05


0.04


S7_2


Ag-Pb-Zn


ZK04AS14002


48.36


49.08


242


0.72


0.41


674


16.45


1.63


0.11


0.05


S31


Ag-Pb-Zn


ZK04AS14004


46.55


47.25


247


0.70


0.69


444


6.81


1.16


0.05


0.08


S31


Ag-Pb-Zn


ZK04AS14010


4.74


5.55


353


0.81


0.68


200


3.99


1.43


0.02


0.03


S2


Ag-Pb-Zn


ZK04AS14010


10.99


11.74


352


0.75


0.54


393


6.98


11.09


0.03


0.13


S6


Ag-Pb-Zn


ZK04AS14010


65.07


66.01


345


0.94


0.94


477


0.77


1.27


0.07


0.08


S31


Ag-Pb-Zn


ZK04AS14012


8.78


9.40


349


0.62


0.54


691


16.41


6.28


0.05


0.04


S6


Ag-Pb-Zn


ZK04AS14012


128.27


129.50


316


1.23


1.21


1,003


0.56


6.19


0.09


0.54


S14


Ag-Pb-Zn


ZK04AS14013


2.46


2.96


354


0.50


0.39


456


1.52


1.23


0.05


0.02


S2


Ag-Pb-Zn


ZK04AS2006


26.07


26.85


257


0.78


0.62


138


4.08


0.43


0.13


0.01


S29


Ag-Pb-Zn


ZK04AS2006


145.15


145.85


226


0.70


0.37


730


3.49


14.32


0.10


0.13


S2


Ag-Pb-Zn


ZK04AS2009


140.33


141.01


227


0.68


1.49


205


2.78


6.80


0.05


0.04


S6


Ag-Pb-Zn


ZK04AS31001


69.28


69.93


245


0.65


0.56


69


2.71


2.96


0.05


0.03


S31


Ag-Pb-Zn


ZK04AS37004


19.27


20.44


345


1.17


1.15


151


0.43


2.31


0.05


0.02


S29


Ag-Pb-Zn


ZK04AS37004


36.47


37.55


337


1.08


0.68


167


5.01


0.97


0.05


0.04


S37E


Ag-Pb-Zn


ZK04AS6003


98.67


99.52


237


0.85


0.54


304


3.98


3.70


0.03


0.03


S2


Ag-Pb-Zn


ZK04AS6004


102.13


102.77


239


0.64


0.44


643


1.26


13.83


0.24


0.18


S6


Ag-Pb-Zn


ZK04AS6005


164.49


165.08


227


0.59


1.81


96


1.86


0.49


0.03


0.00


S2a


Ag-Pb-Zn


ZK04AS6005


164.49


167.05


227


2.56


1.81


96


1.86


0.49


0.03


0.00


S2a


Ag-Pb-Zn


ZK04AS6E1002


3.31


4.15


353


0.84


0.76


2,497


29.05


5.78


0.12


0.23


S2


Ag-Pb-Zn


ZK04AS6E1002


9.45


10.06


351


0.61


0.40


215


5.07


11.09


0.16


0.11


S6


Ag-Pb-Zn


ZK04AS6E1002


50.55


51.16


340


0.61


0.55


2,321


7.16


5.14


0.15


0.18


S6E


Ag-Pb-Zn


ZK04AS6E1002


67.44


68.09


335


0.65


0.56


2,385


3.91


6.21


0.12


0.22


S14_2


Ag-Pb-Zn


ZK04AS6E1003


0.79


1.32


353


0.53


0.50


299


5.35


0.99


0.03


0.02


N/A

[1]


