SILVERCORP REPORTS UPDATED MINERAL RESERVES AND RESOURCES AT THE GC MINE
Original announcement by tmx on
- Company
- Silvercorp Metals Inc.
- Ticker
- SVM
- Exchange
- TSX
- Region
- Guangdong Province, China
- Primary commodity
- Silver
- Secondary commodities
- Lead, Zinc
- Document categories
- Resource update
- Extracted
- 2026-09-13 02:38:43 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Silvercorp Metals Inc. has reported an updated Mineral Reserve and Resource estimate for its GC Mine in Guangdong Province, China, effective December 31, 2025. The update shows a 59% increase in Measured and Indicated resource tonnes and a 25% increase in Proven and Probable reserve tonnes compared to the 2024 Technical Report. While contained metal increased for M&I resources, it decreased for P+P reserves and Inferred resources, and average grades declined across all categories.
Reasoning: The updated technical report for the GC Mine shows a substantial increase in higher-confidence Measured and Indicated resources (59% tonnage, 23-25% contained metal) and Proven and Probable reserves (25% tonnage), indicating significant growth and de-risking. However, this growth is accompanied by a decrease in average grades across all categories and a reduction in contained metal for reserves and inferred resources.
Positive factors
- Significant increase in Measured and Indicated resource tonnage and contained metal
- Significant increase in Proven and Probable reserve tonnage
- NI 43-101 compliant and QP signed off
- Detailed cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Decrease in average grades across all resource and reserve categories
- Decrease in contained metal for Proven and Probable reserves and Inferred resources
- Decrease in Inferred resource tonnage
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 21
Classification and evidence
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The document reports 8.97 Mt of Measured resources for silver, lead, and zinc, indicating the highest level of geological confidence.
Evidence · table
“Measured”
Context: 8.97
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The document reports 9.30 Mt of Indicated resources for silver, lead, and zinc, showing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 9.30
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports 3.57 Mt of Proven reserves for silver, lead, and zinc, representing the highest confidence category for economic viability.
Evidence · table
“Proven”
Context: 3.57
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports 2.62 Mt of Probable reserves for silver, lead, and zinc, indicating a high level of confidence in economic viability.
Evidence · table
“Probable”
Context: 2.62
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Measured and Indicated resource tonnes increased by 59% and Proven and Probable Mineral Reserves tonnes increased by 25% compared to the prior estimate.
Evidence · text
“Measured and Indicated Resource tonnes have increased by 59%”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Contained metal in the Measured and Indicated categories increased by 23% for Ag, 24% for Pb, and 25% for Zn.
Evidence · text
“contained metal has increased by 23% for Ag, 24% for Pb and 25% for Zn”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The technical report was prepared by independent Qualified Persons, Ms. Yanfang Zhao and Falong Hu, and reviewed by Guoliang Ma, all of whom are members of recognized professional associations.
Evidence · text
“Ms. Yanfang Zhao, MAIG, MAusIMM, of SRK Consulting (China) Ltd., who takes responsibility for these estimates.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The technical report was prepared in accordance with National Instrument 43-101.
Evidence · text
“prepared in accordance with National Instrument 43-101”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Cut-off grades for resources (80 g/t AgEq) and reserves (100 g/t AgEq and 130 g/t AgEq) are clearly stated, along with the AgEq formula and price assumptions.
Evidence · text
“Mineral Resource are reported at a cut-off grade of 80 g/t AgEq.”
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Measured and Indicated grades decreased by 23% for Ag, 23% for Pb, and 21% for Zn. Proven and Probable grades decreased by 22% for Ag, 25% for Pb, and 22% for Zn.
Evidence · text
“Measured and Indicated grades decreasing by 23%, 23% and 21% for Ag, Pb and Zn, respectively.”
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: Contained metal in the Inferred category decreased by 32% for Ag, 47% for Pb, and 40% for Zn. Total GC Mineral Reserve metal content decreased by 4% for Ag, 7% for Pb, and 2% for Zn.
Evidence · text
“contained metal has decreased by 32% for Ag, 47% for Pb and 40% for Zn.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: Inferred Resource tonnes have decreased by 23%, and contained metal has decreased by 32% for Ag, 47% for Pb and 40% for Zn, indicating a reduction in the less confident category.
