SVM.TO · 2019-11-13 12:00:00

ZON Nes at the G GC MINE Vanc

Corporate Updates

NEWS

Tradin

VANC

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progr

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under

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S RELEASE

ng Symbol

SILV

COUVER, Brit

“Company”) (

ams at the G

ing at the GC

October 1, 2

ams at the G

rground rigs

een elevation

r mineralized

grade miner a

arallel and sp

and the disc

s approximate

ights of select

Hole 19CK26A

vein V7 gradin

“Zn”) at the ‐

Hole 19CK40A

newly discove

elevation;

Hole 19CK240

newly discove

elevation; and

Hole 19CK400

vein V13 grad

drilling progra

ndip and alon

and test for n

TSX/NYSE A

VERCORP EXP

tish Columbia

(TSX/NYSE A

GC silver‐lead

mine.

2018 to Sept

GC mine and

from curr e

n levels ‐300m

vein structu

alized zones w

play structure

covery of we

ely 100m to t

ted drill hole

A03 intersecte

ng 300 grams

‐210m elevati

A01 intersecte

ered vein V5

04 intersected

ered vein V2W

01 intersected

ing 566 g/t A

am is mainly

ng‐strike exte

new vein struc

American: SVM

PANDS MINE

a – N o v e m be

merican: SV

d‐zinc mine,

ember 30, 20

completed 2

ent producti o

m and 150m.

res along stri

within major

es were disco

est‐east striki

he south from

intersections

ed a 0.82m in

per tonne (“

ion;

ed a 1.01m in

52 grading 3

d a 2.52m in t

W‐13 grading

d a 1.21m in t

Ag, 2.23% Pb a

conducted f

ensions of kn

ctures in the

ERALIZED ZON

er 13, 2019 –

M) is pleas e

Guangdong

019, Silverco

25,877 metre

on levels, a n

The drilling p

ke and dow n

production v

overed near t

ng mineralize

m the existing

nterval from 3

g/t”) silver (“

nterval from 7

6 5 g / t A g , 2

terval from 7

g 3 1 9 g / t A g,

terval from 9

and 2.58% Zn

from the curr

nown minera

previously les

NES AT THE G

– Silvercorp M

ed to report

Province, Ch

rp continued

es (“m”) of d

nd 14,243m

program was

ndip, and ex p

vein structure

th e m a j o r m

ed vein V58

g resources.

36.73m to 37

“Ag”), 16.54%

70.79m to 71

2.46% Pb and

73.35m to 75

, 3 . 7 5 % P b a

93.33m to 94

at the 143m

rent product

lized vein str

ss‐explored a

GC MINE

Metals Inc. ("

results of i

hina. Explora

d t h e e x t e n s iv

diamond drill

of explora t

successful in

ploration tunn

es. During th i

ineralized zo

expanded th

7.55m, 0.46m

% lead (“Pb”) a

1.80m, 0.73m

d 12.96% Zn

.87m, 2.47m

n d 6 . 7 0 % Zn

.54m, 1.03m

elevation.

tion levels to

ructures in t

areas.

"Silvercorp” o

ts exploratio

tion drilling

ve exploratio

ing with thre

tion tunneli n

extending th

neling expose

is period, ov e

ones at the G

he mineralize

true width, o

and 4.14% zin

true width, o

n at the 146m

true width, o

n at the ‐232m

true width, o

delineate th

he productio

The program is summarized in the following table:

Major Target Veins

Target

Elevation

(m)

Metres

Drilled

Holes

Completed

Samples

Collected

Holes

Intercepted

Vein Structure

Holes

Intercepted

Ore [1,2]

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

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 100 g/t at the GC mine

[2] Formula used for AgEq calculation: 44.6*Pb% + 43.5 * Zn% + Ag g/t

Highlights of selected mineralized zones exposed in the drift tunnels:

 Drift Tunnel V5‐9‐(‐50)‐30NEYM exposed mineralization 60m long and 1.09m wide (true

width) grading 357 g/t Ag, 4.72% Pb and 10.08% Zn within vein s tructure V5‐9 on the ‐50m

level;