Ag-Pb-Zn


ZK04AS6E1003


3.53


4.18


351


0.65


0.61


955


32.65


3.47


0.03


0.12


S2


Ag-Pb-Zn


ZK04AS6E1003


9.75


10.45


348


0.70


0.66


422


7.34


10.76


0.06


0.05


S6


Ag-Pb-Zn


ZK04AS6E1003


79.81


80.42


308


0.61


0.44


292


1.56


1.79


0.14


0.03


S6E1


Ag-Pb-Zn


ZK04AS6E1005


3.04


6.54


354


3.50


3.35


291


7.41


0.94


0.12


0.04


S2


Ag-Pb-Zn


incl


5.75


6.54


353


0.79


0.76


1,197


30.88


4.07


0.15


0.13


S2


Ag-Pb-Zn


ZK04AS6E1005


11.56


12.16


351


0.60


0.55


179


3.71


7.24


0.14


0.07


S6


Ag-Pb-Zn


ZK04AS6E1005


34.77


35.32


344


0.55


0.51


106


2.89


1.00


0.05


0.02


S6E


Ag-Pb-Zn


ZK04AS6E1005


66.12


66.64


335


0.52


0.51


233


1.93


3.31


0.05


0.06


S6E1


Ag-Pb-Zn


ZK04AS6E1005


130.53


131.18


316


0.65


0.62


363


0.21


0.42


0.05


0.23


S14


Ag-Pb-Zn


ZK04AS6E1007


1.49


2.09


353


0.60


0.60


260


3.41


0.16


0.05


0.03


S2


Ag-Pb-Zn


ZK04AS6E1007


8.64


9.17


349


0.53


0.52


123


10.95


2.04


0.05


0.02


S6


Ag-Pb-Zn


ZK04AS6E1009


7.32


8.13


351


0.81


0.72


679


12.47


10.11


0.03


0.05


S2


Ag-Pb-Zn


ZK04AS7_207


91.79


92.44


428


0.65


0.43


529


0.15


0.20


0.05


0.03


S7W


Ag-Pb-Zn


ZK04AS7_207


101.57


102.27


421


0.70


0.44


535


40.14


5.94


0.05


0.13


S7_2


Ag-Pb-Zn


ZK04AS8008


35.57


36.61


400


1.04


0.94


64


2.17


1.49


0.02


0.03


S7E


Ag-Pb-Zn


ZK04AS8009


51.89


52.42


383


0.53


0.41


367


3.19


4.47


0.07


0.07


S7Ea


Ag-Pb-Zn


ZK04S19003


22.77


24.09


557


1.32


1.18


160


0.88


2.12


0.05


0.02


S19


Ag-Pb-Zn


ZK04S21W101


93.08


94.35


406


1.27


1.18


273


2.91


0.84


0.06


0.03


S16E1


Ag-Pb-Zn


ZK04S6005


32.16


32.78


448


0.62


0.59


430


1.46


2.20


0.05


0.04


S31


Ag-Pb-Zn


ZK04S6012


39.10


40.93


440


1.83


1.53


167


2.21


1.26


0.05


0.03


S31


Ag-Pb-Zn


ZK04S6E1001


8.71


10.21


351


1.50


1.45


153


4.64


0.28


0.03


0.01


S6


Ag-Pb-Zn


ZK04S6E1002


1.53


2.25


353


0.72


0.64


242


6.79


0.15


0.03


0.03


S2


Ag-Pb-Zn


ZK04S6E1002


8.18


8.75


349


0.57


0.52


389


3.91


2.89


0.04


0.02


S6


Ag-Pb-Zn


ZK06S601


15.45


16.53


348


1.08


0.77


25


2.39


1.99


0.05


0.01


S6E


Ag-Pb-Zn


ZK06S601


35.52


37.49


339


1.97


0.90


647


13.80


4.36


0.05


0.06


S6


Ag-Pb-Zn


ZK06S602


3.67


4.48


353


0.81


0.55


124


1.51


2.74


0.05


0.02


S6E1


Ag-Pb-Zn


ZK06S602


40.27


41.93


339


1.66


0.80


46


1.09


5.14


0.05


0.03


S6


Ag-Pb-Zn


ZK06S604


0.00


1.33


353


1.33


0.83


860


19.62


8.78


0.14


0.14


S14_2


