Silvercorp Reports High-Grade Silver Drill Results at The TLP Mine

Silvercorp Reports High-Grade Silver Drill Results at The TLP Mine

Trading Symbol:        TSX: SVM
NYSE AMERICAN: SVM

 

VANCOUVER, British Columbia January 30, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) is pleased to report assay results from its ongoing diamond drilling program at the TLP mine within the Ying Mining District, China (Figure 1).

 

Highlights (all intersections are in core lengths)

 

High-grade intercepts of Ag mineralization in the Surface Zone (SF Zone):

  • Surface hole ZKTDB0102 intersected 2,186 grams per tonne (“g/t”) silver (“Ag”), 6.80% lead (“Pb”), 0.35% zinc (“Zn”), 0.11 g/t gold (“Au”), and 0.43% copper (“Cu”) over a 2.29 metre (“m”) interval of vein T1W2 at the 1,014 m elevation
  • Surface hole ZKTDB0207 intersected 948 g/t Ag, and 0.47% Pb over a 0.55 m interval of vein T28E at the 1,104 m elevation; and 1,453 g/t Ag, 4.58% Pb, 1.69% Zn, and 0.53% Cu over a 0.66 m interval of vein T1 at the 1,097 m elevation
  • Underground hole ZKT0839 intersected 1,646 g/t Ag, 2.92% Pb, 1.53% Zn, and 0.33% Cu over a 0.60 m interval of vein T14E at the 912 m elevation; and 1,045 g/t Au, 7.03% Pb, 0.58% Zn, 0.09 g/t Au, and 0.12% Cu over a 1.13m interval of vein T16E2 at the 897 m elevation, and
  • Underground hole ZKT1008 intersected 938 g/t Ag, 7.97% Pb, 0.62% Zn, 0.12 g/t Au, and 0.17% Cu over a 1.73 m interval of vein T14E at the 918 m elevation

High-grade Ag intercepts at the Production Zone (P Zone):

  • Underground hole ZKG1830 intersected 5,955 g/t Ag, 1.53% Pb, 0.98% Zn, 0.05 g/t Au, and 0.21% Cu over an 0.60 m interval of vein T22E2 at the 757 m elevation; and 1,737 g/t Ag, 12.60% Pb, 0.9% Zn, and 0.20 g/t Au over a 0.59 m interval of vein T16W at the 743 m elevation
  • Underground hole ZKG0324 intersected 442 g/t Ag, 9.65% Pb, 0.13% Zn, 0.10 g/t Au, and 0.09% Cu over a 3.24 m interval of vein T15W at the 773 m elevation, and
  • Underground hole ZKT1317 intersected 661 g/t Ag, 1.07% Pb, 0.68% Zn, 0.44 g/t Au, and 0.71% Cu over a 1.94 m interval of vein T1W1 at the 638 m elevation; and 1,004 g/t Ag, 2.43% Pb, 6.22% Zn, 0.70 g/t Au, and 0.20% Cu over a 0.52 m interval of vein T1 at the 631 m elevation


Figure 1: Location of the TLP mine within the Ying mining district.
 
From June 16 to December 31, 2023, a total of 23,742 m in 180 diamond drill holes, including 157 underground holes and 23 surface holes, were completed at the TLP mine. Assay results for 158 holes have been received, of which 101 holes intersected mineralized vein structures. Selected assay results are presented in Table 1 below.

 

This drilling program has been focused on two target areas: 1) silver-lead vein structures in the resource area at higher elevations, close to surface (SF Zone), which have seen limited exploration; and 2) infill drilling in the production area (P Zone), particularly above or below previously-mined stopes, where production stopped due to higher than modelled variability in grades, thicknesses, and attitudes of the vein structures (Figure 2).
 

  1. Drilling Near-Surface Ag-Pb Vein Structures within SF Zone

In addition to the 23 surface drill holes, which account for over 12.8% of the drill holes in this program, many underground holes drilled also targeted the vein structures at higher elevations above 900 m elevation. High-grade Ag-Pb vein structures intersected include the T1 series, T2, T3, T14 series, T15 series, T16 series, T23 series, T26 series, and T28 series (Table 1).


