Klondike Silver Continues Drilling

Highlights:

Discovery of recent, low angle copper-gold veins on the W Zone:

• Gap ZKX1009 intersected 18.0 grams per tonne (“g/t”) gold (“Au”), 32 g/t silver (“Ag”), and eight.38% copper (“Cu”) over a 1.11 metre (“m”) interval of vein LM29 on the 1,028 m elevation; and three.0 g/t Au, 1,167 g/t Ag, 1.49% lead (“Pb”), and 0.58% Cu over a 2.55 m interval of vein LM30 on the 1,023 m elevation

Excessive-grade intercepts from low angle gold veins LM50 and LM26:

• Gap ZKX0597 intersected 10.79 g/t Au, 272 g/t Ag, 1.55% Pb, 0.19% zinc (“Zn”) and 0.10% Cu over a 1.26 m interval of vein LM50 on the 782 m elevation
• Gap ZKX0598 intersected 22.79 g/t Au, 31 g/t Ag and 0.13% Pb over a 0.59 m interval of vein LM50 on the 777 m elevation
• Gap ZKX0778 intersected 0.33 g/t Au, 1,327 g/t Ag, 3.45% Pb, 0.63% Zn, and 0.15% Cu over a 2.99 m interval of vein LM26 on the 672 m elevation
• Gap ZKX3822 intersected 28.9 g/t Au and 12 g/t Ag over a 1.24 m interval of vein LM56 on the 532 m elevation

Excessive-grade Ag-Pb intercepts on the W Zone:

• Gap ZKX0471 intersected 3,943 g/t Ag, 2.54% Pb, 0.95% Zn, and 1.07% Cu over a 3.43 m interval of vein W1 on the 1,084 m elevation
• Gap ZKX0623 intersected 2,991 g/t Ag, 2.52% Pb, 2.29% Zn, and 0.96% Cu over a 0.61 m interval of vein W1 on the 1075 m elevation

Excessive-grade intercepts of Ag-Pb-Zn mineralization within the Manufacturing Zone:

• Gap ZKX3414 intersected 1,112 g/t Ag, 3.09% Pb, 0.34% Zn, 0.17 g/t Au, and 1.35% Cu over a 2.83 m interval of vein LM17 on the 553 m elevation
• Gap ZKX3423 intersected 1,209 g/t Ag, 4.51% Pb, 1.75% Zn, and 0.93% Cu over a 1.47 m interval of vein LM17 on the 565 m elevation

From October 1, 2022 to Could 31, 2023 , a complete of 25,692 m in 189 diamond drill holes, together with 165 underground holes and 24 floor holes, had been accomplished on the LMW mine. Assay outcomes for 145 holes have been obtained and choose outcomes are introduced in Desk 1 beneath.

This drilling program has been targeted on 4 goal areas: 1) growth drilling of newly found high-grade Ag-Pb and low angle Au-Ag-Cu veins west of the LMW mine (W Zone) at elevations above 918 m to floor ( 1250 m ); 2) growth drilling of low angle Au and Ag-Au-Cu veins LM50, LM26, and LM21; 3) drilling to increase the high-grade LM41E sequence veins; and 4) infill drilling of Ag-Pb-Zn veins on the Manufacturing Zone.

1) Growth drilling of newly found high-grade Ag-Pb and low angle Au-Ag-Cu veins west of the LMW mine (W Zone)

Drilling on the W Zone intersected a number of new, low angle, and high-grade Ag-Au-Cu veins, together with LM28, LM29 and LM30 (Desk 1). These quartz-pyrite-chalcopyrite veins had been intersected at elevations between 1028 m and 990 m , putting between 210 and 240 levels with a dip angle between 10 and 30 levels.

