Silvercorp Metals Inc. ("Silvercorp” or the “Company”) (TSX/NYSE
American: SVM) is pleased to report results of its exploration
programs at the GC silver-lead-zinc mine, Guangdong Province,
China. Exploration drilling is ongoing at the GC mine.
From October 1, 2018 to September 30, 2019,
Silvercorp continued the extensive exploration programs at the GC
mine and completed 25,877 metres (“m”) of diamond drilling with
three underground rigs from current production levels, and 14,243m
of exploration tunneling between elevation levels -300m and 150m.
The drilling program was successful in extending the major
mineralized vein structures along strike and downdip, and
exploration tunneling exposed high grade mineralized zones within
major production vein structures. During this period, over 40
parallel and splay structures were discovered near the major
mineralized zones at the GC mine and the discovery of west-east
striking mineralized vein V58 expanded the mineralized zones
approximately 100m to the south from the existing resources.
Highlights of selected drill hole
intersections:
- Hole 19CK26A03 intersected a 0.82m
interval from 36.73m to 37.55m, 0.46m true width, of vein V7
grading 300 grams per tonne (“g/t”) silver (“Ag”), 16.54% lead
(“Pb”) and 4.14% zinc (“Zn”) at the -210m elevation;
- Hole 19CK40A01 intersected a 1.01m
interval from 70.79m to 71.80m, 0.73m true width, of newly
discovered vein V52 grading 365 g/t Ag, 2.46% Pb and 12.96% Zn at
the 146m elevation;
- Hole 19CK2404 intersected a 2.52m
interval from 73.35m to 75.87m, 2.47m true width, of newly
discovered vein V2W-13 grading 319 g/t Ag, 3.75% Pb and 6.70% Zn at
the -232m elevation; and
- Hole 19CK4001 intersected a 1.21m
interval from 93.33m to 94.54m, 1.03m true width, of vein V13
grading 566 g/t Ag, 2.23% Pb and 2.58% Zn at the 143m
elevation.
The 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 vein structures in the previously
less-explored areas.
The program is summarized in the following
table:
Major Target Veins |
TargetElevation (m) |
Metres Drilled |
Holes Completed |
Samples Collected |
Holes InterceptedVein Structure |
Holes Intercepted Ore [1,2] |
VH1-1, VH1-4, V2E,
V2-4E, V2W, V2W-3, V6-1, V6E3, V6M, V6M-3, V6M06, V7, V8-1,
V9W-2E, V10-1, V10-4, NV10, V13, V16, V17, V18, V18-1,V19, V19-1,
V25, V27, V31, V32, V33, V37, V52, V53, V54 |
-254 to 156 |
25,877 |
235 |
5210 |
88 |
147 |
[1] Mineralization is defined by silver equivalent value (AgEq)
greater than or equal to 100 g/t at the GC mine [2] Formula used
for AgEq calculation: 44.6*Pb% + 43.5 * Zn% + Ag g/t
Highlights of selected mineralized zones exposed
in the drift tunnels:
- Drift Tunnel V5-9-(-50)-30NEYM exposed mineralization 60m long
and 1.09m wide (true width) grading 357 g/t Ag, 4.72% Pb and 10.08%
Zn within vein structure V5-9 on the -50m level;
- Drift Tunnel V19-(-75)-42WYM exposed mineralization 28m long
and 0.91m wide (true width) grading 234 g/t Ag, 13.56% Pb and 6.42%
Zn within vein structure V19 on the -100m level;
- Drift Tunnel V52-150-119NEYM exposed mineralization 50m long
and 0.86m wide (true width) grading 454 g/t Ag, 3.88% Pb and 7.39%
Zn within newly discovered vein structure V52 on the 150m level;
and
- Drift Tunnel V32-0-50ANEYM exposed mineralization 73m long and
0.40m wide (true width) grading 635 g/t Ag, 4.57% Pb and 3.54% Zn
within vein structure V32 on the 0m level.
The exploration tunneling, comprising drifting,
crosscutting 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, and
summarized in the following table:
Major Target Veins |
Target Levels (m) |
Total Tunneling (m) |
Channel Samples Collected |
Drift Tunneling Included (m) |
Total Ore Exposed by Drift Tunneling |
Length (m) |
Average True Width (m) |
Ag (g/t) |
Pb (%) |
Zn (%) |
V1, V1-2, V2-1, V2-2, V2-3, V2E, V2E1, V2E-4E, V2W, V2W-4, V5,
V5-9, V5-12, V6M, V6E3, V6-8, V9-5, V9W-2, V10, V10-1, V13, V16,
V17, V17-1, V18, V19, V32, V37, V52, V59 |
-300 to150 |
14,243 |
7,531 |
11,483 |
7,482 |
0.84 |
148 |
2.14 |
5.61 |
Tables 1 and 2 below list the assay results of
selected mineralized drill hole intersections and certain
mineralized zones exposed in drift tunnels from the exploration
programs.
