Business
Silver Elephant Announces 51,567 Tonnes of Paca Silver Oxide Delivered to Andean Precious Metals Corp. Since October 2023
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2024) - Silver Elephant Mining Corp.
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About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Announces 51,567 Tonnes of Paca Silver Oxide Delivered to Andean Precious Metals Corp. Since October 2023Vancouver, British Columbia--(Newsfile Corp. - April 5, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTC: SILEF) (FSE: 1P2) (\"Silver Elephant\" or the \"Company\") announces from October 17, 2023 to March 30, 2024 the Company mined a total of 51,567 tonnes of Paca oxide materials with an average grade of 165.1 g/t silver (\"Products\") and trucked the Products to Andean Precious Metals Corp. (\"Andean\").MonthTonnesGrade g/tOctober 20234,502244.9November 20237,269156.5December 202319,704144.9January 20244,283146.0March 202415,809176.6Total51,567165.1 All Products are excavated from the Paca resources tabulated below. John Lee, CEO of Silver Elephant commented: \"We are now consistently mining and trucking Paca Products to Andean's plant at the rate of over 1,000 tonnes per day. The operation was paused temporarily from early January to mid-March pending the completion of certain governmental filings. We don't anticipate further interruptions going forward.\" Pursuant to the sales and purchase agreement and master services agreement both dated September 12, 2023 between Silver Elephant and Andean, Silver Elephant plans to sell and deliver up to 800,000 tonnes of Products to Andean for a total of up to US$7 million. Andean has also agreed to reimburse Silver Elephant for operating expenses under the sales and purchase agreement.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)*(10,0...