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Silvercorp Metals Issues Updated Technical Report for the GC Mine
VANCOUVER, BC, Aug. 27, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to report the results of
About this update from Silvercorp Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, Aug. 27, 2024 /CNW/ - Silvercorp Metals Inc. (\"Silvercorp\" or the \"Company\") (TSX: SVM) (NYSE American: SVM) is pleased to report the results of an updated Technical Report, prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects(\"NI 43-101\") on Mineral Resources and Mineral Reserves for the Gaocheng Mine dated effective June 30, 2024 (\"The GC 2024 Technical Report\"), prepared by SRK Consulting China Ltd (\"SRK\"). The Gaocheng underground mine (\"GC Mine\") is located in Guangdong Province, China. Summary of the GC 2024 Technical Report Estimated Measured and Indicated Mineral Resources of 11.5 million tonnes (t) (inclusive of Mineral Reserves) grading 84 grams per tonne (g/t) silver (Ag), 1.18% lead (Pb), and 2.85% zinc (Zn), containing 31 million ounces (oz) silver, 136 thousand tonnes lead, and 327 thousand tonnes zinc. In comparison with the 2021 Technical Report (Mineral Resources as of December 31, 2020), Measured and Indicated Resource tonnes have increased by 15%, and contained metal has increased by 18% for silver, 13% for lead and 16% for zinc. Estimated Proven and Probable Mineral Reserves of 5.0 million tonnes grading 81 g/t silver, 1.21% lead, and 2.84% zinc, containing 13 million oz silver, 60 thousand tonnes lead, and 141 thousand tonnes zinc. In comparison with the 2021 Technical Report (Minera Reserves as of December 31, 2020), there has been a 20% increase in total Proven and Probable Mineral Reserves. The changes in total contained metal for silver, lead, and zinc are +4%, -2%, and +6% respectively. In comparison with the 2021 Technical Report, Inferred Resource tonnes have increased by 13%, and contained metal has increased by 11% for silver, 33% for lead and 16% for zinc. Based on Proven and Probable Mineral Reserves only, an annual production rate increase is planned from the current level of around 326,000 tonnes per annum (tpa) in FY2025 to between approximately 362,000 and 363,000 tpa from FY2026 to FY2037, and then 359,000 tpa in final FY2038. Annual production of silver is projected to be approximately 0.8 million ounces. There is also the potential to extend the Life of Mine (\"LOM\") beyond 2037 via further exploration and development, particularly in areas with identified Inferred Resources. Using the LOM produc...