SVM.TO · 2022-01-12 12:00:00

Silvercorp Intersects 1.64 Metres True Width Grading 24.66 Grams PER Tonne GOLD, 56 Grams PER Tonne Silver, 3.28% Lead, and 2.12% Zinc from Vein H16 at the Hpg MINE Trading Symbol

Drill Results

SILVERCORP INTERSECTS 1.64 METRES TRUE WIDTH GRADING 24.66

GRAMS PER TONNE GOLD, 56 GRAMS PER TONNE SILVER, 3.28% LEAD,

AND 2.12% ZINC FROM VEIN H16 AT THE HPG MINE

Trading Symbol

TSX: SVM

NYSE American: SVM

VANCOUVER, BC

Jan. 12, 2022

/CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to report

additional high-grade intercepts from its 2021 exploration program at the HPG mine. Extensive exploration drilling and tunneling are ongoing at the HPG mine and

all other mines in the Ying Mining District,

Henan Province

China

From

June 1 to December 31, 2021

, 24,369 metres ("m") from a total of 153 diamond drill holes, including 89 underground holes and 64 surface holes, were

completed at the HPG mine. Assay results for 134 holes have been received, with 82 holes intercepting mineralization. Currently, there are nine rigs drilling at the

HPG mine.

The strategy of the drilling program is threefold: 1) drill above or beneath the stopes that were previously mined but stopped due to more variation in grades,

thickness, and attitudes of the vein structures than previously modeled to easily obtain ore; 2) drill for gold-silver -lead-zinc veins in the resource area at higher

elevations near the surface and southwest side to expand the resources; and 3) drill for a rhyolitic breccia dyke that is prominently exposed in the middle of the

mining area and mineralized with gold-silver-lead-zinc.

Drilling Above or Beneath Previously Mined Stopes

Most holes drilled during this period targeted blocks containing known ore veins in production areas that were previously missed due to limited drilling or tunneling,

changes in the strikes and dips, and/or pinch-swelling of the pay-zones within the veins. The high-grade intercepts are mainly associated with the southwest-

striking H5 series, H15 series, H16 series, H17 series, H11, and H14 veins. Since access tunnels are already in place, any high-grade mineralization discovered

can quickly be converted to reserves and mined.

Highlights of the high-grade gold-silver-lead-zinc intercepts near the surface or previously mined stopes:

Underground hole ZK2542

intersected a

1.91 m

interval (

1.64 m

true width) of vein H16 grading 24.66 g/t gold ("Au"), 56 g/t silver ("Ag"), 3.28% lead

("Pb"), 2.12% zinc ("Zn"), and 0.11% copper ("Cu") from

29.11 m

depth, at an elevation of

527 m

;

Underground hole ZK2314

intersected a

0.75 m

interval (

0.48 m

true width) of vein H15 grading 21.00 g/t Au, 54 g/t Ag, 0.45% Pb, 0.09% Zn, and 0.24%

Cu from

132.91 m

depth, at an elevation of

444 m

; and

Underground hole ZK24N04

intersected a

2.45 m

interval (

2.10 m

true width) of vein H15 grading 0.65 g/t Au, 155 g/t Ag, 14.93% Pb, 0.03% Zn, and

0.42% Cu from

160.36 m

depth, at an elevation of

549 m

Near Surface Mineralization in Gold-Silver-Lead-Zinc Veins

Nineteen diamond drill holes were drilled from surface, with additional underground diamond drilling employed to test for near surface mineralization above

520 m

within the HPG resource area. The drilling intersected gold-silver-lead-zinc veins including the H9 series, H11 series, H14 series, H15 series, H16 series, H17

series, and H10_1. The purpose of this drilling was to extend the resources to higher elevations within the current resource area.