Ag-Pb-Zn


ZK06S604


4.37


5.01


352


0.64


0.50


356


10.37


4.21


0.05


0.04


S6E1


Ag-Pb-Zn


ZK06S604


32.44


33.01


344


0.57


0.41


593


11.31


2.48


0.12


0.04


S6E


Ag-Pb-Zn


ZK06S604


78.05


79.40


332


1.35


0.48


471


13.94


3.19


0.05


0.07


S6


Ag-Pb-Zn


ZK06S605


4.42


4.93


352


0.51


0.33


761


11.24


1.66


0.03


0.05


S6E1


Ag-Pb-Zn


ZK06S605


96.32


97.28


310


0.96


0.95


72


1.11


10.51


0.03


0.05


S2


Ag-Pb-Zn


ZK06S606


0.00


0.79


352


0.79


0.50


2


6.82


6.13


0.18


0.12


S14_2


Ag-Pb-Zn


ZK06S606


30.61


31.56


343


0.95


0.67


84


0.99


2.61


0.03


0.02


S6E


Ag-Pb-Zn


ZK06S606


56.21


59.27


336


3.06


2.15


151


0.24


2.47


0.13


0.02


S6


Ag-Pb-Zn


ZK06S606


76.37


77.37


330


1.00


0.60


327


5.68


9.15


0.03


0.08


S2


Ag-Pb-Zn


ZK06S606


86.73


88.56


327


1.83


0.66


147


2.43


0.12


0.03


0.01


S2W


Ag-Pb-Zn


ZK06S607


0.00


1.36


355


1.36


0.62


858


13.09


6.89


0.12


0.10


S14_2


Ag-Pb-Zn


ZK06S607


64.87


66.18


342


1.31


0.65


96


0.30


10.60


0.03


0.03


S6a


Ag-Pb-Zn


ZK06S607


78.53


79.98


340


1.45


0.44


271


8.51


4.09


0.02


0.04


S6


Ag-Pb-Zn


ZK07AS2804


122.97


125.83


443


2.86


2.82


400


0.48


0.91


0.06


0.22


S28E


Ag-Pb-Zn


ZK08AS18E05


17.96


18.75


389


0.79


0.55


210


0.44


0.05


0.55


0.03


S18


Au-Ag


ZK08AS33001


38.70


39.20


391


0.50


0.47


857


1.64


3.53


5.34


0.06


S18


Au-Ag


ZK08AS33001


126.45


127.20


368


0.75


0.71


523


2.02


0.66


0.55


0.03


S35E


Ag-Pb-Zn


ZK08AS33003


121.72


123.69


374


1.97


1.41


242


0.06


0.01


0.06


0.01


S33


Ag-Pb-Zn


ZK09S2803


145.72


146.36


441


0.64


0.61


90


4.88


1.89


0.05


0.10


S28


Ag-Pb-Zn


ZK10AS7001


60.59


61.26


347


0.67


0.66


291


4.33


0.92


0.08


0.08


S21a


Ag-Pb-Zn


ZK10AS7001


110.45


111.63


340


1.18


1.11


252


0.67


0.81


0.04


0.05


S7W1


Ag-Pb-Zn


ZK10S16E001


15.67


16.26


452


0.59


0.52


419


0.06


0.07


0.49


0.01


S21Wa


Ag-Pb-Zn


ZK10S33011


138.29


138.99


320


0.70


0.42


245


2.52


4.67


0.68


0.01


S33


Ag-Pb-Zn


ZK12S601


75.86


77.38


292


1.52


1.41


197


4.13


4.04


0.05


0.04


S6


Ag-Pb-Zn


ZK12S601


146.22


146.84


280


0.62


0.54


520


0.50


8.55


0.05


0.11


S14_1


Ag-Pb-Zn


ZK12S602


79.40


80.11


275


0.71


0.63


52


6.78


0.72


0.05


0.01


S6


Ag-Pb-Zn


ZK12S602


86.64


87.50


272


0.86


0.84


60


2.70


0.52


0.05


0.01


S31


Ag-Pb-Zn


ZK12S603


90.01


90.63


252


0.62


0.62


136


4.57


2.12


0.06


0.02


S6


Ag-Pb-Zn


ZK12S605


