Silver Elephant Pulacayo Drill-Hole Reports 99-meter Intersection Grading 27.8g/t Gallium, 9.7g/t Indium, 21.2 g/t Silver, 1.1% Zinc, and 0.5% Lead in Bolivia
Silver Elephant Pulacayo Drill-Hole Reports 99-meter
Intersection Grading 27.8g/t Gallium, 9.7g/t Indium, 21.2 g/t
Silver, 1.1% Zinc, and 0.5% Lead in Bolivia
Vancouver, British Columbia, May 21, 2024 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX:ELEF, OTC:SILEF, Frankfurt:1P2N) is pleased to announce
that it has identified multiple occurrences of gallium (Ga) and indium (In) in selected drill core at
its flagship Pulacayo silver-lead-zinc project (“Pulacayo Project”) in Potosi department, Bolivia.
While conducting a routine review of the Pulacayo p roject drillhole database, the Company
recognized several wide intervals of gallium and in dium mineralization from four diamond-drill-
holes. The assays of the four drill holes (PUD 28 t o 31) are tabulated below. Hole PUD 28
contained a 99-meter (“m”) intersection grading gallium 27.8 grams per tonne (“g/t”), indium 9.7
g/t, silver 21.2 g/t, zinc 1.1%, and lead 0.5%.
HOLE ID From
(m) To (m) Int (m)
True
Width
(m)
Ga
(g/t) In (g/t) Ag (g/t) Pb (%) Zn (%)
PUD028 131 230 99 89.7 27.8 9.7 21.2 0.5 1.1
Inc. 149 156 7 6.3 24.0 9.4 2.0 1.3 1.7
Inc. 183 194 11 10 30.1 28.8 3.8 0.5 2.1
Inc. 188 192 4 3.6 30.9 50.4 2.7 0.9 3.0
Inc. 212 225 13 11.8 26.7 21.6 113.7 0.5 1.7
Inc. 212 216 4 3.6 27.1 32.5 250.3 0.8 2.3
PUD029 22 39 17 12 24.5 4.9 14.6 0.5 1.0
Inc. 25 31 6 4.2 23.6 10.3 30.9 0.9 2.6
Inc. 30 32 2 1.4 23.1 15.8 60.0 1.7 3.7
PUD029 49 70 21 14.8 26.1 4.8 11.6 0.5 1.4
Inc. 53 61 8 5.7 28.1 9.1 24.7 0.9 2.6
Inc. 53 56 3 2.1 29.5 16.6 41.3 1.1 4.5
PUD029 108 123 15 10.6 24.5 6.2 23.8 0.9 1.7
Inc. 114 117 3 2.1 19.6 11.6 50.3 1.9 3.0
PUD030 115 118 3 1.7 18.6 7.1 75.4 0.3 0.1
PUD030 214 233 19 10.9 30.7 0.1 0.1 0.0 0.0
PUD031 63 71 8 6.6 2.9 3.1 25.5 0.8 1.1
Inc. 64 65 1 0.8 4.3 8.0 39.7 0.4 1.0
PUD031 75 82 7 5.7 2.1 5.0 10.9 0.4 1.2
Inc. 81 82 1 0.8 2.0 9.0 15.2 0.7 1.5
The Company is highly encouraged by the gallium and indium results and will continue to evaluate
this potential given:
1. Gallium and indium are typically associated with zinc in polymetallic deposits similar to
Pulacayo.
The Pulacayo project has a total indicated resource of 106.7 million ounces of silver, 1.4 billion
pounds of zinc and 690 million pounds of lead published in the Technical Report dated October
13, 2020 and tabulated below.
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., Michael Cullen, P. Geo. and Osvaldo
Arce, P. Geo are the independent Qualified Persons for the mineral resource estimate (“N.I. 43-101 Mineral Resource
Estimate Technical Report for the Pulacayo Project Effectve Date October 13, 2020”). They have verified all data and
the QA/QC methodology. Mineral resources that are not mineral reserves do not have demonstrated economic
viability.
2. The four drill holes were drilled between 2003 and 2005 by a previous operator. Gallium and
indium results have not been used in any resource calculation to date.
3. The wide gallium and indium intersection with co nsistent grades from PUD 28 suggests the
presence of additional mineralization in PUD 28’s surroundings.
The Company has reviewed all available data, select ed 171 samples from 12 drill holes and
submitted them to SGS Laboratories Services to assay for gallium and indium. The samples were
selected for testing because of their proximity to PUD 28-31.
John Lee, CEO of Silver Elephant comments: “There i s lot of work ahead to establish Pulacayo
as a potentially strategic source of gallium and indium supply to the North American market. We
are cautiously optimistic of exploring this new dim ension at Pulacayo to take advantage of
increasing demand for gallium and indium (and risin g prices) in high-tech 5G and LCD
applications.”
Both indium and gallium prices are trading at appro ximately $10/oz (dailymetalprice.com), with
prices doubling since 2020. On August 1, 2023, Chin a began restricting exports of gallium and
germanium as part of its broader export control rules, with a focus on limiting the exports of critical
minerals, including gallium, germanium and graphite.
Indium is an essential ingredient in solar panels, touch screens and LCD panels while gallium is
used in most advanced semiconductor chipsets in 5G applications with reduced power
consumption and heat generation vs silicon counterparts.
Total annual world gallium and indium production is estimated by U.S. Geological Survey (2022)
to be 15 million oz and 32 million oz respectively. China currently accounts for over 90% of the
global gallium production and over 65% of the global indium production, as well as a substantial
portion of the world's exports.
QA/QC
An industry standard Quality Assurance/Quality Control program was used during the various drill
campaigns. All core and other samples were split wi th half being bagged, labelled and shipped
directly to the laboratory. The other 50% split is retained in a secure facility. Both standards and
blanks were inserted at regular intervals within ea ch sample batch prior to shipment to the
laboratory. These comprised 3-5% (depending on the phase of the drill campaign) of analyzed
material. For further details, the reader is referred to the N.I. 43-101 cited above.
Qualified Person
The technical contents of this news release have be en prepared under the supervision of Bill
Pincus, who is an independent consultant of the Com pany. Mr. Pincus 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”
CEO
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
www.silverelef.com
FORWARD-LOOKING INFORMATION
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 the Company's f uture growth, results of operations,
performance, 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 forwar d-looking statements. Forward-looking
information in this news release include statements regarding the potential of the drilling results
disclosed in this news release, and whether current interpretations of drilling results will be
confirmed by future work.
Forward-looking statements are based on expectation s and reasonable assumptions by
management as of the date of this news release, and are subject to risks and uncertainties that
may cause actual results to differ materially from those expressed or implied herein, including the
results of any future drilling campaigns which may differ from the results expected by
management, changes in the Company’s exploration pl ans, commodity prices, supply and
demand, the fact that mineral resources that are not mineral reserves do not have demonstrated
economic viability, the Company’s requirements for additional capital, and general economic and
market conditions. There can be no assurance that a ctual results will be consistent with any
forward-looking statements included herein. Readers 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 statements 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.