 Drift Tunnel V19‐(‐75)‐42WYM exposed mineralization 28m long an d 0.91m wide (true

width) grading 234 g/t Ag, 13.56% Pb and 6.42% Zn within vein s tructure V19 on the ‐100m

level;

 Drift Tunnel V52‐150‐119NEYM exposed mineralization 50m long and 0.86m wide (true

width) grading 454 g/t Ag, 3.88% Pb and 7.39% Zn within newly d iscovered vein structure

V52 on the 150m level; and

 Drift Tunnel V32‐0‐50ANEYM exposed mineralization 73m long and 0.40m wide (true width)

grading 635 g/t Ag, 4.57% Pb and 3.54% Zn within vein structure V32 on the 0m level.

The exploration tunneling, comprising drifting, crosscutting and raising, was driven along and

across major mineralized vein structures to upgrade the drill‐d efined mineral resources and test

for new parallel and splay structures, and summarized in the following table:

Major Target Veins

Target

Levels

(m)

Total

Tunneling

(m)

Channel

Samples

Collected

Drift

Tunneling

Included

(m)

Total Ore Exposed by Drift Tunneling

Length

(m)

Average

True Width

(m)

(g/t)

(%)

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

T a b l e s 1 a n d 2 b e l o w l i s t t h e a s s a y r e s u l t s o f s e l e c t e d m i n e r a lized 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

Hole ID From

(m)

Elevation

(m)

Interval

(m)

True

Thickness

(m)

(g/t)

(%)

(%) Vein

18CK10604 43.68 45.02 -124.60 1.34 1.30 134 0.89 7.86 V19

18CK10607 54.60 55.82 -149.18 1.22 0.98 197 1.10 3.47 V19

18CK2208 16.18 16.67 144.25 0.49 0.46 465 0.82 0.08 V18-1

18CK2810 119.42 120.37 19.93 0.95 0.55 430 1.69 0.94 V53 [1]

18CK3213 36.54 37.14 -23.85 0.60 0.51 43 0.51 7.75 V6E3

18CK32A013 104.42 104.82 141.39 0.40 0.35 596 0.28 1.31 V18

18CK32A09 94.59 95.02 -143.75 0.43 0.23 263 1.15 5.27 V17

18CK40A02 58.41 61.30 -120.42 2.89 1.80 94 2.42 9.29 NV10

81.01 81.47 -128.75 0.46 0.29 57 0.01 8.98 V10-4

19CK10301 43.00 43.33 4.07 0.33 0.26 337 2.62 6.17 V32

19CK10404 48.11 49.02 -206.03 0.91 0.68 71 6.59 4.01 V6-1

19CK10507 0.00 1.00 -200.37 1.00 0.84 164 6.02 4.83 V2W

42.07 42.70 -206.20 0.63 0.48 40 2.59 3.36 V25

19CK10805 130.55 130.87 86.67 0.32 0.23 116 4.59 7.16 V33

19CK10903 78.01 78.76 -158.91 0.75 0.52 344 2.66 8.78 V10-1

19CK11005 15.54 15.88 102.67 0.34 0.28 728 0.91 0.47 V31

19CK11105 52.29 52.52 -155.34 0.23 0.20 162 8.63 0.80 V19-1

19CK11106 27.87 28.81 -160.49 0.94 0.82 255 0.95 7.98 V27

19CK11203 75.55 76.50 146.03 0.95 0.49 752 1.25 1.29 V9W-2E

19CK11502 71.61 72.51 25.98 0.90 0.46 397 0.04 2.09 V10-5 [1]

82.67 83.65 21.64 0.98 0.50 225 2.78 8.34 V10-1

19CK11504 6.48 7.27 -39.18 0.79 0.68 34 0.00 12.90 V10-1

138.57 139.37 -57.56 0.80 0.68 133 0.45 7.32 V13

19CK11604 34.44 35.10 42.24 0.66 0.48 222 0.23 13.68 V17

19CK11704 146.13 147.45 -11.41 1.32 1.14 283 0.54 4.59 V13

19CK1601 58.20 58.40 -11.62 0.20 0.20 178 10.44 1.65 V6M-3

19CK18A01 122.90 123.61 -216.70 0.71 0.67 63 4.45 6.19 V6M-6 [1]

