Silver Elephant Drills 2 meters of 299g/t Silver, 1.5km north of Tajo Vein System at Pulacayo Project in Bolivia
Silver Elephant Drills 2 meters of 299g/t Silver, 1.5km north of Tajo
Vein System at Pulacayo Project in Bolivia
Vancouver, British Columbia, March 29, 2022 – Silver Elephant Mining Corp. (“Silver Elephant” or “the
Company”) (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N) announces regional exploration drilling results from
its 100%-controlled Pulacayo silver project in the Potosi department of Bolivia.
A total of 9 holes were drilled, totaling 3,251 meters to test several induced polarization (“IP”) geophysical targets
within a 3km radius f rom the San Leon tunnel entrance accessing the east-west trending Tajo Vein System
(“TVS”) that comprises the Pulacayo deposit. The TVS is where all of the historic Pulacayo silver production took
place from the early 1800’s until 1952.
This modest drill program covering an area of 3.5km by 2km is the largest regional drill campaign outside of the
Pulacayo and Paca deposits (Paca is 7km north of Pulacayo).
3 of the 9 holes encountered multiple intersections of mineralization, including 2 meters grading 299g/t silver,
0.75% lead and 0.44% zinc at PUD292 (Pacamayo target ). PUD291 and PUD292 prematurely ended in
mineralization at depths of 717meters and 562 meters respectively due to drill rig capability, while PUD 293 was
abandoned due to poor ground conditions.
The results demonstrate that silver and base metals have been deposited in areas distant to the main TVS,
providing encouraging signs of possibl y existing, yet-to-be-discovered, parallel or conjugate vein systems to
TVS, which was formed in a large hydrothermal system given its depth extends to 1,000 meters or more from
surface.
Also notable are the similarly strong IP signatures exhibited at the TVS versus the drilled targets. The TVS (i.e.
Pulacayo deposit) features increasing gra des and thickness with depth that may be related to lithological
contrasts with changing structural behaviour where these contrasts occur . This combination may have led to
dramatic changes in the pressure-temperature conditions that induce precipitation of favorable metals. The
Company plans to further rehabilitate the San Leon tunnel and adits to provide a platform for future underground
drilling to reach deeper targets beneath the pyrite caps while conserving drill meterage.
The Company will examine the drill assays and core to reconstruct the geological model for the district where no
information other than surface mapping was previously available. Incorporating these results with i sopach and
isochore modeling, geological mapping, geochemistry and geophysics will enhanc e the Company’s
understanding in order to refine and inform the next round of exploration drill targets towards the end of 2022.
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The results are summarized in the following table:
Hole ID
Target
From To
Width
(m) Ag (g/t) Pb % Zn %
AgEq
(g/t)
PUD 291 El Abra 391.0 393.0 2.0 6 0.14 0.36 24
PUD 291 426.0 428.0 2.0 7 0.39 0.81 51
PUD 291 628.0 636.0 8.0 2 0.08 0.27 16
PUD 291 693.0 699.0 6.0 4 0.22 0.50 31
PUD 291 711.0 717.5 6.5 10 0.29 0.56 41
PUD-292 Pacamayo 38.0 52.0 14.0 6 0.13 0.23 19
PUD-292 86.0 98.0 12.0 2 0.06 0.27 14
PUD-292 151.0 173.0 22.0 2 0.06 0.21 11
PUD-292 175.0 212.0 37.0 2 0.06 0.24 13
PUD-292 291.0 303.0 12.0 6 0.05 0.14 12
PUD-292 356.0 364.0 8.0 3 0.13 0.39 23
PUD-292 486.0 520.0 34.0 22 0.26 0.22 37
Incl… 495.0 497.0 2.0 299 0.75 0.44 310
PUD-292 526.0 537.0 11.0 2 0.09 0.50 25
PUD-292 541.0 562.0 21.0 4 0.11 0.53 28
PUD 293 Pero 114.0 123.0 9.0 12 0.17 0.42 33
PUD 293 165.0 171.0 6.0 18 0.09 0.06 22
Note: Reported widths are intercepted core lengths and not true widths, as relationships with intercepted structures and contacts vary. Based on core-
angle measurements, true widths range from 75% to 85% of the reported core length. Please see note on AgEq calculation in preceding paragraphs.