Figure 2: Location of the drill holes at the TLP mine applicable to the reporting period
 

  1. Drilling Above or Beneath Previously-Mined Stopes within P Zone

Most holes drilled during this period targeted blocks of known Ag-Pb vein structures that were previously missed due to limited drilling or tunneling, or changes in thickness, strikes and dips of the pay-zones in veins within the resource areas below the 900 m elevation. The high-grade intercepts are mainly associated with the northwest-dipping T1 series, T2 series, T3 series, T11 series, T15 series, T16 series, T23 series, and T31 series, and the east-dipping T14, T22 series, and T28 series. These intercepts are expected to significantly expand and upgrade resources. Since the ramps and access tunnels are already in place, these defined high-grade blocks could be quickly developed and mined.

 

Table 1: Selected intercepts at the TLP mine in the reporting period

Hole ID From
(m)
To
(m)
Elevation
(m)
interval
(m)
Ag
(g/t)
Pb
(%)
Zn
(%)
Au
(g/t)
Cu
(%)
Vein Zone
ZKG0142 89.70 90.44 581 0.74 449 2.22 1.23 0.68 0.34 T15W P
ZKG0207 121.60 122.10 585 0.50 78 2.33 0.24 0.09 0.23 T11E1 P
ZKG0207 167.08 167.62 581 0.54 171 1.11 0.21 0.57 0.04 T11E2 P
ZKG0320 46.08 47.73 775 1.65 198 2.05 0.46 0.05 0.04 T15W P
ZKG0324 46.00 49.24 773 3.24 442 9.65 0.13 0.10 0.09 T15W P
ZKG0324 77.12 78.09 754 0.97 127 0.93 0.11 0.05 0.01 T11 P
ZKG0327 65.45 66.05 788 0.60 245 0.47 0.01 0.12 0.01 T11 P
ZKG0815 183.80 184.33 722 0.53 68 4.93 0.22 0.01 0.01 T15W P
ZKG0818 178.84 179.35 714 0.51 1,143 2.75 0.35 0.22 0.11 T15W1 P
ZKG1611 25.89 27.16 748 1.27 387 1.07 0.28 0.05 0.18 T22E3 P
ZKG1612 57.19 57.70 748 0.51 232 0.55 0.03 0.05 0.03 T16W1 P
ZKG1613 123.64 124.19 743 0.55 477 0.70 0.22 0.05 0.04 T15W4 P
ZKG1811 2.07 2.59 761 0.52 183 1.15 0.11 0.05 0.03 T22E P
ZKG1812 1.82 3.50 762 1.68 525 1.34 0.25 0.05 0.05 T22E P
ZKG1830 15.37 15.97 757 0.60 5,955 1.53 0.98 0.05 0.21 T22E2 P
ZKG1830 68.16 69.25 747 1.09 80 2.70 0.24 0.05 0.02 T22E P
ZKG1830 87.68 88.27 743 0.59 1,737 12.60 0.09 0.20 0.04 T16W P
ZKG1833 137.76 138.79 738 1.03 634 1.10 0.19 0.01 0.06 T15W2 P
ZKG1844 70.07 71.26 735 1.19 223 2.67 0.12 0.05 0.13 T22E P
ZKG1844 86.14 86.70 729 0.56 1,089 2.30 1.57 0.05 0.09 T16W P
ZKG2009 75.96 77.43 815 1.47 7 0.07 0.01 2.26 0.01 T16 P
ZKG2011 87.34 87.85 728 0.51 648 0.45 0.93 0.03 0.02 T16W P
ZKG2204 149.99 150.49 823 0.50 386 0.52 0.12 0.01 0.03 T16W P
