VANCOUVER, British Columbia – October 14, 2020 – Silvercorp Metals Inc. ("Silvercorp” or the “Company”) (TSX/NYSE 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:

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