Silvercorp Intersects 2.28 Metres Grading 1,125 g/t Silver, 4.43% Lead, 0.40% Zinc, 0.06 g/t Gold, and 0.23% Copper in the 2020 Exploration Program at the TLP Mine, Ying Mining District, China

Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSXNYSE American: SVM) is pleased to report results of its exploration program at the TLP mine, Ying Mining District, Henan Province, China. Extensive exploration drilling and tunneling are ongoing at the TLP mine, and all other mines at the Ying Mining District.

From October 1, 2019 to September 30, 2020, the drilling program at the TLP mine has targeted the down/up dip and along-strike extensions of known mineralized vein structures in the production areas. So far, 26,355 metres ("m") from a total of 110 diamond drill holes, including 106 underground holes and four surface holes, have been completed. Assay results for 71 holes have been received with 48 holes intercepting mineralization.

Most of the underground drills were focused on high-grade drill intercepts from previous drill programs where mining access tunnels were developed but the mineralization was not mined. This drilling program intersected many higher grade silver-lead ore zones, including veins T11, T2E, T33W5 and the newly-discovered T15W3 vein. Most of the higher grade silver-lead zones can be mined using existing access and development tunnels, which is expected to substantially reduce tunnel development costs at the TLP mine going forward. Ten rigs have been drilling at the TLP mine since July 2020 to continue identifying these types of easily accessible zones.

Additionally, the Company continues to test for new vein structures in previously less explored areas. The step-out drilling in the northwest part of the TLP mine discovered new veins, including CJ9W, CJW1, CJ11, CJ12, CJ12E, and CJ20.

Highlights of selected drill hole intersections:

• Hole   ZKG08S01_1 intersected two major veins:
  • A 2.28m interval (2.10m true width) of vein T15W3 grading 1,125 grams per tonne ("g/t") silver ("Ag"), 4.43% lead ("Pb"), 0.40% zinc ("Zn"), 0.06 g/t gold ("Au"), and 0.23% copper ("Cu") at 797m elevation, which includes a 0.53 interval (0.49m true width) grading 4,742 g/t Ag, 17.68% Pb, 1.50%Zn, 0.11 g/t Au, and 0.96% Cu; and
  • A 0.80m interval from 50.60m to 51.40m (0.74m true width) of vein T11 grading 1,334 g/t Ag, 17,99% Pb, 0.56% Zn, and 0.50% Cu at 778m elevation.
    
    
• Hole ZKG08S01_3 intersected two major veins:
  
  
  • A 2.07m interval from 0.40m to 2.47m (2.02m true width) of vein T15W3 grading 1,027 g/t Ag, 10.25% Pb, 1.20% Zn, and 0.13% Cu at 798m elevation, which includes a 1.04m interval (1.02m true width) grading 2,041 g/t Ag, 20.20% Pb, 2.33% Zn, and 0.25% Cu; and
  • A 1.10m interval from 66.37m to 67.47m (1.08m true width) of vein T11E2 grading 614 g/t Ag, 1.74% Pb, 0.25% Zn, 0.11 g/t Au, and 0.12% Cu at 776m elevation, which includes a 0.60m interval (0.60m true width) grading 1,114 g/t Ag, 2.86% Pb, 0.42% Zn, 0.05 g/t Au, and 0.20% Cu.
    
    
• Hole   ZKG08S01_6 intersected two major veins:
  
  
  • A 2.05m interval from 0.00m to 2.05m (1.99m true width) of vein T15W3 grading 811 g/t Ag, 7.68% Pb, 0.51% Zn, 0.05 g/t Au, and 0.21% Cu at 797m elevation, which includes a 1.05m interval from 1.00m to 2.05m (1.05m true width) grading 1,564 g/t Ag, 14.24% Pb, 0.85% Zn, 0.05 g/t Au, and 0.39% Cu; and
  • A 0.94m interval from 94.88m to 95.82m (0.90m true width) of an unnamed vein, grading 691 g/t Ag, 2.60% Pb, 0.56% Zn, 0.09 g/t Au, and 0.11% Cu.
    
    

• Hole   ZKG08S01_2 intersected a 1.77m interval from 0.00m to 1.77m (1.74m true width) of vein T15W3 grading 539 g/t Ag, 2.29% Pb, 0.58% Zn, and 0.20% Cu at 797m elevation, which includes a 0.79m interval from 0.98m to 1.77m (0.78m true width) grading 1,175 g/t Ag, 4.66% Pb, 1.19% Zn, and 0.43% Cu.
  