Table 1: Selected results from the drill programs at the
GC mine
Hole ID |
From (m) |
To (m) |
Elevation (m) |
Interval (m) |
True Thickness (m) |
Ag (g/t) |
Pb (%) |
Zn (%) |
Vein |
|
|
18CK10604 |
43.68 |
45.02 |
-124.60 |
1.34 |
1.30 |
134 |
0.89 |
7.86 |
V19 |
|
18CK10607 |
54.60 |
55.82 |
-149.18 |
1.22 |
0.98 |
197 |
1.10 |
3.47 |
V19 |
|
18CK2208 |
16.18 |
16.67 |
144.25 |
0.49 |
0.46 |
465 |
0.82 |
0.08 |
V18-1 |
|
18CK2810 |
119.42 |
120.37 |
19.93 |
0.95 |
0.55 |
430 |
1.69 |
0.94 |
V53 [1] |
|
18CK3213 |
36.54 |
37.14 |
-23.85 |
0.60 |
0.51 |
43 |
0.51 |
7.75 |
V6E3 |
|
18CK32A013 |
104.42 |
104.82 |
141.39 |
0.40 |
0.35 |
596 |
0.28 |
1.31 |
V18 |
|
18CK32A09 |
94.59 |
95.02 |
-143.75 |
0.43 |
0.23 |
263 |
1.15 |
5.27 |
V17 |
|
18CK40A02 |
58.41 |
61.30 |
-120.42 |
2.89 |
1.80 |
94 |
2.42 |
9.29 |
NV10 |
|
|
81.01 |
81.47 |
-128.75 |
0.46 |
0.29 |
57 |
0.01 |
8.98 |
V10-4 |
|
19CK10301 |
43.00 |
43.33 |
4.07 |
0.33 |
0.26 |
337 |
2.62 |
6.17 |
V32 |
|
19CK10404 |
48.11 |
49.02 |
-206.03 |
0.91 |
0.68 |
71 |
6.59 |
4.01 |
V6-1 |
|
19CK10507 |
0.00 |
1.00 |
-200.37 |
1.00 |
0.84 |
164 |
6.02 |
4.83 |
V2W |
|
|
42.07 |
42.70 |
-206.20 |
0.63 |
0.48 |
40 |
2.59 |
3.36 |
V25 |
|
19CK10805 |
130.55 |
130.87 |
86.67 |
0.32 |
0.23 |
116 |
4.59 |
7.16 |
V33 |
|
19CK10903 |
78.01 |
78.76 |
-158.91 |
0.75 |
0.52 |
344 |
2.66 |
8.78 |
V10-1 |
|
19CK11005 |
15.54 |
15.88 |
102.67 |
0.34 |
0.28 |
728 |
0.91 |
0.47 |
V31 |
|
19CK11105 |
52.29 |
52.52 |
-155.34 |
0.23 |
0.20 |
162 |
8.63 |
0.80 |
V19-1 |
|
19CK11106 |
27.87 |
28.81 |
-160.49 |
0.94 |
0.82 |
255 |
0.95 |
7.98 |
V27 |
|
19CK11203 |
75.55 |
76.50 |
146.03 |
0.95 |
0.49 |
752 |
1.25 |
1.29 |
V9W-2E |
|
19CK11502 |
71.61 |
72.51 |
25.98 |
0.90 |
0.46 |
397 |
0.04 |
2.09 |
V10-5 [1] |
|
|
82.67 |
83.65 |
21.64 |
0.98 |
0.50 |
225 |
2.78 |
8.34 |
V10-1 |
|
19CK11504 |
6.48 |
7.27 |
-39.18 |
0.79 |
0.68 |
34 |
0.00 |
12.90 |
V10-1 |
|
|
138.57 |
139.37 |
-57.56 |
0.80 |
0.68 |
133 |
0.45 |
7.32 |
V13 |
|
19CK11604 |
34.44 |
35.10 |
42.24 |
0.66 |
0.48 |
222 |
0.23 |
13.68 |
V17 |
|
19CK11704 |
146.13 |
147.45 |
-11.41 |
1.32 |
1.14 |
283 |
0.54 |
4.59 |
V13 |
|
19CK1601 |
58.20 |
58.40 |
-11.62 |
0.20 |
0.20 |
178 |
10.44 |
1.65 |
V6M-3 |
|
19CK18A01 |
122.90 |
123.61 |
-216.70 |
0.71 |
0.67 |
63 |
4.45 |
6.19 |
V6M-6 [1] |
|
19CK18A04 |
59.55 |
59.85 |
-52.84 |
0.30 |
0.28 |
318 |
3.36 |
3.74 |
V2W-3 |
|
19CK20A08 |
23.24 |
23.62 |
-202.80 |
0.38 |
0.37 |
141 |
3.50 |
4.88 |
V1-2 |
|
|
109.28 |
110.33 |
-214.82 |
1.05 |
1.03 |
83 |
5.43 |
5.56 |
V6M |
|
|
121.33 |
122.63 |
-216.52 |
1.30 |
1.27 |
70 |
3.55 |
6.77 |
V6M-3 |