ZKG2206 156.66 157.38 787 0.72 77 1.80 0.17 0.05 0.03 T16W P
ZKG2405 110.07 110.57 830 0.50 69 1.78 6.66 0.41 0.09 T17W2 P
ZKT0109 23.30 23.83 890 0.53 376 9.76 0.05 0.01 0.01 T1W P
ZKT0109 33.16 33.73 889 0.57 292 6.43 0.11 0.01 0.01 T1 P
ZKT0109 121.00 121.69 882 0.69 296 1.77 0.27 0.01 0.01 T2W1 P
ZKT0827 41.17 42.79 917 1.62 295 1.72 0.19 0.01 0.01 T11 P
ZKT0840 12.83 13.78 917 0.95 107 0.78 0.14 0.05 0.01 T15 P
ZKT0840 109.34 109.89 878 0.55 47 4.22 0.17 0.05 0.01 T11E4 P
ZKT0843 5.78 6.42 920 0.64 245 0.42 0.12 0.05 0.01 T15W P
ZKT0843 14.80 15.58 916 0.78 846 0.82 0.26 0.05 0.13 T15 P
ZKT1007 105.96 107.63 910 1.67 440 4.02 0.93 0.05 0.13 T31W3 P
ZKT1009 205.80 206.30 816 0.50 201 5.04 0.18 0.05 0.06 T1W2 P
ZKT1010 73.02 73.52 888 0.50 22 10.14 0.10 0.05 0.01 T28 P
ZKT1010 166.09 166.60 877 0.51 149 5.32 0.27 0.05 0.03 T1W2 P
ZKT1166 115.99 116.59 640 0.60 85 1.48 0.31 0.35 0.24 T1W1 P
ZKT1316 120.49 121.09 642 0.60 231 2.48 0.12 0.16 0.12 T1W1 P
ZKT1317 84.92 85.50 643 0.58 222 0.03 0.01 0.05 0.01 T23 P
ZKT1317 104.42 105.08 640 0.66 194 1.70 0.04 0.49 0.02 T1W2 P
ZKT1317 114.72 116.66 638 1.94 661 1.07 0.68 0.44 0.71 T1W1 P
ZKT1317 134.53 135.03 635 0.50 148 1.47 0.07 0.26 0.48 T1W4 P
ZKT1317 164.10 164.62 631 0.52 1,004 2.43 6.22 0.70 0.20 T1 P
ZKT1338 124.37 125.62 646 1.25 146 0.38 0.21 0.26 0.12 T1W2 P
ZKT1338 134.58 135.09 645 0.51 383 1.19 1.48 0.63 0.20 T1W1 P
ZKT1516 53.54 54.21 650 0.67 236 2.38 0.13 0.10 0.13 T33E1 P
ZKT1516 147.10 150.04 639 2.94 108 0.67 0.27 0.42 0.33 T1W1 P
ZKT1516 208.70 209.25 631 0.55 269 1.68 1.67 1.33 0.12 T2W P
ZKT3311 37.49 38.60 743 1.11 84 1.14 0.12 0.13 0.04 T23 P
ZKT3312 36.97 37.52 742 0.55 244 0.73 0.75 0.72 0.03 T23 P
ZKT3312 88.34 89.12 733 0.78 29 3.96 0.06 0.05 0.13 T2 P
ZKT3314 94.80 95.56 717 0.76 21 2.64 0.07 0.21 0.53 T2 P
ZKT3314 116.39 117.19 709 0.80 20 6.62 0.09 0.05 0.49 T14 P
ZKT3713 152.15 153.50 714 1.35 65 5.91 0.30 0.11 0.01 T33W P
ZKT3912 0.00 1.05 799 1.05 188 0.09 0.57 0.05 0.01 T30 P
ZKT3912 61.53 62.42 788 0.89 211 3.15 0.15 0.28 0.08 T31W P
ZKT3921 44.37 44.89 789 0.52 116 1.65 0.10 0.05 0.01 T21 P
ZKT4102 112.16 112.96 718 0.80 18 0.97 0.10 5.28 0.03 T2W P
ZKT4110 54.67 55.49 787 0.82 234 0.62 0.29 0.05 0.04 T31 P
ZKT4116 0.00 1.25 802 1.25 343 0.43 0.07 0.05 0.01 T23W P
ZKT4116 3.16 3.85 801 0.69 231 1.97 0.04 0.05 0.01 T23 P
ZKT4116 30.35 31.39 792 1.04 123 1.76 0.13 0.05 0.24 T2 P
