Silvercorp Metals Inc. reports production and sales figures for the second quarter of Fiscal 2021 ended September 30, 2020 (“Q2 Fiscal 2021”). The Company produced approximately 1.7 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead, and 7.1 million pounds of zinc and sold approximately 1.7 million ounces of silver, 2,200 ounces of gold, 18.6 million pounds of lead, and 7.4 million pounds of zinc in Q2 Fiscal 2021. For the first six months of Fiscal 2021, the Company produced approximately 3.5 million ounces of silver, 39.2 million pounds of lead, and 14.7 million pounds of zinc. The Company is on track to produce between 6.2 – 6.5 million ounces of silver, 66.1 – 68.5 million pounds of lead, and 24.5 – 26.7 million pounds of zinc in Fiscal 2021, in line with the annual production guidance previously reported in the Company’s news release dated February 6, 2020. The Company will report its unaudited financial and operating results for Q2 Fiscal 2021, expected to be released on Thursday, November 5, 2020 after market close.
Q2 FISCAL 2021 CONSOLIDATED OPERATIONAL HIGHLIGHTS
The operational results for Q2 Fiscal 2021 are summarized as follows:
Three months ended September 30, 2020 | Three months ended September 30, 2019 | |||||||||
Ying Mining District | GC | BYP | Consolidated | Ying Mining District | GC | Consolidated | ||||
Production Data | ||||||||||
Ore Mined (tonne) | 181,020 | 86,833 | – | 267,853 | 176,085 | 83,172 | 259,257 | |||
Ore Milled (tonne) | 179,083 | 84,850 | – | 263,933 | 179,147 | 86,134 | 265,281 | |||
Head Grades | ||||||||||
Silver (gram/tonne) | 288 | 81 | – | 306 | 100 | |||||
Lead (%) | 4.4 | 1.8 | – | 4.5 | 2.0 | |||||
Zinc (%) | 0.7 | 3.4 | – | 0.8 | 3.2 | |||||
Recovery Rates | ||||||||||
Silver (%) | 94.4 | 82.5 | – | 96.2 | 75.9 | |||||
Lead (%) | 96.1 | 89.2 | – | 95.7 | 88.3 | |||||
Zinc (%) | 57.9 | 87.3 | – | 58.6 | 86.1 | |||||
Sales Data | ||||||||||
Silver (in thousands of ounces) | 1,556 | 184 | – | 1,740 | 1,711 | 183 | 1,894 | |||
Gold (in thousands of ounces) | 1.0 | – | 1.2 | 2.2 | 1.1 | – | 1.1 | |||
Lead (in thousands of pounds) | 15,585 | 2,966 | – | 18,551 | 16,389 | 2,680 | 19,069 | |||
Zinc (in thousands of pounds) | 1,384 | 6,027 | – | 7,411 | 1,428 | 5,227 | 6,655 | |||
Metal production | ||||||||||
Silver (in thousands of ounces) | 1,525 | 182 | – | 1,707 | 1,651 | 210 | 1,860 | |||
Gold (in thousands of ounces) | 1.1 | – | 1.1 | 1.2 | 1.2 | |||||
Lead (in thousands of pounds) | 16,080 | 3,006 | – | 19,085 | 16,388 | 3,279 | 19,667 | |||
Zinc (in thousands of pounds) | 1,643 | 5,490 | – | 7,133 | 1,813 | 5,199 | 7,011 |
The operational results for the first six months of Fiscal 2021 are summarized as follows:
Six months ended September 30, 2020 | Six months ended September 30, 2019 | |||||||||
Ying Mining District | GC | BYP | Consolidated | Ying Mining District | GC | Consolidated | ||||
Production Data | ||||||||||
Ore Mined (tonne) | 355,196 | 167,212 | – | 522,408 | 352,669 | 163,980 | 516,649 | |||
Ore Milled (tonne) | 356,772 | 169,487 | – | 526,259 | 356,828 | 167,996 | 524,824 | |||
– | ||||||||||
Head Grades | – | |||||||||
Silver (gram/tonne) | 290 | 87 | – | 318 | 97 | |||||
Lead (%) | 4.5 | 1.8 | – | 4.5 | 1.9 | |||||
Zinc (%) | 0.8 | 3.4 | – | 0.9 | 3.3 | |||||
– | ||||||||||
Recovery Rates | – | |||||||||
Silver (%) | 94.6 | 82.7 | – | 96.0 | 76.4 | |||||
Lead (%) | 96.1 | 89.5 | – | 95.7 | 88.5 | |||||
Zinc (%) | 60.9 | 87.3 | – | 58.5 | 85.9 | |||||
Sales Data | ||||||||||
Silver (in thousands of ounces) | 3,228 | 384 | – | 3,612 | 3,373 | 376 | 3,749 | |||
Gold (in thousands of ounces) | 2.1 | – | 1.2 | 3.3 | 2.1 | – | 2.1 | |||
