Silvercorp Provides Plan to Develop the Condor Gold Project as a High-Grade Underground Mine

Core Viewpoint - Silvercorp Metals Inc. is advancing the Condor gold project in southern Ecuador, which has shown potential for high-grade gold mineralization and plans for underground mining operations [1][5]. Project Overview - The Condor project consists of a cluster of gold deposits, primarily in the Condor North area, with significant contributions from the Camp and Los Cuyes deposits [2][11]. - Historical drilling has revealed long core intersections of gold mineralization, indicating the presence of higher-grade intervals surrounded by lower-grade halos [2][3]. Drilling Results - Select drilling intercepts indicate high-grade gold potential, with notable results including: - Camp: 9.03 grams per tonne (g/t) over 8.05 meters (m) true width [4] - Enma: 44.16 g/t over 4.5 m true width [4] - Los Cuyes: 8.98 g/t over 16.7 m true width [4] - San Jose: 9.00 g/t over 21.1 m true width from surface [4] Development Plan - The company plans to focus on high-grade gold structures for underground operations, which includes: 1. Studies and Permitting: Re-estimating mineral resources and publishing a Preliminary Economic Assessment for underground mining [5]. 2. Underground Tunneling: Developing exploration access tunnels and conducting underground drilling [6]. 3. Construction Readiness: Completing a feasibility study and obtaining necessary permits for mining operations [7]. 4. Targeted Drilling: Infill and step-out drilling to confirm and expand high-grade mineralized structures [8]. Geological Context - The Condor deposits are located within a Cretaceous volcanic complex, with gold mineralization primarily occurring in subvertical vein structures containing pyrite and sphalerite [11][12]. - Each deposit has unique geological characteristics, with mineralization associated with various rock types and structures [11][12][13][14][15]. Company Background - Silvercorp is a Canadian mining company focused on producing silver, gold, lead, and zinc, with a strategy aimed at generating free cash flow and organic growth through extensive drilling and potential mergers and acquisitions [20].