Trading Symbol: TSX:
SVM NYSE AMERICAN: SVM
VANCOUVER, Aug. 15, 2017 /CNW/ - Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX:SVM / NYSE AMERICAN: SVM) is
pleased to report the results of the first half of its 2017
exploration program at the SGX mine, Ying Mining District,
Henan Province, China.
The 2017 exploration program at the SGX mine consists of
underground drilling and tunneling. As of June 30, 2017, the Company completed 13,201
meters ("m") of underground diamond drilling with 7 underground
rigs and 10,531m of exploration tunneling. Results of the
underground drilling and drift tunneling continuously extended the
major mineralized vein structures along strike and downdip.
Highlights of selected intersections of drill holes:
- Hole ZK13AS7-1004 intersected a 5.85m interval from 78.36m to
84.21m, 4.48m true width, of vein S19W grading 1,050 grams per
tonne ("g/t") silver ("Ag"), 15.92% lead ("Pb") and 0.55% zinc
("Zn") at the 212m elevation, including an 1.22m interval from
81.91m to 83.13m, 0.93m true width grading 4,678g/t Ag, 63.12% Pb
and 1.02% Zn;
- Hole ZK11AS7-1002 intersected a 0.90m interval from 78.88m to
79.78m, 0.78m true width, of vein S19 grading 2,017g/t Ag, 7.78% Pb
and 1.30% Zn at the 243m elevation, and a 0.41m interval from
148.21m to 148.62m, 0.36m true width, of vein S7-1 grading 185g/t
Ag, 36.63% Pb and 12.07% Zn at the 221m elevation; and
- Hole ZK15S18005 intersected an 1.29m interval from 119.40m to
120.69m, 1.02m true width, of vein S7-2 grading 1,049g/t Ag, 4.53%
Pb and 3.12% Zn at the 221m elevation.
Highlights of selected mineralization zones exposed in
exploration drift tunnels:
- Drift Tunnel PD16-S31-210-8NSYM exposed mineralization of 150m
long and 0.86m wide (true width) grading 640 g/t Ag, 7.66% Pb and
2.08% Zn within vein structure S31 on the 210m level;
- Drift Tunnel XPD-S7-1-210-9NYM exposed mineralization of 100m
long and 1.01m wide (true width) grading 455g/t Ag, 11.84% Pb and
3.25% Zn within vein structure S7-1 on the 210m level; and
- Drift Tunnel CM105-S2W2-300-74SNYM exposed mineralization of
60m long and 0.70m wide (true width) grading 609g/t Ag, 6.53% Pb
and 2.79% Zn within vein structure S2W2 on the 300m level.
The 2017 underground drilling program is mainly conducted from
the current production levels to delineate the downdip and
along-strike extensions of known mineralized vein structures in the
production area and test for new veins in the previous
less-explored areas.
The first half of 2017 drilling program at SGX is briefly
summarized in the following table:
|
|
|
|
|
|
|
|
Major Target
Veins
|
Target
Elevation
(m)
|
Meters
Drilled
|
Holes
Completed
|
Samples
Collected
|
Holes with
Assay
Received
|
Holes
Intercepted
Vein
Structures
|
Holes
Intercepted
Mineralization
|
S1, S2, S4, S6,
S7,
S7-1, S8, S14, S16W,
S18, S19, S30
|
-102 to
640
|
13,201
|
44
|
1,096
|
47
|
47
|
21
|
The 2017 exploration tunneling, comprising drifting,
crosscutting and raising, was driven along and across major
mineralized vein structures to upgrade drill defined mineral
resources and test for new parallel and splay structures.
The first half of 2017 tunneling program at SGX is briefly
summarized in the following table:
|
|
|
|
|
|
Major Target
Veins
|
Target
Levels
(m)
|
Total
Tunneling
(m)
|
Channel
Samples
Collected
|
Drift
Tunneling
Included
(m)
|
Total
Mineralization Exposed by Drift
Tunneling
|
Length
(m)
|
Average
True Width
(m)
|
Ag
(g/t)
|
Pb
(%)
|
Zn
(%)
|
S2, S2W, S7, S7-1,
S8,
S14, S16W, S19, S21,
S22, S28, S31, S32
|
120-680
|
10,531
|
2,810
|
4,242
|
2,059
|
0.68
|
372
|
7.00
|
2.45
|
Tables 1 and 2 below list the assay results of some selected
mineralized intersections in drill holes and mineralized zones
exposed in drift tunnels in the first half of 2017 exploration
program.
