Silver Elephant Drills 17.45 Meters Grading 120 g/t Silver at Paca in Bolivia
Silver Elephant Drills 17.45 Meters Grading 120 g/t Silver at
Paca in Bolivia
Vancouver, British Columbia – September 11,2024 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt: 1P2) is please d to
announce diamond drill results from the Paca deposit (“Paca” ) within its 100%-controlled
Pulacayo-Paca silver project in the Potosi department in Bolivia.
Further to the Company’s news release dated June 12 , 2024, a total of 28 holes were drilled in
the Paca north area totaling 1,458 meters. The results for the previous 20 holes were announced
in the Company’s news releases dated July 22, 2024 and August 7, 2024. The assays for the
remaining 8 holes (4 exploration, 4 infill) have been received and are reported below.
Notable results include PC24-27 which intercepted 1 7.45 meters of 120 g/t silver from surface,
and PC24-25 which intercepted 13.72 meters of 118 g/t silver from surface. Hole PC24-28, which
is a 250 meter northwest step-out from the Paca res ource envelope, intercepted 2.95 meters
grading 38.9 g/t Silver The Company will review the drill results and incorporate them into the
Paca resource model.
In addition, and further to the news release dated July 8, 2024, regarding phase one sulphide
mining, the Company is on track to start the 367-meter tunnel development at the Paca dome in
September 2024 and deliver the first Paca sulphide concentrate sale before the end of 2024.
This drill program was paid for by Andean Precious Metals Corp. (“Andean”). Pursuant to the
sales and purchase agreement and master services agreement detailed in the Company’s news
release dated September 12, 2023, Silver Elephant plans to sell and deliver up to 800,000 tonnes
of Paca oxide materials to Andean for a total of between US$5 million and US$7 million depending
on the silver price. At the current silver price an d production run rate, the Company expects to
receive US$2.5 million before January 31, 2025. An dean has also agreed to reimburse Silver
Elephant for operating expenses under the sales and purchase agreement.
EXPANSION DRILLING
HOLE
ID
From (m) To (m) Length
(m)
True
Width
(m)
Ag (g/t) Pb (%) Zn (%)
PC24-02 0 40.2 40.2 28.43 20 0.32 0.52
Incl. 7.2 14.5 7.3 5.16 31 0.31 0.13
Incl. 25.6 26.9 1.3 0.92 41 0.43 0.24
PC24-06 0 81.4 81.4 57.55 7 0.02 0.06
Incl. 3 12 9 6.36 9 0.03 0.07
And 37.5 39 1.5 1.06 9 0.003 0.02
PC24-13 0 33.6 33.6 33.60 12.98 0.48 0.32
Incl. 5.1 6.6 1.5 1.50 33.3 0.43 0.14
PC24-28 38.5 41.5 3 2.95 38.9 0.001 0.004
Incl. 40 41.5 1.5 1.48 60.9 0,001 0.004
INFILL DRILLING
HOLE
ID
From (m) To (m) Length
(m)
True
Width
(m)
Ag (g/t) Pb (%) Zn (%)
PC24-05 0 17.8 17.8 12.59 26 0.17 0.34
Incl. 3 4.5 1.5 1.06 47 0.08 0.26
And 23.8 29.3 5.5 3.89 108 0.2 0.57
Incl. 25.3 26.3 1 0.71 131 0.14 0.55
Incl. 27.8 29.3 1.5 1.06 190 0.24 0.65
PC24-25 0 35.6 35.6 25.17 56 0.35 0.08
Incl. 21.88 35.6 13.72 9.70 118 0.53 0.05
Incl. 21.88 30.48 8.6 6.08 131 0.38 0.05
Incl. 24.08 25.36 1.28 0.91 192 0.28 0.03
And 45.84 56.1 10.26 7.25 27 0.22 0.06
Incl. 50.96 53.52 2.56 1.81 63 0.27 0.06
Incl. 50.96 52.24 1.28 0.91 87 0.32 0.07
PC24-26 0 28.1 28.1 28.1 45 0.4 0.27
Incl. 10.5 25.1 14.6 14.6 61 0.5 0.24
Incl. 14.6 18.1 3.5 3.5 77 0.67 0.24
PC24-27 0 26.9 26.9 26.9 90 0.56 0.21
Incl. 8.9 26.35 17.45 17.45 120 0.65 0.25
Incl. 17.6 22.6 5 5 228 0.94 0.24
Incl. 18.6 19.6 1 1 322 0.57 0.25
Incl. 21.6 22.6 1 1 273 1.79 0.29
Incl. 24.2 25.25 1.05 1.05 149 0.8 0.23
The drill program continues to confirm a highly deformed, disseminated mineralization located
within a north-south structural trend and potential for resource expansion.