Highlights of the high-grade gold-silver-lead-zinc intercepts near the surface or previously mined stopes:

Surface hole ZK2419

intersected a

2.20 m

interval (

1.90 m

true width) of vein H17 grading 22.99 g/t Au, 35 g/t Ag, 0.49% Pb, 0.07% Zn, and 0.02% Cu

from

78.57 m

depth, at an elevation of

817 m

; and

Surface hole ZK1218

intersected a

1.36 m

interval (

1.22 m

true width) of vein H17 grading 10.54 g/t Au, 17 g/t Ag, 0.60% Pb, 0.02% Zn, and 0.05% Cu

from

89.69 m

depth, at an elevation of

783 m

Drilling High-Grade Gold-Silver-Lead-Zinc Veins at the Southwest Side of the Resource Area

Surface and underground diamond drilling at the southwest side of the resource area intersected high-grade gold-silver-lead-zinc veins of the H20W, H12_1, H39,

H41, and H40 series, at an elevation between

435 m

and

655 m

. These vein structures strike north to north-northeast, and have vertical to sub-vertical dips to the

east. Among them, H41W is a newly discovered north-northeast striking high-grade vein that was intersected during this period.

Highlights of the high-grade gold-silver-lead-zinc intercepts at the southwest side of the resource area:

Underground hole ZK11206

intersected a

1.33 m

interval (

1.10 m

true width) of vein H41W grading 2.86 g/t Au, 1,469 g/t Ag, 3.69% Pb, 2.33% Zn, and

0.13% Cu from

66.90 m

depth, at an elevation of

613 m

;

Underground hole ZK11207

intersected a

0.50 m

interval (

0.28 m

true width) of vein H41W grading 0.18 g/t Au, 2,642 g/t Ag, 0.63% Pb, 0.21% Zn, and

0.09% Cu from

62.50 m

depth, at an elevation of

613 m

;

Underground hole ZK11604

intersected a

1.67 m

interval (

1.12 m

true width) of vein H40 grading 7.31 g/t Au, 100 g/t Ag, 1.78% Pb, 0.19% Zn, and 0.03%

Cu from

266.55 m

depth, at an elevation of

532 m

; and

Surface hole ZK11406

intersected a

0.52 m

interval (

0.31 m

true width) of vein H20W grading 14.60 g/t Au, 15 g/t Ag, 0.07% Pb, 0.09% Zn, and 0.02% Cu

from

199.41 m

depth, at an elevation of

527 m

Drilling for a Rhyolitic Breccia Dyke

The breccia dyke extends along a northwest trend for approximately two kilometres ("km"), has a thickness from 25 to

200 m

, and dips steeply to the northeast.

Hole ZK1315 from this drill program intercepted a significant width of mineralization which is associated with siderite-ankerite-pyrite, and minor galena, sphalerite,

and chalcopyrite in the matrix of the breccia. It is possible all the gold-silver -lead-zinc veins mined at the HPG mine have cut the breccia dyke.

Hole ZK1315 intersected an

18.41 m

interval grading 1.42 g/t Au, 122 g/t Ag, 0.97% Pb, 0.56% Zn, and 0.14% Cu in the breccia (Table 1). An earlier drill hole

ZK1511 from nearby also intercepted a

31.8 m

interval grading 1.14 g/t Au, 52 g/t Ag, 0.3% Pb, and 0.25% Zn.

This discovery of broad mineralization in the breccia dyke has been confirmed by a cross-cut tunnel PD2-570-15WCM, which cut a

20.7 m

interval grading 1.06

g/t Au, 122 g/t Ag, 1.33% Pb, 1.48% Zn, and 0.14% Cu at an elevation of

570 m

(Table 4).