Table 1: Selected drilling results from the 2017 drilling
program at the SGX mine
|
|
|
|
|
|
|
|
|
|
|
Hole
ID
|
From
(m)
|
To
(m)
|
Elevation
(m)
|
Interval
(m)
|
True
Width
(m)
|
Ag
(g/t)
|
Pb
(%)
|
Zn
(%)
|
Veins
|
Remarks
|
ZK13S18002
|
81.43
|
81.99
|
656
|
0.56
|
0.39
|
155
|
1.39
|
3.46
|
S19Branch
|
Test*
|
ZK13S8008
|
288.93
|
289.78
|
102
|
0.85
|
0.59
|
125
|
1.83
|
0.45
|
S8
|
Test
|
ZK13AS7-1002
|
66.937
|
69.262
|
249
|
2.33
|
2.13
|
462
|
15.02
|
0.28
|
S19
|
Infill**
|
|
90.268
|
91.093
|
242
|
0.83
|
0.76
|
152
|
0.15
|
1.63
|
S7_3
|
Test
|
ZK11AS18003
|
108.73
|
110.73
|
636
|
2.00
|
1.31
|
402
|
2.54
|
2.42
|
S19
|
Infill
|
ZK10AS19002
|
2.46
|
3.15
|
262
|
0.69
|
0.38
|
1,300
|
2.68
|
2.19
|
S22
|
Infill
|
|
175.16
|
176.45
|
129
|
1.29
|
0.77
|
155
|
1.46
|
1.45
|
S16W1
|
Test
|
ZK13S7-1002
|
55.07
|
56.67
|
240
|
1.60
|
1.45
|
558
|
12.07
|
0.28
|
S19W
|
Test
|
|
71.64
|
72.27
|
232
|
0.63
|
0.58
|
144
|
1.24
|
0.11
|
S19Branch
|
Test
|
|
76.42
|
78.68
|
230
|
2.26
|
2.05
|
168
|
1.41
|
0.04
|
S19
|
Stepout***
|
ZK13AS7-1004
|
78.36
|
84.21
|
212
|
5.85
|
4.48
|
1,050
|
15.92
|
0.55
|
S19W
|
Test
|
Including
|
81.91
|
83.13
|
210
|
1.22
|
0.93
|
4,678
|
63.12
|
1.02
|
|
|
|
88.33
|
94.02
|
205
|
5.69
|
4.35
|
113
|
0.57
|
0.31
|
S19
|
Stepout
|
ZK51S29004
|
79.35
|
80.50
|
593
|
1.15
|
0.70
|
110
|
0.31
|
0.99
|
|
Test
|
ZK13S7-1004
|
77.03
|
80.43
|
205
|
3.40
|
2.20
|
363
|
12.18
|
0.17
|
S19W
|
Test
|
Including
|
78.91
|
79.41
|
203
|
0.50
|
0.32
|
2,594
|
61.56
|
0.24
|
|
|
ZK4AS19002
|
211.09
|
213.70
|
138
|
2.61
|
1.84
|
162
|
10.10
|
0.31
|
S19
|
Test
|
ZK14AS6002
|
18.99
|
19.35
|
170
|
0.36
|
0.27
|
296
|
0.17
|
0.39
|
S1W2Branch
|
Test
|
|
228.73
|
229.06
|
13
|
0.33
|
0.25
|
175
|
0.28
|
1.00
|
S2W
|
Test
|
|
275.47
|
275.91
|
-21
|
0.44
|
0.36
|
645
|
1.75
|
1.32
|
S4
|
Stepout
|
ZK11AS7-1002
|
78.88
|
79.78
|
243
|
0.90
|
0.78
|
2,017
|
7.78
|
1.30
|
S19
|
Stepout
|
|
145.22
|
145.49
|
222
|
0.27
|
0.24
|
369
|
6.45
|
7.72
|
S7_2
|
Test
|
|
148.21
|
148.62
|
221
|
0.41
|
0.36
|
185
|
36.63
|
12.07
|
S7_1
|
Infill
|
ZK18AS2002
|
226.32
|
226.71
|
232
|
0.39
|
0.37
|
254
|
0.42
|
1.74
|
S6
|
Test
|
ZK16S2W203
|
243.30
|
243.95
|
70
|
0.65
|
0.51
|
596
|
6.94
|
3.86
|
S2
|
Infill
|
ZK14502
|
25.07
|
25.67
|
168
|
0.60
|
0.55
|
360
|
0.63
|
0.51
|
S1W2
|
Test
|
|
263.57
|
264.00
|
19
|
0.43
|
0.38
|
152
|
8.69
|
0.35
|
S2
|
Stepout
|
|
275.16
|
276.50
|
11
|
1.34
|
1.12
|
183
|
3.91
|
0.19
|
S4
|
Test
|
ZK15S18005
|
119.40
|
120.69
|
221
|
1.29
|
1.02
|
1,049
|
4.53
|
3.12
|
S7_2
|
Test
|
* Test:
intersections in open areas without known mineralization for new
resource delineation;
|
** Infill:
intersections within known resource blocks for resource
upgrade;
|
*** Stepout:
intersections adjacent to existing resource blocks for resource
expansion;
|
Table 2: Selected mineralized zones exposed by drift
tunneling at the SGX mine
|
|
|
|
|
|
|
|
|
Tunnel
ID
|
Target
Vein
|
Level
(m)
|
Length
(m)
|
True
Width
(m)
|
Ag (g/t)
|
Pb (%)
|
Zn (%)
|
|
|
CM105-S2-220-12ASYM
|
S2
|
220
|
60
|
0.63
|
507
|
2.68
|
0.50
|
|
CM105-S2-180-12ASYM(Sublevel)
|
S2
|
180
|
106
|
1.05
|
497
|
8.60
|
0.78
