2012
Silvercorp Reports Intercept of 415 g/t Ag, 1.6% Pb and 1.93% Zn Over 7.66 Metres True Width at the GC Project, Guangdong Province, China
November 19, 2012
V2 is the largest mineralized vein structure in the current resource and was previously delineated by surface diamond drilling with spacing of 100 metres ("m") by 100m. The vein is approximately 1,000m in length along strike and 550m in dip direction between the 180m elevation and the -450m elevation. The V9 vein group consists of vein structures V9, V9W-1, V9W-2 and V9-1, of which V9W-2 is the most important mineralized structure and was discovered following underground tunneling and drilling in the first half of 2012. In the second half of 2012 the aim of the underground drilling program is to upgrade the easily-accessible resource blocks of V2 and to further define and extend the high-grade V9W-2 vein for initial mining.
Silvercorp commenced underground infill drilling of V2 and infill and step-out drilling of the V9 vein group in
Drilling of the V9 vein group was conducted in an area 400m in length and 150m in vertical depth between the 0m elevation and the 150m elevation using three underground drill rigs.
Highlights of selected intercepts are as follows:
-- Drill Hole CK1425 intercepted over 9.58m interval, 7.60m true width, of
V2 grading 176 grams per tonne ("g/t") silver ("Ag"), 0.60% lead ("Pb"),
4.94% zinc ("Zn") and 0.20% tin ("Sn") at the 36m elevation, including
an interval of 1.84m, 1.46m true width, grading 376 g/t Ag, 1.25% Pb,
13.40% Zn and 0.31% Sn;
-- Drill Hole CK1500 intercepted over 13.76m interval, 9.73m true width, of
V2 grading 126 g/t Ag, 0.39% Pb, 1.84% Zn and 0.34% Sn at the 14m
elevation, including an interval of 1.21m, 0.86m true width, grading 388
g/t Ag, 1.66% Pb, 10.95% Zn and 0.69% Sn;
-- Drill Hole CK1701 intercepted over 16.54m interval, 12.22m true width,
of V2 grading 169 g/t Ag, 2.23% Pb, 2.57% Zn and 0.14% Sn at the 38m
elevation, including an interval of 1.73m, 1.28m true width, grading 606
g/t Ag, 11.80% Pb, 0.87% Zn and 0.10% Sn;
-- Drill Hole CK1800 intercepted over 12.15m interval, 8.89m true width, of
V2 grading 155 g/t Ag, 0.96% Pb, 2.89% Zn and 0.31% Sn at the 13m
elevation, including an interval of 2.11m, 1.55m true width, grading 527
g/t Ag, 0.42% Pb, 0.59% Zn and 1.12% Sn;
-- Drill Hole CK2100 intercepted over 11.09m interval, 8.46m true width, of
V2 grading 185 g/t Ag, 5.63% Pb, 3.91% Zn and 0.36% Sn at the 5m
elevation, including an interval of 2.46m, 2.25m true width, grading 443
g/t Ag, 18.54% Pb, 9.52% Zn and 0.62% Sn;
-- Drill Hole CK1651 intercepted over 4.74m interval, 3.31m true width, of
V9 grading 233 g/t Ag, 1.17% Pb, 11.78% Zn and 0.21% Sn at the -16m
elevation;
-- Drill Hole CK1753 intercepted over 10.55m interval, 7.66m true width, of
V9W-1 grading 415 g/t Ag, 1.60% Pb, 1.93% Zn and 0.04% Sn at the 69m
elevation, including an interval of 1.81m, 1.31m true width, grading
1,010 g/t Ag, 0.95% Pb, 1.52% Zn and 0.05% Sn and an interval of 1.36m,
0.99m true width, grading 1,140 g/t Ag, 8.49% Pb, 5.78% Zn and 0.09% Sn;
-- Drill Hole CK1850 intercepted over 4.11m interval, 3.99m true width, of
V9W-2 grading 157 g/t Ag, 0.27% Pb, 0.50% Zn and 0.05% Sn at the 128m
elevation;
-- Drill Hole CK1925 intercepted over 3.75m interval, 3.38m true width, of
V9-1 grading 288 g/t Ag, 0.57% Pb, 0.91% Zn and 0.07% Sn at the 36m
elevation, including an interval of 1.44m, 1.30m true width, grading 500
g/t Ag, 0.19% Pb, 1.24% Zn and 0.07% Sn.