87.84


88.39


247


0.55


0.53


467


10.81


15.44


0.18


0.18


S6


Ag-Pb-Zn


ZK12S7001


57.68


58.53


336


0.85


0.72


142


4.69


0.53


0.09


0.06


S21a


Ag-Pb-Zn


ZK12S7001


120.85


121.36


314


0.51


0.45


238


16.33


0.52


0.21


0.05


S7W


Ag-Pb-Zn


ZK12S7001


161.50


163.52


300


2.02


1.65


1,315


14.36


0.84


0.24


0.23


S7a1


Ag-Pb-Zn


ZK13AS8E03


172.21


173.52


219


1.31


0.70


176


11.17


0.17


0.05


0.09


S8Wa


Ag-Pb-Zn


ZK13AS8E04


122.60


123.80


236


1.20


0.81


134


1.41


0.47


0.04


0.06


S8


Ag-Pb-Zn


ZK13AS8E04


162.07


163.29


213


1.22


0.89


190


6.38


0.12


0.02


0.11


S8Wa


Ag-Pb-Zn


ZK13S8E01


98.95


99.48


241


0.53


0.43


1,782


4.01


0.37


0.06


0.64


S8E


Ag-Pb-Zn


ZK13S8E01


108.20


110.42


234


2.22


1.88


127


1.26


0.29


0.03


0.07


S8


Ag-Pb-Zn


ZK13S8E01


129.97


130.63


220


0.66


0.50


102


6.29


0.07


0.03


0.21


S8Wa


Ag-Pb-Zn


ZK13S8E03


97.56


98.07


248


0.51


0.42


93


11.01


0.33


0.05


0.06


S8E


Ag-Pb-Zn


ZK14S16E206


15.86


16.44


347


0.58


0.48


206


2.17


2.10


0.15


0.04


S16E2


Ag-Pb-Zn


ZK15AS1903


115.14


116.40


599


1.26


1.26


33


0.06


0.03


1.72


0.05


S19E


Au-Ag


ZK15AS1903


136.61


138.02


597


1.41


1.12


39


0.61


3.79


2.65


0.21


S19


Au-Ag


ZK15AS1917


79.91


81.50


586


1.59


1.47


605


0.14


1.20


0.18


0.06


S7_2a2


Ag-Pb-Zn


ZK15AS8E03


8.42


8.99


304


0.57


0.37


176


6.49


0.19


0.03


0.05


S8


Ag-Pb-Zn


ZK15AS8E04


61.39


72.36


261


10.97


6.09


311


4.55


0.40


0.03


0.10


S8E


Ag-Pb-Zn


ZK15S1906


124.77


126.66


596


1.89


1.66


30


0.21


7.99


0.05


0.03


S19


Ag-Pb-Zn


ZK17AS7_121


102.85


103.75


442


0.90


0.84


100


0.98


5.22


0.05


0.05


S7_2


Ag-Pb-Zn


ZK17AS7_121


115.96


116.40


435


0.44


0.41


1,535


48.20


2.08


0.05


0.03


S7_1


Ag-Pb-Zn


ZK17S8W001


6.42


7.15


308


0.73


0.58


426


26.20


0.52


0.05


0.08


S8Wa


Ag-Pb-Zn


ZK19AS7_109


111.46


112.17


430


0.71


0.58


107


1.47


6.78


0.05


0.04


S7_1


Ag-Pb-Zn


ZK19AS7_113


121.54


122.10


471


0.56


0.46


232


14.59


0.16


0.03


0.01


S7_1a


Ag-Pb-Zn


ZK19AS7_113


124.62


125.54


471


0.92


0.76


704


3.15


0.12


0.03


0.17


S7_1


Ag-Pb-Zn


ZK19S7_110


106.84


107.56


439


0.72


0.69


155


0.84


1.75


0.02


0.07


S7_1


Ag-Pb-Zn


ZK19S8001


74.72


76.78


595


2.06


0.85


82


4.16


0.42


0.05


0.01


S8


Ag-Pb-Zn


ZK19S8005


75.68


77.90


599


2.22


2.19


107


3.87


0.65


0.03


0.01


S8


Ag-Pb-Zn


ZK2S601


86.31


87.27


336


0.96


0.90


76


1.29


