Silvercorp Metals Announces Updated Mineral Resource Estimate for Condor Project in Ecuador

Silvercorp Metals Inc. has announced an updated mineral resource estimate for its Condor Project in Ecuador, highlighting the substantial high-grade underground potential of the Camp and Los Cuyes deposits. The comprehensive 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, calculated at a cutoff grade of 2.2 g/t AuEq. This significant resource update demonstrates the project's potential to become a major gold producer in the region.

The company is currently executing an extensive 3,500-metre drill program specifically designed to expand the known mineralization zones. This ongoing exploration work represents a critical component of Silvercorp's strategy to further delineate and potentially increase the mineral resources at the Condor Project. The drilling program focuses on testing extensions of the known mineralization and identifying new zones that could contribute to the project's overall resource base. The results from this drilling campaign will provide valuable data for future resource estimates and mine planning.

A Preliminary Economic Assessment for developing an underground operation at the Condor Project is expected to be completed by the end of 2025. This assessment will evaluate the technical and economic viability of establishing an underground mining operation, including capital costs, operating expenses, and potential production rates. Simultaneously, the company's El Domo Project continues to advance toward a targeted production start in 2026, creating a pipeline of development projects in Ecuador's mineral-rich regions. The strategic importance of these developments extends beyond Silvercorp's portfolio, potentially signaling increased investment confidence in Ecuador's mining sector.

This updated resource estimate represents a pivotal step in Silvercorp's broader strategy to reposition the Condor Project as a high-grade underground gold operation. The shift from potential open-pit to underground mining reflects the company's assessment of the deposit's geological characteristics and economic optimization. By leveraging Ecuador's rich mineral resources and favorable geology, Silvercorp aims to establish a sustainable mining operation that could contribute significantly to the company's production profile. The project's advancement also highlights the growing importance of Ecuador as an emerging mining jurisdiction in South America, with potential implications for regional economic development and mining investment patterns. For additional information about these developments, visit https://ibn.fm/J4HYK.