19CK18A04 59.55 59.85 -52.84 0.30 0.28 318 3.36 3.74 V2W-3

19CK20A08 23.24 23.62 -202.80 0.38 0.37 141 3.50 4.88 V1-2

109.28 110.33 -214.82 1.05 1.03 83 5.43 5.56 V6M

121.33 122.63 -216.52 1.30 1.27 70 3.55 6.77 V6M-3

19CK22A02 12.45 12.94 -152.19 0.49 0.42 195 5.25 3.73 V54 [1]

144.85 145.08 -170.60 0.23 0.20 165 4.49 5.87 V8-1

19CK2401 0.00 1.62 -200.64 1.62 1.24 60 1.43 6.35 V2W

41.57 42.91 -218.15 1.34 1.22 275 1.14 4.17 V1-2

112.50 114.43 -248.25 1.93 0.65 109 4.82 8.49 V6M-3

19CK2404 73.35 75.87 -231.76 2.52 2.47 319 3.75 6.70 V2W-13 [1]

19CK26A03 36.73 37.55 -210.43 0.82 0.46 300 16.54 4.14 V7

19CK28A05 107.34 107.71 -215.35 0.37 0.37 325 2.12 6.17 V16

19CK3805 149.00 149.38 -19.83 0.38 0.30 42 4.84 8.04 NV4

19CK38A02 107.30 107.72 -8.34 0.42 0.35 131 2.09 7.30 V37

19CK4001 93.33 94.54 143.23 1.21 1.03 566 2.23 2.58 V13

19CK40A01 70.79 71.80 146.45 1.01 0.73 365 2.46 12.96 V52 [1]

19CK8801 9.34 11.47 56.03 2.13 1.03 68 6.08 5.28 V37

19CK3201 0.00 0.44 -49.45 0.44 0.36 128 1.08 0.80 V18

150.70 154.17 -70.62 3.47 2.96 48 0.78 6.39 V58 [1]

[1] Veins discovered between October 1, 2018 and September 30, 2019

Table 2: Selected mineralized zones exposed by drift tunneling at the GC mine

Tunnel Vein Level

(m)

Length

(m)

True Width

(m)

(g/t)

(%)

