Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) has reported encouraging results from ongoing drilling at one of its mines at the Ying district project in China, including hitting new high-grade silver-lead-zinc veins at the west side of the mine.
The LMW mine is one of six mines, which make up the flagship Ying asset in Henan province, central China.
From October 1, 2021 to September 30, this year, 56,803 metres (m) in 416 diamond drill holes, including 372 underground and 44 surface were completed at LMW.
Assays have now been received for 378 holes and currently, two surface and eight underground rigs are drilling at the mine.
At the west side of LMW, where there has been no previous mining, seven new veins were intersected, three of which may have lengths of over 800m along strike and 400m down-dip from 1,100m to 700m elevation.
READ: Silvercorp Metals projects strong silver production at Ying Property in China based on technical report
Drill results included 3.18m in one vein, grading 2,238 grams per tonne (g/t) silver, 5.90% lead, 0.61% zinc and 0.36% copper at the 1,045m elevation.
"To pursue this new discovery, the company has started to develop two new horizontal tunnels from surface at 1,040m and 988m elevations," said Silvercorp.
Drilling at LMW above or beneath previously mined stope encountered high-grade silver-lead-zinc mineralization, the miner added.
One hole hit a 1.46m interval, grading 4,549 g/t silver 1.19% lead, 0.24% zinc, 0.49 g/t gold, and 0.10% copper at the 645m elevation.
Drilling also intersected high-grade silver-lead-zinc veins and a new gold structure at the east side of the resource area, said SilverCorp.
One hole here hit a 2.13m interval of a new gently dipping gold vein grading 478 g/t silver, 2.14% lead, 0.9% zinc, and 5.97 g/t gold, at the 763m elevation, the company added.
Also in the statement, the miner highlighted that drilling of low angle gold-copper-silver veins further improved continuity of mineralization.
The company also said that 3,566m of exploration tunnels were developed at the LMW mine over the period. This was driven along and across major mineralized vein structures to upgrade the drill-defined mineral resources, and to test for new parallel and splay structures.
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a history of profitability and growth potential.
Contact the writer at giles@proactiveinvestors.com