|
|
PD16-S2W-450-2ANYM
|
S2W
|
450
|
37
|
0.49
|
284
|
8.29
|
1.68
|
|
CM105-S2W-300-10SNYM
|
S2W
|
300
|
50
|
0.62
|
566
|
9.07
|
1.92
|
|
CM105-S2W2-300-74SNYM
|
S2W2
|
300
|
60
|
0.70
|
609
|
6.53
|
2.79
|
|
CM101-S7-1-350-7ASYM
|
S7_1
|
350
|
75
|
0.90
|
392
|
11.79
|
4.58
|
|
XPD-S7-1-260-1BSNYM
|
S7_1
|
260
|
45
|
0.49
|
281
|
4.81
|
3.26
|
|
XPD-S7-1-210-9SYM
|
S7_1
|
210
|
35
|
0.58
|
148
|
2.47
|
9.42
|
|
XPD-S7-1-210-9NYN
|
S7_1
|
210
|
100
|
1.01
|
455
|
11.84
|
3.25
|
|
XPD-S8-360-SYM-30TJ(Sublevel)
|
S8
|
370
|
35
|
0.58
|
39
|
4.93
|
0.49
|
|
XPD-S8-360-30ANYM
|
S8
|
360
|
50
|
0.58
|
72
|
5.87
|
1.21
|
|
YPD02-S8-350-30ASYM
|
S8
|
350
|
85
|
0.59
|
83
|
4.39
|
3.24
|
|
PD16-S14-160-4ANYM
|
S14
|
160
|
110
|
0.59
|
334
|
4.31
|
1.05
|
|
CM105-S14E-260-16ASNYM
|
S14E
|
260
|
50
|
0.32
|
76
|
2.49
|
2.00
|
|
CM102-S16E2-570-59SYM
|
S16E2
|
570
|
50
|
0.72
|
116
|
1.61
|
5.49
|
|
CM105-S16E2-350-66SYM
|
S16E3
|
350
|
45
|
0.36
|
492
|
9.78
|
0.60
|
|
CM105-S16W-260-64NYM
|
S16W
|
260
|
35
|
0.72
|
171
|
1.56
|
2.00
|
|
CM105-S16W-210-70SYM
|
S16W
|
210
|
30
|
0.89
|
66
|
2.08
|
2.29
|
|
CM101-S22-300-6NYM
|
S22
|
300
|
40
|
0.55
|
215
|
11.30
|
0.30
|
|
PD700-S28-450-79SYM
|
S28
|
450
|
35
|
0.64
|
332
|
9.53
|
2.12
|
|
PD16-S31-210-8NSYM
|
S31
|
210
|
150
|
0.86
|
640
|
7.66
|
2.08
|
|
PD16-S31-160-8NSYM
|
S31
|
160
|
91
|
0.70
|
369
|
8.51
|
1.67
|
|
CM108-S32-680-67SYM
|
S32
|
680
|
75
|
0.58
|
251
|
3.65
|
1.40
|
|
CM102-S32-570-59SYM
|
S32
|
570
|
85
|
0.78
|
287
|
2.21
|
4.09
|
|
CM105-S33E-260-14SYM
|
S33E
|
260
|
80
|
0.45
|
166
|
4.30
|
1.24
|
|
Quality Control
Drill cores are NQ size. Drill core samples, limited by apparent
mineralization contact or shear/alteration contact, were split into
halves by saw cutting. The half cores are stored in the Company's
core shacks for future reference and checking, and the other half
core samples are shipped in security sealed bags to the Chengde
Huakan 514 Geology and Minerals Test and Research Institute in
Chengde, Hebei Province,
China, 226 km northeast of
Beijing, and the Zhenzhou
Nonferrous Exploration Institute Lab in Zhengzhou, Henan
Province, China, and both
labs are ISO9000 certified analytical lab. For analysis
the sample is dried and crushed to minus 1mm and then split to
a 200-300g subsample which is further pulverized to minus 200 mesh.
Two subsamples are prepared from the pulverized sample. One is
digested with aqua regia for gold analysis with AAS, and the other
is digested with two-acids for analysis of silver, lead, zinc and
copper with AAS.
Channel samples are collected along sample lines perpendicular
to the mineralized vein structure in exploration tunnels. Spacing
between sampling lines is typically 5m along strike. Both the
mineralized vein and the altered wall rocks are cut with continuous
chisel chipping. Sample length ranges from 0.2m to more than 1m,
depending on the width of the mineralized vein and the
mineralization type. Channel samples are prepared and assayed with
AAS at Silvercorp's mine laboratory (Ying
Lab) located at the mill complex in Luoning County,
Henan Province, China. The Ying lab is officially accredited