Drill-hole locations and Paca resource boundary shown below:
Close-up view of drill-hole locations shown below:
The full result from this drill program is presented below:
INFILL DRILLING
HOLE ID From To Length True
Width
(m)
Ag (g/t) Pb (%) Zn (%)
PC24-01 1.5 39.65 38.15 33.04 83 0.58 0.14
Incl. 14.15 21.65 7.5 6.50 91 0.46 1.12
Incl. 18.65 20.15 1.5 1.30 190 0.75 0.08
Incl. 26.15 39.65 13.5 11.69 140 0.55 0.15
Incl. 29.15 32.15 3 2.60 183 0.41 0.09
Incl. 33.65 38.15 4.5 3.90 198 0.84 0.14
PC24-03 0 35.3 35.3 22.69 83 0.42 0.08
Incl. 1.5 15.5 14 9.00 88 0.47 0.1
Incl. 6 7.5 1.5 0.96 155 0.18 0.08
Incl. 19.3 32.8 13.5 8.68 109 0.32 0.06
Incl. 23.8 26.8 3 1.93 156 0.32 0.04
Incl. 28.3 31.3 3 1.93 163 0.29 0.04
PC24-05 0 17.8 17.8 12.59 26 0.17 0.34
Incl. 3 4.5 1.5 1.06 47 0.08 0.26
and 23.8 29.3 5.5 3.89 108 0.2 0.57
Incl. 25.3 26.3 1 0.71 131 0.14 0.55
Incl. 27.8 29.3 1.5 1.06 190 0.24 0.65
PC24-06 0 81.4 81.4 57.55 7 0.02 0.06
Incl. 3 12 9 6.36 9 0.03 0.07
and 37.5 39 1.5 1.06 9 0.003 0.02
PC24-07 10.76 30.83 20.07 14.19 52 0.56 0.4
Incl. 17.8 27.35 9.55 6.75 82 0.91 0.23
Incl. 17.8 23.64 5.84 4.13 102 1.17 0.07
PC24-08 0 15 15 15.00 19 0.16 0.15
Incl. 0 3 3 3.00 31 0.21 0.16
PC24-10 0 14.25 14.25 14.25 70 0.1 0.07
Incl. 0 5 5 5.00 162 0.13 0.05
Incl. 0 2 2 2.00 289 0.15 0.05
PC24-11 2.69 43.75 41.06 29.03 237 1.1 0.1
Incl. 15 41.25 26.25 18.56 344 0.89 0.09
Incl. 15 18.75 3.75 2.65 438 0.95 0.14
Incl. 37.5 40 2.5 1.77 419 0.19 0.08
PC24-15 0 6 6 3.86 35 0.21 0.11
and 23 33.75 10.75 6.91 47 0.47 0.12
Incl. 28.35 33.75 5.4 3.47 74 0.41 0.1
Incl. 31.05 32.4 1.35 0.87 133 0.52 0.09
PC24-16 0 22.33 22.33 22.33 44 0.27 0.13
Incl. 0 10.31 10.31 10.31 64 0.16 0.15
Incl. 1.22 2.45 1.23 1.23 93 0.14 0.24
PC24-17 0 28.6 28.6 28.60 42 0.47 0.19
Incl. 1.4 2.9 1.5 1.50 70 0.05 0.2
Incl. 10.4 11.8 1.4 1.40 60 0.69 0.12
PC24-19 6 23.96 17.96 17.96 34 0.36 0.16
Incl. 20.67 23.96 3.29 3.29 46 0.81 0.14
Incl. 23.62 23.96 0.34 0.34 63 0.27 0.13
PC24-24 1.5 18.15 16.65 16.65 21 0.52 1.04
Incl. 5.4 11.31 5.91 5.91 30 0.38 0.27
PC24-25 0 35.6 35.6 25.17 56 0.35 0.08
Incl. 21.88 35.6 13.72 9.70 118 0.53 0.05
Incl. 21.88 30.48 8.6 6.08 131 0.38 0.05
Incl. 24.08 25.36 1.28 0.91 192 0.28 0.03
and 45.84 56.1 10.26 7.25 27 0.22 0.06
Incl. 50.96 53.52 2.56 1.81 63 0.27 0.06
Incl. 50.96 52.24 1.28 0.91 87 0.32 0.07
PC24-26 0 28.1 28.1 28.1 45 0.4 0.27
Incl. 10.5 25.1 14.6 14.6 61 0.5 0.24
Incl. 14.6 18.1 3.5 3.5 77 0.67 0.24
PC24-27 0 26.9 26.9 26.9 90 0.56 0.21
