SILVERCORP REPORTS HIGH-GRADE SILVER-LEAD DRILL RESULTS FROM THE SGX MINE

Trading Symbol TSX: SVM
NYSE American: SVM

VANCOUVER, BC, July 5, 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 SGX mine in the Ying Mining District, China.

Highlights (all intersections are in core lengths):

• Hole ZKDBS27E0301 intersected 1,660 grams per tonne ("g/t") silver ("Ag"), 0.21% lead ("Pb"), 0.12% zinc ("Zn") and 1.61% copper ("Cu") over a 0.51 metre ("m") interval of vein S54 at the 849 m elevation;
• Hole ZKDB0S8E101 intersected 1,877 g/t Ag, 6.24% Pb, 2.89% Zn, and 0.77% Cu over a 2.07 m interval of vein S8E1 at the 697 m elevation;
• Hole ZKDB4AS701 intersected 738 g/t Ag, 10.75% Pb, and 0.38% Zn over a 1.14 m interval of vein S7 at the 670 m elevation;
• Hole ZKDB55S16W01 intersected 1,259 g/t Ag, 6.61% Pb, and 2.96% Zn over a 2.03 m interval of vein S16W at the 637 m elevation;
• Hole ZK19S808 intersected 162 g/t Ag, 7.26% Pb, and 0.48% Zn over a 7.64 m interval of vein S8 at the 517 m elevation;
• Hole ZK21S7_108 intersected 7,948 g/t Ag, 22.47% Pb, 1.42% Zn, and 1.22% Cu over a 0.55 m interval of vein S7_2 at the 470 m elevation;
• Hole ZK4AS2002 intersected 1,167 g/t Ag, 0.71% Pb, and 0.34% Zn over a 0.96 m interval of vein S31 at the 432 m elevation;
• Hole ZK00S2901 intersected 13,490 g/t Ag, 17.41% Pb, 5.37% Zn, and 0.77% Cu over a 0.52 m interval of vein S14 at the 402 m elevation;
• Hole ZK12S2W2012 intersected 1,577 g/t Ag, 19.42% Pb, 4.26% Zn, and 0.16% Cu over a 2.22 m interval of vein S2W2 at the 376 m elevation;
• Hole ZK12S7a104 intersected 1,206 g/t Ag, 4.74% Pb, 1.68% Zn, and 0.27% Cu over a 2.25 m interval of vein S21 at the 304 m elevation;
• Hole ZK12S1001 intersected 2,783 g/t Ag, 66.19% Pb, and 4.40% Zn over a 0.90 m interval of vein S1 at the 290 m elevation;
• Hole ZK6AS2W06 intersected 1,317 g/t Ag, 9.78% Pb, and 2.25% Zn over a 0.93 m interval of vein S6 at the 193 m elevation; and
• Hole ZK08AS2W2005 intersected 1,645 g/t Ag, 21.25% Pb, 3.11% Zn, and 0.29% Cu over a 1.79 m interval of vein S39 at the 156 m elevation.

From January 1, 2022, to June 15, 2023, a total of 88,194 m in 488 diamond drill holes, including 398 underground holes and 90 surface holes, were completed at the SGX mine. Assay results for 483 holes have been received, with 280 holes intercepting mineralization. Currently, there are 15 rigs drilling at the SGX mine.

The drilling program has been focused on three areas: 1) silver-lead-zinc (Ag-Pb-Zn) vein structures in the resource area at higher elevations, close to surface, which have seen limited exploration; 2) infilling 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) stepping out to test new vein structures to the southeast of the resource area.

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

Drilling over the past few years primarily focused on testing the lateral and downdip extent of known vein structures and paid insufficient attention to their extension potential at elevations above 500 m. High-grade Ag-Pb-Zn vein structures intersected at higher elevations include the S7 series, S8 series, S16 series, S21 series, S1 series, S2, S6, S14 series, and S32 (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-Zn vein structures that were previously missed due to limited drilling or tunneling, changes in thickness, strike and dip of the pay-zones in veins within the resource areas below the 500 m elevation. The high grade intercepts are mainly associated with the northwest-dipping S1 series, S2 series, S6 series, S7 series, S8 series, S14 series, S18 series, S19 series, S21 series, and the east-dipping S31, S28, S29, and S32 veins. These intercepts have led to significant expansion and upgrading of resources. Since access tunnels are already in place, these defined high-grade blocks can be quickly converted to reserves and mined.

Step-Out Surface Drilling Intersecting Ag-Pb-Zn Veins and Au-Ag-Pb-Zn Veins to the Southeast of the Resource Area

Step-out surface drilling intersected high-grade Ag-Pb-Zn veins S26E and S54, and Au-Ag-Pb-Zn veins S51 and S57 to the southeast of the resource area. Hole ZKDBS511201, which intersected high-grade Au-Ag-Pb-Zn vein S51, is approximately 1,200 m southeast of the resource area.

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