Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) is pleased to announce diamond drill results from the Paca deposit 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 17.45 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 resource 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 and production 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.

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:

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, 2020 titled “Mineral Resource Estimate Technical Report for the Pulacayo Project, Potosi Department Antonio Quijarro Province Bolivia”. The mineral resource estimate from the Technical Report is as follows:

*Oxide resources are based on a Pit-constrained estimate using a 90 g/t Ag cutoff. Sulfide resources are based on a pit-constrained estimate using a 200 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.
 

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 practices 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 sample. 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. All 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 zinc and 690 million pounds of lead published in the Technical Report and tabulated below. Silver Elephant and its subsidiaries have spent over $35 million on Pulacayo and Paca, which is considered to be an advanced project with over 96,000 meters of drilling, and a historic feasibility study.

*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 Troyoz./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 Mining Production Contract with Corporación Minera de Bolivia, 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 Silver San Vicente mine, Eloro Resource’s Iska project, and New Pacific Metal’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 employed 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 its flagship Pulacayo-Paca silver project in production since October 2023 in Bolivia.