(Kitco News) - Silvercorp Metals (TSX / NYSE: SVM) today announced an extension of mine life (LOM) and updated mineral reserves and resources at its Ying property in China.
The company said that updated mineral resources in measured and indicated categories amounted to 146 million ounces of silver, 161 thousand ounces of gold, 657 thousand tonnes of lead, and 193 thousand tonnes of zinc. Compared to the previous estimate, measured and indicated resources increased by 64% for gold and decreased by 3% for silver, 10% for lead and 16% for zinc.
Updated mineral reserves amounted to 96 million ounces of silver, 105 thousand ounces of gold, 414 thousand tonnes of lead, and 127 thousand tonnes of zinc. Compared to the previous estimate, changes in total contained metal for silver, gold, lead, and zinc are -3%, +110%, -9% and -24% respectively.
According to a press-release, based on proven and probable mineral reserves only, an annual production rate increase is planned 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 LOM to 2037.
Annual production of silver is projected to be approximately 7.0 million ounces between fiscal 2023 and 2025, 8.0 million ounces between 2026 and 2029, 7.1 million ounces between 2030 and 2032, and 4.0 million ounces between 2033 and 2037.
Importantly, the company said that there is also the potential to extend the LOM beyond 2037 via further exploration and development, particularly in areas with identified inferred resources.
"The Ying property continues to be a strongly viable operation based on current mineral reserves, with potential to extend its mineral resources via further exploration and development, particularly in areas with identified inferred material," the company added.
Silvercorp is a Canadian company operating several silver mines in China. Since production began in 2006, its mines have produced more than 80 million ounces of silver and 1 billion pounds of lead & zinc, reaching 6.1 million ounces of silver in fiscal 2022 alone. In fiscal 2023, the company expects to produce between 7.0 and 7.3 million ounces.
|
| Polyus posts 49% decline in net cash flow from operations for H122 as gold production down 15% |
