07:07:00 EDT Thu 28 Oct 2021
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Silver Elephant Mining Corp
Symbol ELEF
Shares Issued 209,289,349
Close 2021-08-30 C$ 0.25
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Silver Elephant grab samples 294 g/t Ag at El Triunfo

2021-08-30 10:01 ET - News Release

Mr. John Lee reports


Silver Elephant Mining Corp.'s continuing exploration at both the Pulacayo silver project and the El Triunfo gold-silver project in Bolivia are yielding encouraging results as follows:

Pulacayo district exploration (silver, lead and zinc)

Further to news dated June 21, 2021, Silver elephant has drilled 1,972 metres of its announced 2,000-metre drill program. Drilling has been completed at El Abra, Veta Quattro and Pacamayo prospects identified through mapping and 2021 IP (induced polarization) survey at Pulacayo district. These are distant unexplored targets located up to one kilometre from the Pulacayo Tajo vein system (TVS) whereat all of the historic production of 678 million ounces occurred as reported by the National Geological and Mineral Service of Bolivia (Sergeotecmin).

Drilling at Pacamayo (one kilometre north of the National Instrument 43-101 Pulacayo resource that is the upper part of TVS) has confirmed visual concentrations of galena, tetrahedrite and sphalerite between 490 to 560 metres depth matching a high IP chargeability, which extends beyond a depth of 500 metres and exceeds the IP depth detection limit.

The company is currently drilling PUD 293 at the Pero area about 500 metres south of Pulacayo resource where an IP anomaly is detected at a depth between 250 to 500 metres. PUD293 is located 300 metres southwest of PUD286 (also outside of Pulacayo Resource) which intercepted four metres of 393 grams per tonne Ag, 3.79 per cent Zn, 0.88 per cent Pb at 148 metres downhole (see company's press release dated Jan. 27, 2021). The IP target for PUD 293 corresponds favourably to a mapped structure that strikes westward from PUD 286.

All prior Pulacayo drilling focused primarily on the upper part of Pulacayo TVS and the Paca satellite deposit (seven kilometres north of TVS) which define the Pulacayo resource of an indicated mineral category of 106.7 million oz of silver, 1,384.7 million pounds of zinc and 693.9 million lb of lead. The indicated Pulacayo resource is 48 million tonnes grading 69 grams per tonne silver, 1.3 per cent zinc, 0.7 per cent lead based on over 100,000 metres of drilling. The resource calculation was completed by Mercator Geotechnical Services (refer to news release dated Oct. 13, 2020).

It should be noted that the Pulacayo TVS showed up in the IP survey with high chargeability and medium resistivity, and that many of the IP anomalies such as Pacamayo in the survey carry very similar IP signatures to the TVS which is what makes these targets compelling.

Matrix Geotechnologies Ltd. of Canada has recently returned from a brief break to commence surveying at Paca as part of the expanded 108-line-kilometre IP program which so far keeps on finding additional targets which the company will assess for possible drilling.

El Triunfo project (gold, silver, lead and zinc)

Silver Elephant has completed a 30-line-kilometre IP survey at its El Triunfo project and has identified several IP anomalies. Of particular interest is an anomaly that extends 200 metres east of the artisanal workings where all prior exploration and drilling occurred. The east anomaly measures 50 metres to 75 metres wide, and 200 metres along strike and appears to be 100 metres to 200 metres from surface. This anomaly is open to the east as the company ground crew compiles remaining data to determine its full dimensions. This east anomaly has never been drilled and exhibits the same IP signature as prior drilled areas beneath the artisanal workings to the west.

Gold equivalent calculation uses a gold price of $1,795 (U.S.), a zinc price of 93 U.S. cents, a lead price of 80 U.S. cents and a silver price of $18.30 (U.S.), and assumes a 100-per-cent metallurgical recovery. Based on core-angle measurements, true widths range from 54 per cent to 65 per cent of reported core length.

Significant assay results from a total of 74 surface samples, taken as part of the mapping program on this eastern extension, are included in the associated table.

Gold equivalent calculation uses a gold price of $1,795 (U.S.), a zinc price of 93 U.S. cents, a lead price of 80 U.S. cents and a silver price of $18.30 (U.S.), and assumes a 100-per-cent metallurgical recovery.

The grades are very similar to, and in some cases higher than, the grades from previous grab samples in artisanal workings area to the west.

The IP anomaly correlate to the findings from the company's geological mapping program which demonstrates that both the sheeted vein system, and host rocks (Tertiary-aged black shales) to the polymetallic mineralization intercepted at prior El Triunfo drill holes, extend another 1.5 kilometres eastward.

So far, the identified mineralized strike on the project has expanded from 750 metres to 2.3 kilometres, the company is working to prioritize drill targets based on all available information to commence October drilling.

Silver Elephant looks forward to exploring and developing both Pulacayo and El Triunfo to their full potential with singular focus, in light of the company's recently announced plan to spin out its nickel and vanadium assets by year-end as announced on Aug. 26, 2021.

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 Thompson-Howarth plots. Samples are shipped to ALS Global laboratories in Ururo, Bolivia, for preparation and then shipped to ALS Global laboratories in Lima, Peru, for analysis. Samples are analyzed using an aqua regia digestion with super trace ICP-MS (inductively coupled plasma mass spectrometry) analysis. Gold is analyzed with optimized fire assay and atomic absorption spectroscopy.

The ALS laboratories sample management system meets all the requirements of 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 and 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. Prior to sampling, all core is geotechnically analyzed and photographed and then logged by geologists.

About Silver Elephant Mining Corp.

Silver Elephant Mining is a premier mining and exploration company in silver, nickel and vanadium.

We seek Safe Harbor.

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