SVM.TO · 2021-10-14 12:00:00

Silvercorp Intersects 7.6 Metres True Width Grading 705 Grams Per Tonne Silver and 1.51% Lead from Vein LM7W at the LMW Mine

Drill Results

Silvercorp Intersects 7.6 Metres True Width Grading 705 Grams Per Tonne

Silver and 1.51% Lead from Vein LM7W at the LMW Mine

TSX: SVM

NYSE American: SVM

VANCOUVER, BC

Oct. 14, 2021

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

and high-grade intercepts from its 2021 exploration program at the LMW mine. Extensive exploration drilling and tunneling are ongoing at the LMW mine, and all

other mines in the Ying Mining District,

Henan Province

China

From

May 1 to September 30, 2021

, 23,908 metres ("m") from a total of 166 diamond drill holes, including 152 underground holes and 14 surface holes, were

completed at the LMW mine. Assay results for 102 holes have been received, with 70 holes intercepting mineralization. Currently there are 12 rigs drilling at the

LMW mine.

The strategy of the drilling program is threefold: 1) drill above or beneath the stopes that were previously mined but stopped due to poor understanding of the

geology, such as veins LM7 and LM7W where much thicker pods have been discovered by infill drilling; 2) drill for high-grade silver-lead-zinc veins at the

northwest and east sides of the resource area with previous limited drilling without follow up such as W1, W2, W6, and LM41E series veins where high grade

intercepts were discovered and can quickly be mined; and 3) drill low angle gold veins such as LM50, copper-gold-silver veins such as LM26, and gold-silver-

copper veins such as LM22.

Drilling Intersected High-Grade Silver-Lead-Zinc Veins at the Northwest and East Sides of the Resource Area

At the northwest side of the resource area, drilling intersected high-grade silver-lead-zinc veins W1, W2, W6, and W6E1 with true widths up to

4.67 m

, at an

elevation above

850 m

. The drilling program discovered new splay and parallel veins, including W1E, W2E, W2W, W6W, and W18E. Vein W1 has been defined

approximately

200 m

along strike and

100 m

down-dip, and is still open laterally along strike and at depth.

At the east side of the resource area, between the LMW mine and the LME mine, drilling intersected high-grade silver-lead-zinc vein LM41E, at an elevation

above

760 m

. Drilling also intersected additional splay and parallel silver-lead-zinc veins LM41E1 and LM41E1Wa, which are also high-grade vein structures with

true widths up to

7.03 m

Drill Above or Beneath the Stopes That Were Previously Mined

Most holes in this period targeted blocks of known silver-lead-zinc veins in the 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 in the veins. The high-grade intercepts are mainly associated with the northeast-striking

LM7 series and LM12 series, and the northwest-striking LM8 series and LM19 series. Drilling discovered additional splay and parallel vein structures LM12_2a

and T1, the latter may be a southwest extension of the major vein structure T1 at the TLP mine to the northeast of the LMW mine.

Highlights of the high-grade silver-lead-zinc mineralization at the LMW mine:

Hole ZKX05X023

intersected an

8.87 m

interval (

7.60 m

true width) of vein LM7W grading 705 grams per tonne ("g/t") silver ("Ag"), 1.51% lead ("Pb"),

0.08% zinc ("Zn"), 0.06 g/t gold ("Au"), and 0.05% copper ("Cu") from

24.73 m

depth, at an elevation of

790 m

;

Hole ZKX1137

intersected a

5.16 m

interval (

4.80 m

true width) of vein LM41E1 grading 984 g/t Ag, 1.19% Pb, 0.29% Zn, 0.08 g/t Au, and 1.15% Cu from

46.4 m

depth, at an elevation of

793 m

;

Hole ZKX0451

intersected a

3.11 m

interval (

1.72 m

true width) of vein W1 grading 1,468 g/t Ag, 4.90% Pb, 0.97% Zn, 0.03 g/t Au, and 0.35% Cu from

137.88 m

depth, at an elevation of

981 m

;

Hole ZKX05X037

intersected a

5.40 m

interval (

5.06 m

true width) of vein LM8W grading 703 g/t Ag, 1.52% Pb, 0.14% Zn, 0.08 g/t Au, and 0.42% Cu from

24.97 m

depth, at an elevation of

795 m

;

