Silvercorp Announces Updated Mineral Resource Estimate for its Condor Project, located in the Zamora Chinchipe Province of Ecuador

Core Viewpoint - Silvercorp Metals Inc. has announced an updated independent mineral resource estimate for its Condor gold project in Ecuador, focusing on higher-grade materials accessible through underground mining [1][3]. Group 1: Mineral Resource Estimate (MRE) Details - The MRE update was conducted by SRK Consulting with an effective date of February 28, 2025, emphasizing underground resources at Camp and Los Cuyes deposits based on various cutoff grades [3][4]. - Total indicated underground mineral resources are 3.17 million tonnes at Camp and Los Cuyes, containing 0.34 million ounces of gold, 2.0 million ounces of silver, and 49.4 million pounds of zinc at a cutoff grade of 2.2 g/t AuEq [7]. - Total inferred underground mineral resources amount to 12.1 million tonnes, containing 1.38 million ounces of gold, 8.56 million ounces of silver, and 204.2 million pounds of zinc at the same cutoff grade [7]. Group 2: Preliminary Economic Assessment (PEA) Plans - Following the MRE update, the company plans to publish an updated Preliminary Economic Assessment study for the Condor project by the end of 2025 [2][16]. - The company will also undertake a 3,500-meter surface drilling program to explore areas with potential for higher-grade zones [16]. Group 3: Conceptual Open Pit Resources - Conceptual open pit constrained mineral resources for Soledad and Enma deposits are reported, with total indicated resources of 4.06 million tonnes containing 0.14 million ounces of gold and 9.27 million ounces of silver [13]. - Total inferred open pit mineral resources are 14.17 million tonnes, containing 0.35 million ounces of gold and 2,676 thousand ounces of silver [13]. Group 4: Future Steps and Strategy - The company is advancing necessary permits and community agreements to develop exploration tunnels into higher-grade zones, which will inform a possible feasibility study following the PEA [16]. - Silvercorp aims to create shareholder value through generating free cash flow, organic growth via extensive drilling, and ongoing merger and acquisition efforts [18].