On the W Zone, drilling additionally intersected high-grade Ag-Pb veins W2, W1, W18 sequence and W6 sequence at elevations between 1087 m and 905 m , with extension over 800 m alongside strike.  The cross-cuts and drifts from floor at 1040 m and 988 m elevations have traced the high-grade Ag-Pb veins W1, W2 and W18 for as much as 100 m in size in tunnels.  The W2, W1, W18 and W6 vein sequence clearly lower and solely barely off-set the brand new low angle veins.

2) Growth drilling of low angle Au and Ag-Au-Cu veins LM50, LM26, and LM21

Drilling for the low angle Au and Ag-Au-Cu veins focused LM50, in addition to LM21, LM26, LM22, LM51, LM54 and LM55. A steady LM50 vein block extending 1000 m alongside strike and 400 m downdip has been outlined and can be developed for check mining.  Take a look at mining of vein LM26 is underway.

3) Drilling to increase the high-grade LM41E sequence veins

On the east facet of the useful resource space (E Zone), drilling continued to increase the high-grade Ag-Pb-Zn LM41E sequence veins, together with LM41E, LM41E1 and LM41E1Wa. Particularly, vein LM41E has been expanded from 1,000 m to 554 m elevation.

Excessive-grade Ag-Pb-Zn highlights from the E Zone:

• Gap ZKX11142 intersected 2,114 g/t Ag, 5.17% Pb, 1.94% Zn, 0.05 g/t Au, and 0.24% Cu over a 0.86 m interval of vein LM41E on the 779 m elevation
• Gap ZKX10514 intersected 1,097 g/t Ag, 22.82% Pb, 0.14% Zn, 0.26 g/t Au, and 0.09% Cu over a 0.71 m interval ( 0.60 m true width) of vein LM41E on the 554 m elevation.

4) Infill Drilling of Ag-Pb-Zn Veins on the Manufacturing Zone

Most holes on this interval focused blocks of recognized Ag-Pb-Zn veins on the Manufacturing Zone, together with blocks that had been beforehand missed resulting from restricted drilling or tunneling, adjustments within the strikes and dips, and/or pinch-swelling of the pay-zones within the veins. The high-grade intercepts are primarily related to the southeast-striking LM7 sequence, LM12 sequence and LM17 sequence of veins, and the northwest-striking LM8 sequence, LM14, LM19 and LM20.

Excessive-grade Ag-Pb-Zn highlights on the Manufacturing Zone:

• Gap ZKX3413 intersected 318 g/t Ag, 7.48% Pb, 0.43% Zn, 0.13 g/t Au, and 1.07% Cu over a 3.34 m interval ( 3.05 m true width) of vein LM17 on the 554 m elevation
• Gap ZKX3610 intersected 862 g/t Ag, 10.82% Pb, 0.23% Zn, and 1.08% Cu over a 1.62 m interval ( 1.32 m true width) of vein LM17 on the 551 m elevation
• Gap ZKX0158 intersected 1,046 g/t Ag, 5.69% Pb, 0.74% Zn over a 0.91 m interval ( 0.86 m true width) of vein LM12 on the 850 m elevation.

Desk 1: Chosen intercepts from the 2022-2023 drilling program on the LMW mine

5) Tunneling Packages on the LMW Mine

A complete of 4,257 m of exploration tunnels have been developed on the LMW mine throughout this era. The exploration tunneling, comprised of drifting, cross-cutting and elevating, was pushed alongside and throughout main mineralized vein buildings to improve the drill-defined mineral sources, and to check for brand spanking new parallel and splay buildings.

High quality Management

Drill cores are NQ dimension. Drill core samples, restricted by obvious mineralization contacts or shear/alteration contacts, had been break up into halves by sawing. The half cores are saved within the Firm’s core shacks for future reference and checks, and the opposite half core samples are shipped in securely sealed baggage to the Chengde Huakan 514 Geology and Minerals Take a look at and Analysis 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 licensed analytical labs. For evaluation, the pattern is dried and crushed to minus 1mm after which break up right into a 200-300 g subsample which is additional pulverized to minus 200 mesh. Two subsamples are ready from the pulverized pattern. One is digested with aqua regia for gold evaluation with atomic absorption spectroscopy (AAS), and the opposite is digested by two-acid digestion for evaluation of silver, lead, zinc and copper with AAS.