|
19CK22A02 |
12.45 |
12.94 |
-152.19 |
0.49 |
0.42 |
195 |
5.25 |
3.73 |
V54 [1] |
|
|
144.85 |
145.08 |
-170.60 |
0.23 |
0.20 |
165 |
4.49 |
5.87 |
V8-1 |
|
19CK2401 |
0.00 |
1.62 |
-200.64 |
1.62 |
1.24 |
60 |
1.43 |
6.35 |
V2W |
|
|
41.57 |
42.91 |
-218.15 |
1.34 |
1.22 |
275 |
1.14 |
4.17 |
V1-2 |
|
|
112.50 |
114.43 |
-248.25 |
1.93 |
0.65 |
109 |
4.82 |
8.49 |
V6M-3 |
|
19CK2404 |
73.35 |
75.87 |
-231.76 |
2.52 |
2.47 |
319 |
3.75 |
6.70 |
V2W-13 [1] |
|
19CK26A03 |
36.73 |
37.55 |
-210.43 |
0.82 |
0.46 |
300 |
16.54 |
4.14 |
V7 |
|
19CK28A05 |
107.34 |
107.71 |
-215.35 |
0.37 |
0.37 |
325 |
2.12 |
6.17 |
V16 |
|
19CK3805 |
149.00 |
149.38 |
-19.83 |
0.38 |
0.30 |
42 |
4.84 |
8.04 |
NV4 |
|
19CK38A02 |
107.30 |
107.72 |
-8.34 |
0.42 |
0.35 |
131 |
2.09 |
7.30 |
V37 |
|
19CK4001 |
93.33 |
94.54 |
143.23 |
1.21 |
1.03 |
566 |
2.23 |
2.58 |
V13 |
|
19CK40A01 |
70.79 |
71.80 |
146.45 |
1.01 |
0.73 |
365 |
2.46 |
12.96 |
V52 [1] |
|
19CK8801 |
9.34 |
11.47 |
56.03 |
2.13 |
1.03 |
68 |
6.08 |
5.28 |
V37 |
|
19CK3201 |
0.00 |
0.44 |
-49.45 |
0.44 |
0.36 |
128 |
1.08 |
0.80 |
V18 |
|
|
150.70 |
154.17 |
-70.62 |
3.47 |
2.96 |
48 |
0.78 |
6.39 |
V58 [1] |
|
[1] Veins discovered between October 1, 2018 and September 30,
2019
Table 2: Selected mineralized zones exposed by drift
tunneling at the GC mine
Tunnel |
Vein |
Level (m) |
Length (m) |
True Width (m) |
Ag (g/t) |
Pb (%) |
Zn (%) |
V10-(-150)-44NEYM |
V10 |
-150 |
196.0 |
1.25 |
71 |
1.79 |
4.19 |
V10-1-135-40SWYM |
V10-1 |
150 |
37.0 |
0.71 |
203 |
0.86 |
15.03 |
V10-1-150-38ANEYM |
V10-1 |
150 |
135.0 |
0.60 |
288 |
0.77 |
12.61 |
V10-1-100-38ANEYM |
V10-1 |
100 |
26.0 |
0.34 |
155 |
0.05 |
14.90 |
V14-50-46SWYM |
V13 |
50 |
131.0 |
0.71 |
92 |
0.79 |
9.35 |
V14-(-50)-116SWYM |
V13 |
-50 |
20.0 |
0.95 |
148 |
1.16 |
13.57 |
V16-135-32EYM |
V16 |
150 |
53.0 |
0.66 |
456 |
1.48 |
4.50 |
V16-135-32WYM |
V16 |
150 |
131.0 |
0.39 |
358 |
1.43 |
4.15 |
V17-0-34WYM |
V17 |
0 |
39.0 |
0.32 |
273 |
0.34 |
22.88 |
V17-0-34EYM |
V17 |
0 |
69.0 |
0.36 |
517 |
0.71 |
12.46 |
V17-1-0-34WYM |
V17-1 |
0 |
19.0 |
1.75 |
596 |
1.37 |
2.91 |
V17-1-0-34EYM |
V17-1 |
0 |
27.5 |
0.41 |
304 |
0.88 |
4.67 |
V8-(-50)-30AEYM |
V18 |
-50 |
72.0 |
1.11 |
315 |
2.16 |
2.90 |
V18-(-100)-30AEYM |
V18 |
-100 |
46.0 |
1.37 |
163 |
3.16 |
8.10 |
V19-(-50)-48ANEYM |
V19 |
-50 |
65.0 |
1.20 |
161 |
2.28 |
12.18 |
V19-(-75)-42WYM |
V19 |
-100 |
28.0 |
0.91 |
234 |
13.56 |
6.42 |
V19-(-75)-42EYM |
V19 |
-100 |
31.0 |
1.04 |
70 |
5.89 |
4.17 |
V2E-4E-(-50)-44ANEYM |
V2E-4E |
-50 |
48.0 |
0.46 |
104 |
2.36 |
6.95 |
V2W-(-200)-22NEYM |
V2W |
-200 |
94.0 |
2.07 |
