Silvercorp Metals updates Mineral Resource Estimate for Condor Project, Zamora Chinchipe Province, Ecuador

Silvercorp Metals Inc. [TSX: SVM; NYSE: SVM] provided an updated independent NI 43-101 mineral resource estimate for its Condor gold project in the Zamora-Chinchipe Province, Ecuador.

A preliminary economic assessment (PEA) was completed on the project in 2021 by a previous operator, which outlined a high tonnage, low-grade, open pit gold project.  As discussed in its December 4, 2024 press release, that after publishing an updated MRE the Project, the Company will then publish an updated Preliminary Economic Assessment study for the Project.

The MRE update was completed by SRK Consulting (Canada) Inc. with an effective date of February 28, 2025, focused on the higher-grade material that would be accessible through underground mining, whereas the Camp and Los Cuyes deposits are reported as underground resources, based on cutoff grades of 2.2 g/t (Base Case), 1.5 g/t (Case 2), and 1 g/t (Case 3) of gold equivalent (AuEq). For the smaller satellite deposits of Enma and Soledad, mineral resources are reported using conceptual pit constraints.

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, 2.0 Moz of silver and 49.4 million pounds (Mlbs) of zinc, 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.

A Base Case underground mineral resource estimate for the Camp and Los Cuyes deposits was made based on a cutoff grade of 2.2g/t AuEq which is calculated from assumptions of specified metal prices and estimated costs of mining, processing and G&A. Cutoff sensitivity tables for Case 2 (cutoff grade of 1.5 g/t AuEq) and Case 3 (cutoff grade of 1.0 g/t AuEq) are also provided. These cases are based on lower cutoff grades derived from higher metals prices and lower costs of mining, processing and G&A, to accommodate optimistic perspective of future market conditions.

In addition to the underground MRE at Camp and Los Cuyes, conceptual open pit shell constrained MRE were reported for Soledad and Enma with cut-off grades of 0.5 g/t AuEq for Soledad and 0.6 g/t AuEq for Enma (Table 2):

Total indicated open pit mineral resources of 4.06 Mt at the Soledad and Enma deposits, containing 0.14 Moz of Au, 9.27 Moz of Ag, and 50.1 Mlbs of Zn, or collectively 0.15 Mozs AuEq. Total inferred open pit mineral resources of 14.17 Mt at the Soldedad and Enma deposits, containing 0.35 Mozs of Au, 2,676 Kozs of Ag, and 158.1 Mlbs of Zn, or collectively 0.38 Mozs AuEq.

The company will now undertake a 3,500-metre surface drilling program over 10 holes at Los Cuyes and Camp commencing in May 2025 to test several areas where the company sees exploration potential: Broad zones of sub-horizontal disseminated gold mineralization which occur within the rhyolitic tuffs at Los Cuyes; contact zone of crypto rhyolite domes with batholith granodiorite for wide mineralization at Camp; Region between the Camp and Los Cuyes deposits; gap area between Camp and Soledad, testing for potential connection of NW trending mineralized structures across the two deposits and for potential strike extension of NW trending mineralized structures and gap between the Los Cuyes and Enma deposits for potential strike extension of NW trending mineralized structures.

With the MRE complete, the company plans to publish a PEA by the end of 2025 for an underground operation. In addition, the company will continue to advance necessary permits and community agreements required to develop exploration tunnels into the higher grade zones, which will inform a possible feasibility study which would follow the PEA.