  

In addition to drilling, a total of 38,995m of exploration tunnels between 510m and 1,070m elevation have been developed during the period. Exploration tunnelling at the TLP mine (comprising drifting, crosscutting and raising) was driven along and across major mineralized vein structures to upgrade the drill defined mineral resources and test for new parallel and splay structures, and are summarized in the following table:

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 130 g/t at the TLP mine.
(Formula used for AgEq calculation: TLP = 34.19 * Pb% + Ag g/t)

Highlights of selected mineralized zones exposed in the drift tunnels:

• Drift Tunnel   PD846-T16W-846-12SYM exposed mineralization 105m long and 0.42m wide (true width) grading 972 g/t Ag, 1.25% Pb, and 0.72% Zn within vein structure T16W at 846m elevation;
  
  
• Drift Tunnel   PD890-T5E1a-890-31NYM exposed mineralization 15m long and 0.44m wide (true width) grading 1,784 g/t Ag, 9.55% Pb, and 0.81% Zn within vein structure T31W3 at 890m elevation;
  
  
• Drift Tunnel   PD960-T23-990-1NYM exposed mineralization 25m long and 0.75m wide (true width) grading 1,879 g/t Ag, 1.31% Pb, and 0.12% Zn within vein structure T23 at 990m elevation;
  
  
• Drift Tunnel   PD1050-T26-1050-A4NYM exposed mineralization 25m long and 1.11m wide (true width) grading 716 g/t Ag, 9.05% Pb, and 0.13% Zn within vein structure T26 at 990m elevation; and
  
  
• Drift Tunnel   PD820-T16-600-1SYM exposed mineralization 80m long and 1.04m wide (true width) grading 719 g/t Ag, 5.19% Pb and 0.92% Zn within vein structure T16 at 600m elevation.
  
  

Table   1   :   Select   ed   results from the drill programs at the TLP   m   ine

[1] Veins discovered between October 1, 2019 and September 30, 2020
[2] No vein id assigned

Table   2   :   Select   ed   mineralized zones exposed by drift   tun   n   el   l   i   ng   at   the TLP m   ine

Quality Control

Drill cores are NQ size. Drill core samples, limited by apparent mineralization contacts or shear/alteration contacts, were split into halves by saw cutting. The half cores are stored in the Company's core shacks for future reference and checks, and the other half core samples are shipped in securely sealed bags to the Chengde Huakan 514 Geology and Minerals Test and Research Institute in Chengde, Hebei Province, China, 226km northeast of Beijing, the Zhengzhou Nonferrous Exploration Institute Lab in Zhengzhou, Henan Province, China, and the Analytical Lab of the Inner Mongolia Geological Exploration Bureau in Hohhot, Inner Mongolia, China. All the three labs are ISO9000 certified analytical labs. For analysis, the sample is dried and crushed to minus 1mm and then split to a 200-300g subsample which is further pulverized to minus 200 mesh. Two subsamples are prepared from the pulverized sample. One is digested with aqua regia for gold analysis with atomic absorption spectroscopy (AAS), and the other is digested with two-acids for analysis of silver, lead, zinc and copper with AAS.

Channel samples are collected along sample lines perpendicular to the mineralized vein structure in exploration tunnels. Spacing between sampling lines is typically 5m along strike. Both the mineralized vein and the altered wall rocks are cut by continuous chisel chipping. Sample length ranges from 0.2m to more than 1.0m, depending on the width of the mineralized vein and the mineralization type. Channel samples are prepared and assayed with AAS at Silvercorp's mine laboratory (Ying Lab) located at the mill complex in Luoning County, Henan Province, China. The Ying lab is officially accredited by the Quality and Technology Monitoring Bureau of Henan Province and is qualified to provide analytical services. The channel samples are dried, crushed and pulverized. A 200g sample of minus 160 mesh is prepared for assay. A duplicate sample of minus 1mm is made and kept in the laboratory archives. Gold is analysed by fire assay with AAS finish, and silver, lead, zinc and copper are assayed by two-acid digestion with AAS finish.

A routine quality assurance/quality control (QA/QC) procedure is adopted to monitor the analytical quality at each lab. Certified reference materials (CRMs), pulp duplicates and blanks are inserted into each batch of lab samples. QA/QC data at the lab are attached to the assay certificates for each batch of samples.

The Company maintains its own comprehensive QA/QC program to ensure best practices in sample preparation and analysis of the exploration samples. Project geologists regularly insert CRM, field duplicates and blanks to each batch of 30 core samples to monitor the sample preparation and analysis procedures at the labs. The analytical quality of the labs is further evaluated with external checks by sending approximately 3-5% of the pulp samples to higher level labs to check for lab bias.   Data from both the Company's and the labs' QA/QC programs are reviewed on a timely basis by project geologists.

Guoliang Ma, P. Geo., Manager of Exploration and Resource of the Company, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this news release.

Ab   out Silvercorp

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The Company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees' wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca.

For further information

Lon Shaver
Vice President
Silvercorp Metals Inc.

Phone: (604) 669-9397
Toll Free: 1 (888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorp.ca

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