- Silvercorp Metals plans to develop the Condor gold project in Ecuador into a high-grade underground mining operation
- The project features multiple high-grade gold deposits, including Camp, Los Cuyes and Enma
- Focus on underground tunneling, updated feasibility studies, permitting and potential construction
Silvercorp Metals (TSX:SVM) has unveiled plans to transform the Condor gold project in southern Ecuador into a high-grade underground mining operation. The company aims to capitalize on gold zones identified in previous exploration campaigns, targeting vein and rhyolitic dyke structures for selective mining.
The Condor project, previously studied as a low-grade open-pit operation, has shown significant potential for underground mining. Select drilling results highlight the project’s promise:
- Camp deposit: 9.03 grams per ton (g/t) of gold over 8.05 meters true width.
- Enma deposit: 44.16 g/t gold over 4.5 meters true width.
- San Jose deposit: 9 g/t gold over 21.1 meters true width.
The project encompasses several deposits, including Los Cuyes, Camp, Soledad, Guaya and Enma, each with unique geological profiles. Mineralization primarily occurs in vein structures and volcanic breccias, containing pyrite, sphalerite and other sulfides.
Key development steps
- Feasibility and permitting: Silvercorp will re-estimate the mineral resources with an underground focus, conduct feasibility studies and complete permitting processes.
- Underground tunneling: Two exploration tunnels will be developed to confirm high-grade gold intervals and gather geological data for further studies.
- Targeted drilling: Infill and step-out drilling will enhance resource confidence and explore new high-grade zones.
The Condor deposits are hosted in a complex of volcanic and intrusive rocks, offering multiple exploration targets, including disseminated gold zones and potential structural connections between known deposits.
Silvercorp’s strategic approach emphasizes sustainability and community engagement, positioning the Condor gold project as a potential flagship operation in its portfolio.
About Silvercorp Metals
Silvercorp Metals is a polymetallic mineral explorer, developer and producer. It is currently the largest primary silver producer in China.
Silvercorp Metals stock (TSX:SVM) is down by 3.06 per cent trading at C$4.43 per share as of 2:10 pm ET. The stock has added 16.58 per cent year-over-year but remains down by 34.66 per cent since 2019.
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(Top image of the Silvercorp Metals logo: Silvercorp Metals)
