Silvercorp Metals has completed 76.5% of its drill program for the 2011/2012 financial year. The company planned 244,000 metres of surface and underground drilling at its Chinese and Canadian gold/silver properties for the 12 months to March 31, 2012. It has completed 523 diamond drill holes totaling 186,627 metres with drilling continuing on schedule in the New Year.
The majority of holes covering 157,825 metres have been completed at the company's flagship project, the Ying mining camp in China. The goal of this extensive drilling program is to upgrade current inferred resources to the measured and indicated category, and to expand inferred resources. The assay results for these drill holes will be released once data is compiled and analyzed.
Silvercorp has employed two independent consulting firms to prepare updated NI 43-101 reports on four of its properties. AMC Mining consultants will use the additional exploration and development work completed to date for new technical reports at its Chinese projects including GC in Guandong Province, the Ying property and SGX mine in Henan Province and the BYP project in Hunan Province. Another consultant, Golder Associates, will update its technical report on the Silvertip project in British Columbia.
The company expects the first updated NI 43-101 report will be the GC project’s pre-feasibility study, which is due for release this month.
Silvercorp is China’s largest primary silver producer through the operation of the four silver-lead-zinc mines at the Ying project. The company recently acquired the XBG and XHP silver-gold-lead-zinc mines near the Ying mining district, further consolidating the region.
Silvercorp has commenced production at its second Chinese mine, the BYP gold-lead-zinc project, and is completing construction of the mill and related facilities in preparation for mining at the GC silver-lead-zinc project.
In Canada, Silvercorp is preparing an application for a mine permit for the Silvertip high grade silver-lead-zinc mine project in northern British Columbia.