ZKT4116 32.38 33.36 791 0.98 26 2.60 0.58 0.05 0.00 T2E1 P
ZKT4117 1.49 2.06 801 0.57 169 0.16 0.05 0.01 0.01 T23W P
ZKT4117 6.18 6.71 800 0.53 138 0.36 0.06 0.01 0.01 T23 P
ZKT4117 28.52 30.10 794 1.58 55 2.49 0.18 0.01 0.01 T2 P
ZKT4117 53.17 56.04 788 2.87 81 1.81 0.17 0.01 0.01 T3E P
ZKT4133 37.03 37.60 774 0.57 62 8.19 0.27 0.05 0.01 T31W3 P
ZKT4133 51.61 52.22 772 0.61 113 4.44 0.16 0.05 0.01 T3E P
ZKT4133 78.63 79.32 770 0.69 63 5.99 0.13 0.27 0.08 T31 P
ZKT4310 47.13 47.81 768 0.68 83 5.27 0.07 0.05 0.41 T31W3 P
ZKT4318 90.46 91.87 732 1.41 33 1.03 0.08 1.88 0.03 T23 P
ZKT4319 3.01 4.83 800 1.82 191 0.55 0.04 0.05 0.02 T23W P
ZKT4321 63.93 64.43 793 0.50 211 2.49 0.26 0.05 0.17 T2 P
ZKT4325 43.71 47.07 795 3.36 153 3.35 0.65 0.30 0.01 T23 P
ZKT4325 64.35 65.89 792 1.54 251 2.39 0.23 0.12 0.19 T2 P
ZKT4326 53.18 54.15 809 0.97 137 0.28 0.04 0.01 0.01 T23 P
ZKT4327 52.33 53.51 810 1.18 114 1.86 0.07 0.12 0.04 T23 P
ZKT4327 80.31 80.95 815 0.64 127 0.43 0.09 0.01 0.04 T2 P
ZKT4329 155.76 156.44 671 0.68 9 3.59 0.03 0.10 0.00 T20 P
ZKT4511 151.66 153.13 706 1.47 30 13.92 0.04 2.20 0.01 T2 P
ZKT4511 157.64 158.43 704 0.79 18 3.96 0.21 0.05 0.04 T2E1 P
ZKT4511 160.65 161.70 704 1.05 21 6.00 0.42 0.12 0.08 T3 P
ZKT4512 147.17 147.67 692 0.50 14 5.99 1.20 0.05 0.09 T2E1 P
ZKT4512 150.80 152.14 690 1.34 17 3.48 0.04 0.05 0.02 T3 P
ZKT0124 9.98 10.93 965 0.95 242 0.05 0.10 0.02 0.05 T22W1 SF
ZKT0125 24.99 25.95 957 0.96 192 2.21 0.17 0.12 0.19 T22W SF
ZKT0125 42.88 46.08 949 3.20 219 2.32 0.28 0.07 0.03 T26E SF
ZKT0148 51.25 55.54 963 4.29 227 2.88 0.10 0.17 0.03 T1W1 SF
ZKT0149 53.91 55.51 962 1.60 300 4.67 0.15 0.12 0.05 T1W1 SF
ZKT0149 136.37 136.93 950 0.56 77 2.64 0.07 0.02 0.02 T23 SF
ZKT0207 60.15 61.67 957 1.52 186 1.07 0.06 0.05 0.06 T1W2a1 SF
ZKT0208 55.38 56.31 958 0.93 111 1.06 0.12 0.01 0.06 T26E SF
ZKT0209 128.07 128.64 945 0.57 28 2.64 0.37 0.05 0.01 T28E1 SF
ZKT0209 149.40 149.99 941 0.59 178 0.36 0.06 0.05 0.01 T28E2 SF
ZKT0235 80.20 80.70 1,021 0.50 654 3.45 0.21 0.05 0.14 T2W2 SF
ZKT0248 69.99 71.70 956 1.71 184 5.61 0.11 0.05 0.14 T26E SF
ZKT0258 15.83 16.37 1,045 0.54 150 2.24 0.08 0.05 0.02 T1W2a SF
ZKT0612 173.30 174.59 885 1.29 432 3.10 0.22 0.05 0.04 T16 SF
ZKT0617 54.62 55.15 907 0.53 620 2.86 1.05 0.01 0.01 T16E2 SF
ZKT0617 64.51 65.10 904 0.59 232 0.76 0.38 0.01 0.01 T16E3 SF
ZKT0617 98.93 99.44 894 0.51 425 1.16 0.37 0.01 0.01 T16E1 SF
ZKT0628 63.91 64.45 888 0.54 1,047 11.14 0.29 0.05 0.08 T11E4 SF