Channel samples are collected alongside pattern traces perpendicular to the mineralized vein construction in exploration tunnels. Spacing between sampling traces is often 5 m alongside strike. Each the mineralized vein and the altered wall rocks are lower by steady chisel chipping. Pattern size ranges from 0.4 m to greater than 1 m , relying on the width of the mineralized vein and the mineralization kind. Channel samples are ready and assayed with AAS at Silvercorp’s mine laboratory ( Ying Lab ) situated on the mill advanced in Luoning County, Henan Province , China . The Ying lab is formally accredited by the High quality and Expertise Monitoring Bureau of Henan Province and is certified to supply analytical companies. The channel samples are dried, crushed and pulverized. A 200 g pattern of minus 160 mesh is ready for assay. A reproduction pattern of minus 1mm is made and stored within the laboratory archives. Gold is analysed by hearth assay with AAS end, whereas silver, lead, zinc and copper are assayed by two-acid digestion with AAS end.

A routine high quality assurance/high quality management (QA/QC) process is adopted to observe the analytical high quality at every lab. Licensed reference supplies (CRMs), pulp duplicates and blanks are inserted into every batch of lab samples. QA/QC information on the lab are hooked up to the assay certificates for every batch of samples.

The Firm maintains its personal complete QA/QC program to make sure finest practices in pattern preparation and evaluation of the exploration samples. Mission geologists often insert CRM, discipline duplicates and blanks to every batch of 30 core samples to observe the pattern preparation and evaluation procedures on the labs. The analytical high quality of the labs is additional evaluated with exterior checks by sending roughly 3-5% of the pulp samples to larger degree labs to examine for lab bias.  Knowledge from each the Firm’s and the labs’ QA/QC packages are reviewed on a well timed foundation by venture geologists.

Guoliang Ma , P. Geo., Supervisor of Exploration and Useful resource of the Firm, is the Certified Particular person for Silvercorp below NI 43-101 and has reviewed and given consent to the technical info contained on this information launch.

About Silvercorp

Silvercorp is a Canadian mining firm producing silver, gold, lead, and zinc with an extended historical past of profitability and progress potential. The Firm’s technique is to create shareholder worth by 1) specializing in producing free cashflow from lengthy life mines; 2) natural progress via in depth drilling for discovery; 3) ongoing merger and acquisition efforts to unlock worth; and 4) long run dedication to accountable mining and ESG. For extra info, please go to our web site at www.silvercorpmetals.com .

For additional info

Lon Shaver
Vice President
Silvercorp Metals Inc.

Telephone: (604) 669-9397
Toll Free: 1 (888) 224-1881
E-mail: [email protected]
Web site: www.silvercorpmetals.com

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Sure of the statements and knowledge on this press launch represent “forward-looking statements” inside the which means of america Personal Securities Litigation Reform Act of 1995 and “forward-looking info” inside the which means of relevant Canadian provincial securities legal guidelines. Any statements or info that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals, assumptions or future occasions or efficiency (usually, however not all the time, utilizing phrases or phrases corresponding to “expects”, “is anticipated”, “anticipates”, “believes”, “plans”, “tasks”, “estimates”, “assumes”, “intends”, “methods”, “targets”, “targets”, “forecasts”, “goals”, “budgets”, “schedules”, “potential” or variations thereof or stating that sure actions, occasions or outcomes “might”, “may”, “would”, “may” or “will” be taken, happen or be achieved, or the destructive of any of those phrases and related expressions) will not be statements of historic truth and could also be forward-looking statements or info.  Ahead-looking statements or info relate to, amongst different issues: the value of silver and different metals; the accuracy of mineral useful resource and mineral reserve estimates on the Firm’s materials properties; the sufficiency of the Firm’s capital to finance the Firm’s operations; estimates of the Firm’s revenues and capital expenditures; estimated manufacturing from the Firm’s mines within the Ying Mining District; timing of receipt of permits and regulatory approvals; availability of funds from manufacturing to finance the Firm’s operations; and entry to and availability of funding for future building, use of proceeds from any financing and improvement of the Firm’s properties.