V10-(-150)-44NEYM V10 -150 196.0 1.25 71 1.79 4.19

V10-1-135-40SWYM V10-1 150 37.0 0.71 203 0.86 15.03

V10-1-150-38ANEYM V10-1 150 135.0 0.60 288 0.77 12.61

V10-1-100-38ANEYM V10-1 100 26.0 0.34 155 0.05 14.90

V14-50-46SWYM V13 50 131.0 0.71 92 0.79 9.35

V14-(-50)-116SWYM V13 -50 20.0 0.95 148 1.16 13.57

V16-135-32EYM V16 150 53.0 0.66 456 1.48 4.50

V16-135-32WYM V16 150 131.0 0.39 358 1.43 4.15

V17-0-34WYM V17 0 39.0 0.32 273 0.34 22.88

V17-0-34EYM V17 0 69.0 0.36 517 0.71 12.46

V17-1-0-34WYM V17-1 0 19.0 1.75 596 1.37 2.91

V17-1-0-34EYM V17-1 0 27.5 0.41 304 0.88 4.67

V8-(-50)-30AEYM V18 -50 72.0 1.11 315 2.16 2.90

V18-(-100)-30AEYM V18 -100 46.0 1.37 163 3.16 8.10

V19-(-50)-48ANEYM V19 -50 65.0 1.20 161 2.28 12.18

V19-(-75)-42WYM V19 -100 28.0 0.91 234 13.56 6.42

V19-(-75)-42EYM V19 -100 31.0 1.04 70 5.89 4.17

V2E-4E-(-50)-44ANEYM V2E-4E -50 48.0 0.46 104 2.36 6.95

V2W-(-200)-22NEYM V2W -200 94.0 2.07 90 2.47 4.11

V2W-(-200)-22SWYM V2W -200 91.0 1.78 102 2.84 4.61

V2W-(-250)-24NEYM V2W -250 54.0 2.48 137 2.58 3.55

V32-0-50ANEYM V32 0 73.0 0.40 635 4.57 3.54

V32-20-50SWYM V32 0 38.0 0.44 132 3.10 6.18

V33-0-52SWYM V33 0 60.0 0.92 201 5.77 5.15

V37-50-44ANEYM V37 50 27.0 0.74 86 6.79 7.70

V46-150-26ANWYM V46 150 14.0 0.22 257 17.35 2.82

V46-150-26ASEYM V46 150 12.0 0.18 147 9.32 1.97

V5-50-30AEYM V5 50 25.0 0.89 274 0.17 10.13

V5-12-(-50)-30ANEYM V5-12 -50 21.0 0.28 101 0.10 10.36

V5-12-(-50)-30ASWYM V5-12 -50 21.0 0.31 134 0.09 12.92

V52-150-119NEYM V52 [1] 150 50.0 0.86 454 3.88 7.39

V52-150-38WYM V52 [1] 150 11.5 0.45 307 0.93 20.84

V19-2-150-40ASEYM V59 [1] 150 22.0 0.50 226 4.22 3.65

V5-9-(-50)-30NEYM V5-9 -50 60.0 1.09 357 4.72 10.08

V6E3-0-32EYM V6E3 0 50.0 0.42 142 12.08 10.16

V7-3-100-30WYM V7-3 100 27.0 0.30 102 0.03 14.94

V9-2N-150-24AWYM V9-2N 150 19.0 0.24 804 1.87 3.27

V9-5-100-28AEYM V9-5 100 50.0 0.37 186 0.35 11.68

[1] Veins discovered between October 1, 2018 and September 30, 2019

Quality Control

Drill cores are NQ size. Drill core samples, limited by apparen t mineralization contacts or

shear/alteration contacts, were split into halves by saw cuttin g. 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 th e 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 20 0‐300g

subsample which is further pulverized to minus 200 mesh. Two su bsamples are prepared from

the pulverized sample. One is digested with two‐acids for analysis of silver, lead, zi nc 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 i s 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 bat ch of 30 samples to monitor the

s a m p l e p r e p a r a t i o n a n d a n a l y s i s p r o c e d u r e s a t t h e l a b s . T h e a n alytical 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 r eviewed 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 cont inuously create healthy returns

to shareholders through efficient management, organic growth an d the acquisition of profitable

projects. Silvercorp balances profitability, social and environmental relationships, employees’

wellbeing, and sustainable development. For more information, p l e a s e v i s i t o u r w e b s i t e a t

www.silvercorp.ca.

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.silvercorp.ca

CAUTIONARY DISCLAIMER ‐ FORWARD LOOKING STATEMENTS

Certain of the statements and information in this news release constitute “forward‐looking statements”

within the meaning of the United States Private Securities Litig a t i o n R e f o r m A c t o f 1 9 9 5 a n d “ f o r w a r d ‐

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 perfor mance (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 actio ns, 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 f orward‐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 es timates 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 vari ety 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 o r information, including, witho ut 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 a nd mineral reserve estimates; exploration

and development programs; feasibility and engineering reports; permits and licenses; title to properties;

property interests; joint venture partners; acquisition of com mercially 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 futu re 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 th e 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 s tatements about the future and are

inherently uncertain, and actual achievements of the Company or other future events or conditions may

differ materially from those refl ected in the forward‐looking s tatements 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 co uld cause actual results to differ

materially, there may be other factors that cause results not t o be as anticipated, estimated, described or

intended. Accordingly, readers s hould not place undue reliance on forward‐looking statements or

information.

The Company’s forward‐looking statements and information are ba sed on the assumptions, beliefs,

expectations and opinions of management as of the date of this news 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 ass umptions, beliefs, expectations or

opinions should change, or changes in any other events affectin g such statements or information. For the

reasons set forth above, investors should not place undue reliance on forward‐looking statements and

information.

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