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Silver Elephant Announces 13,072 Tonnes of Paca Silver Oxide Delivered to Andean Precious Metals Corp. Since October
Vancouver, British Columbia--(Newsfile Corp. - December 8, 2023) - Silver Elephant Mining Corp.&...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Announces 13,072 Tonnes of Paca Silver Oxide Delivered to Andean Precious Metals Corp. Since OctoberVancouver, British Columbia--(Newsfile Corp. - December 8, 2023) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQX: SILEF) (FSE: 1P2N) (\"Silver Elephant\" or the \"Company\") announces from October 17, 2023 to December 2, 2023, the Company mined a total of 13,072 tonnes of Paca oxide materials with an average grade of 190.2 g/t silver (\"Products\") and trucked the Products to Andean Precious Metals Corp. (\"Andean\"). All Products are excavated from the Paca resources tabulated below.Pursuant to the sales and purchase agreement and master services agreement both dated September 12, 2023 between Silver Elephant and Andean, Andean will pay Silver Elephant US$1.8 million by January 31, 2024, or when 36,000 tonnes of Products have been delivered to Andean's processing facility. John Lee, Silver Elephant CEO, comments: \"The continued progress and activities at Paca demonstrated team effort and community support. Silver Elephant aims to grow and maintain local employment; in addition to contributing to government royalties in the months and years ahead.\"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 Antonnio Quijarro Province Bolivia\" (the \"Technical Report\"). The mineral resource estimate from the Technical Report is as follows: PacaZoneCategoryTonnesAg g/tAg MozZn%Pb %Phase 1Oxide In Pit Indicated800,0002315.9--Inferred235,0001591.2--Phase 2Sulfide In Pit Indicated1,810,00025614.91.221.22Inferred190,0003382.10.610.98 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 t...