Business
Silvercorp Metals Issues Updated Technical Report for the Ying Mining District
VANCOUVER, BC, Aug. 19, 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. 19, 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 its Ying Mining District (\"The Ying 2024 Technical Report\" or \"Technical Report\"), prepared by AMC Mining Consultants (Canada) Ltd. (\"AMC\") with a Mineral Reserve and Mineral Resource effective date of June 30, 2024. The Ying 2024 Technical Report covers all seven mines in the Ying Mining District (also referenced as the \"Ying Property\") in Henan Province, China, namely the SGX, HZG, HPG, TLP, LME, LMW, and DCG underground mines. Approximately 89 million ounces (Moz) of silver (\"Ag\") are projected to be mined at the Ying Property in the currently planned 14-year life of mine (LOM). There remains significant potential to extend the LOM beyond 2038 via further exploration and development, particularly in areas with identified Inferred Resources. Silvercorp Observations to the Independent Ying 2024 Technical Report: The 2024 Mineral Reserves reflect the substantial replenishment of metals mined-out between January 2022 and June 2024: Approximately 14.3 Moz Ag, 13.3 thousand ounces of gold (\"koz Au\"), 64.0 thousand tonnes of lead (\"kt Pb\") and 8.7 thousand tonnes of zinc (\"kt Zn\") were produced during this period; The above produced metal quantities are referenced against the Mineral Reserve contained metal values reported in the 2022 Technical Report, namely 95.7 Moz Ag, 104.7 koz Au, 414 kt Pb and 127.5 kt Zn. Annual metal production through FY2031 (including Q1FY2025) is projected to be: Precious metals: between 7.1 and 8.7 Moz Ag and 3.1 and 13.0 koz Au (7.4 and 9.7 Moz Ag Eq 1 ); Base metals: between 30.8 and 36.4 kt Pb, and 5.1 and 5.9 kt Zn; Total LOM production of about 86.3 Moz Ag, 63.0 koz Au, 395.0 kt Pb, and 75.7 kt of Zn. The results of the 2022-2023 underground drilling program at the Ying Mining District show that most of the major mineralized vein structures are still open at depth a...