Silver Elephant Drills 39.9 Meters Grading 157 g/t Silver Including 3 Meters Grading 583.5 g/t Silver at Paca in Bolivia
Silver Elephant Drills 39.9 Meters Grading 157 g/t Silver
Including 3 Meters Grading 583.5 g/t Silver at Paca in
Bolivia
Vancouver, British Columbia – July 22, 2024 — Silve r Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTC: SILEF, Frankfurt: 1P2) is pleased 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 assa ys for 13 holes (7 exploration, 6 infill) have
been received and are reported below. The remainder of the assays are expected in early August
Notable results from the 7 exploration holes includ e PC24-18 which intercepted 39.9 meters of
159 g/t silver from surface, including 3.0 meters of 583.5 g/t silver and PC24-23 which intercepted
23.1 meters of 138 g/t silver from surface, includi ng 2.7 meters of 360 g/t silver. Both PC24-18
and PC24-23 were drilled in the south west of the Paca north area.
This drill program was paid for by Andean Precious Metals Corp. (“Andean”). Pursuant to the
sales and purchase agreement and master services ag reement detailed in the 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 and produ ction run rate, the Company expects to receive
US$2.5 million before January 31, 2025. Andean has also agreed to reimburse Silver Elephant
for operating expenses under the sales and purchase agreement.
John Lee, CEO of Silver Elephant comments: “All 7 e xploration drill holes intercepted silver
mineralization outside of Paca resource area. We are very excited about the potential addition to
Paca oxide resource as any oxide sales exceeding 80 0,000 tonnes will be subject to a new off
take agreement between Silver Elephant and Andean. In June, Silver Elephant delivered 29,270
tonnes of Paca oxide materials to Andean.”
EXPANSION DRILLING
HOLE ID From To Length True Width
(m)
Ag (g/t) Pb (%) Zn (%)
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
PC24-14 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
EXPANSION DRILLING
HOLE ID From To Length True Width
(m)
Ag (g/t) Pb (%) Zn (%)
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
Incl. 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
INFILL DRILLING
HOLE ID From To Length True
Width
(m)
Ag (g/t) Pb (%) Zn (%)
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
PC24-10 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
PC24-15 0 6 6 3.86 35 0.21 0.11
Incl. 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
INFILL DRILLING
HOLE ID From To Length True
Width
(m)
Ag (g/t) Pb (%) Zn (%)
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
The drill program confirmed a highly deformed, disseminated mineralization located within a
north-south structural trend.
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 Antonnio 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 esti mate using a 90 g/t Ag cutoff. Sulfide resources ar e 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.
Combined Pulacayo and Paca Indicated Mineral Resources
Tonnes Ag g/t Pb % Zn %
Oxide 2,185,000 155 - -
Sulfide 45,855,000 65 0.69 1.37
Combined Indicated Mineral Resources includes Pulacayo pit-constrained and out-of-pit plus only Paca pit-constrained
resources. Oxide resources use a 50 g/t Ag cutoff. Sulfide resources use a 100 g/t Ag Eq cutoff. 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)*(10,000*82.9%)). 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. Matthew Harrington P. Geo. is the independent Qualified Person for the
resource estimate.
A subsidiary of Silver Elephant entered into a Mini ng Production Contract (“MPC”) with
Corporación Minera de Bolivia (“COMIBOL”), a branch of the Bolivian Ministry of Mining and
Metallurgy on October 3, 2019. The MPC grants the Company’s subsidiary an exclusive right to
develop and mine at the Pulacayo and Paca concessions for up to 30 years.
The Pulacayo-Paca Project is at the center of a major silver mining district in Bolivia and is within
250 km driving distance to the San Cristobal mine, the Cerro Rico mine, Pan American’s San
Vicente mine, Eloro’s Iska Iska project, and New Pacific’s Silver Sands project.
Qualified Person
The technical contents of this news release have been prepared under the supervision of Carlos
Zamora, who is not independent of the Company in that he is employ ed by it. Mr. Zamora is a
qualified person as defined by the guidelines of NI 43-101.
About Silver Elephant Mining Corp.
Silver Elephant is a silver mining company, with it s flagship Pulacayo-Paca silver project in
production since October 2023 in Bolivia.
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
www.silverelef .com
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking informa tion” and “forward-looking statements”
(collectively, “forward-looking information”) withi n the meaning of applicable securities laws.
Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,”
“will,” “anticipates,” “intends,” “could”, “estimat es”, “expects”, “forecasts”, “projects” and similar
expressions, and the negative of such expressions. Such forward-looking information, which
reflects management’s expectations regarding Silver Elephant’s future growth, results of
operations, performance, business prospects and opp ortunities, is based on certain factors and
assumptions and involves known and unknown risks an d uncertainties which may cause the
actual results, performance, or achievements to be materially different from future results,
performance, or achievements expressed or implied b y such forward-looking information.
Forward-looking information in this news release in cludes the expected amount and timing for
delivery of Product to Andean, and expected timing and benefits of phase 2 sulphide production
for the Paca project.
Forward-looking information involves significant risks and uncertainties, should not be read as a
guarantee of future performance, events or results, and may not be indicative of whether such
events or results will actually be achieved. A number of risks and other factors could cause actual
results to differ materially from expected results discussed in the forward-looking information,
including but not limited to: changes in operating plans; ability to secure sufficient financing to
advance the Company’s project; conditions impacting the Company’s ability to mine at the project,
such as unfavourable weather conditions, developmen t of a mine plan, maintaining existing
permits and receiving any new permits required for the project, and other conditions impacting
mining generally; maintaining cordial business rela tions with strategic partners and contractual
counter-parties; meeting regulatory requirements and changes thereto; risks inherent to mineral
resource estimation, including uncertainty as to wh ether mineral resources will be further
developed into mineral reserves; political risk in the jurisdictions where the Company’s projects
are located; commodity price variation; and general market, industry and economic conditions.
Additional risk factors are set out in the Company’ s latest annual and interim management’s
discussion and analysis and annual information form (AIF), available on SEDAR+ at
www.sedarplus.ca.
Forward-looking information is based on reasonable assumptions by management as of the date
of this news release, and there can be no assurance that actual results will be consistent with any
forward-looking information included herein. Reader s are cautioned that all forward- looking
statements in this news release are made as of the date of this news release. The Company
undertakes no obligation to update or revise any forward-looking information in this news release
to reflect circumstances or events that occur after the date of this news release, except as required
by applicable securities laws.