Table 1: Assay results for 103 drill holes from the HPG mine

Hole ID

From

(m)

Elevation

(m)

Interval

(m)

True Width

(m)

(g/t)

(%)

Vein

ZK02N02

107.08

108.99

442

1.91

0.82

0.13

0.62

3.64

0.01

ZK02N21

57.75

59.23

488

1.48

1.32

0.05

103

1.10

0.35

0.03

ZK04N01

109.45

110.99

533

1.54

1.18

0.89

2.01

0.21

0.14

ZK04N03

117.82

118.35

536

0.53

0.38

0.36

121

5.29

0.17

0.08

ZK04N04

136.53

137.45

489

0.92

0.89

0.24

3.16

2.41

0.06

ZK04N05

109.22

109.75

539

0.53

0.40

0.30

221

1.72

0.07

0.03

H5a

ZK04N05

123.74

124.32

531

0.58

0.43

0.59

214

0.18

0.04

0.11

ZK04N12

77.50

78.26

487

0.76

0.66

0.35

4.71

0.93

0.06

ZK06N02

88.33

88.87

552

0.54

0.47

31.00

0.58

0.04

0.03

H5a

ZK0722

117.30

117.84

546

0.54

0.49

0.16

198

0.73

0.30

0.09

H11E

ZK0724

58.02

60.41

590

2.39

1.86

4.42

1.00

0.28

0.05

H15W

ZK0725

18.06

18.77

615

0.71

0.56

2.23

0.05

0.01

H10_1

ZK07N04

26.18

28.17

865

1.99

1.03

1.01

252

0.73

0.91

0.04

ZK07N05

18.58

19.71

501

1.13

0.94

0.52

0.78

0.24

0.08

ZK07N11

9.83

11.13

462

1.30

1.09

4.36

0.04

0.01

B01

ZK07N11

87.52

88.05

444

0.53

0.44

2.18

3.18

0.62

0.05

H10_1W

ZK0921

127.98

128.93

628

0.95

0.82

2.48

0.47

0.40

0.03

H16

ZK09N19

0.00

1.46

464

1.46

1.12

0.21

102

0.11

0.05

0.71

ZK09N19

44.31

44.83

450

0.52

0.31

0.85

159

1.48

1.11

0.05

H5_2

ZK09N20

8.26

9.46

457

1.20

0.79

0.78

0.09

0.02

0.38

H5E1

ZK09N22

23.44

24.35

457

0.91

0.86

0.06

159

0.72

1.25

0.03

H5W

ZK11006

109.01

109.71

581

0.70

0.61

1.58

160

1.40

0.43

0.42

H41a

ZK11006

247.01

248.21

483

1.20

0.95

1.18

0.40

2.31

0.00

H40

ZK11206

66.90

68.23

613

1.33

1.10

2.86

1,469

3.69

2.33

0.13

H41W

[1]

ZK11207

62.50

63.00

613

0.50

0.28

0.18

2,642

0.63

0.21

0.09

H41W

ZK11208

112.37

112.97

577

0.60

0.59

0.87

162

1.03

1.11

0.11

H42E

ZK11208

233.37

233.88

490

0.51

0.47

0.55

137

2.29

1.96

0.24

H20W

ZK11208

244.84

245.37

481

0.53

0.40

20.30

0.04

0.01

H40

ZK11208

249.82

251.42

478

1.60

1.21

5.13

0.41

0.42

0.05

H40W

ZK11404

68.27

69.02

622

0.75

0.63

1.56

0.33

0.26

0.02

H41W

ZK11404

202.48

203.53

550

1.05

0.70

4.29

0.34

0.11

0.03

H17

ZK11406

183.96

184.54

537

0.58

0.33

2.32

0.02

0.01

H17

ZK11406

199.41

199.93

527

0.52

0.31

14.60

0.07

0.09

0.02

H20W

ZK11406

222.92

224.69

511

1.77

1.23

0.72

0.62

0.20

1.09

H17_1

ZK11407

68.53

70.58

608

2.05

1.59

0.89

0.85

2.10

0.08

H41W

ZK11407

223.33

224.78

492

1.45

1.27

0.95

114

0.47

0.17

0.18

H20W

ZK11408

72.37

72.89

610

0.52

0.40

0.26

5.81

1.43

0.06

H41W

ZK11604

43.88

44.58

638

0.70

0.57

0.88

0.10

0.16

0.05

H41a

ZK11604

72.27

74.30

624

2.03

1.65

1.60

114

0.78

1.33

0.11

H41W

ZK11604

76.50

77.23

622

0.73

0.60

0.21

3.23

4.12

0.02

H41W1

[1]

