#Ecuador #Silvercorp #mineral resources #Condor Project #Zamora-Chinchipe

Silvercorp's Updated Resource Estimates for Condor Project

Silvercorp Metals Inc., a notable player in the mining sector, has announced a significant update regarding its Condor Project located in the Zamora-Chinchipe Province, Ecuador. The company has unveiled an independent mineral resource estimate (MRE) that has been prepared in line with the standards set by National Instrument 43-101, showcasing the project's promising potential.

Overview of the Condor Project

The Condor gold project has garnered attention for its high-tonnage, low-grade open-pit design. An initial economic assessment was conducted in 2021, laying the groundwork for future explorations and assessments. Silvercorp's latest update emphasizes the higher-grade materials that can be accessed through underground mining techniques, which is a crucial focus for the upcoming operations.

Key Highlights of the Resource Estimate

The updated MRE reveals substantial underground resources:

• - Indicated Resources:

- `3.17 million tonnes` (Mt) at the Camp and Los Cuyes deposits, containing approximately `0.34 million ounces` (Mozs) of gold. Additionally, these resources include `2.0 Mozs` of silver and `49.4 million pounds` (Mlbs) of zinc, collectively translating to `0.37 Moz gold equivalent` with a cutoff grade of `2.2 g/t` AuEq.

• - Inferred Resources:

- `12.1 Mt` at the same deposits, containing about `1.38 Mozs` of gold and `8.56 Mozs` of silver, contributing to a total of `1.50 Mozs AuEq` based on the same cutoff grade.

The preliminary metallurgical results are promising, indicating recovery rates of up to 96% for gold at Camp and 88% at Los Cuyes through cyanide leaching, which supports the economic viability of the project.

Methodology and Estimation Process

The estimation process has been meticulously conducted by SRK Consulting (Canada) Inc. The mineralized bodies of the project have been analyzed as a combination of sub-vertical and steeply dipping structures along with a disseminated mineralization system across four distinct deposits. The data used for resource estimation comes from exploration efforts dating back to 1993 to 2018, which Silvercorp has further enhanced through thorough relogging and reinterpretation.

Estimation techniques utilized included ordinary kriging and Inverse Distance squared weightings, reflecting the various densities of available data across different mineralized zones. These mineral resources have been classified and reported per the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards.

Upcoming Steps for Silvercorp

Following the completion of the MRE, Silvercorp plans to release an updated preliminary economic assessment (PEA) aimed at detailing further operational strategies by the end of 2025. The company also plans to undergo a 3,500-metre drilling program starting in May 2025 to explore areas with significant potential around Camp and Los Cuyes, especially focusing on zones exhibiting broad sub-horizontal disseminated gold mineralization.

Furthermore, the company is committed to advancing the necessary permits and community agreements needed to develop exploration tunnels leading into higher-grade areas, laying the groundwork for a possible feasibility study in the near future.

Conclusion

Silvercorp's focus on the Condor Project underscores its commitment to enhancing shareholder value through responsible mining practices and proactive resource development. With a solid strategy in place and promising findings from its updated mineral resource estimates, Silvercorp is poised for significant growth in the Ecuadorian mining landscape. As they continue to explore and develop this pivotal project, stakeholders and investors alike will be keeping a keen eye on further announcements from the company.

For additional updates and detailed reports, visit Silvercorp Metals.