Silvercorp Metals Inc. reported an updated independent mineral resource estimate (MRE) for its Condor gold project in Ecuador, effective February 28, 2025. The MRE, prepared by SRK Consulting (Canada) Inc., focuses on higher-grade material accessible through underground mining, aligning with the company's revised development strategy.
For the Camp and Los Cuyes deposits, reported as underground resources with a base case cutoff grade of 2.2 g/t gold equivalent (AuEq), indicated resources total 3.17 million tonnes at 3.58 g/t AuEq, containing 0.37 million ounces of AuEq. Inferred resources stand at 12.1 million tonnes at 3.84 g/t AuEq, containing 1.50 million ounces of AuEq.
The company plans to publish a Preliminary Economic Assessment (PEA) for an underground operation by the end of 2025, based on this updated MRE. Additionally, a 3,500-meter surface drilling program is scheduled to commence in May 2025 at Los Cuyes and Camp to further test exploration potential.
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