4.55


0.03


0.03


S29


Ag-Pb-Zn


ZK4S7_202


65.57


67.95


474


2.38


1.88


415


1.00


0.66


0.05


0.02


S7_2


Ag-Pb-Zn


ZK4S7_202


150.19


150.75


449


0.56


0.44


304


0.77


0.81


0.05


0.03


S16E


Ag-Pb-Zn


ZK4S7_204


51.02


51.78


478


0.76


0.64


462


3.18


3.38


0.12


0.04


S7W


Ag-Pb-Zn


ZK4S7_204


74.84


75.43


472


0.59


0.50


244


0.28


0.30


0.08


0.58


S7_2


Ag-Pb-Zn


ZK4S801


130.92


131.96


461


1.04


0.95


1,181


9.41


6.43


0.24


0.66


S8


Ag-Pb-Zn


ZK4S803


142.62


143.73


429


1.11


1.05


127


4.86


4.28


0.03


0.23


S8a


Ag-Pb-Zn


ZK50S2914


218.16


219.38


341


1.22


0.88


2,097


1.44


20.61


0.32


0.12


S29


Ag-Pb-Zn


ZK50S2915


229.30


229.82


313


0.52


0.26


484


1.61


1.48


0.05


0.28


S14


Ag-Pb-Zn


ZK58S21W1001


123.59


124.58


317


0.99


0.82


173


6.85


0.53


0.05


0.04


S21W1


Ag-Pb-Zn


ZK60S21001


27.23


28.38


300


1.15


0.59


74


4.71


0.29


0.03


0.01


S16E3


Ag-Pb-Zn


ZK60S21001


94.81


95.33


289


0.52


0.48


71


2.30


1.93


0.45


0.01


S21


Ag-Pb-Zn


ZK60S21W1001


141.17


144.31


294


3.14


2.40


92


0.73


0.50


0.39


0.01


S19


Ag-Pb-Zn


ZK60S21W1002


112.30


113.47


306


1.17


0.83


228


3.09


3.02


0.23


0.14


S21W1


Ag-Pb-Zn


ZK60S7W1001


160.17


164.25


325


4.08


3.59


196


2.83


1.27


0.02


0.08


S7a1


Ag-Pb-Zn


incl


160.17


160.81


325


0.64


0.57


1,118


12.32


5.15


0.02


0.46


S7a1


Ag-Pb-Zn


ZK60S7W1001


171.42


171.99


323


0.57


0.46


153


1.35


0.50


0.03


0.06


S7


Ag-Pb-Zn


ZK62S3101


80.19


81.16


239


0.97


0.89


1,764


36.49


5.72


0.13


0.27


S31


Ag-Pb-Zn


ZK62S3101


93.82


94.34


235


0.52


0.42


1,408


2.89


5.37


1.14


0.06


S14_1


Ag-Pb-Zn


ZK62S3101


128.91


129.69


224


0.78


0.54


320


6.63


5.73


0.70


0.19


S14W


Ag-Pb-Zn


ZK62S3102


51.73


52.66


246


0.93


0.64


986


28.33


1.57


0.05


0.13


S14_2


Ag-Pb-Zn


ZK62S3102


70.47


71.57


240


1.10


0.89


127


1.34


5.22


0.09


0.04


S31


Ag-Pb-Zn


ZK62S3102


71.57


72.17


240


0.60


0.49


166


1.69


1.82


0.05


0.03


S14_1


Ag-Pb-Zn


ZK62S3103


60.84


61.73


236


0.89


0.77


186


4.96


3.79


0.07


0.05


S14_2


Ag-Pb-Zn


ZK62S3106


36.83


37.33


248


0.50


0.42


111


1.79


4.25


0.06


0.04


S14_1


Ag-Pb-Zn


ZK64S16W0012


54.85


56.21


292


1.36


1.30


73


0.08


0.06


1.12


0.00


S16W


Au-Ag


ZK64S21002


85.37


86.09


285


0.72


0.68


73


0.82


10.97


0.17


0.06


S21


Ag-Pb-Zn


ZK66AS16W002


67.13


68.46


341


1.33


1.30


56


0.34


0.72


4.61


0.04


S16W


Au-Ag


ZK66S16W006


59.18