ZKT0630 42.98 43.99 902 1.01 296 1.58 0.60 0.05 0.05 T31W3 SF
ZKT0817 41.03 41.53 1,039 0.50 161 0.67 0.08 0.05 0.02 T3 SF
ZKT0838 36.78 37.30 916 0.52 686 2.99 0.40 0.41 0.13 T15W1 SF
ZKT0839 28.44 29.04 912 0.60 1,646 2.92 1.53 0.05 0.33 T14E SF
ZKT0839 68.92 70.05 897 1.13 1,045 7.03 0.58 0.09 0.12 T16E2 SF
ZKT1008 25.71 27.44 918 1.73 938 7.97 0.62 0.12 0.17 T14E SF
ZKT1008 38.67 39.19 916 0.52 193 4.88 0.08 0.05 0.03 T15W1 SF
ZKT1014 3.02 3.83 921 0.81 121 0.56 0.11 0.05 0.01 T15W SF
ZKT1603 6.11 9.01 968 2.90 167 4.53 0.17 0.05 0.04 T2 SF
ZKTDB0001 21.89 22.57 1,041 0.68 98 1.66 0.41 0.01 0.03 T23 SF
ZKTDB0102 111.70 113.99 1,014 2.29 2,186 6.80 0.35 0.11 0.43 T1W2 SF
ZKTDB0202 94.00 94.60 994 0.60 159 1.34 0.82 0.05 0.01 T1W2a SF
ZKTDB0207 11.52 16.15 1,122 4.63 167 0.54 0.11 0.05 0.03 T1W2 SF
ZKTDB0207 20.67 21.27 1,120 0.60 489 0.79 0.53 0.05 0.06 T26 SF
ZKTDB0207 42.94 43.44 1,113 0.50 148 2.54 0.05 0.05 0.02 T1W1 SF
ZKTDB0207 76.02 76.57 1,104 0.55 948 0.47 0.02 0.05 0.06 T28E SF
ZKTDB0207 103.41 104.07 1,097 0.66 1,453 4.58 1.69 0.05 0.53 T1 SF
ZKTDB0309 59.76 60.27 1,058 0.51 300 0.49 1.28 0.01 0.01 T23 SF
ZKTDB0612 108.36 109.07 994 0.71 227 0.04 0.05 0.05 0.03 T16W SF
ZKTDB0706 93.71 94.24 1,066 0.53 97 1.98 0.13 0.05 0.01 T14 SF
ZKTDB1003 103.51 104.02 1,029 0.51 216 0.11 0.36 0.05 0.06 T16 SF
ZKTDB1209 87.57 88.24 1,042 0.67 116 3.16 0.47 0.05 0.03 T16 SF
ZKTDB1502 109.77 111.11 849 1.34 166 0.30 0.24 0.01 0.02 T16 SF

 
Quality Control
 
Drill cores are NQ size. Drill core samples, limited by apparent mineralization contacts or shear/alteration contacts, were split into halves by sawing. 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 1mm 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 by two-acid digestion 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 0.4 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 1mm 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 CRM, 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 Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and sound Environmental, Social, and Governance (“ESG”) practices. For more information, please visit our website at www.silvercorp.ca.
 

For further information

 
Silvercorp Metals Inc.
Lon Shaver
President
 
Phone: (604) 669-9397
Toll Free: 1-888-224-1881
Email: investor@silvercorp.ca
Website: 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.