Of the 25 holes completed on V2, 17 holes intercepted high-grade silver-zinc-lead mineralization which confirmed the wide high-grade intercepts in the previously reported widely-spaced surface diamond drilling program. Two holes, CK1100 and CK1216 at the western end of V2 encountered fractured structures and no drill core was recovered. Six holes were drilled in the artisanal area which had been mined out; three holes (Drill Holes CK1300, CK1409 and CK1631) penetrated through the narrow mined out stopes intercepting the limited mineralization at the footwall of the old stopes. The other three holes were abandoned.
Table 1 below contains assay results for 17 holes that intercepted mineralization of V2. Based on the results of 14 holes (Drill Holes CK1300, CK1409 and CK1631 have been excluded since these holes drilled into mined out stopes and actual interceptions of the vein are unknown), V2 has an average true width of 5.98m. In addition to silver, lead, and zinc, V2 also contains significant tin. The drill intervals indicate that the hanging wall of V2 is dominated by silver-lead-zinc mineralization with a lead-zinc grade greater than 25% (e.g. Drill Hole CK2100) while the footwall of V2 is dominated by silver-tin mineralization with tin grades in excess of 1% such as Drill Hole CK1800.
Based on the price of tin concentrate (60% tin) in
As of the end of
Silvercorp is continuing with its infill and step-out drilling program at the
Table 1: Assay results from the infill drilling program for Vein V2
----------------------------------------------------------------------------
True
from to Interval Width Elevation
Drill Hole (m) (m) (m) (m) (m)
----------------------------------------------------------------------------
CK1003 78.99 82.00 3.01 0.92 79
----------------------------------------------------------------------------
CK1200 109.35 119.79 6.76 3.48 -8
----------------------------------------------------------------------------
CK1300 85.02 87.68 2.66 1.91 25
----------------------------------------------------------------------------
CK1301 112.21 119.03 6.82 4.15 -3
----------------------------------------------------------------------------
CK1409 127.36 128.76 1.40 0.26 28
----------------------------------------------------------------------------
CK1425 94.90 104.48 9.58 7.60 36
Including 94.90 96.74 1.84 1.46
----------------------------------------------------------------------------
CK1426 95.35 107.59 12.24 10.04 43
Including 98.25 103.06 4.81 1.07
----------------------------------------------------------------------------
CK1500 124.64 141.96 13.76 9.73 14
Including 130.71 131.92 1.21 0.86
----------------------------------------------------------------------------
CK1631 87.52 88.62 1.10 0.92 88
----------------------------------------------------------------------------
CK1700 87.74 97.27 9.53 5.96 20
116.74 118.15 1.41 0.88 -7
----------------------------------------------------------------------------
CK1701 74.23 91.68 16.54 12.22 38
Including 84.34 86.07 1.73 1.28
----------------------------------------------------------------------------
CK1800 97.12 109.27 12.15 8.89 13
Including 107.16 109.27 2.11 1.55
----------------------------------------------------------------------------
CK1901 94.07 98.16 4.09 3.73 43
----------------------------------------------------------------------------
CK2025 108.77 113.23 4.46 3.82 34
----------------------------------------------------------------------------
CK2075 94.65 98.38 3.73 3.32 75
----------------------------------------------------------------------------
CK2100 150.78 161.87 11.09 8.46 5
Including 155.00 157.95 2.46 2.25
176.89 180.68 3.79 2.89 -11
Including 178.19 179.55 1.36 1.04
185.30 186.70 1.40 1.07 -16
192.12 193.17 1.05 0.80 -21
----------------------------------------------------------------------------
CK3003 210.16 211.74 1.58 1.36 -41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ag Pb Zn Sn Mineralized
