Silvercorp Metals Inc. (NYSE-A: SVM) (TSX: SVM) has released an updated mineral resource estimate for its Condor Project in Ecuador's Zamora-Chinchipe Province, showcasing the project's high-grade underground potential. The estimate, prepared by SRK Consulting (Canada) Inc. and effective as of Feb. 28, 2025, adheres to National Instrument 43-101 standards. It indicates total underground mineral resources of 3.17 million tonnes at the Camp and Los Cuyes deposits, containing 0.37 million gold equivalent ounces at a cutoff grade of 2.2 g/t AuEq, with inferred resources of 12.1 Mt containing 1.50 million gold equivalent ounces at the same cutoff grade.
The announcement marks a pivotal step in Silvercorp's strategy to reposition the Condor Project as a high-grade underground gold operation. A 3,500-metre drill program is currently underway, aimed at expanding the known mineralization zones. Furthermore, a Preliminary Economic Assessment for an underground operation is anticipated by the end of 2025, with the El Domo Project also progressing towards a targeted production start in 2026.
This development is significant for the mining industry and investors, as it underscores Silvercorp's commitment to expanding its resource base and enhancing shareholder value. The updated resource estimate not only reinforces the Condor Project's potential but also aligns with the growing demand for precious metals. For more details, visit https://ibn.fm/J4HYK.
