Silvercorp Metals Inc. reported an updated independent mineral resource estimate (the "MRE") prepared in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101") for its Condor gold project in the Zamora-Chinchipe Province of Ecuador (the "Project"). A preliminary economic assessment ("PEA") was completed on the Project in 2021 by a previous operator1, which outlined a high tonnage, low-grade, open pit gold project. As discussed in its December 4, 2024 press release, that after publishing an updated MRE the Project, the Company will then publish an updated Preliminary Economic Assessment study for the Project.
The MRE update was completed by SRK Consulting (Canada) Inc. ("SRK") with an effective date of February 28, 2025, focused on the higher-grade material that would be accessible through underground mining, whereas the Camp and Los Cuyes deposits are reported as underground resources, based on cutoff grades of 2.2 g/t (Base Case), 1.5 g/t (Case 2), and 1 g/t (Case 3) of gold equivalent ("AuEq") (Table 1). For the smaller satellite deposits of Enma and Soledad, mineral resources are reported using conceptual pit constraints. Highlights of MRE for Underground Operation: Total indicated underground mineral resources of 3.17 million tonnes ("Mt") at Camp and Los Cuyes deposit, containing 0.34 million ounces ("Mozs") of gold ("Au"), 2.0 Moz of silver ("Ag"), and 49.4 million pounds ("Mlbs") of zinc ("Zn"), or collectively 0.37 Moz gold equivalent (AuEq") at a cutoff grade of 2.2 g/T AuEq.
Total inferred underground mineral resources of 12.1 Mt at Camp and Los Cuyedes deposits, containing 1.38 Mozs of Au, 8.56 Mozs of Ag, and 204.2 Mlbs of Zn, or collectively 1.50 Mozs AuEq at a cutoff grade of2 g/t AuEq. F favorable initial metallurgical test work indicates laboratory-based gold recoveries of up to 96% at Camp and 88% at Los Cuyes based on cyanide leaching. The mineralized bodies have been modeled as a combination of sub-vertical to steeply dipping planar structures, and a disseminated system of mineralization in four distinct deposits, each with individual mineralization characteristics.
The exploration database contains exploration results from previous operators of the Project from 1993 to 2018. Silvercorp has undertaken relogging of the drill holes and a re-interpretation of the controls on mineralization. The mineral resources have been classified and reported in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards and NI 43-101.
A full NI 43-101 technical report covering all the details of mineral resource estimation processes will be posted under the Company's SEDAR+ profile at < 45 days from the date of this news release. A Base Case underground mineral resource estimate for the Camp and Los CuyES deposits was made based on a cutoff grade of 2. 2.2g/t AuEq which is calculated from assumptions of specified metal prices and estimated costs of mining, processing and G&A. Cutoff sensitivity tables for Case 2 (cutoff grade of 1.5 g/t AuEq) and Case 3 (cutoff grade of 1". Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies.
In particular, and in particular, and in its December 4, 2024 release, that after publishing an amended MRE the MRE update was completed bySRK Consulting (SRK) with an updated MRE the Company will then published an updated Preliminary Economic assessment study for the Project.
