VANCOUVER, British Columbia – June 14, 2023 – 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 LMW mine within the Ying Mining District, China.

 

Highlights:

Discovery of new, low angle copper-gold veins at the W Zone:

• Hole ZKX1009 intersected 18.0 grams per tonne (“g/t”) gold (“Au”), 32 g/t silver (“Ag”), and 8.38% copper (“Cu”) over a 1.11 metre (“m”) interval of vein LM29 at the 1,028 m elevation; and 3.0 g/t Au, 1,167 g/t Ag, 1.49% lead (“Pb”), and 0.58% Cu over a 2.55 m interval of vein LM30 at the 1,023 m elevation

High-grade intercepts from low angle gold veins LM50 and LM26:

• Hole ZKX0597 intersected 10.79 g/t Au, 272 g/t Ag, 1.55% Pb, 0.19% zinc (“Zn”) and 0.10% Cu over a 1.26 m interval of vein LM50 at the 782 m elevation
• Hole ZKX0598 intersected 22.79 g/t Au, 31 g/t Ag and 0.13% Pb over a 0.59 m interval of vein LM50 at the 777 m elevation
• Hole ZKX0778 intersected 0.33 g/t Au, 1,327 g/t Ag, 3.45% Pb, 0.63% Zn, and 0.15% Cu over a 2.99 m interval of vein LM26 at the 672 m elevation
• Hole ZKX3822 intersected 28.9 g/t Au and 12 g/t Ag over a 1.24 m interval of vein LM56 at the 532 m elevation

High-grade Ag-Pb intercepts at the W Zone:

• Hole ZKX0471 intersected 3,943 g/t Ag, 2.54% Pb, 0.95% Zn, and 1.07% Cu over a 3.43 m interval of vein W1 at the 1,084 m elevation
• Hole ZKX0623 intersected 2,991 g/t Ag, 2.52% Pb, 2.29% Zn, and 0.96% Cu over a 0.61 m interval of vein W1 at the 1075 m elevation

High-grade intercepts of Ag-Pb-Zn mineralization in the Production Zone:

• Hole ZKX3414 intersected 1,112 g/t Ag, 3.09% Pb, 0.34% Zn, 0.17 g/t Au, and 1.35% Cu over a 2.83 m interval of vein LM17 at the 553 m elevation
• Hole ZKX3423 intersected 1,209 g/t Ag, 4.51% Pb, 1.75% Zn, and 0.93% Cu over a 1.47 m interval of vein LM17 at the 565 m elevation

From October 1, 2022 to May 31, 2023, a total of 25,692 m in 189 diamond drill holes, including 165 underground holes and 24 surface holes, were completed at the LMW mine. Assay results for 145 holes have been received and select results are presented in Table 1 below.

This drilling program has been focused on four target areas: 1) expansion drilling of newly discovered high-grade Ag-Pb and low angle Au-Ag-Cu veins west of the LMW mine (W Zone) at elevations above 918 m to surface (1250 m); 2) expansion drilling of low angle Au and Ag-Au-Cu veins LM50, LM26, and LM21; 3) drilling to extend the high-grade LM41E series veins; and 4) infill drilling of Ag-Pb-Zn veins at the Production Zone.

 

1. Expansion drilling of newly discovered high-grade Ag-Pb and low angle Au-Ag-Cu veins west of the LMW mine (W Zone)

Drilling at the W Zone intersected several new, low angle, and high-grade Ag-Au-Cu veins, including LM28, LM29 and LM30 (Table 1). These quartz-pyrite-chalcopyrite veins were intersected at elevations between 1028 m and 990 m, striking between 210 and 240 degrees with a dip angle between 10 and 30 degrees.

At the W Zone, drilling also intersected high-grade Ag-Pb veins W2, W1, W18 series and W6 series at elevations between 1087 m and 905 m, with extension over 800 m along strike.  The cross-cuts and drifts from surface at 1040 m and 988 m elevations have traced the high-grade Ag-Pb veins W1, W2 and W18 for up to 100 m in length in tunnels.  The W2, W1, W18 and W6 vein series clearly cut and only slightly off-set the new low angle veins.

 

2. Expansion drilling of low angle Au and Ag-Au-Cu veins LM50, LM26, and LM21

Drilling for the low angle Au and Ag-Au-Cu veins targeted LM50, as well as LM21, LM26, LM22, LM51, LM54 and LM55. A continuous LM50 vein block extending 1000 m along strike and 400 m downdip has been defined and will be developed for test mining.  Test mining of vein LM26 is underway.

 

3. Drilling to extend the high-grade LM41E series veins

At the east side of the resource area (E Zone), drilling continued to extend the high-grade Ag-Pb-Zn LM41E series veins, including LM41E, LM41E1 and LM41E1Wa. In particular, vein LM41E has been expanded from 1,000 m to 554 m elevation.

High-grade Ag-Pb-Zn highlights from the E Zone:

• Hole ZKX11142 intersected 2,114 g/t Ag, 5.17% Pb, 1.94% Zn, 0.05 g/t Au, and 0.24% Cu over a 0.86 m interval of vein LM41E at the 779 m elevation
• Hole ZKX10514 intersected 1,097 g/t Ag, 22.82% Pb, 0.14% Zn, 0.26 g/t Au, and 0.09% Cu over a 0.71 m interval (0.60 m true width) of vein LM41E at the 554 m elevation.

 

4. Infill Drilling of Ag-Pb-Zn Veins at the Production Zone

Most holes in this period targeted blocks of known Ag-Pb-Zn veins at the Production Zone, including blocks 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 southeast-striking LM7 series, LM12 series and LM17 series of veins, and the northwest-striking LM8 series, LM14, LM19 and LM20.

High-grade Ag-Pb-Zn highlights at the Production Zone:

• Hole ZKX3413 intersected 318 g/t Ag, 7.48% Pb, 0.43% Zn, 0.13 g/t Au, and 1.07% Cu over a 34 m interval (3.05 m true width) of vein LM17 at the 554 m elevation
• Hole ZKX3610 intersected 862 g/t Ag, 10.82% Pb, 0.23% Zn, and 1.08% Cu over a 1.62 m interval (1.32 m true width) of vein LM17 at the 551 m elevation
• Hole ZKX0158 intersected 1,046 g/t Ag, 5.69% Pb, 0.74% Zn over a 0.91 m interval (0.86 m true width) of vein LM12 at the 850 m elevation.

Table 1: Selected intercepts from the 2022-2023 drilling program at the LMW mine