Silvercorp Metals Announces Updated Mineral Resource Estimate for Condor Project in Ecuador
TL;DR
Silvercorp Metals' updated mineral resource estimate reveals significant gold equivalent ounces, offering investors a competitive edge in the high-grade underground gold project market.
Silvercorp Metals' Condor Project in Ecuador reports 3.17 million tonnes of indicated and 12.1 Mt of inferred underground mineral resources, with a detailed 3,500-metre drill program underway.
Silvercorp Metals' development of the El Domo Project and Condor Project contributes to economic growth and job creation in Ecuador, improving local communities' futures.
Discover how Silvercorp Metals' Condor Project could redefine Ecuador's mining landscape with its high-grade underground gold potential and ongoing expansion efforts.
Found this article helpful?
Share it with your network and spread the knowledge!
Silvercorp Metals Inc. has announced an updated mineral resource estimate for its Condor Project in Ecuador, highlighting the significant high-grade underground potential of the Camp and Los Cuyes deposits. The estimate, prepared by SRK Consulting (Canada) Inc., reveals total underground mineral resources of 3.17 million tonnes in the indicated category and 12.1 million tonnes in the inferred category. These resources contain 0.37 million and 1.50 million gold equivalent ounces respectively, using a cutoff grade of 2.2 g/t AuEq.
The updated resource estimate represents a crucial development in Silvercorp's strategy to reposition the Condor Project as a high-grade underground gold operation. This strategic shift leverages Ecuador's rich mineral resources and demonstrates the company's commitment to maximizing the value of its assets in the region. The substantial inferred resource category, containing 1.50 million gold equivalent ounces, provides significant upside potential for future mine development and economic assessment.
Currently, Silvercorp is conducting an extensive 3,500-metre drill program focused on expanding the known mineralization zones within the project area. This ongoing exploration work aims to convert additional inferred resources to the indicated category and potentially discover new mineralization zones. The drilling results will be critical for refining the geological understanding of the deposits and supporting future economic studies.
The company has outlined a clear development timeline, with a Preliminary Economic Assessment for an underground operation anticipated by the end of 2025. This assessment will evaluate the technical and economic viability of developing the Condor Project as an underground mining operation. Simultaneously, Silvercorp's El Domo Project is progressing toward a targeted production start in 2026, indicating the company's broader commitment to developing its Ecuadorian portfolio. For additional information about these developments, visit https://ibn.fm/J4HYK.
The updated mineral resource estimate represents a pivotal step in advancing the Condor Project toward potential development. The combination of indicated and inferred resources totaling approximately 1.87 million gold equivalent ounces establishes a solid foundation for future mine planning and economic evaluation. The high-grade nature of the deposits, combined with the underground mining approach, could potentially offer improved economics compared to open-pit operations in similar geological settings.
This announcement underscores Silvercorp's ongoing commitment to advancing its Ecuadorian assets while demonstrating the significant mineral potential of the Condor Project. The updated resource estimate provides investors and stakeholders with a clearer understanding of the project's value and development potential as the company moves forward with its exploration and evaluation programs.
Curated from InvestorBrandNetwork (IBN)