ZK11604

210.38

210.88

558

0.50

0.32

3.21

0.59

0.31

0.21

H16_3

ZK11604

266.55

268.22

532

1.67

1.12

7.31

100

1.78

0.19

0.03

H40

Including

266.55

267.57

532

1.02

0.68

9.90

157

2.70

0.22

0.03

H40

ZK11N12

55.19

56.29

427

1.10

0.68

0.11

111

0.14

0.05

0.38

ZK11N13

2.56

4.66

462

2.10

1.21

0.98

0.08

0.02

0.41

[1]

ZK11N13

65.35

70.12

449

4.77

2.11

0.50

111

0.29

0.20

H5_2

ZK1218

89.69

91.05

783

1.36

1.22

10.54

0.60

0.02

0.05

H17

ZK12207

42.65

43.66

519

1.01

0.78

3.28

0.18

0.27

0.01

H11

ZK12N03

92.37

94.52

482

2.15

1.72

0.06

10.23

0.97

0.02

Including

93.72

94.52

482

0.80

0.64

0.13

101

22.69

2.14

0.04

ZK1310-1

157.21

158.13

630

0.92

0.56

2.14

177

17.09

0.29

0.07

H10_1

ZK1314

155.16

156.21

622

1.05

0.33

2.37

0.93

1.69

0.06

ZK1315

202.28

220.69

573

18.41

N/A

[2]

1.42

122

0.97

0.56

0.14

Breccia

Dyke

[1]

ZK1321

87.06

87.63

690

0.57

N/A

1.18

0.37

0.23

0.02

N/A

[3]

