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Silvercorp strengthens Condor project with revised resource estimate

Silvercorp Metals Inc. has announced an updated independent Mineral Resource Estimate (MRE) for its Condor gold project, located in Ecuador’s Zamora-Chinchipe Province. The MRE, prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), was completed by SRK Consulting (Canada) Inc. and is effective as of February 28, 2025.

This updated estimate focuses on higher-grade material accessible through underground mining and represents a significant step toward the Company’s goal of releasing a revised Preliminary Economic Assessment (PEA) for the project, which was originally completed in 2021 by a previous operator.

Highlights of MRE for Underground Operation

• Total indicated underground mineral resources of 3.17 million tonnes (“Mt”) at Camp and Los Cuyes deposits, containing 0.34 million ounces (“Mozs”) of gold (“Au”), 2.0 Moz of silver (“Ag”), and 49.4 million pounds (“Mlbs”) of zinc (“Zn”), or collectively 0.37 Moz gold equivalent (“AuEq”) at a cutoff grade of 2.2 g/t AuEq.
• Total inferred underground mineral resources of 12.1 Mt at Camp and Los Cuyes deposits, containing 1.38 Mozs of Au, 8.56 Mozs of Ag, and 204.2 Mlbs of Zn, or collectively 1.50 Mozs AuEq at a cutoff grade of 2.2 g/t AuEq.
• Favorable initial metallurgical test work indicates laboratory-based gold recoveries of up to 96% at Camp and 88% at Los Cuyes based on cyanide leaching.

Resource estimation overview

The MRE includes four distinct deposits with different styles of mineralization: steeply dipping vein structures and disseminated zones. The Camp and Los Cuyes deposits are reported as underground resources, while the Enma and Soledad satellite deposits are constrained by conceptual open-pit models.

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The estimation utilised data from historical exploration (1993–2018) and incorporates Silvercorp’s relogging and reinterpretation of drill results. Depending on data density, the resource modeling employed ordinary kriging or inverse distance squared methods. All resources are classified under the 2014 CIM Definition Standards and NI 43-101 guidelines.

Silvercorp plans to follow this updated MRE with an updated PEA to further outline the economic potential of the Condor Project.