Silvercorp Metals Inc. outlined an updated proven and probable reserve estimate for its Gaocheng silver-zinc-lead property in China's Guangdong province of 3.82 million tonnes grading 95 g/t silver, 1.5% lead and 3.2% zinc.
Contained metal under the new reserve estimate totaled 11.68 million ounces of silver, 125 million pounds of lead and 271 million pounds of zinc.
The updated ore reserve represented a 7% increase, despite mine production depletion, against its previous estimate released in June 2018.
At a 100 g/t silver equivalent cutoff grade, measured and indicated resources grew 42% to 9.05 Mt grading 84 g/t silver, 1.2% lead and 2.8% zinc, for contained metal of 21.17 Moz of silver, 166 million pounds of lead and 391 million pounds of zinc.
An increase in the number of veins and the conversion of inferred material led to the increase in resources.
Basing solely on the proven and probable reserves, the Gaocheng mine is projected to have a 12-year mine life through 2031, at an average production rate of about 300,000 tonnes and estimated silver equivalent grades of 334 g/t in the first six years, falling to 271 g/t thereafter.
The results of the miner's underground drilling program at Gaocheng showed that vein structures are still open at depth.
