PR Newswire
Trading Symbol
TSX: SVM
NYSE American: SVM
VANCOUVER, British Columbia
,
July 6, 2021
/PRNewswire/ – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) is pleased to report results from its 2021 exploration programs at the SGX mine. Extensive exploration drilling and tunneling are ongoing at the SGX mine, and all other mines at the Ying Mining District,
Henan Province
,
China
.
From
October 1, 2020
to
June 30, 2021
, 48,867 metres (“m”) from a total of 298 diamond drill holes, including 242 underground holes and 56 surface holes, were completed at the SGX mine. Assay results for 254 holes have been received, with 166 holes intercepting mineralization.
The diamond drilling program at the SGX mine targeted: (1) blocks of known silver-lead-zinc veins; (2) blocks of silver-lead-zinc veins with gold grades but low silver-lead-zinc grades; (3) gold veins in and above the existing production areas; and (4) newly-discovered gold veins outside the production areas. Currently, 20 rigs are drilling at the SGX mine.
Drilling Intersected High-Grade Veins In and Above the Production Areas
Detailed drilling of blocks of known silver-lead-zinc and gold veins in and above the SGX mine production areas intersected high-grade veins. These mineralized occurrences were previously missed due to limited drilling and tunneling, changes in the strikes and dips, and/or pinch-swelling of the pay-zones in the veins. The Company expects that these discoveries can be converted quickly into reserves and mined with existing underground workings.
The high-grade intercepts for this period are associated with parallel silver-lead-zinc veins S7, S7_1, S7_2, S7E2, S7W1, S14, S14_1, S14_2, S14W, S16W, S16W1, S16E, S16E2, S16E8, S21, S21W1, and gold veins S16W, H18E. Other veins include S1W2, S8W2, S19, S29, S31E, S33, and S33E.
Highlights of high-grade intercepts at the SGX mine production area:
-
Hole ZK74S16W07
intersected a
2.50 m
interval (
2.21 m
true width) of vein S16W grading 20 grams per tonne (“g/t”) silver (“Ag”), 0.46% lead (“Pb”), 1.07% zinc (“Zn”), 25.02 g/t gold (“Au”), and 0.03% copper (“Cu”) at the
200 m
elevation. S16W is a major production vein at the SGX mine and the blocks with gold grades but lower Ag-Pb-Zn grades were left over from previous mining; -
Hole
ZK64S16W005
intersected a
1.25 m
interval (
1.25 m
true width) of vein S16W grading 141 g/t Ag, 1.86% Pb, 0.63% Zn, 24.28 g/t Au and 0.02% Cu at the
321 m
elevation; -
Hole
ZK16S7407
intersected a
0.92 m
interval (
0.75 m
true width) of vein S16W grading 1,376 g/t Ag, 13.43% Pb, 1.07% Zn, 0.37 g/t Au, and 0.21% Cu at the
444 m
elevation; -
Hole
ZK53S2910
intersected a
2.05 m
interval (
2.05 m
true width) of vein S29 grading 423 g/t Ag, 18.19% Pb, 8.29% Zn, 0.01 g/t Au, and 0.03% Cu at the
392 m
elevation, which includes a
0.84 m
interval (
0.84 m
true width) grading 962 g/t Ag, 43.55% Pb, 19.39% Zn, 0.01 g/t Au, and 0.05% Cu at the
392 m
elevation; -
Hole
ZK60S16W002
intersected a
2.19 m
interval (
1.54 m
true width) of vein S21W1 grading 963 g/t Ag, 2.84% Pb, 0.34% Zn, 0.25 g/t Au, and 0.18% Cu at the
324 m
elevation, which includes a
1.08 m
interval (
0.76 m
true width) grading 1,841 g/t Ag, 5.63% Pb, 0.60% Zn, 0.46 g/t Au, and 0.34% Cu at the
324 m
elevation; -
Hole
ZK51S16W102
intersected a
2.02 m
interval (
2.00 m
true width) of vein S16W1 grading 461 g/t Ag, 4.79% Pb, 1.76% Zn, 0.02 g/t Au, and 0.06% Cu at the
560 m
elevation, which includes a
0.77 m
interval (
0.76 m
true width) grading 1,031 g/t Ag, 12.53% Pb, 4.56% Zn, 0.05 g/t Au, and 0.15% Cu at the
560 m
elevation; -
Hole
ZK02AS7_208
intersected a
1.25 m
interval (
0.74 m
true width) of vein S7_2 grading 916 g/t Ag, 23.18% Pb, 0.54% Zn, 0.11 g/t Au, and 0.13% Cu at the
199 m
elevation; and -
Hole
ZK01BS7-1004
intersected a
1.19 m
interval (
1.01 m
true width) of vein S7_1 grading 591 g/t Ag, 24.12% Pb, 1.79% Zn, 0.11 g/t Au, and 0.08% Cu at the
285 m
elevation.