Hole

ZKX0789

intersected a

2.96 m

interval (

2.21 m

true width) of vein LM7W grading 1,646 g/t Ag, 2.42% Pb, 0.27% Zn, 0.45 g/t Au, and 0.17% Cu from

15.96 m

depth, at an elevation of

786 m

;

Drift Tunnel

PD918-W1-918-4SYM

exposed mineralization

15 m

long and

0.85 m

wide (true width), grading 1,561 g/t Ag, 4.31% Pb, 0.62% Zn, 0.02 g/t Au,

and 0.45% Cu of vein W1 at an elevation of

918 m

(Table 3); and

Drift Tunnel

PD918-W1-918-4NYM

exposed mineralization

30 m

long and

0.61 m

wide (true width), grading 1,222 g/t Ag, 3.74% Pb, 0.98% Zn, 0.15 g/t Au,

and 0.34% Cu of vein W1 at an elevation of

918 m

(Table 3).

Drill Low Angle Gold or Copper-Gold-Silver Veins

The drilling continued intersecting and extending the low angle gold vein LM50. An additional 17 holes in this period targeted LM50 and defined a block

800 m

E-W

500 m

N-S, with hole density at the central

300 m

portion being approximately

25 m

. Another 15 holes targeted the low angle gold vein

structure LM26. The assay results of 13 holes were returned with 10 holes intersecting gold mineralization.

Highlights of the intercepts from the low angle gold veins at the LMW mine:

Hole

ZKX0796

intersected a

3.47 m

interval (

2.74 m

true width) of vein LM50 grading 11.82 g/t Au, 27 g/t Ag, 0.29% Pb, 0.22% Zn, and 0.01% Cu from

37.23 m

depth, at an elevation of

786 m

;

Hole

ZKX0788

intersected a

2.47 m

interval (

1.99 m

true width) of vein LM50 grading 1.26 g/t Au, 1,193 g/t Ag, 0.40% Pb, 0.04% Zn, and 0.16% Cu from

14.46 m

depth, at an elevation of

789 m

;

Hole

ZKX0787

intersected a

1.51 m

interval (

1.27 m

true width) of vein LM26 grading 5.86 g/t Au, 2 g/t Ag, 0.01% Pb, 0.02% Zn, and 0.01% Cu from

80.04

depth, at an elevation of

749 m

;

Hole

ZKX0153

intersected a

2.12 m

interval (

1.23 m

true width) of vein LM26 grading 4.62 g/t Au, 19 g/t Ag, and 0.75% Cu from

63.11 m

depth, at an

elevation of

646 m

;

Hole

ZKX0172

intersected a

1.19 m

interval (

1.01 m

true width) of vein LM26 grading 2.81 g/t Au, 132 g/t Ag, and 4.05% Cu from

60.95 m

depth, at an

elevation of

643 m

;

Drift Tunnel

PD924-LM22-834-5YMSS

exposed mineralization

20 m

long and

0.38 m

thick (true thickness), grading 97 g/t Ag, 26.89 g/t Au and 12.93% Cu of

vein LM22 at an elevation of

834 m

(Table 3); and

Drift Tunnel

PD924-LM22-834-5YMSD

exposed mineralization

10 m

long and

0.39 m

thick (true thickness), grading 54 g/t Ag, 38.95 g/t Au and 5.63% Cu of

vein LM22 at an elevation of

834 m

(Table 3).

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

Hold ID

From

(m)

Elevation

(m)

Interval

(m)

True

Width

(m)

(g/t)

(%)

(g/t)

(%)

