Silvercorp Metals Inc. (NYSE-A: SVM) (TSX: SVM) has recently disclosed an updated mineral resource estimate for its Condor Project, located in Ecuador's Zamora-Chinchipe Province. This update, effective as of Feb. 28, 2025, and prepared by SRK Consulting (Canada) Inc., adheres to National Instrument 43-101 standards. The Condor Project now boasts total indicated underground mineral resources of 3.17 million tonnes at the Camp and Los Cuyes deposits, containing 0.37 million gold equivalent ounces at a cutoff grade of 2.2 g/t AuEq. Additionally, total inferred underground mineral resources stand at 12.1 million tonnes, with 1.50 million gold equivalent ounces at the same cutoff grade.
The significance of this update lies in its potential to reposition the Condor Project as a high-grade underground gold operation. With an ongoing 3,500-metre drill program aimed at expanding known mineralization zones, Silvercorp Metals is laying the groundwork for a Preliminary Economic Assessment expected by year-end 2025. This assessment will be crucial in determining the feasibility and economic viability of an underground operation at Condor.
Furthermore, the company's El Domo Project remains on track, with a detailed cost breakdown and construction timeline targeting production by 2026. These developments underscore Silvercorp Metals' commitment to expanding its portfolio and enhancing its production capabilities in the mining sector.
The updated resource estimate not only highlights the potential for significant gold extraction but also reflects the growing importance of Ecuador as a mining jurisdiction. For investors and industry observers, this announcement signals Silvercorp Metals' strategic focus on high-grade projects and its ability to advance them towards production. The implications of this development extend beyond the company, potentially impacting the local economy and the global gold market.
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