Surface and Underground Drilling Intersects Newly-Discovered Gold Veins in the North and Northeast Sides of the Resource Area
Exploratory surface drilling and underground drilling in the north and northeast sides of the resource area at the SGX mine discovered gold veins S16W, S18E, S7-2E, S7_2, S74, S74a, and S75. Gold mineralization in Ag-Pb-Zn veins, such as S16W, seems to be an earlier phase of mineralization which has been overprinted by Ag-Pb-Zn mineralization. Depending on the degree of overprint, gold grades in the Ag-Pb-Zn veins may vary substantially.
-
Surface hole ZKDB72S16W02
intersected a
0.48 m
interval from
186.22 m
to
186.7 m
(
0.32 m
true width) of vein S74 grading 1,048 g/t Ag, 0.50% Pb, 1.67% Zn, 24.45 g/t Au, and 0.02% Cu at the
534 m
elevation; -
Underground hole ZK74S16W1004
intersected a
0.62 m
interval (
0.41 m
true width) of vein S74, grading 21 g/t Ag, 5.88% Pb, 6.05% Zn, 5.06 g/t Au, and 0.15% Cu at the
244 m
elevation; and -
Sur
face hole
ZKDB34AS8001
intersected a
1.10 m
interval from
107.51 m
to
108.61 m
(
0.69 m
true width) of vein S75 grading 8 g/t Ag, 0.22% Pb, 0.33% Zn, 4.97 g/t Au, and 0.01% Cu at the
699 m
elevation.
Table 1: Selected intercepts from the 2021 exploration programs at the SGX mine
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Tunneling Programs at the SGX Mine
In addition to the drilling program,
11,958 m
of exploration drift tunneling 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 test for new parallel and splay structures. The results of the exploration tunneling are summarized in the following table.
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Highlights of selected mineralized zones exposed in the drift tunnels:
-
Drift Tunnel
XPD-S37W-520-3ASYM
exposed mineralization
30 m
long and
1.02 m
wide (true width) grading 961 g/t Ag, 19.71% Pb and 5.13% Zn within vein S37W at the
520 m
level; -
Drift Tunnel
CM105-S2SJ-S2-140-16CL
exposed mineralization
55 m
long and
0.82 m
wide (true width) grading 1,271 g/t Ag, 10.54% Pb and 1.19% Zn within vein S2 at the
140 m
level; -
Drift Tunnel
CM105-S2SJ-S2W2-100-12ANYM
exposed mineralization
45 m
long and
0.99 m
wide (true width) grading 732 g/t Ag, 11.63% Pb and 3.03% Zn within vein S2W2 at the
100 m
level; -
Drift Tunnel
CM105-S2SJ-S1W5-220-12ANYM
exposed mineralization
25 m
long and
0.79 m
wide (true width) grading 1,290 g/t Ag, 3.85% Pb and 10.53% Zn within vein S1W5 at the
220 m
level; -
Drift Tunnel
CM105-S2SJ-S1W5-180-12ANYM
exposed mineralization
25 m
long and
0.75 m
wide (true width) grading 1,147 g/t Ag, 7.43% Pb and 9.96% Zn within vein S1W5 at the
180 m
level; and -
Drift Tunnel
PD16-S6-110-4ANYM
exposed mineralization
100 m
long and
0.89 m
wide (true width) grading 673 g/t Ag, 8.20% Pb and 2.12% Zn within vein S6 at the
110 m
level.
Table 2: Selected mineralized zones exposed by drift tunneling at the SGX mine
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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 the three labs are ISO9000 certified analytical labs. For analysis, the
sample is dried and crushed to minus 1 mm and then split to 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, 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
.
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, risks relating to: social and economic impacts of COVID-19; 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, 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.
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SOURCE Silvercorp Metals Inc