ZK1322

132.00

132.61

667

0.61

0.50

8.45

0.31

0.07

0.02

ZK15N21

0.75

4.19

627

1.54

2.60

0.67

1.12

1.01

0.03

H10_1a

ZK15N22

23.84

27.69

620

3.85

3.79

0.54

6.05

0.32

0.02

H39_1a

ZK15S03

172.52

174.88

636

2.36

1.51

0.72

0.42

0.02

0.24

H17_1

ZK15S04

103.46

105.03

647

1.57

0.97

4.35

1.31

0.26

0.01

H14W

ZK15S05

172.79

173.32

553

0.53

0.21

7.66

1.85

3.94

0.30

H17_1

ZK1830

47.53

49.08

782

1.55

1.35

1.82

0.04

0.03

0.01

H17

ZK2033

94.63

95.60

755

0.97

0.76

3.14

0.01

0.05

0.01

H17

ZK2035

69.11

70.78

765

1.67

1.66

1.57

0.04

0.06

0.01

H17

ZK2036

42.82

44.47

796

1.65

1.61

3.03

0.05

0.04

0.02

H17

ZK2037

57.31

58.58

770

1.27

1.04

8.68

0.07

0.12

0.05

H17

ZK2314

3.18

4.90

536

1.72

1.00

1.37

1.95

0.72

0.03

H14

ZK2314

132.91

133.66

444

0.75

0.48

21.00

0.45

0.09

0.24

H15

ZK2314

146.14

147.38

435

1.24

0.79

0.92

106

0.80

0.06

0.39

H20W

ZK2341

71.08

72.78

795

1.70

1.11

0.65

137

3.64

4.76

0.03

H16

ZK2349

88.10

90.24

768

2.14

0.94

0.18

171

1.32

0.23

0.09

H11

ZK2349

151.63

152.30

723

0.67

0.52

0.90

0.92

1.34

0.03

N/A

ZK2349

166.28

166.94

712

0.66

0.39

0.85

141

0.44

0.27

0.43

ZK2349

248.31

249.29

654

0.98

0.59

1.84

0.07

0.03

0.01

H39_1

ZK2349

255.80

257.17

649

1.37

0.27

2.80

0.08

0.02

0.01

H12_1

ZK2419

78.57

80.77

817

2.20

1.90

22.99

0.49

0.07

0.02

H17

Including

79.22

80.77

816

1.55

1.34

32.40

0.63

0.07

0.03

H17

ZK24N03

154.46

155.24

557

0.78

0.63

0.60

1.42

0.05

0.18

H15

ZK24N04

160.36

162.81

549

2.45

2.10

0.65

155

14.93

0.03

0.42

H15

ZK24N10

157.27

157.93

617

0.66

0.50

0.66

0.92

3.38

0.01

H15W

ZK2542

29.11

31.02

527

1.91

1.64

24.66

3.28

2.12

0.11

H16

including

29.89

31.02

527

1.13

0.97

41.06

5.48

3.51

0.17

H16

ZK2542

52.06

52.96

518

0.90

0.80

3.20

0.22

0.16

0.01

H16_1

ZK2542

109.59

110.61

496

1.02

0.55

4.25

1.66

1.33

0.27

H20Wa

ZK2542

119.52

120.07

492

0.55

0.41

2.32

0.62

0.18

0.02

H20W

ZK2542

141.01

141.51

483

0.50

0.37

4.43

0.11

0.17

0.01

H17

ZK2544

32.89

34.42

522

1.53

1.10

0.34

0.96

0.02

H16

ZK2544

119.37

121.03

479

1.66

1.64

2.43

1.54

0.28

0.06

H20W

ZK2545

3.91

4.53

537

0.62

0.56

3.20

0.04

0.06

0.00

H14

ZK2545

27.90

30.21

525

2.31

2.04

3.00

0.74

0.03

H16

ZK2545

95.18

95.78

496

0.60

0.57

3.25

0.03

0.01

H15

ZK2545

118.27

121.76

485

3.49

2.00

2.06

0.29

0.35

0.19

H20W

ZK2546

101.97

102.85

520

0.88

0.72

3.44

0.97

0.16

0.05

H20W

ZK2547

342.39

343.05

580

0.66

0.30

1.70

0.55

0.03

0.01

H41W

ZK2548

15.93

16.48

796

0.55

0.50

0.03

7.25

2.17

0.02

H11

ZK2548

81.94

83.21

758

1.27

1.16

0.05

1.98

0.84

0.14

H14

ZK2548

187.62

188.15

697

0.53

0.38

8.72

6.25

1.12

0.02

H16_3

ZK2548

270.84

272.20

651

1.36

0.85

0.35

0.23

0.38

0.77

H17

ZK2548

306.72

307.24

631

0.52

0.45

0.89

0.29

0.72

0.01

H20W

ZK26N02

153.05

154.38

593

1.33

0.92

0.64

1.94

0.13

0.02

H15

ZK26N02

157.24

157.97

591

0.73

0.50

0.07

2.19

1.11

0.02

H15_1

ZK2732

27.53

28.08

531

0.55

0.53

9.47

0.24

0.28

0.01

H16

ZK2732

51.23

51.89

524

0.66

5.61

0.05

0.06

0.01

H16_1

ZK2732

70.12

70.87

518

0.75

0.72

1.77

0.15

0.01

0.00

H16_3

ZK2732

150.69

151.20

495

0.51

0.28

4.93

1.04

4.47

0.12

H20W

ZK2732

218.43

219.44

475

1.01

0.56

2.66

0.24

0.37

0.58

H42

ZK2733

33.10

37.32

510

4.22

3.32

1.45

0.19

0.42

0.01

H16

ZK2733

255.24

256.76

324

1.52

0.65

1.25

5.99

1.67

0.02

H20W

[1] New veins.

[2] True thickness unknown.

[3] New unnamed veins.

