09:05 AM EST, 12/04/2024 (MT Newswires) -- Silvercorp Metals ( SVM ) Wednesday outlined a plan to develop the Condor gold project in Ecuador as an underground mine.

To advance the underground project, Silvercorp said it will focus on high-grade gold structures/rhyolitic dykes. Work to be conducted includes a re-estimate of mineral resources as an underground-focused operation and underground tunneling.

Silvercorp also seeks to complete a feasibility study and carry out limited drilling targeting the high-grade mineralized structures.

The company noted that a preliminary economic assessment on the project by a previous operator outlined a high tonnage, low-grade, open pit gold project.