Vein

Ore Type

ZKX0153

63.11

65.23

646

2.12

1.23

0.08

0.01

4.62

0.75

LM26

Cu-Ag-Au

ZKX0172

60.95

62.14

643

1.19

1.01

132

0.03

0.01

2.81

4.05

LM26

Cu-Ag-Au

ZKX0173

1.35

2.33

697

0.98

0.49

196

6.26

1.45

0.03

0.39

LM19W1

Ag-Pb-Zn

ZKX0173

69.70

70.43

653

0.73

0.21

217

0.83

0.15

1.87

0.79

LM26

Cu-Ag-Au

ZKX0346

66.05

66.55

887

0.50

0.46

322

2.45

0.13

0.03

0.04

LM12_1

Ag-Pb-Zn

ZKX0363

116.29

118.78

513

2.49

2.43

2.05

0.15

0.05

0.04

LM7

Ag-Pb-Zn

ZKX0390

18.68

19.52

680

0.84

0.63

3.89

0.14

0.05

0.04

LM19W

Ag-Pb-Zn

ZKX0390

60.86

61.63

640

0.77

0.58

0.01

0.03

0.92

5.43

LM26

Cu-Ag-Au

ZKX0391

60.94

61.51

640

0.57

0.48

0.56

0.07

3.15

2.36

LM26

Cu-Ag-Au

ZKX0392

9.23

10.25

689

1.02

0.42

214

0.20

0.33

0.01

0.03

LM19W

Ag-Pb-Zn

ZKX0393

16.81

17.64

684

0.83

0.56

5.36

0.02

0.01

LM21

Ag-Pb-Zn

ZKX0422

311.17

312.39

833

1.22

0.18

348

1.79

0.11

0.03

0.12

LM17

Ag-Pb-Zn

ZKX0433

119.75

120.26

918

0.51

0.41

0.00

0.01

2.82

0.01

ZKX0433

144.41

145.51

914

1.10

1.07

172

7.31

0.13

0.01

0.03

Ag-Pb-Zn

ZKX0434

114.94

116.86

903

1.92

1.81

639

3.30

0.55

0.04

0.06

Ag-Pb-Zn

ZKX0434

146.36

148.91

894

2.55

2.42

1,065

2.98

0.26

0.02

0.28

Ag-Pb-Zn

ZKX0435

158.30

159.28

848

0.98

0.78

238

0.51

0.45

0.03

0.02

Ag-Pb-Zn

ZKX0435

225.40

226.60

810

1.20

2.40

5.96

0.13

0.02

W6E1

Ag-Pb-Zn

ZKX0442

136.75

139.86

908

3.11

2.88

543

4.21

1.19

0.03

0.11

Ag-Pb-Zn

ZKX0442

147.76

150.20

906

2.44

2.26

695

2.96

0.17

0.03

0.07

Ag-Pb-Zn

ZKX0447

154.85

156.05

946

1.20

0.79

4,034

4.67

0.73

0.05

0.46

Ag-Pb-Zn

ZKX0448

91.40

95.32

1,001

3.92

2.72

183

1.03

0.20

0.05

0.14

Ag-Pb-Zn

ZKX0451

61.86

62.83

1,028

0.97

0.54

376

5.78

0.13

0.03

0.04

Ag-Pb-Zn

ZKX0451

121.68

126.31

991

4.63

2.57

300

0.62

0.08

0.03

0.05

W1E

[1]

Ag-Pb-Zn

ZKX0451

137.88

140.99

981

3.11

1.72

1,468

4.90

0.97

0.03

0.35

Ag-Pb-Zn

incl

138.72

139.90

981

1.18

0.65

3,572

12.55

2.40

0.03

0.88

Ag-Pb-Zn

ZKX0452

28.85

29.82

934

0.97

0.95

995

3.06

0.19

0.05

0.23

W18E

[1]

Ag-Pb-Zn

ZKX0452

136.42

141.17

925

4.75

4.67

123

0.66

0.16

0.05

0.03

Ag-Pb-Zn

ZKX0452

146.67

147.70

924

1.03

1.01

195

0.14

0.09

0.05

0.02

W6W

[1]

Ag-Pb-Zn

ZKX0452

163.80

164.40

922

0.60

0.59

309

1.04

0.10

0.05

0.02

W1E

Ag-Pb-Zn

ZKX0544

26.31

27.08

884

0.77

0.74

176

8.77

0.07

0.14

0.03

LM12_2a

[1]

