Silvercorp Announces Updated Mineral Resource Estimate for its Condor Project, located in the Zamora Chinchipe Province of Ecuador | SVM Stock News

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May 12, 2025
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  • Silvercorp Metals (SVM, Financial) reports updated mineral resource estimate for Condor Project in Ecuador with a focus on underground high-grade mining.
  • The underground resources at Camp and Los Cuyes include indicated resources of 0.34M oz gold and inferred resources of 1.38M oz gold.
  • Initial tests reveal promising gold recoveries of up to 96% at Camp and 88% at Los Cuyes.

Silvercorp Metals Inc. (SVM) has released an updated mineral resource estimate for its Condor Project located in the Zamora Chinchipe Province, Ecuador. This new estimate shifts the focus from open-pit to high-grade underground mining at the Camp and Los Cuyes deposits.

The base case underground resources, using a 2.2 g/t AuEq cutoff, suggest indicated resources of 3.17 million tonnes containing 0.34 million ounces of gold, along with 2.0 million ounces of silver and 49.4 million pounds of zinc. The inferred category reports 12.1 million tonnes with 1.38 million ounces of gold, 8.56 million ounces of silver, and 204.2 million pounds of zinc.

Metallurgical tests conducted have shown favorable results, with gold recoveries reaching up to 96% at the Camp deposit and 88% at Los Cuyes when processed with cyanide leaching. This indicates a straightforward processing route, potentially enhancing project economics.

The company has announced plans for a 3,500-meter drilling program set to commence in May 2025, aimed at further exploring and expanding the resource base. Silvercorp aims to release a Preliminary Economic Assessment (PEA) by the end of 2025, further analyzing the economic feasibility of the transition to an underground mining strategy.

Overall, Silvercorp's evolved strategy at the Condor Project reflects a more economically efficient and potentially more sustainable mining approach, aligning with industry trends favoring high-grade underground operations.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.