Lead (in thousands of pounds) | 33,364 | 6,072 | – | 39,436 | 31,225 | 5,686 | 36,911 | |||
Zinc (in thousands of pounds) | 3,421 | 10,948 | – | 14,369 | 3,518 | 10,471 | 13,989 | |||
Metal production | ||||||||||
Silver (in thousands of ounces) | 3,068 | 391 | – | 3,459 | 3,415 | 401 | 3,816 | |||
Gold (in thousands of ounces) | 2.2 | – | – | 2.2 | 2.2 | – | 2.2 | |||
Lead (in thousands of pounds) | 33,021 | 6,142 | – | 39,163 | 33,316 | 6,242 | 39,558 | |||
Zinc (in thousands of pounds) | 3,563 | 11,103 | – | 14,667 | 3,860 | 10,415 | 14,275 |
Ying Mining District
In Q2 Fiscal 2021, ore mined at the Ying Mining District was 181,020 tonnes, an increase of 3%, compared to 176,085 in Q2 Fiscal 2020. Ore milled was 179,083 tonnes, with average head grades of 288 grams per tonne (“g/t”) for silver, 4.4% for lead, and 0.7 % for zinc, compared to 179,147 tonnes of ore milled with average head grades of 306 g/t for silver, 4.5% for lead and 0.8% for zinc in Q2 Fiscal 2020. Metals production at the Ying Mining District in Q2 Fiscal 2021 was approximately 1.5 million ounces of silver, 16.1 million pounds of lead, and 1.6 million pounds of zinc, compared to approximately 1.7 million ounces of silver, 16.4 million pounds of lead, and 1.8 million pounds of zinc produced in Q2 Fiscal 2020.
For the first six months of Fiscal 2021, metal production at the Ying Mining District was approximately 3.1 million ounces of silver, 33.0 million pounds of lead and 3.6 million pounds of zinc. The Ying Mining District is on track to achieve its annual guidance to produce between 5.6 – 5.8 million ounces of silver, 56.6 – 58.0 million pounds of lead and 7.0 – 8.0 million pounds of zinc in Fiscal 2021.
GC Mine
In Q2 Fiscal 2021, ore mined at the GC Mine was 86,833 tonnes, an increase of 4% compared to 83,172 in Q2 Fiscal 2020. Ore milled was 84,850 tonnes, with average head grades of 81 g/t for silver, 1.8% for lead, and 3.4 % for zinc, compared to 86,134 tonnes of ore milled with average head grades of 100 g/t for silver, 2.0% for lead and 3.2% for zinc in Q2 Fiscal 2020. Metals production at the GC Mine in Q2 Fiscal 2021 was approximately 182 thousand ounces of silver, 3.0 million pounds of lead, and 5.5 million pounds of zinc, compared to approximately 210 thousand ounces of silver, 3.3 million pounds of lead, and 5.2 million pounds of zinc produced in Q2 Fiscal 2020.
For the first six months of Fiscal 2021, metal production at the GC Mine was approximately 391 thousand ounces of silver, 6.1 million pounds of lead and 11.1 million pounds of zinc. The GC Mine is on track to achieve its annual guidance to produce between 600 – 700 thousand ounces of silver, 9.5 – 10.5 million pounds of lead and 17.5 – 18.7 million pounds of zinc in Fiscal 2021.
BYP Mine
In Q2 Fiscal 2020, the Company sold all remaining gold concentrate inventories that had been produced by the mine before it was placed on care and maintenance.
Filing of NI 43-101 Technical Report on Ying Mining District
The Company has filed on SEDAR an independent technical report (the “Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects on the Ying Mining District prepared by AMC Mining Consultants (Canada) Ltd. previously reported in the news release dated August 31, 2020. There are no material differences in the Report from those results in the Company’s news release dated August 31, 2020 and the full Report can be found on SEDAR under the Company’s profile at www.sedar.com and on the Company’s website at www.silvercorp.ca.
About 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
Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorp.ca