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

·13 min read

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.

Silvercorp Metals Inc. Logo (CNW Group/Silvercorp Metals Inc)
Silvercorp Metals Inc. Logo (CNW Group/Silvercorp Metals Inc)

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

...