Ag-Pb-Zn

ZKX0578

82.30

83.44

548

1.14

1.13

230

0.72

0.10

0.33

0.21

LM7

Ag-Pb-Zn

ZKX0581

68.26

70.77

576

2.51

1.98

200

0.22

0.12

0.09

LM7W1

Ag-Pb-Zn

ZKX05X019

16.90

17.45

794

0.55

0.54

158

1.18

0.04

0.03

0.02

LM7W

Ag-Pb-Zn

ZKX05X019

39.38

44.59

783

5.21

5.14

221

1.49

0.34

0.03

0.57

LM7

Ag-Pb-Zn

ZKX05X020

23.03

24.48

784

1.45

1.40

455

1.09

0.02

0.03

0.07

LM7W

Ag-Pb-Zn

ZKX05X020

35.97

46.44

774

10.47

5.79

520

0.72

0.27

0.03

0.28

LM7

Ag-Pb-Zn

ZKX05X021

37.66

43.76

767

6.10

6.06

213

0.85

0.11

0.05

0.28

LM7

Ag-Pb-Zn

incl

38.73

39.81

766

1.08

0.91

1,075

2.04

0.17

0.19

1.20

LM7

Ag-Pb-Zn

ZKX05X023

24.73

33.60

790

8.87

7.60

705

1.51

0.08

0.06

0.05

LM7W

Ag-Pb-Zn

incl

27.81

29.25

790

1.44

1.23

3,721

1.52

0.12

0.05

0.09

LM7W

Ag-Pb-Zn

ZKX05X024

21.14

24.79

785

3.65

3.21

135

0.74

0.05

0.06

0.03

LM7W

Ag-Pb-Zn

ZKX05X024

41.66

44.38

769

2.72

2.38

692

1.38

0.18

0.10

0.66

LM7

Ag-Pb-Zn

incl

41.66

42.17

769

0.51

0.45

1,737

2.53

0.10

0.05

0.10

LM7

Ag-Pb-Zn

ZKX05X025

16.57

19.68

785

3.11

2.45

207

0.62

0.07

0.98

0.03

LM50

ZKX05X025

20.68

21.78

782

1.10

0.87

179

0.68

0.04

0.03

LM7W

Ag-Pb-Zn

ZKX05X037

24.97

30.37

795

5.40

5.06

703

1.52

0.14

0.08

0.42

LM8W

Ag-Pb-Zn

incl

28.15

29.23

794

1.08

1.01

2,721

4.74

0.38

0.20

1.65

LM8W

Ag-Pb-Zn

ZKX05X037

46.09

52.24

790

6.15

5.75

185

0.77

0.10

0.03

0.10

LM7

Ag-Pb-Zn

ZKX0628

34.81

35.62

934

0.81

0.80

422

1.44

4.71

0.03

0.13

W18E

Ag-Pb-Zn

ZKX0628

150.69

151.90

926

1.21

600

1.25

0.10

0.03

0.02

Ag-Pb-Zn

ZKX0629

65.51

67.72

926

2.21

1.90

743

1.64

1.35

0.05

0.00

W2W

[1]

Ag-Pb-Zn

incl

65.51

66.38

926

0.87

0.75

1,175

4.10

3.38

0.05

0.29

W2W

Ag-Pb-Zn

ZKX0629

151.08

153.33

913

2.25

1.94

181

5.94

0.12

0.02

0.00

Ag-Pb-Zn

ZKX0742

157.08

159.59

1,063

2.51

2.50

544

1.00

0.41

0.05

0.15

LM41E

Ag-Pb-Zn

ZKX0748

169.79

171.81

992

2.02

1.67

1,103

4.11

2.56

0.03

0.25

LM41E

Ag-Pb-Zn

incl

169.79

170.51

992

0.72

0.59

2,901

10.69

6.91

0.03

0.61

LM41E

Ag-Pb-Zn

ZKX0754

85.20

88.81

555

3.61

3.16

120

1.15

0.07

0.10

0.88

LM7

Ag-Pb-Zn

ZKX0766

14.66

15.17

799

0.51

0.49

458

0.29

0.23

0.03

0.06

LM41E

Ag-Pb-Zn

ZKX0771

4.65

6.01

801

1.36

1.33

453

0.52

0.19

0.01

0.04

LM41E

Ag-Pb-Zn

ZKX0771

11.69

12.61

799

0.92

0.90

389

1.55

0.46

0.02

0.06

LM17W

Ag-Pb-Zn

ZKX0771

41.17

42.66

791

1.49

1.46

1.81

0.12

0.02

0.03

LM41E1

[1]

