Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) has announced the results of an updated National Instrument (NI) 43-101 Technical Report for its Ying Property in Henan Province, China.
Based on proven and probable mineral reserves, the company estimates annual silver production to average roughly 7 million ounces between fiscal 2023 and 2025, 8 million ounces between 2026 and 2029, 7.1 million ounces between 2030 and 2032, and 4 million ounces between 2033 and 2037.
That’s good for a mine life of 15 years, which could be extended with additional exploration and development, particularly in areas with identified inferred resources, the company said.
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All told, the property has estimated mineral resources of 18.7 million tonnes in the measured and indicated categories, which grades at 242 grams per tonne (g/t) of silver, 0.27 g/t gold, 3.51% lead, and 1.03% zinc; and contains 146 million ounces (oz) silver, 161 thousand oz gold, 657 thousand tonnes lead, and 193 thousand tonnes zinc.
There are 12.3 million tonnes in the proven and probable categories, which grade 241 g/t silver, 0.26 g/t gold, 3.36% lead, and 1.03% zinc; and contain 96 million oz silver, 105 thousand oz gold, 414 thousand tonnes lead and 127 thousand tonnes zinc.
The results of the 2020-2021 underground drilling program at the Ying Mining District show that most of the major mineralized vein structures are still open at depth and laterally, the company said.
Based only on the proven and probable mineral reserves, the company expects an annual production rate increase from the current level of around 650,000 tonnes per annum (tpa) to approximately 950,000 tpa by 2026, with that level being sustained through to 2032 and a full mine life to 2037.
A full breakdown of the report can be found here.
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The company's strategy is to create shareholder value by focusing on generating free cash flow from long-life mines, organic growth through extensive drilling for discovery, ongoing merger and acquisition efforts to unlock value, and long-term commitment to responsible mining and ESG.
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