Silvercorp is a Canadian mining company producing silver, lead and zinc metals
Silvercorp receives Three Exploration Permits. (Credit: Khusen Rustamov from Pixabay.)
Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) announces that the Company has been granted three exploration permits of 48.8 square kilometres in area, covering depth extensions of three mining permits, SGX, HPG, and TLP-LME-LMW, at the Ying Mining District. Previously, the exploration activities underneath the mining permits were covered by a joint venture agreement between the Company and the Department of Natural Resources of Henan Province.
Previous drilling in the new exploration permits has intercepted extensive mineralization, such as drill hole ZK-H17-0012 from the HPG mine which intercepted a 1.42 metre (“m”) interval from 784.85 m to 786.27 m downhole grading 263 grams per tonne (“g/t”) gold (“Au”) and 335 g/t silver (“Ag”) at approximately minus 82 m elevation, and a 1.24 m interval grading 9.65 g/t Au, 286 g/t Ag, 4.30% lead (“Pb”), and 2.19% zinc (“Zn”) at minus 34 m elevation – please see the Company’s news release dated February 19, 2014 for further details. Recent re-logging and re-sampling surrounding the 1.42 m interval yielded a 5.02 m interval grading 75.9 g/t Au and 98 g/t Ag, approximately 400 m below the HPG Mining Permit. These new exploration permits have no depth limitation.
Negotiations to Renew Mining Contracts at the Ying Mines
The Company’s two-year mining contracts with the eight mining contractors at the Ying Mining District expired on March 31, 2021 and the parties have reached a temporary two-month extension to renew the contracts for another two years. In case an agreement cannot be reached with certain contractors, the Company may replace them with new ones, which may cause temporary mining delays.
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.
Source: Company Press Release