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Be the first with the news that moves the market- Silvercorp Metals (SVM) has intercepted significant gold mineralisation, while drilling at its Ying Mining District in the Henan Province of China
- During an 8,000-metre underground drill program, the company intersected 1.9 metres at 15 grams per tonne of gold
- The full 22-hole program is focused on extending already identified lead and zinc veins surrounding the site’s DCG Mine
- Further extending this latest gold discovery has now become the focus of the program’s remaining exploration
- An updated mineral estimate for the site is expected sometime this quarter
- Silvercorp Metals (SVM) is up 6.49 per cent and is trading at C$7.06 per share
Silvercorp Metals (SVM) has intercepted significant gold mineralisation, while drilling at the Ying Mining District in the Henan Province of China.
During an 8,000-metre underground drill program, the company intersected 1.9 metres at 15 grams per tonne of gold.
This is the first result of the program’s three completed holes. The full 22-hole program is focussed on extending already identified lead and zinc veins surrounding the site’s DCG Mine.
Silvercorp acquired the exploration permits for the DCG mine in 2006. Over the next five years, roughly 9,000 metres were drilled across 25 holes, focusing on the site’s most pronounced lead and zinc veins.
A maiden resource estimate was completed in 2014 but does not currently meet Canadian publishing standards. Regardless, the company was able to secure mining permits in 2015 on the back of the estimate.
An updated mineral estimate that does meet Canadian reporting standards is expected sometime this quarter.
In 2018, with the mining permit secured, Silvercorp resolved to develop the DCG Mine and bring it back to production.
Consequently, the company is now constructing a high access ramp at the site, which is expected to be completed by mid-August this year. Further, another transportation ramp is under development at the nearby TLP Mine camp, with completion expected by mid-2021.
The site’s other LMW, LME and TLP Mines have also shown promising gold mineralisation potential, returning grades such as 1.5 grams per tonne of gold across 1.02 metres.
The extension of this latest gold discovery has now become the focus of the 2020 program’s remaining exploration.
Silvercorp Metals (SVM) is up 6.49 per cent and is trading at C$7.06 per share at 1:57pm EDT.
