Silvercorp Metals Inc. (NYSE-A: SVM) (TSX: SVM) has released an updated mineral resource estimate for its Condor Project in Ecuador, showcasing the high-grade underground potential of the Camp and Los Cuyes deposits. The estimate, prepared by SRK Consulting (Canada) Inc., indicates total indicated underground mineral resources of 3.17 million tonnes containing 0.37 million gold equivalent ounces and inferred resources of 12.1 million tonnes with 1.50 million gold equivalent ounces, both at a cutoff grade of 2.2 g/t AuEq.
This update is a pivotal step in Silvercorp's strategy to reposition the Condor Project as a high-grade underground gold operation. The company has also initiated a 3,500-metre drill program aimed at expanding the known mineralization zones, with a Preliminary Economic Assessment for an underground operation expected by the end of 2025. Additionally, the El Domo Project is progressing as planned, with a detailed cost breakdown and construction timeline targeting production by 2026.
The significance of this announcement lies in the potential impact on the mining industry and investors, as it underscores Silvercorp's commitment to expanding its resource base and advancing its projects towards production. The updated resource estimate not only enhances the project's value but also positions Silvercorp as a key player in the mining sector, particularly in Ecuador's burgeoning mining landscape. For more details, visit https://ibn.fm/J4HYK.
