Silvercorp Metals reports increased reserves, resources at GC Mine
Silvercorp Metals reported the results of an updated National Instrument 43-101 Technical Report with an effective date of June 30, prepared by AMC Mining Consultants on the Gaocheng silver-zinc-lead property, also called the GC Mine, in Guangdong Province, People's Republic of China. From the start of operations at the GC Mine in 2014 through to December 31, 2018, 1.25M tonnes have been mined at average head grades of 96 g/t silver, 1.5% lead and 2.7% zinc. Despite mine production depletion, there has been a 7% increase in tonnes of Proven and Probable Reserves compared to the Mineral Reserve estimate in the previous Technical Report. Based on Proven and Probable Reserves only, the GC Mine has a projected life of mine of 12 years through to 2031, at an average annual production rate of approximately 300,000 tonnes, and with average silver equivalent grades of approximately 334 g/t for the first six years and then 271 g/t for the remainder of the mine life. The GC Mine also has the potential to extend the LOM beyond 2031, via conversion of existing Mineral Resources to Mineral Reserves, and further exploration and development. Measured and Indicated Mineral Resource tonnes increased by 42%, which is due to an increase in the number of veins and conversion of Inferred material to a higher classification level. Inferred tonnes have decreased by 3%. The results of the underground drilling program at the GC Mine show that vein structures are still open at depth.