Drill Hole (g/t) (%) (%) (%) Vein
----------------------------------------------------------------------------
CK1003 71 0.24 2.13 0.03 V2
----------------------------------------------------------------------------
CK1200 20 0.06 3.46 0.19 V2
----------------------------------------------------------------------------
CK1300 60 0.51 1.94 0.04 V2 footwall
----------------------------------------------------------------------------
CK1301 55 0.14 3.05 0.04 V2
----------------------------------------------------------------------------
CK1409 41 0.04 2.99 0.07 V2 footwall
----------------------------------------------------------------------------
CK1425 176 0.60 4.94 0.20 V2
Including 376 1.25 13.40 0.31
----------------------------------------------------------------------------
CK1426 118 0.13 5.35 0.13 V2
Including 169 0.10 9.24 0.11
----------------------------------------------------------------------------
CK1500 126 0.39 1.84 0.34 V2
Including 388 1.66 10.95 0.69
----------------------------------------------------------------------------
CK1631 80 0.66 1.01 0.15 V2 footwall
----------------------------------------------------------------------------
CK1700 109 0.13 1.13 0.27 V2
209 0.15 0.12 0.03 New zone, no name
----------------------------------------------------------------------------
CK1701 169 2.23 2.57 0.14 V2
Including 606 11.80 0.87 0.10
----------------------------------------------------------------------------
CK1800 155 0.96 2.89 0.31 V2
Including 527 0.42 0.59 1.12
----------------------------------------------------------------------------
CK1901 71 0.05 2.84 0.16 V2
----------------------------------------------------------------------------
CK2025 119 1.67 2.11 0.11 V2
----------------------------------------------------------------------------
CK2075 29 0.61 1.44 0.01 V2
----------------------------------------------------------------------------
CK2100 185 5.63 3.91 0.36 V2
Including 443 18.54 9.52 0.62
177 1.17 0.81 0.33 New zone, no name
Including 394 1.59 1.18 0.71
117 0.12 0.29 0.17 New zone, no name
61 4.10 1.64 0.02 New zone, no name
----------------------------------------------------------------------------
CK3003 33 0.55 2.01 0.04 V2
----------------------------------------------------------------------------
Table 2: Assay results from the infill and step-out drilling program for the V9 vein group
----------------------------------------------------------------------------
True
from to Interval Width Elevation
Drill Hole (m) (m) (m) (m) (m)
----------------------------------------------------------------------------
CK1651 10.42 11.52 1.10 0.77 127
71.51 73.37 1.86 1.30 74
148.42 150.98 2.56 1.79 8
177.02 181.76 4.74 3.31 -16
----------------------------------------------------------------------------
CK1753 80.87 82.48 1.61 1.17 96
118.80 130.27 7.46 5.42 77
134.79 145.34 10.55 7.66 69
Including 136.30 138.11 1.81 1.31 68
140.97 142.33 1.36 0.99 66
----------------------------------------------------------------------------
CK1812 87.83 88.93 1.10 1.02 117
170.44 171.91 1.47 1.37 84
187.76 189.19 1.43 1.33 77
----------------------------------------------------------------------------
CK1850 50.78 54.89 4.11 3.99 128
82.68 84.08 1.40 1.36 116
189.59 190.79 1.20 1.16 76
----------------------------------------------------------------------------
CK1925 159.39 160.14 0.75 0.68 43
165.56 166.85 1.29 1.16 39
170.63 174.38 3.75 3.38 36
Including 170.63 172.07 1.44 1.30 36
180.76 186.72 5.96 5.37 29
213.80 215.07 1.27 1.14 7
224.93 226.69 1.76 1.59 -1
----------------------------------------------------------------------------
CK2017 21.50 23.02 1.52 1.27 133
----------------------------------------------------------------------------
CK2150 50.64 51.47 0.83 0.76 126
181.20 182.19 0.99 0.96 57
245.91 246.90 0.99 0.96 23
282.23 283.34 1.11 1.07 3
----------------------------------------------------------------------------