Evidence · text
“Estimated Inferred Resources of 7.36 Mt grading 75 g/t Ag, 0.84% Pb, and 1.91% Zn, containing 17.7 Moz Ag, 62 Kt Pb, and 140 Kt Zn.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document reports an updated Mineral Reserve and Mineral Resource estimate, revising previous figures from the 2024 Technical Report.
Evidence · text
“SILVERCORP REPORTS UPDATED MINERAL RESERVES AND RESOURCES AT THE GC MINE”
Extracted facts
Stored fact records: 21. Some facts used in scoring do not have a stored record.
Resource Estimates (21)
measuredGC Mine · silverTonnes: 8970000Grade: 66Grade Unit: g/tContained Metal: 19091Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:7083ff9d05982bbb6cd4
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 66
- Grade Unit
- g/t
- Contained Metal
- 19091
- Contained Unit
- koz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Measured silver resource shows a high grade and significant contained metal, contributing to the overall resource growth and confidence.
Positive factors
- High confidence Measured category
- Significant contained metal
Evidence · table
“66”
Context: 8.97
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredGC Mine · leadTonnes: 8970000Grade: 91Grade Unit: ktContained Metal: 91Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:7083ff9d05982bbb6cd4
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 91
- Grade Unit
- kt
- Contained Metal
- 91
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Measured lead resource provides a valuable byproduct credit with a good grade and contained metal, adding to the project's overall economics.
Positive factors
- High confidence Measured category
- Significant contained metal
Evidence · table
“91”
Context: 8.97
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredGC Mine · zincTonnes: 8970000Grade: 219Grade Unit: ktContained Metal: 219Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:7083ff9d05982bbb6cd4
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 219
- Grade Unit
- kt
- Contained Metal
- 219
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Measured zinc resource contributes significantly to the project's value as a byproduct, with a good grade and substantial contained metal.
Positive factors
- High confidence Measured category
- Significant contained metal
Evidence · table
“219”
Context: 8.97
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedGC Mine · silverTonnes: 9300000Grade: 64Grade Unit: g/tContained Metal: 19180Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:7f2e9cbbb13f79168b8b
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 64
- Grade Unit
- g/t
- Contained Metal
- 19180
- Contained Unit
- koz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Indicated silver resource adds substantial high-confidence material to the project, with a strong grade and contained metal.
Positive factors
- High confidence Indicated category
- Significant contained metal
Evidence · table
“64”
Context: 9.30
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedGC Mine · leadTonnes: 9300000Grade: 76Grade Unit: ktContained Metal: 76Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:7f2e9cbbb13f79168b8b
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 76
- Grade Unit
- kt
- Contained Metal
- 76
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Indicated lead resource provides a valuable byproduct, contributing to the overall project economics with good contained metal.
Positive factors
- High confidence Indicated category
- Significant contained metal
Evidence · table
“76”
Context: 9.30
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedGC Mine · zincTonnes: 9300000Grade: 190Grade Unit: ktContained Metal: 190Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:7f2e9cbbb13f79168b8b
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 190
- Grade Unit
- kt
- Contained Metal
- 190
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Indicated zinc resource is a significant byproduct, adding to the project's value with good contained metal.
Positive factors
- High confidence Indicated category
- Significant contained metal
Evidence · table
“190”
Context: 9.30
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedGC Mine · silverTonnes: 18280000Grade: 65Grade Unit: g/tContained Metal: 38271Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:0f88ee7716bfb28ce1aa
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 18280000
- Grade
- 65
- Grade Unit
- g/t
- Contained Metal
- 38271
- Contained Unit
- koz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 11497000
- Prior Grade
- 84.416
- Prior Contained Metal
- 31115
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Measured+Indicated silver resource shows substantial growth in tonnage and contained metal, significantly de-risking the project, despite a decrease in average grade.
Positive factors
- Significant tonnage growth (59%) in M&I category
- Significant contained metal growth (23%) in M&I category
- High confidence M&I category
Negative factors
- Grade decline (23%) in M&I category
Evidence · table
“65”
Context: 18.28
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 18280000 against 11497000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 65 against 84.416 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 38271 against 31115 previously
indicatedGC Mine · leadTonnes: 18280000Grade: 167Grade Unit: ktContained Metal: 167Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:0f88ee7716bfb28ce1aa
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 18280000
- Grade
- 167
- Grade Unit
- kt
- Contained Metal
- 167
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 11497000
- Prior Grade
- 1.181
- Prior Contained Metal
- 134.677
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Measured+Indicated lead resource shows substantial growth in tonnage and contained metal, enhancing the project's byproduct value, despite a decrease in average grade.