Incl. 8.9 26.35 17.45 17.45 120 0.65 0.25
Incl. 17.6 22.6 5 5 228 0.94 0.24
Incl. 18.6 19.6 1 1 322 0.57 0.25
Incl. 21.6 22.6 1 1 273 1.79 0.29
Incl. 24.2 25.25 1.05 1.05 149 0.8 0.23
EXPANSION DRILLING
HOLE ID From To Length True
Width
(m)
Ag (g/t) Pb (%) Zn (%)
PC24-02 0 40.2 40.2 28.43 20 0.32 0.52
Incl. 7.2 14.5 7.3 5.16 31 0.31 0.13
Incl. 25.6 26.9 1.3 0.92 41 0.43 0.24
PC24-04 0 31.05 31.05 31.05 46 0.2 0.06
Incl. 0 9 9 9.00 115 0.37 0.05
Incl. 1.5 4.5 3 3.00 143 0.47 0.05
Incl. 6 7.5 1.5 1.50 151 0.32 0.07
PC24-09 0 5 5 3.54 59 0.16 0.15
Incl. 0 2 2 1.41 97 0.31 0.13
Incl. 0 1 1 0.71 101 0.24 0.14
PC24-12 0 18.8 18.8 18.80 22 0.31 0.21
Incl. 13.8 16.6 2.8 2.80 36 0.75 0.4
PC24-13 0 33.6 33.6 33.60 12.98 0.48 0.32
Incl. 5.1 6.6 1.5 1.50 33.3 0.43 0.14
PC24-14 0 17.8 17.8 12.59 60 0.7 0.18
Incl. 8.8 17.8 9 6.36 90 0.74 0.25
Incl. 16.3 17.8 1.5 1.06 185 0.58 0.33
PC24-18 0 39.9 39.9 28.21 157 0.5 0.2
Incl. 13 32.4 19.4 13.72 304 0.7 0.19
Incl. 15 27.9 12.9 9.12 391 0.7 0.16
Incl. 16.5 19.5 3 2.12 583.5 0.61 0.1
PC24-18 59.4 61.9 2.5 1.77 43 0.44 0.42
PC24-20 0 18.4 18.4 18.40 51 0.2 0.13
Incl. 3.6 17.24 13.64 13.64 58 0.2 0.13
Incl. 8.6 13.82 5.22 5.22 65 0.13 0.14
PC24-21 12.84 18.83 5.99 5.99 30 0.13 0.13
PC24-22 10.5 25.22 14.72 14.72 45 0.51 0.39
Incl. 18.34 25.22 6.88 6.88 77 0.64 0.28
Incl. 22.45 25.22 2.77 2.77 116 0.63 0.29
Incl. 22.45 23.82 1.37 1.37 134 0.66 0.3
PC24-23 0 23.1 23.1 23.10 138 0.26 0.1
Incl. 7.84 20.1 12.26 12.26 223 0.28 0.08
Incl. 9.19 15.94 6.75 6.75 334 0.28 0.07
Incl. 13.24 15.94 2.7 2.70 360 0.32 0.06
PC24-28 38.5 41.5 3 2.95 38.9 0.001 0.004
Incl. 40 41.5 1.5 1.48 60.9 0,001 0.004
All 28 holes from the drill program shown on the map below:
The Paca project hosts a high-grade silver resource according to a technical report by Mercator
Geological Services, dated effective October 13, 20 20 titled “Mineral Resource Estimate
Technical Report for the Pulacayo Project, Potosi Department Antonio Quijarro Province Bolivia”
(the “Technical Report”). The mineral resource estimate from the Technical Report is as follows:
Paca Zone Category Tonnes Ag g/t Ag Moz Zn% Pb %
Phase 1 Oxide In Pit Indicated 800,000 231 5.9 - -
Inferred 235,000 159 1.2 - -
Phase 2 Sulfide In Pit Indicated 1,810 ,000 256 14.9 1.22 1.22
Inferred 190 ,000 338 2.1 0.61 0.98
*Oxide resources are based on a Pit-constrained est imate using a 90 g/t Ag cutoff. Sulfide resources a re based on a
pit-constrained estimate using a 200 g/t Ag Eq cuto ff. Ag Eq = Silver Equivalent (Recovered) = (Ag
