Silvercorp Metals Inc. announced its strategic plan to develop the Condor gold project in southern Ecuador as a high-grade underground operation. This new approach diverges from a previous operator's preliminary economic assessment (PEA) that outlined a high tonnage, low-grade open pit project.
The company's review of technical data, including re-logging historical core, indicates that high-grade gold mineralization is primarily found in subvertical vein/rhyolitic dyke structures. Select drilling intercepts show high-grade intervals with true widths exceeding 3.5 meters, supporting the potential for selective underground mining.
The development plan includes re-estimating mineral resources for an underground-focused operation and publishing a new PEA for an underground mine. Future work will also involve executing community agreements, completing government permitting for exploration tunnels, and conducting underground drilling to inform a future feasibility study.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.