Positive factors
- Significant tonnage growth (59%) in M&I category
- Significant contained metal growth (24%) in M&I category
- High confidence M&I category
Negative factors
- Grade decline (23%) in M&I category
Evidence · table
“167”
Context: 18.28
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 18280000 against 11497000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 167 against 1.181 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 167 against 134.677 previously
indicatedGC Mine · zincTonnes: 18280000Grade: 408Grade Unit: ktContained Metal: 408Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:0f88ee7716bfb28ce1aa
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 18280000
- Grade
- 408
- Grade Unit
- kt
- Contained Metal
- 408
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 11497000
- Prior Grade
- 2.835
- Prior Contained Metal
- 326.4
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Measured+Indicated zinc resource shows substantial growth in tonnage and contained metal, enhancing the project's byproduct value, despite a decrease in average grade.
Positive factors
- Significant tonnage growth (59%) in M&I category
- Significant contained metal growth (25%) in M&I category
- High confidence M&I category
Negative factors
- Grade decline (21%) in M&I category
Evidence · table
“408”
Context: 18.28
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 18280000 against 11497000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 408 against 2.835 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 408 against 326.4 previously
inferredGC Mine · silverTonnes: 7360000Grade: 75Grade Unit: g/tContained Metal: 17729Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:9b0d4f18dbf2048bb0bf
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 75
- Grade Unit
- g/t
- Contained Metal
- 17729
- Contained Unit
- koz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9558000
- Prior Grade
- 85.227
- Prior Contained Metal
- 26072
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Inferred silver resource shows a significant decrease in tonnage, grade, and contained metal, indicating a reduction in the speculative potential of the project.
Negative factors
- Tonnage decline (23%) in Inferred category
- Contained metal decline (32%) in Inferred category
- Grade decline (12%) in Inferred category
Evidence · table
“75”
Context: 7.36
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7360000 against 9558000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 75 against 85.227 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 17729 against 26072 previously
inferredGC Mine · leadTonnes: 7360000Grade: 62Grade Unit: ktContained Metal: 62Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:9b0d4f18dbf2048bb0bf
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 62
- Grade Unit
- kt
- Contained Metal
- 62
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9558000
- Prior Grade
- 1.235
- Prior Contained Metal
- 116.981
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Inferred lead resource shows a substantial decrease in tonnage, grade, and contained metal, reducing the overall speculative potential for this byproduct.
Negative factors
- Tonnage decline (23%) in Inferred category
- Contained metal decline (47%) in Inferred category
- Grade decline (32%) in Inferred category
Evidence · table
“62”
Context: 7.36
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7360000 against 9558000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 62 against 1.235 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 62 against 116.981 previously
inferredGC Mine · zincTonnes: 7360000Grade: 140Grade Unit: ktContained Metal: 140Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:9b0d4f18dbf2048bb0bf
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 140
- Grade Unit
- kt
- Contained Metal
- 140
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9558000
- Prior Grade
- 2.449
- Prior Contained Metal
- 233.333
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Inferred zinc resource shows a substantial decrease in tonnage, grade, and contained metal, reducing the overall speculative potential for this byproduct.
Negative factors
- Tonnage decline (23%) in Inferred category
- Contained metal decline (40%) in Inferred category
- Grade decline (22%) in Inferred category
Evidence · table
“140”
Context: 7.36
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7360000 against 9558000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 140 against 2.449 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 140 against 233.333 previously
provenGC Mine · silverTonnes: 3570000Grade: 59Grade Unit: g/tContained Metal: 6789Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:159e0cfc44b6b85f5025
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 59
- Grade Unit
- g/t
- Contained Metal
- 6789
- Contained Unit
- koz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Proven silver reserve represents a high-confidence, economically viable portion of the resource, contributing significantly to the project's life of mine.
Positive factors
- Highest confidence Proven category
- Significant contained metal
Evidence · table
“59”
Context: 3.57
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
provenGC Mine · leadTonnes: 3570000Grade: 34Grade Unit: ktContained Metal: 34Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:159e0cfc44b6b85f5025
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 34
- Grade Unit
- kt
- Contained Metal
- 34
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Proven lead reserve provides a high-confidence, economically viable byproduct, enhancing the overall project value.