90 |
2.47 |
4.11 |
V2W-(-200)-22SWYM |
V2W |
-200 |
91.0 |
1.78 |
102 |
2.84 |
4.61 |
V2W-(-250)-24NEYM |
V2W |
-250 |
54.0 |
2.48 |
137 |
2.58 |
3.55 |
V32-0-50ANEYM |
V32 |
0 |
73.0 |
0.40 |
635 |
4.57 |
3.54 |
V32-20-50SWYM |
V32 |
0 |
38.0 |
0.44 |
132 |
3.10 |
6.18 |
V33-0-52SWYM |
V33 |
0 |
60.0 |
0.92 |
201 |
5.77 |
5.15 |
V37-50-44ANEYM |
V37 |
50 |
27.0 |
0.74 |
86 |
6.79 |
7.70 |
V46-150-26ANWYM |
V46 |
150 |
14.0 |
0.22 |
257 |
17.35 |
2.82 |
V46-150-26ASEYM |
V46 |
150 |
12.0 |
0.18 |
147 |
9.32 |
1.97 |
V5-50-30AEYM |
V5 |
50 |
25.0 |
0.89 |
274 |
0.17 |
10.13 |
V5-12-(-50)-30ANEYM |
V5-12 |
-50 |
21.0 |
0.28 |
101 |
0.10 |
10.36 |
V5-12-(-50)-30ASWYM |
V5-12 |
-50 |
21.0 |
0.31 |
134 |
0.09 |
12.92 |
V52-150-119NEYM |
V52 [1] |
150 |
50.0 |
0.86 |
454 |
3.88 |
7.39 |
V52-150-38WYM |
V52 [1] |
150 |
11.5 |
0.45 |
307 |
0.93 |
20.84 |
V19-2-150-40ASEYM |
V59 [1] |
150 |
22.0 |
0.50 |
226 |
4.22 |
3.65 |
V5-9-(-50)-30NEYM |
V5-9 |
-50 |
60.0 |
1.09 |
357 |
4.72 |
10.08 |
V6E3-0-32EYM |
V6E3 |
0 |
50.0 |
0.42 |
142 |
12.08 |
10.16 |
V7-3-100-30WYM |
V7-3 |
100 |
27.0 |
0.30 |
102 |
0.03 |
14.94 |
V9-2N-150-24AWYM |
V9-2N |
150 |
19.0 |
0.24 |
804 |
1.87 |
3.27 |
V9-5-100-28AEYM |
V9-5 |
100 |
50.0 |
0.37 |
186 |
0.35 |
11.68 |
[1] Veins discovered between October 1, 2018 and September 30,
2019
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 on-site laboratory.
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 by 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 shipped in securely
sealed bags to the on-site laboratory.
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 two-acids for analysis of
silver, lead, zinc and copper with atomic absorption spectroscopy
(AAS), and the other is retained as pulp reject at the lab for
future reference.
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 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, reject duplicates and blanks to each
batch of 30 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.
For further information
Lon Shaver Vice PresidentSilvercorp Metals
Inc.
Phone: (604) 669-9397Toll Free: 1 (888)
224-1881Email: investor@silvercorp.ca Website:
www.silvercorp.ca
CAUTIONARY DISCLAIMER - FORWARD LOOKING
STATEMENTS
Certain of the statements and information in
this news 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, 2019 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 news 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.
Silvercorp Metals (AMEX:SVM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Silvercorp Metals (AMEX:SVM)
Historical Stock Chart
From Sep 2023 to Sep 2024