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VANCOUVER, British Columbia, Nov. 13, 2019 (GLOBE NEWSWIRE) -- 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:
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||
|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|
 Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 100 g/t at the GC mine
 Formula used for AgEq calculation: 44.6*Pb% + 43.5 * Zn% + Ag g/t
Highlights of selected mineralized zones exposed in the drift tunnels:
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
|Total Ore Exposed by Drift Tunneling|
|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
 Veins discovered between October 1, 2018 and September 30, 2019
Table 2: Selected mineralized zones exposed by drift tunneling at the GC mine
 Veins discovered between October 1, 2018 and September 30, 2019
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.
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
Silvercorp Metals Inc.
Phone: (604) 669-9397
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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.
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