Sulphide zone metal recoveries of 89.2% for Ag, 91.9% for Pb, and 82.9% for Zn were used in the Silver Equivalent (Recovered) equation and reflect
metallurgical testing results disclosed previously for the Pulacayo Deposit. Summaries of each hole and their target rationale are provided in the discussion
below. Silver equivalents are noted where “ AgEq”=Silver Equivalent (Recovered) and is equal to (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)*(10,000*82.9%)).
The Pulacayo project consists of the Pulacayo and Paca deposits which received over 94,000 meters of drilling
since the late 1990’s with a combined indicated mineral resource of 106.7 million oz of silver, 1,384.7 million
pounds of zinc, and 693.9 million pounds of lead, and an Inferred Miner al Resource of 13.1 million oz of silver,
122.8 million pounds of zinc and 61.9 million pounds of lead (prepared by Mercator Geological Services Ltd,
details provided in the Company’s news release dated October 13, 2020.)
The Pulacayo deposit mineral resource estimate is provided in the following tables.
Pulacayo Deposit Combined Pit-Constrained and Out-of-Pit MRE – Effective Date October 13, 2020
Cut -off
Grade Zone Category Rounded
Tonnes Ag g/t Zn % Pb % Ag
Moz
Zn
Mlbs
Pb
Mlbs
*AgEq
Moz
*AgEq
g/t
50 Ag g/t Oxide
In-Pit
Indicated 1,090,000 125 4.4
Inferred 25,000 60 0.0
30 *AgEq
g/t
Sulfide
In-Pit
Indicated 24,600,000 76 1.63 0.70 60.1 884.0 379.6 123.4 156
Inferred 745,000 82 1.79 0.61 2.0 29.4 10.0 3.9 164
100
*AgEq g/t
Sulfide
Out-of-Pit
Indicated 660,000 268 1.35 0.44 5.7 19.6 6.4 6.5 307
Inferred 900,000 179 2.14 0.42 5.2 42.4 8.3 7.4 257
Total:
Indicated 26,350,000 70.2 903.7 386.0 133.4
Inferred 1,670,000 7.2 71.8 18.4 11.4
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Pulacayo Deposit Pit-Constrained Cut-Off Grade Sensitivity Report for Sulfide Zone
Cut -off
Grade Category Rounded
Tonnes Ag g/t Zn
%
Pb
% Ag Moz Zn Mlbs Pb Mlbs *AgEq Moz *AgEq
g/t
30 AgEq g/t
Indicated 24,600,000 76 1.63 0.7 60.1 884 379.6 123.4 156
Inferred 745,000 82 1.79 0.61 2 29.4 10 3.9 164
45 AgEq g/t
Indicated 23,715,000 78 1.67 0.72 59.5 873.1 376.4 122 160
Inferred 735,000 83 1.81 0.61 2 29.3 9.9 3.9 166
90 AgEq g/t Indicated 13,700,000 121 2.17 0.99 53.3 655.4 299 100 227
Inferred 290,000 154 3.62 0.97 1.4 23.1 6.2 2.9 312
200 AgEq g/t
Indicated 5,385,000 249 2.75 1.54 43.1 326.5 182.8 66.3 383
Inferred 180,000 230 4.57 1.22 1.3 18.1 4.8 2.5 426
400 AgEq g/t
Indicated 1,860,000 387 3.62 2.25 23.1 148.4 92.3 33.8 565
Inferred 105,000 297 5.29 1.46 1 12.2 3.4 1.8 521
Summaries of each hole and their target rationale are provided in the discussion below.
PUD288 was a hole completed in early 2021 in conclusion of a drilling program at the Pero area, southeast of
the TVS. This program successfully identified mineralization in that area, including encountering 4 meters of 518
g/t AgEq (PUD286; 393 g/t Ag, 0.88% Pb, 3.79% Zn; see Company’s press release dated January 27, 2021).
No significant results are reported from PUD288.
PUD289 was drilled 330 meters north of the western TVS trend to test a shallow IP anomaly. No significant silver
mineralization was encountered, and the anomaly was explained by the presence of pyrite in the hole which is
a highly chargeable iron-sulphide.
PUD290 was drilled to test an IP anomaly drilling north-to-south in what is called the El Abra area. The El Abra
area is host to a weakly mineralized hydrothermal breccia pipe on the property approximately 900 meters north
of the TVS on the western side . An IP anomaly at d epth was noted as a target that may have represented an
increase in the amount of mineralization observed at surface at the noted target depth. The hole encountered 6
meters of weak mineralization from 270 to 276 meters grading of 8 g/t AgEq (1 g/t Ag, 0.04% Pb, 0.15% Zn).
