Silvercorp Metals (TSX: SVM | NYSE-A: SVM) reports the latest set of assay results from the ongoing drill programme at the TLP mine, located in the Ying Mining District, China (Figure 1).
Figure 1: The Ying Mining District and location of the TLP Mine
Source: Silvercorp Metals
Between June and December 2023, the Company completed a total of 23,742 meters of drilling across 180 diamond drill holes at the TLP Mine. To date, Silvercorp has received assay results from 158 holes, of which 64% intersected mineralized veins, an impressive hit rate.
The drill programme was completed to expand and upgrade the existing resource base by focusing on two areas. The first was the SF Zone, an underexplored area containing numerous silver-lead vein structures close to the surface (Figure 2). The second was the P Zone, located above or below previously mined stopes, targeting known silver-lead veins that were previously missed due to limited exploration or development in the area.
Figure 2: The Location of recent drilling at the TLP Mine
Source: Silvercorp Metals
Results from the SF Zone, include:
- 2.29 meters at an average grade of 2,186 grams per tonne (“g/t”) silver (“Ag”), 6.80% lead (“Pb”), 0.35% zinc (“Zn”), 0.11 g/t gold (“Au”), and 0.43% copper (“Cu”) (ZKTDB0102)
- 1.13 meters at an average grade of 1,646 g/t Ag, 2.92% Pb, 1.53% Zn, and 0.33% Cu (ZKT0839)
- 1.73 meters at an average grade of 938 g/t Ag, 7.97% Pb, 0.62% Zn, 0.12 g/t Au, and 0.17% Cu (ZKT1008)
Results from the P Zone, include:
- 0.60 meters at an average grade of 5,955 g/t Ag, 1.53% Pb, 0.98% Zn, 0.05 g/t Au, and 0.21% Cu (ZKG1830)
- 3.24 meters at an average grade of 442 g/t Ag, 9.65% Pb, 0.13% Zn, 0.10 g/t Au, and 0.09% Cu (ZKG0324)
- 1.94 meters at an average grade of 661 g/t Ag, 1.07% Pb, 0.68% Zn, 0.44 g/t Au, and 0.71% Cu (ZKT1317)
Our Thoughts
It is not easy to trawl through the assay results from 101 drill holes, that contain 127 mineralised intervals, each with assay results for five different metals, to get an accurate impression of how positive a development these results are for Silvercorp.
To try to make things easier for you the reader, we have calculated the silver equivalent grade for these results using current metal prices of US$18.26/oz Ag, US$2,034/oz Au, US$2,164/t Pb, US$2,552/t Zn and US$8,558/t Cu.
We then summarise them to give you an accurate but simplified idea of what these results mean for Silvercorp.
Of the 127 mineralised intervals:
- 98% contained silver equivalent grades above 150 g/t
- 67% contained silver equivalent grades above 250 g/t
- 25% contained silver equivalent grades above 500 g/t
- 9% contained silver equivalent grades above 1,000 g/t
This analysis clearly shows just how successful this phase of Silvercorp’s exploration drilling has been in defining areas of high-grade mineralisation at the TLP Mine for mining in the future.
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