g/t*89.2%)+((Pb%*(US$0.95/lb. Pb/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*91.9%))+((Zn%*(US$1.16/lb.
Zn/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,0 00*82.9%)). Sulphide zone metal recoveries of 89.2% for Ag,
91.9% for Pb, and 82.9% for Zn were used in the Sil ver Equivalent (Recovered) equation and reflect met allurgical
testing results disclosed previously for the Pulacayo Deposit. Matthew Harrington P. Geo. is the independent Qualified
Person for the resource estimate.
The Technical Report was effective October 13, 2020 and is available under the Company’s
profile on SEDAR+ at www.sedarplus.ca . This news release includes an estimate of mineral
resources as disclosed in the Technical Report. Mineral resources that are not mineral reserves
do not have demonstrated economic viability.
Quality Assurance and Quality Control
Silver Elephant adopts industry-recognized best pra ctices in its implementation of QA/QC
methods. A geochemical standard control sample, one duplicate and one blank sample are
inserted into the sample stream at every 25th sampl e. Samples are shipped to ALS Global
Laboratories in Ururo, Bolivia for preparation. They are then shipped for analysis to ALS Global
laboratories in Lima, Peru. Samples are analyzed using Intermediate Level Four Acid Digestion.
Silver over limits (“ore grade”) are analyzed using fire assay with a gravimetric finish. ALS
Laboratories sample management system meets all the requirements of the International
Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are
accredited to ISO/IEC 17025:2017 for specific analytical procedures.
All samples are taken from PQ or HQ diameter core were split in half by a diamond-blade masonry
saw. One half of the core is submitted for laboratory analysis and the other half is preserved for
reference at the Company’s secured core facility. A ll the core is geotechnically analyzed,
photographed and then logged by geologists prior to sampling.
About Pulacayo-Paca
The Paca project is part of the Company’s Pulacayo-Paca project with a total indicated resource
of 106.7 million oz silver, 1.4 billion pounds of z inc and 690 million pounds of lead published in
the Technical Report and tabulated below. Silver El ephant and its subsidiaries have spent over
$35 million on Pulacayo and Paca, which is consider ed to be an advanced project with over
96,000 meters of drilling, and a historic feasibility study.