Positive factors
- Highest confidence Proven category
- Valuable byproduct
Evidence · table
“34”
Context: 3.57
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
provenGC Mine · zincTonnes: 3570000Grade: 81Grade Unit: ktContained Metal: 81Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:159e0cfc44b6b85f5025
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 81
- Grade Unit
- kt
- Contained Metal
- 81
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Proven zinc reserve provides a high-confidence, economically viable byproduct, enhancing the overall project value.
Positive factors
- Highest confidence Proven category
- Valuable byproduct
Evidence · table
“81”
Context: 3.57
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableGC Mine · silverTonnes: 2620000Grade: 67Grade Unit: g/tContained Metal: 5673Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:22a8c5aed15b036c9e43
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 67
- Grade Unit
- g/t
- Contained Metal
- 5673
- Contained Unit
- koz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Probable silver reserve adds significant economically viable material to the project, contributing to the life of mine.
Positive factors
- High confidence Probable category
- Significant contained metal
Evidence · table
“67”
Context: 2.62
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableGC Mine · leadTonnes: 2620000Grade: 22Grade Unit: ktContained Metal: 22Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:22a8c5aed15b036c9e43
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 22
- Grade Unit
- kt
- Contained Metal
- 22
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Probable lead reserve provides an economically viable byproduct, contributing to the project's overall value.
Positive factors
- High confidence Probable category
- Valuable byproduct
Evidence · table
“22”
Context: 2.62
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableGC Mine · zincTonnes: 2620000Grade: 57Grade Unit: ktContained Metal: 57Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:22a8c5aed15b036c9e43
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 57
- Grade Unit
- kt
- Contained Metal
- 57
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Probable zinc reserve provides an economically viable byproduct, contributing to the project's overall value.
Positive factors
- High confidence Probable category
- Valuable byproduct
Evidence · table
“57”
Context: 2.62
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableGC Mine · silverTonnes: 6190000Grade: 63Grade Unit: g/tContained Metal: 12462Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:b6b45460dd1ac6839477
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 6190000
- Grade
- 63
- Grade Unit
- g/t
- Contained Metal
- 12462
- Contained Unit
- koz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 4952000
- Prior Grade
- 80.769
- Prior Contained Metal
- 12981
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Proven+Probable silver reserve shows significant tonnage growth, enhancing the project's mine life, but is offset by a notable decrease in grade and contained metal.
Positive factors
- Significant tonnage growth (25%) in P+P category
Negative factors
- Grade decline (22%) in P+P category
- Contained metal decline (4%) in P+P category
Evidence · table
“63”
Context: 6.19
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 6190000 against 4952000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 63 against 80.769 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 12462 against 12981 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 12462 from 12981
probableGC Mine · leadTonnes: 6190000Grade: 56Grade Unit: ktContained Metal: 56Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:b6b45460dd1ac6839477
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 6190000
- Grade
- 56
- Grade Unit
- kt
- Contained Metal
- 56
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 4952000
- Prior Grade
- 1.213
- Prior Contained Metal
- 60.215
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Proven+Probable lead reserve shows significant tonnage growth, but this is largely offset by a notable decrease in grade and contained metal.
Positive factors
- Significant tonnage growth (25%) in P+P category
Negative factors
- Grade decline (25%) in P+P category
- Contained metal decline (7%) in P+P category
Evidence · table
“56”
Context: 6.19
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 6190000 against 4952000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 56 against 1.213 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 56 against 60.215 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 56 from 60.215
probableGC Mine · zincTonnes: 6190000Grade: 138Grade Unit: ktContained Metal: 138Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao, Falong Hu, Guoliang Ma
- Resource group id
- resource:b6b45460dd1ac6839477
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 6190000
- Grade
- 138
- Grade Unit
- kt
- Contained Metal
- 138
- Contained Unit
- kt
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 4952000
- Prior Grade
- 2.859
- Prior Contained Metal
- 140.816
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: The Proven+Probable zinc reserve shows significant tonnage growth, but this is largely offset by a notable decrease in grade and contained metal.
Positive factors
- Significant tonnage growth (25%) in P+P category
Negative factors
- Grade decline (22%) in P+P category
- Contained metal decline (2%) in P+P category
Evidence · table
“138”
Context: 6.19
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 6190000 against 4952000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 138 against 2.859 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 138 against 140.816 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 138 from 140.816
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.