Tunneling Programs at the HPG Mine

A total of

1,436 m

of exploration tunnels were developed at the HPG mine during this period. The exploration tunneling, which comprised of drifting, cross-cutting

and raising, was driven along and across major mineralized vein structures to upgrade the drill-defined mineral resources, and to test for new parallel and splay

structures (Tables 2 and 3).

Table 2: Summary of the tunneling programs at the HPG mine

Major Target Veins

Elevation

(m)

Total Tunneling

(m)

Channel Samples

Collected

Drift

Included

(m)

Total Mineralization Exposed by Drifts

[1]

Length

(m)

True Width

(m)

(g/t

Ag (g/t)

(%)

H20W, H11, H5, H5a, H41,

H15, H5_2, H14, H3, H32, B10,

H17, H40E, H10_1, H9, H12_1

150-640

1,436

995

1,181

286

0.64

1.61

2.11

1.58

0.12

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 130 g/t at the HPG mine (Formula used for AgEq calculation: AgEq = Ag g/t + 70.15 * Au g/t + 35.91 * Pb% + 21.9 * Zn%).

Table 3: Selected mineralized zones exposed by drift tunneling at the HPG mine

Tunnel ID

Vein

Elevation

(m)

Total Length

(m)

Ore Length

(m)

Horizontal

Width

(m)

True Width

(m)

Au (g/t)

Ag (g/t)

(%)

PD5-H11-610-17SYM

H11

610

0.61

0.59

0.10

6.80

0.89

0.03

PD3-H17-150-34NYM

H17

150

1.06

1.03

0.53

0.72

3.08

0.10

PD3-H20W-460-27SYM

H20W

460

100

0.93

0.89

3.99

126

1.20

1.47

0.17

PD3-H3-340-0SYM

340

0.50

0.32

0.36

2.11

4.49

0.02

PD5-H41-640-15SYM

H41

640

0.43

0.41

4.45

1.88

1.39

0.08

PD600-H5_2-510-7NYM

H5_2

510

0.54

0.53

0.15

5.95

0.17

0.06

PD3-H5_2-460-9SYM

H5_2

460

0.99

0.97

0.04

240

0.94

1.40

0.05

PD3-H5a-300-7SYM

H5a

300

0.72

0.70

2.75

1.35

0.57

0.05

W_Tunnel-H9-630-13SYM

630

0.53

0.52

3.76

100

3.93

3.40

0.28

W_Tunnel-H9-630-13NYM

630

0.58

0.55

0.99

2.37

1.02

0.11

Table 4: Selected mineralized zones exposed by crosscut tunneling at the HPG mine

Tunnel ID

Vein

From

(m)

Length

(m)

Elevation

(m)

True Width

(m)

(g/t)

(%)

PD3-380-9_Bay2

[1]

36.00

42.00

6.00

380

4.24

2.18

0.25

0.14

0.01

PD2-570-15WCM

Breccia dyke

[1]

3.00

23.7

20.7

570

N/A

[2]

1.06

122

1.33

1.48

0.14

PD600-H5a-560-6WCM

148.24

149.46

1.22

560

1.22

0.30

2.60

1.15

0.08

PD3-H5-300-7ECM

H5a

3.84

4.16

0.32

300

0.31

5.64

373

2.80

1.63

0.05

XSD-H9-630-13ECM

H10_1

44.52

45.84

1.32

630

1.08

0.18

224

4.71

0.23

0.05

PD3-460-Decline3

H15

147.81

148.24

0.43

405

0.42

3.75

1395

0.78

12.50

0.40

[1] New veins.

[2] True width unknown.

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

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 1 mm 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 with two-acids 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

0.2 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 1 mm 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 CRMs, 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 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

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.

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For further information:

Lon Shaver, Vice President, Silvercorp Metals Inc., Phone: (604) 669-9397, Toll Free: 1 (888) 224-1881, Email:

[email protected], Website: www.silvercorpmetals.com

CO: Silvercorp Metals Inc

CNW 17:05e 12-JAN-22

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