60.05


273


0.87


0.78


99


0.59


0.75


0.64


0.02


S16W


Au-Ag


ZK68AS16W002


37.67


43.05


340


5.38


5.36


52


1.08


0.39


3.93


0.01


S16W


Au-Ag


ZK68AS16W003


40.61


41.35


325


0.74


0.66


77


2.57


0.52


0.38


0.01


S16W


Au-Ag


ZK68S16W01


74.68


79.03


386


4.35


4.11


74


1.04


0.73


0.36


0.08


S16W


Au-Ag


ZK68S16W01


174.67


175.86


363


1.19


1.12


104


1.82


0.51


0.07


0.03


S18E2


Ag-Pb-Zn


ZK68S16W03


166.33


166.93


328


0.60


0.52


618


17.21


5.50


0.14


0.14


S18E2


Ag-Pb-Zn


ZK70S16W001


15.50


17.36


349


1.86


0.86


350


4.01


0.84


0.18


0.07


S16E


Ag-Pb-Zn


ZK70S16W001


51.12


54.54


340


3.42


1.59


23


0.95


0.34


2.48


0.02


S16W


Au-Ag


ZK70S16W001


102.33


103.10


325


0.77


0.72


616


1.39


1.85


0.56


0.05


S18E3


Au-Ag


ZK70S16W002


9.24


10.55


349


1.31


0.69


207


1.54


1.53


0.53


0.06


S16E


Au-Ag


ZK70S16W002


52.69


57.08


322


4.39


2.95


24


1.47


0.68


2.16


0.01


S16W


Au-Ag


ZK70S16W003


45.19


46.25


338


1.06


0.89


270


0.39


0.38


3.66


0.02


S16W


Au-Ag


ZK70S16W003


99.64


100.57


320


0.93


0.88


102


3.68


6.32


0.41


0.03


S18E2


Au-Ag


ZK70S16W02


79.67


81.13


371


1.46


1.17


71


1.80


1.71


0.23


0.03


S16W


Au-Ag


ZK72S16W001


90.44


91.25


238


0.81


0.53


13


0.18


0.07


2.62


0.01


S16E2


Au-Ag


ZK72S16W001


211.09


211.91


152


0.82


0.70


60


0.35


1.83


0.77


0.02


S16W


Au-Ag


ZK74S16W08


92.90


94.64


246


1.74


1.58


3


0.01


0.01


5.57


0.01


S16E3


Au-Ag


ZK74S16W08


179.44


183.21


192


3.77


3.44


15


0.83


0.74


1.46


0.02


S16W


Au-Ag


ZK74S16W09


186.68


188.20


192


1.52


1.39


14


0.25


0.48


1.88


0.01


S16W


Au-Ag


ZK74S16W10


175.87


177.22


194


1.35


1.29


44


1.80


3.18


1.38


0.05


S16W


Au-Ag


ZK74S16W11


84.38


84.92


252


0.54


0.46


5


1.09


2.26


3.32


0.03


S16E3


Au-Ag


ZK77S32003


133.92


134.69


504


0.77


0.67


146


1.17


1.79


0.03


0.06


S32


Ag-Pb-Zn


ZK77S32005


154.87


158.56


503


3.69


2.01


40


0.22


9.20


0.03


0.20


S32


Ag-Pb-Zn


ZK77S32010


131.96


132.53


555


0.57


0.41


125


0.59


23.89


0.11


0.64


S32


Ag-Pb-Zn


ZK83S320009


240.61


241.24


411


0.63


0.53


151


0.96


0.18


0.04


0.01


S32


Ag-Pb-Zn


ZKDB10S16E201


268.45


269.00


627


0.55


0.44


195


6.19


0.28


0.03


0.01


S16E2


Ag-Pb-Zn


ZKDB16AS2102


151.99


153.11


647


1.12


0.66


217


6.10


1.83


0.05


0.06


S21


Ag-Pb-Zn


ZKDB16AS2102


190.38


190.90


614


0.52


0.35


218


1.02


7.47


0.05


0.09


S21W


Ag-Pb-Zn


