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Silvercorp Metals announces high-grade gold and silver results in a new vein at the HPG mine in China

Assay results from its 2020 exploration program included a 1.58m interval grading 17.08 g/t gold, 301 g/t silver, and 18.66% lead

Silvercorp Metals Inc -
Silvercorp Metals says it has received assay results for 140 holes, with 69 holes intercepting mineralization

Silvercorp Metals Inc (TSE:SVM) (NYSEAMERICAN:SVM) (FRA:S9Y) reported assay results from its 2020 exploration program at the HPG mine in China’s Henan Province, which included a 1.58 metre (m) interval grading 17.08 grams per tonne (g/t) gold, 301 g/t silver, and 18.66% lead in a new vein. 

The company noted that it has received assay results for 140 holes, with 69 holes intercepting mineralization. 

It added that 13,515m of drilling has been completed from July 1, 2019 to October 31, 2020, from 150 diamond drill holes, including 129 underground holes and 21 surface holes, with nine rigs drilling at the HPG mine since July 2020.  

READ: Silvercorp Metals still on track to meet full fiscal year output guidance as it grows resource base

Silvercorp also said the drill program discovered vein structures with relatively high gold, low silver-lead-zinc grade mineralization, such as a 3.88m interval grading 3.18 g/t gold, 52 g/t silver, and low lead and zinc.

The company reported that drill hole and tunnel results have shown that mineralization at the HPG mine developed in at least two phases: an earlier phase of gold-bearing structures; and later stage silver-lead-zinc mineralization, adding that there are some gold-bearing structures that were overlooked before.

Silvercorp said it will investigate these structures during future exploration.

As well, the company announced that gently dipping vein structures similar to those found at the LMW and LME mines have also been discovered at the HPG mine, with true thickness ranging between 0.5m and 2m.  

Drill hole ZK15N02 intersected a 10.05m interval (true width unknown) grading 20 g/t silver, 0.12% lead, 0.17% zinc and 1.62 g/t gold. It noted that based on the contact with the hangingwall and footwall, the intercept appears to be a sub-horizontal vein structure with a relatively elevated gold grade.

In addition to drilling, Silvercorp said it has also developed 8,684m of exploration tunnels at the HPG mine, which were driven along and across major mineralized vein structures to upgrade the drill-defined mineral resources and test for new parallel and splay structures.

Silvercorp Metals has been mining silver, lead and zinc in China since 2006. The company also owns a 29% interest in New Pacific Metals Corp (CVE:NUAG) (OTCMKTS:NUPMF) (FRA:3N7), which is advancing the Silver Sand project in Bolivia.

Contact Sean at sean@proactiveinvestors.com

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Price: 6.59 CAD

TSX:SVM
Market: TSX
Market Cap: $1.16 billion
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