CK2151 47.18 48.90 1.72 1.70 132
119.38 120.44 1.06 1.05 101
175.32 176.95 1.63 1.61 76
183.94 185.25 1.31 1.29 72
207.38 208.43 1.05 1.04 62
----------------------------------------------------------------------------
CK2465 82.46 83.50 1.04 1.04 140
141.99 143.51 1.52 1.52 120
153.73 154.55 0.82 0.82 116
223.53 224.79 2.38 2.38 92
279.79 281.32 1.53 1.53 72
295.29 296.98 1.69 1.69 67
372.24 374.07 1.83 1.83 41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ag Pb Zn Sn Mineralized
Drill Hole (g/t) (%) (%) (%) Vein
----------------------------------------------------------------------------
CK1651 422 0.41 0.31 0.05 New zone, no name
60 0.17 0.17 0.01 V9W-2
126 0.08 0.69 0.23 V9W-1
233 1.17 11.78 0.21 V9
----------------------------------------------------------------------------
CK1753 60 0.72 0.86 0.02 V9-1
51 0.08 6.14 0.14 V9W-2
415 1.60 1.93 0.04 V9W-1
Including 1,010 0.95 1.52 0.05
1,140 8.49 5.78 0.09
----------------------------------------------------------------------------
CK1812 91 0.05 0.20 0.06 V9-1
14 0.02 2.48 0.03 V9W-2
94 0.07 1.55 0.07 V9W-1
----------------------------------------------------------------------------
CK1850 157 0.27 0.50 0.05 V9W-2
197 1.19 3.91 0.21 V9-Branch
33 0.03 2.02 0.03 New zone, no name
----------------------------------------------------------------------------
CK1925 84 0.14 1.67 0.13 New zone, no name
63 0.06 0.91 0.10 New zone, no name
288 0.57 0.91 0.07 V9-1
Including 500 0.19 1.24 0.07
71 1.37 0.29 0.01 V9-1
171 0.08 4.02 0.04 V9W-2
57 0.02 0.75 0.06 V9W-1
----------------------------------------------------------------------------
CK2017 202 0.06 2.67 0.19 V9W-2
----------------------------------------------------------------------------
CK2150 85 0.07 0.77 0.03 New zone, no name
79 0.05 4.76 0.10 V9W-2
32 0.48 4.20 0.07 V9
63 0.22 0.94 0.04 New zone, no name
----------------------------------------------------------------------------
CK2151 60 0.26 1.00 0.03 New zone, no name
37 0.03 2.19 0.15 New zone, no name
191 0.12 0.23 0.04 V9W-2-Branch
83 0.24 0.82 0.03 V9W-2
60 0.02 3.74 0.20 V9W-1
----------------------------------------------------------------------------
CK2465 455 0.94 0.43 less New zone, no name
than
0.01
355 0.65 0.95 0.02 New zone, no name
477 0.51 0.35 0.03 New zone, no name
69 0.14 3.08 0.04 New zone, no name
53 0.04 1.19 0.02 New zone, no name
180 0.49 3.34 0.20 V9W-2
56 0.14 3.76 0.11 V9
----------------------------------------------------------------------------
Quality Control
Drill cores are in NQ size. Drill core samples, from 1.00m to 1.50m in length, or limited by apparent mineralization contact or shear/alteration contact, were split into halves by saw cutting. One half of the cores are stored in the Company's core shacks for future reference and checking and the other remaining samples are shipped in security sealed bags to
Sample preparation consists of drying, crushing and splitting of samples to 250 grams and then they are pulverized to 200 mesh. Silver, lead, and zinc in drill core samples were analyzed by aqua regia digestion and AAS finish. Tin was analyzed by fusing with peroxide then by leaching the melt and acidifying to precipitate the tin for AAS finish.
The Company maintains a comprehensive quality assurance and quality control program to ensure best practices in sample preparation and analysis of the drill core samples. Project geologists regularly insert certified reference materials (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% 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 and evaluated in a timely manner by project geologists.
About Silvercorp
Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in
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Contacts:Silvercorp Metals Inc. Jonathan Hackshaw Director, Investor Relations (604) 669-9397 or Toll Free 1(888) 224-1881 investor@silvercorp.ca www.silvercorp.ca