SILVERCORP CONTINUES TO INTERSECT HIGH-GRADE SILVER-LEAD ZONES AT THE TLP MINE

Trading Symbol TSX: SVM
NYSE American: SVM

VANCOUVER, BC, July 17, 2023 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to report high-grade silver-lead intercepts from its ongoing diamond drilling program at the TLP mine at the Ying Mining District, China.

Highlights (all intersections are in core lengths):

• Surface hole ZKTDB0413 intersected 1,025 grams per tonne ("g/t") silver ("Ag"), 3.01% lead ("Pb"), and 0.11 g/t gold ("Au") over a 2.48 metre ("m") interval of vein T26 at the 1,113 m elevation;
• Surface hole ZKTDB2005 intersected 3,211 g/t Ag, 2.41% Pb, 0.15% zinc ("Zn"), and 0.16% copper ("Cu") over a 0.63 m interval of vein T1E at the 1,129 m elevation;
• Surface hole ZKTDB0501 intersected 312 g/t Ag, 3.21% Pb, and 0.43% Zn over a 5.04 m interval of vein T2 at the 980 m elevation;
• Hole ZKG0847 intersected 8,254 g/t Ag, 11.71% Pb, and 1.30% Zn over a 1.87 m interval of vein T16 at the 684 m elevation;
• Hole ZKG1447 intersected 7,140 g/t Ag, 30.79% Pb, 0.92% Zn, and 1.43% Cu over a 0.57 m interval of vein T15W2 at the 818 m elevation;
• Hole ZKG0325 intersected 3,475 g/t Ag, 2.22% Pb, 1.52% Zn, and 0.75 g/t Au over a 0.86 m interval of vein T38 at the 752 m elevation;
• Hole ZKT4710 intersected 83 g/t Ag, 10.46% Pb, 0.46% Zn, 0.09 g/t Au, and 0.75% Cu over a 6.26 m interval of vein T3 at the 638 m elevation;
• Hole ZKG1024 intersected 2,743 g/t Ag, 6.95% Pb, and 1.67% Zn over a 1.27 m interval of vein T11 at the 630 m elevation;
• Hole ZKG1437 intersected 2,204 g/t Ag, 5.13% Pb, 0.43% Zn, and 0.51% Cu over a 2.08 m interval of vein T16 at the 749 m elevation;
• Hole ZKG1441 intersected 3,437 g/t Ag, 2.09% Pb, 1.55% Zn, and 0.22% Cu over a 1.20 m interval of vein T16 at the 727 m elevation;
• Hole ZKT0829 intersected 453 g/t Ag, 5.10% Pb, and 0.93% Zn over a 4.60 m interval of vein T14E at the 975 m elevation; and
• Hole ZKG0009 intersected 542 g/t Ag, 52.01% Pb, 0.20% Zn, and 0.16% Cu over a 0.81 m interval of vein T15W at the 637 m elevation.

From January 1, 2022, to June 15, 2023, a total of 66,679 m in 340 diamond drill holes, including 270 underground holes and 70 surface holes, were completed at the TLP mine. Assay results for 227 holes have been received, with 197 holes intersecting mineralization. Currently, there are 10 rigs drilling at the TLP mine.

The drilling program has targeted three areas: 1) silver-lead vein structures in the resource area at higher elevations, close to surface, which have seen limited exploration; 2) infilling in the production area, particularly above or below previously-mined stopes, where production stopped due to higher than modelled variability in grades, thicknesses, and attitudes of the vein structures; and 3) step out drilling to test the extension of the major vein structures to the northeast of the resource area.

Drilling Near-Surface Ag-Pb Vein Structures within the Resource Area

Drilling over the past few years primarily focused on the lateral and downdip extent of known vein structures and paid insufficient attention to their extension potential at elevations above 900 m. In addition to the 70 surface drill holes, which account for over 20% of the drill holes in this program, many underground holes drilled also targeted the vein structures at higher elevations. High-grade Ag-Pb vein structures intersected at higher elevations include the T1 series, T2, T3 series, T11 series, T14E, T15 series, T16 series, T23 series, and T26 series (Table 1).

Drilling Above or Beneath Previously-Mined Stopes within the Resource Area

Most holes drilled during this period targeted blocks of known Ag-Pb vein structures that were previously missed due to limited drilling or tunneling, changes in thickness, strikes and dips of the pay-zones in veins within the resource areas below the 900 m elevation. The high-grade intercepts are mainly associated with the northwest-dipping T1 series, T2 series, T3 series, T4, T11 series, T15 series, T16 series, T23 series, T20, T21, T31W3, T33 series, and T35 series, and the east-dipping T14 series, T22 series, T26 series, and T28 series. These intercepts have led to significant expansion and upgrading of resources. Since the ramps and access tunnels are already in place, these defined high-grade blocks can be quickly converted to reserves and mined.

Step-Out Drilling Intersecting Ag-Pb Veins to the Northeast of the Resource Area

Step-out surface and underground drilling intersected high-grade Ag-Pb veins T2, T3 series, T4, T5, and T21 series to the northeast of the resource area. Hole ZKT4710 intersected 83 g/t Ag, 10.46% Pb, 0.46% Zn and 0.75% Cu over a 6.26 m interval. These intercepts have extended the boundary of the resource area approximately 300 m to the northeast.

Table 1: Selected intercepts from the drilling programs at the TLP mine