ZKDB19AS802


106.43


107.16


671


0.73


0.65


94


13.86


1.23


0.03


0.03


S8W


Ag-Pb-Zn


ZKDB19AS803


117.42


117.96


670


0.54


0.53


516


19.80


8.27


0.02


0.09


S8


Ag-Pb-Zn


ZKDB19AS804


173.86


175.37


599


1.51


1.24


1


0.01


0.01


3.19


0.01


S8E1


Au-Ag


ZKDB20S8001


83.25


84.78


766


1.53


1.17


169


0.04


0.05


0.03


0.03


S8W1


Ag-Pb-Zn


ZKDB23AS801


219.24


220.32


616


1.08


0.73


165


1.67


0.07


0.03


0.02


S8


Ag-Pb-Zn


ZKDB25S802


171.47


172.35


674


0.88


0.72


274


8.33


0.11


0.03


0.04


S8E


Ag-Pb-Zn


ZKDB25S803


194.94


195.77


668


0.83


0.71


25


8.46


0.16


0.03


0.00


S8


Ag-Pb-Zn


ZKDB28AS1101


395.38


396.07


569


0.69


0.68


43


4.92


0.08


2.32


0.08


S11E


Au-Ag


ZKDB30AS1101


235.93


236.61


730


0.68


0.49


16


0.25


0.06


2.24


0.02


S11


Au-Ag


ZKDB30AS16W601


60.38


62.40


507


2.02


0.53


38


0.75


4.59


0.39


0.02


S14Ea


Ag-Pb-Zn


ZKDB30S1401


145.63


147.12


441


1.49


1.47


47


2.08


5.82


0.05


0.02


S16W


Ag-Pb-Zn


ZKDB54S16W001


188.98


192.45


648


3.47


2.54


79


1.33


1.02


0.07


0.01


S16W


Au-Ag


ZKDB58S16W001


87.99


89.46


740


1.47


0.73


91


0.67


13.45


0.02


0.04


S16E2


Ag-Pb-Zn


ZKDB58S16W001


208.39


209.24


638


0.85


0.56


44


0.39


6.39


0.03


0.04


S16W


Ag-Pb-Zn


ZKDB6AS2101


170.52


171.77


661


1.25


0.51


641


2.06


4.05


0.06


0.10


S21


Ag-Pb-Zn


ZKDB6S701


106.50


110.56


670


4.06


3.13


191


9.78


0.65


0.05


0.04


S7


Ag-Pb-Zn


ZKDB6S701


207.68


208.22


617


0.54


0.42


101


0.16


8.78


0.05


0.04


S7_2a


Ag-Pb-Zn


ZKDB6S703


271.84


272.94


622


1.10


0.83


118


4.36


2.54


0.05


0.02


S7


Ag-Pb-Zn


ZKDB8AS16E201


385.89


386.61


581


0.72


0.62


17


4.80


0.84


0.03


0.01


S16W


Ag-Pb-Zn


ZKDB8AS21W02


301.27


302.71


636


1.44


1.23


188


11.70


0.53


0.03


0.04


S21


Ag-Pb-Zn


ZKDB8AS21W02


320.77


321.31


624


0.54


0.49


121


2.26


0.20


0.03


0.02


S21W


Ag-Pb-Zn



1

New unnamed veins


Tunneling Programs at the SGX Mine

A total of

6,207 m

of exploration tunnels were developed at the SGX 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 SGX 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

(%)


S2W2, S2W2a, S2, S4E, S6, S7, S7_1, S7_2, S7_2a3, S7E3, S7W1, S8, S8E, S8W1, S8W2, S14_1, S14,  S16W1, S16E2,  S18E, S19,  S32, S33, S35,


60 – 640


6,207


2,471


3,535


1,467


0.69


366


5.28


3.02



1

Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 135 g/t at the SGX mine


(Formula used for AgEq calculation: AgEq = Ag g/t + 64.72 * Au g/t + 34.26 * Pb% + 19.08 * Zn%).


