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Silvercorp Metals intersects high-grade gold and silver at HPG mine in China

Published: 09:00 15 Jun 2021 EDT

Silvercorp Metals Inc - Silvercorp Metals intersects high-grade gold and silver at HPG mine in China
Part of the exploration efforts targeted blocks of known silver-lead-zinc and gold veins in the production areas that were previously missed due to limited drilling and tunneling

Silvercorp Metals Inc (TSE:SVM) (NYSEAMERICAN:SVM) said it intersected gold and silver during an exploration program at the HPG mine in China’s Henan Province.

The program which is ongoing consisted of extensive exploration drilling and tunneling.

In addition to the HPG mine, the polymetallic producer also has several other projects inside the Ying silver, lead, zinc property in the Henan Province, including the SGX, HZG, TLP, LME and LMW underground mines.

The company said that between November 1, 2020, and May 31, 2021, it completed 23,977 meters (m) via a total of 133 diamond drill holes, including 66 underground holes and 67 surface holes at the HPG mine.

READ: Silvercorp Metals reveals numerous high-grade intercepts from drill program at its TLP Mine in the Ying Mining District

To date results from 127 holes have been revealed, of which 51 holes intercepted mineralization. There are currently 11 rigs conducting drills at the HPG mine.

Part of the exploration efforts targeted blocks of known silver, lead, zinc and gold veins in the production areas that were previously missed due to limited drilling and tunneling.

The company noted that any discovered high-grade blocks would be easily accessible due to tunnels that are already in place. These blocks could then be quickly converted to reserves and mined.

Near-surface high-grade gold veins were also discovered in the HPG mine resource area.

In late April, Silvercorp Metals received three exploration permits - totaling 48.8 square kilometers - allowing depth extensions at the SGX, HPG, and TLP-LME-LMW mines.

The company is also in the process of renewing mining contracts with the eight mining contractors in the Ying Mining District. The previous contracts expired at the end of March and have been undergoing a temporary two-month extension ahead of the two-year renewal. 

In case an agreement cannot be reached with certain contractors, Silvercorp may replace them with new ones, which could lead to temporary mining delays. 

Contact the writer at georgia@proactiveinvestors.com

Follow her on Twitter @MissInformd

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