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CAUTIONARY NOTE TO US INVESTORS

The disclosure on this information launch and referred to herein was ready in accordance with NI 43-101 which differs considerably from the necessities of the U.S. Securities and Trade Fee (the “SEC”).  The phrases “confirmed mineral reserve”, “possible mineral reserve” and “mineral reserves” used on this information launch are in reference to the mining phrases outlined within the Canadian Institute of Mining, Metallurgy and Petroleum Requirements (the “CIM Definition Requirements”), which definitions have been adopted by NI 43-101.  Accordingly, info contained on this information launch offering descriptions of our mineral deposits in accordance with NI 43-101 will not be corresponding to related info made public by different U.S. corporations topic to america federal securities legal guidelines and the principles and rules thereunder.

Traders are cautioned to not assume that any half or all of mineral sources will ever be transformed into reserves. Pursuant to CIM Definition Requirements, “Inferred mineral sources” are that a part of a mineral useful resource for which amount and grade or high quality are estimated on the premise of restricted geological proof and sampling.  Such geological proof is ample to indicate however not confirm geological and grade or high quality continuity.  An inferred mineral useful resource has a decrease degree of confidence than that making use of to an indicated mineral useful resource and should not be transformed to a mineral reserve. Nevertheless, it’s moderately anticipated that almost all of inferred mineral sources might be upgraded to indicated mineral sources with continued exploration.  Beneath Canadian guidelines, estimates of inferred mineral sources might not kind the premise of feasibility or pre-feasibility research, besides in uncommon circumstances.  Traders are cautioned to not assume that every one or any a part of an inferred mineral useful resource is economically or legally mineable.  Disclosure of “contained ounces” in a useful resource is permitted disclosure below Canadian rules; nonetheless, the SEC usually solely permits issuers to report mineralization that doesn’t represent “reserves” by SEC requirements as in place tonnage and grade regardless of unit measures.

Canadian requirements, together with the CIM Definition Requirements and NI 43-101, differ considerably from requirements within the SEC Business Information 7.  Efficient February 25, 2019 , the SEC adopted new mining disclosure guidelines below subpart 1300 of Regulation S-Okay of america Securities Act of 1933, as amended (the “SEC Modernization Guidelines”), with compliance required for the primary fiscal 12 months starting on or after January 1, 2021.  The SEC Modernization Guidelines exchange the historic property disclosure necessities included in SEC Business Information 7.  On account of the adoption of the SEC Modernization Guidelines, the SEC now acknowledges estimates of “Measured Mineral Sources”, “Indicated Mineral Sources” and “Inferred Mineral Sources”.  As well as, the SEC has amended its definitions of “Confirmed Mineral Reserves” and “Possible Mineral Reserves” to be considerably just like corresponding definitions below the CIM Definition Requirements.  In the course of the interval main as much as the compliance date of the SEC Modernization Guidelines, info relating to mineral sources or reserves contained or referenced on this information launch will not be corresponding to related info made public by corporations that report based on U.S. requirements.  Whereas the SEC Modernization Guidelines are presupposed to be “considerably related” to the CIM Definition Requirements, readers are cautioned that there are variations between the SEC Modernization Guidelines and the CIM Definitions Requirements.  Accordingly, there isn’t a assurance any mineral reserves or mineral sources that the Firm might report as “confirmed mineral reserves”, “possible mineral reserves”, “measured mineral sources”, “indicated mineral sources” and “inferred mineral sources” below NI 43-101 can be the identical had the Firm ready the reserve or useful resource estimates below the requirements adopted below the SEC Modernization Guidelines.

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