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



Tunnel ID



Vein



Elevation

(m)



Ore Length

(m)



True Width

(m)



Ag

(g/t)



Pb

(%)



Zn

(%)


CM105-S14-287-14QGX


S14


287


45


0.48


162


1.64


2.93


PD16-S14-60-4ASYM


S14


60


20


0.35


711


11.79


2.97


CM105-S16E-400-12NYM


S16E


400


25


0.68


1,208


9.54


1.35


CM102-S16W1-540-53SYM


S16W1


540


13


0.35


1,043


13.72


11.32


CM102-S16W1-545-53NYM


S16W1


545


60


0.49


210


5.35


6.28


CM105-S18E2-350-14ANYM


S18E2


350


15


0.45


394


2.25


5.91


XPD-S19-110-5QGX


S19


110


60


0.83


60


4.03


1.69


PD700-S19-590-13AQGX


S19


590


20


0.62


429


2.48


8.35


XPD-S19-160-5AQGX


S19


160


105


1.43


421


7.78


1.22


CM102-S19-534-4QGX


S19


534


35


1.04


157


4.88


5.76


CM101-S19-110-6ASYM


S19


110


50


0.84


190


3.81


0.74


XPD-S19-210-11AXB_QGX


S19


230


15


0.78


162


3.20


2.13


XPD-S19E-210-15AYMQGX


S19


210


20


0.46


284


3.99


6.13


XPD-S19-210-9SMWX


S19a1


210


35


0.60


327


4.58


1.97


CM105-S2SJ-S1W2-220-12ANYM


S1W2


220


20


0.63


1,143


5.86


11.12


CM105-S2SJ-S1W5-220-12ANYM


S1W5


220


10


1.42


351


2.00


7.03


PD16-S2-160-4ANYM


S2


160


65


0.85


323


9.65


3.07


CM105-S2SJ-S2-100-12ANYM


S2


100


70


0.75


613


6.48


1.74


CM105-S2SJ-S2-300-14ATJQGX


S2


310


19


0.62


164


5.60


1.97


PD16-S2-210-4ANYM


S2


210


15


0.65


217


4.95


6.60


PD16-S2-210-4ANYM


S2


210


15


0.80


644


8.66


3.88


CM105-S2SJ-S2W2-100-12ANYM


S2W2


100


35


0.78


153


0.37


3.16


CM105-S2SJ-S2W2-100-12ASYM


S2W2


100


55


1.46


488


11.46


0.76


CM102-S32-440-65SYM


S32


440


60


0.74


446


7.10


0.83


CM105-S33-400-10NYM


S33


400


20


0.36


335


4.24


4.24


CM105-S33-400-10SYM


S33


400


40


0.65


342


2.95


4.35


PD16-S6-160-4ANYM


S6


160


25


0.49


624


15.00


1.90


PD16-S6-160-4ASYM


S6


160


50


0.71


455


5.47


3.52


CM105-S2SJ-S6-220-16NYM


S6


220


40


0.75


257


2.09


1.90


PD16-S6-110-4ANYM


S6


110


30


1.02


404


12.97


2.31


CM105-S7-210-14SYM-LLD1-STOPE_QGX


S7


210


40


1.05


75


3.10


2.47


CM101-S7_1-110-2ASYM


S7_1


110


25


0.60


427


6.13


0.41


PD700-S7_2-530-9SYM


S7_2


530


45


0.44


61


3.22


4.35


CM105-S7E3-260-6NYM


S7E3


260


15


0.87


80


1.51


4.25


PD700-S8-570-19ASMW


S8


570


10


0.89


743


8.42


0.21


XPD-S8E-260-15YMQGX


S8E


260


75


0.95


657


3.96


0.64


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.

Cision
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SOURCE Silvercorp Metals Inc

PR Newswire
January 24, 2022 – 3:55 AM PST

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