PUD291 was designed to test IP targets on the south portion and directly underneath the El Abra breccia. The
first target was projected between 375 and 425 meters, the second target at 575- 625 meters The hole
encountered silicified pyrite-bearing rocks early in the hole and encountered 24 g/t AgEq mineralization at 391-
393 meters (6 g/t Ag, 0.14% Pb, 0.36% Zn) and 51 g/t AgEq at 426 to 428 meters (7 g/t Ag, 0.39% Pb, 0.81%
Zn). For the second target, three mineralized intervals were encountered (8 meters from 628- 636 meters @ 2
g/t Ag, 0.39% Pb, 0.89% Zn, 16 g/t AgEq; 6 meters from 693-699 meters @ 4 g/t Ag, 0.22% Pb, 0.50% Zn, 31
g/t AgEq; 6.5 meters from 711-717.5 meters @ 10 g/t Ag, 0.29% Pb, 0.56% Zn, 41 g/t AgEq). The hole ended
in this mineralization at 717.5 meters.
PUD292 was drilled to test the Pacamayo area (approximately 1.5 km north of the TVS), the most prospective
and advanced target of this campaign underneath the northern portion of the San Leon tunnel, which is the adit
for the historic Pulacayo mine. This underground area was mapped by Silver Elephant in 2020 which discovered
a strong alteration envelope coinciding with chips samples of 0.6- 1m intervals that returned high-grade assays
of over 1,500 g/t Ag (beyond detection limit), up to 3.1% copper, up to 17.6% lead and up to 6.9% zinc. PUD292
tested an IP target below this zone. A total of 9 mineralized intervals were encountered in the hole with varying
amounts of modest grades with the exception of a 2 meter interval of 299 g/t Ag, 0.75% Pb, 0.44% Zn, 310 g/t
AgEq from 495-497 meters, nested in a wider interval of 34 meters of 22 g/t Ag, 0.26% Pb, 0.22% Zn, 37 g/t
AgEq from 486-520 meters. The hole ended in modest mineralization at 562 meters.
PUD293 and PUD294 were both designed to test IP anomalies in and around the Pero area, below what is
believed to be a thrusted block of sandstone. Holes were designed to test several clustered anomalies. PUD293
was abandoned at 233 meters due to ground conditions and tested the shallower portion of this anomaly .
Several intervals of mineralization were encountered including 9 meters of 12 g/t Ag, 0.17% Pb, 0.42% Zn, 33
g/t AgEq from 114 -123 meters, and 6 meters of 18 g/t Ag, 0.09% Pb, 0.06% Zn, 22 g/t AgEq from 165- 171
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meters. No significant results are reported from PUD294 which tested the deeper portions of the same anomaly
and crossed several smaller anomalies at depth.
Maps are available at www.silverelef.com
Qualified Person
The technical contents of this news release have been prepared under the supervision of Danniel Oosterman,
VP Exploration. Mr. Oosterman is not independent of the Company in that he is employed by it. Mr. Oosterman
is a qualified person as defined by the guidelines in NI 43-101.
Quality Assurance and Quality Control
Silver Elephant adopts industry -recognized best practices in its implementation of QA/QC methods. A
geochemical standard control sample and a blank sample are inserted into the sample stream at every 20th
sample. Duplicates are taken at every 40th sample. Standards and duplicates, including lab duplicates and
standards, are analyzed using scatterplots. Samples are shipped to A LS 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 overlimits (“ore grade”) are analyzed using fir e
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 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. All the core is geotechnically analyzed and photographed and then logged by geologists
prior to sampling.
About Silver Elephant
Silver Elephant Mining Corp. is a premier silver mining and exploration company which also owns 39% of Battery
Metals Royalties Corp.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
“John Lee”
Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
[email protected] www.silverelef.com
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as “expects”,
“anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which
are not historical facts are forward-looking information within the meaning of applicable securities laws. Such forward-
looking statements, which reflect management’s expectations regarding Company’s future growth, results of operations,
performance, and business prospects and opportunities, are based on certain factors and assumptions and involve known
and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially
different from future results, performance, or achievements expressed or implied by such forward-looking statements.
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These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-
looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in
this news release and the documents incor porated by reference herein are reasonable, but no assurance can be given
that these expectations will prove to be correct. In addition, although the Company has attempted to identify important
factors that could cause actual actions, events, or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or
intended. The Company undertakes no obligation to publicly release any future r evisions to forward-looking statements
to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except
as expressly required by law.