by the Quality and Technology Monitoring Bureau of Henan Province and is qualified to provide
analytical service. The channel samples are dried, crushed and
pulverized. A 200g sample of minus 160 mesh is prepared for assay.
A duplicate sample of minus 1mm is made and kept at 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 the lab. Certified
reference materials (CRMs), pulp duplicates and blanks are inserted
into each lab batch of 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 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 about 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.
Ruijin Jiang, P. Geo, reviewed
the exploration data and prepared the scientific and technical
information regarding exploration results contained herein.
Alex Zhang, P. Geo, VP exploration
of the Company, is the Qualified Person on the project as defined
under National Instrument 43-101 and he has verified and approved
the contents of this news release.
About Silvercorp
Silvercorp is a low-cost silver-producing Canadian mining
company with multiple mines in China. The Company's vision is to deliver
shareholder value by focusing on the acquisition of under developed
projects with resource potential and the ability to grow
organically. 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: fluctuating
commodity prices; calculation of resources, reserves and
mineralization and precious and base metal recovery;
interpretations and assumptions of mineral resource and mineral
reserve estimates; exploration and development programs;
feasibility and engineering reports; permits and licenses; title to
properties; property interests; joint venture partners;
acquisition of commercially mineable mineral rights; financing;
recent market events and conditions; economic factors affecting the
Company; timing, estimated amount, capital and operating
expenditures and economic returns of future production; integration
of future acquisitions into the Company's existing
operations; competition; operations and political
conditions; regulatory environment in China and Canada; environmental risks;
foreign exchange rate fluctuations; insurance; risks and hazards of
mining operations; key personnel; conflicts of interest; dependence
on management; internal control over financial reporting as per the
requirements of the Sarbanes-Oxley Act; and bringing actions and
enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking statements or information.
Forward-looking statements or information are statements about the
future and are inherently uncertain, and actual achievements of the
Company or other future events or conditions may differ materially
from those reflected in the forward-looking statements or
information due to a variety of risks, uncertainties and other
factors, including, without limitation, those referred to in the
Company's Annual Information Form for the year ended March 31, 2017 under the heading "Risk
Factors". Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated, described or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements or information.
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.
SOURCE Silvercorp Metals Inc