Ag-Pb-Zn

ZKX0772

77.32

77.92

750

0.60

0.57

857

6.54

3.32

0.05

0.54

LM17W

Ag-Pb-Zn

ZKX0787

40.84

45.87

775

5.03

4.22

173

0.56

0.05

0.03

LM7

Ag-Pb-Zn

ZKX0787

80.04

81.55

749

1.51

1.27

0.01

0.02

5.86

0.01

LM26

ZKX0788

14.46

16.93

789

2.47

1.99

1,193

0.40

0.04

1.26

0.16

LM50

incl

15.8

16.93

788

1.13

0.91

1,963

0.03

2.65

0.29

LM50

ZKX0789

15.96

18.92

786

2.96

2.21

1,646

2.42

0.27

0.45

0.17

LM7W

Ag-Pb-Zn

incl

15.96

16.56

787

0.60

0.45

3,024

0.04

0.03

1.31

0.17

LM7W

Ag-Pb-Zn

and

17.87

18.37

785

0.50

0.37

2,724

12.53

1.34

0.60

LM7W

Ag-Pb-Zn

ZKX0789

54.29

62.20

748

7.91

5.91

122

1.69

0.17

0.44

0.07

LM7

Ag-Pb-Zn

ZKX0793

40.82

42.43

715

1.61

1.39

611

4.65

0.05

0.20

1.11

LM7

Ag-Pb-Zn

ZKX0796

1.53

2.11

801

0.58

0.46

511

0.58

0.03

0.05

0.07

N/A

[2]

Ag-Pb-Zn

ZKX0796

7.9

9.48

798

1.58

1.24

994

4.05

0.12

0.18

0.39

LM8W

Ag-Pb-Zn

incl

7.9

8.57

798

0.67

0.53

2,155

9.48

0.27

0.37

0.92

LM8W

Ag-Pb-Zn

ZKX0796

31.07

31.65

789

0.58

0.46

271

0.64

0.27

0.17

0.13

LM7W

Ag-Pb-Zn

ZKX0796

37.23

40.7

786

3.47

2.74

0.29

0.22

11.82

0.01

LM50

incl

38.99

40.7

785

1.71

1.35

0.56

0.42

23.24

0.02

LM50

ZKX0982

6.95

7.75

799

0.80

0.60

391

1.35

0.19

0.03

0.05

LM41E

Ag-Pb-Zn

ZKX0982

56.77

57.81

765

1.04

0.79

1,829

8.81

0.71

0.11

0.34

LM41E1

Ag-Pb-Zn

ZKX0983

43.22

51.51

792

8.29

7.03

347

3.86

0.20

0.06

0.13

LM41E1

Ag-Pb-Zn

incl

48.48

49.29

791

0.81

0.69

2,955

35.65

1.07

0.29

0.66

LM41E1

Ag-Pb-Zn

ZKX0986

85.68

86.82

863

1.14

3.02

3.95

0.76

0.07

0.01

LM7W

Ag-Pb-Zn

ZKX0987

44.43

52.46

734

8.03

3.57

649

1.96

0.32

0.19

0.48

LM7

Ag-Pb-Zn

incl

47.73

49.30

734

1.57

0.70

2,000

5.07

0.85

0.53

0.37

LM7

Ag-Pb-Zn

ZKX09X004

50.69

51.95

770

1.26

1.22

5.59

0.08

0.03

0.01

LM41E1Wa

[1]

