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Silver Elephant Drills 39.9 Meters Grading 157 g/t Silver Including 3 Meters Grading 583.5 g/t Silver at Paca in Bolivia
Vancouver, British Columbia--(Newsfile Corp. - July 22, 2024) - Silver Elephant Mining Corp. (T...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"\nSilver Elephant Drills 39.9 Meters Grading 157 g/t Silver Including 3 Meters Grading 583.5 g/t Silver at Paca in BoliviaVancouver, British Columbia--(Newsfile Corp. - July 22, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTC Pink: SILEF) (FSE: 1P2) (\"Silver Elephant\" or the \"Company\") is pleased to announce diamond drill results from the Paca deposit (\"Paca\") 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 assays for 13 holes (7 exploration, 6 infill) have been received and are reported below. The remainder of the assays are expected in early August.Notable results from the 7 exploration holes include PC24-18 which intercepted 39.9 meters of 159 g/t silver from surface, including 3.0 meters of 583.5 g/t silver and PC24-23 which intercepted 23.1 meters of 138 g/t silver from surface, including 2.7 meters of 360 g/t silver. Both PC24-18 and PC24-23 were drilled in the south west of the Paca north area. 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 news release dated September 12, 2023 (the \"Sales and Purchase Agreement\"), 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.John Lee, CEO of Silver Elephant comments: \"All 7 exploration drill holes intercepted silver mineralization outside of Paca resource area. We are very excited about the potential addition to Paca oxide resource as any oxide sales exceeding 800,000 tonnes will be subject to a new off take agreement between Silver Elephant and Andean. In June, Silver Elephant delivered 29,270 tonnes of Paca oxide materials to Andean.\"EXPANSION DRILLINGHOLE IDFromToLengthTrue Width (m)Ag (g/t)Pb (%)Zn (%)PC24-090553.54590.160.15Incl.0221.41970.310.13Incl.0110.711010.240.14PC24-14017.817.812.59600...