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)

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.


 

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SOURCE Silvercorp Metals Inc

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