Ag-Pb-Zn

ZKX09X004

57.42

60.39

766

2.97

2.89

391

3.18

0.15

0.03

0.17

LM41E1

Ag-Pb-Zn

incl

59.36

60.39

765

1.03

1.00

980

8.00

0.31

0.03

0.39

LM41E1

Ag-Pb-Zn

ZKX09X005

46.00

46.56

794

0.56

0.40

323

4.49

0.13

0.03

0.08

LM41E1

Ag-Pb-Zn

ZKX1117

46.78

48.00

884

1.22

1.15

207

1.92

0.59

0.03

0.01

LM12E

Ag-Pb-Zn

ZKX1117

115.92

117.35

816

1.43

1.35

298

0.68

0.04

0.02

0.05

Ag-Pb-Zn

ZKX1119

9.98

11.04

921

1.06

0.36

119

6.31

0.13

0.01

0.33

LM8_3

Ag-Pb-Zn

ZKX1137

37.61

39.36

795

1.75

1.63

295

2.50

0.20

0.04

0.09

LM41E1Wa

Ag-Pb-Zn

ZKX1137

46.40

51.56

793

5.16

4.80

984

1.19

0.29

0.08

1.15

LM41E1

Ag-Pb-Zn

incl

48.45

49.12

793

0.67

0.62

1,827

7.34

0.48

0.08

0.50

LM41E1

Ag-Pb-Zn

and

50.66

51.56

792

0.90

0.84

4,050

0.49

1.22

0.31

6.17

LM41E1

Ag-Pb-Zn

ZKX1142

145.65

146.85

706

1.20

0.98

7.01

0.07

0.05

0.01

LM17W

Ag-Pb-Zn

ZKX11806

88.93

89.48

517

0.55

0.97

11.63

0.16

0.02

0.21

LM19W2

Ag-Pb-Zn

ZKX11810

235.90

237.43

717

1.53

1.23

148

1.63

0.03

0.05

0.57

LM19W1

Ag-Pb-Zn

ZKX11811

103.94

105.90

812

1.96

1.54

344

2.79

0.39

0.04

0.20

LM11E1

Ag-Pb-Zn

ZKX1337

151.03

153.86

799

2.83

0.99

0.10

0.03

5.88

0.01

LM50

incl

152.73

153.86

798

1.13

0.40

0.17

0.06

13.80

0.01

LM50

ZKX14209

132.81

134.52

900

1.71

1.46

236

1.81

0.58

0.12

0.04

W6W

Ag-Pb-Zn

ZKX14209

137.15

139.32

899

2.17

1.86

139

3.11

0.18

0.05

0.02

Ag-Pb-Zn

ZKX14209

152.55

153.35

895

0.80

0.69

181

4.94

3.54

0.05

0.02

W2E

[1]

Ag-Pb-Zn

ZKX14209

179.51

180.67

888

1.16

0.99

513

2.96

0.31

0.16

0.08

Ag-Pb-Zn

[1] New veins

[2] New veins without name

Tunneling Programs at the LMW Mine

A total of 1,753 m of exploration tunnels have been developed at the LMW mine during this period. The exploration tunneling, 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 (Table 2).

At the elevation of

834 m

, three decline tunnels exposed low angle gold vein LM22 with ore lengths of

20 m

18 m

and

10 m

, and gold grades of 26.89 g/t, 20.80

g/t and 38.95 g/t, respectively. A four-hole drilling program has been initiated to test the continuity of LM22 at the

834 m

elevation.

Table 2: Summary of the tunneling program at the LMW 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)

(%)

(g/t)

(%)

W1, W2, W18,

W6W, LM22,

LM8_2, LM17,

LM41E, LM50,

LM20E, LM12_1,

LM7, LM20, LM11,

LM14

525-918

1,753

1,358

738

385

0.71

519

2.71

0.43

2.72

0.70

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 145 g/t at the LMW mine

(Formula used for AgEq calculation: AgEq = Ag g/t + 64.66 * Au g/t + 34.07 * Pb% ).

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

Tunnel ID

Vein

Elevation

(m)

Length

(m)

Ore Length

(m)

True Width

(m)

(g/t)

(%)

(g/t)

(%)

Ore Type

XPDS-LM17-625-28SYM

LM17

625

206

0.87

720

4.31

0.49

0.02

0.47

Ag-Pb-Zn

XPDS-LM17-575-26SYM

LM17

575

148

0.89

316

4.30

0.77

0.02

0.15

Ag-Pb-Zn

XPDS-LM17-525-24SYM

LM17

525

260

0.80

635

1.19

0.27

0.02

0.47

Ag-Pb-Zn

PD924-LM22-834-3YMXS

LM22

834

0.53

0.08

0.01

20.80

0.69

Au-Cu

PD924-LM22-834-5YMSD

LM22

834

0.39

0.04

0.03

38.95

5.63

Au-Cu

PD924-LM22-834-5YMSS

LM22

834

0.38

0.06

0.09

26.89

12.93

Au-Cu

XPDN-LM41E-700-9NYM

LM41E

700

0.64

823

4.45

0.25

0.02

0.16

Ag-Pb-Zn

XPDN-LM50-800-7NYM

LM50

800

1.15

131

1.40

0.26

0.02

0.05

XPDN-LM50-800-7SYMCM

LM50

800

160

0.73

0.05

0.03

4.02

0.01

PD918-W1-918-4NYM

918

0.61

1,222

3.74

0.98

0.15

0.34

Ag-Pb-Zn

PD918-W1-918-4SYM

918

0.85

1,561

4.31

0.62

0.02

0.45

Ag-Pb-Zn

PD918-W1-880-8NYM

880

150

0.66

336

2.38

0.18

0.02

0.03

Ag-Pb-Zn

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 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 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 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 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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SOURCE

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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 06:55e 14-OCT-21

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