08:40 AM EDT, 05/12/2025 (MT Newswires) -- Silvercorp (SVM.TO) reported Monday an updated National Instrument 43-101 resource estimate for the Condor gold project in Ecuador.

The study outlined total indicated underground resources of 3.17 million tonnes at the Camp and Los Cuyes deposits, containing 370,000 ounces of gold equivalent at a cutoff grade of 2.2 grams per tonne gold equivalent.

Total inferred underground resources stood at 12.1 million tonnes containing 1.50 million ounces of gold equivalent at the same cutoff grade.

The company said favorable initial metallurgical test work indicates laboratory-based gold recoveries of up to 96% at Camp and 88% at Los Cuyes based on cyanide leaching.

Silvercorp said it will launch a 3,500-meter surface drilling program at Los Cuyes and Camp in May to test several areas.

The company plans to publish a preliminary economic assessment by the end of 2025 for an underground operation.

Silvercorp's share price rose 6.3% on Friday to $5.38 on the TSX.