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Silver Elephant Drills 41 Meters Grading 237 g/t Silver Including 3.75 Meters Grading 438 g/t Silver at Paca in Bolivia
Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - Silver Elephant Mining Corp. (...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Drills 41 Meters Grading 237 g/t Silver Including 3.75 Meters Grading 438 g/t Silver at Paca in BoliviaVancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: 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 releases dated June 12, 2024, a total of 28 holes were drilled in the Paca north area totaling 1,458 meters. The results for the first 13 holes were announced in the Company's news release dated July 22, 2024. The assays for the next 7 holes (2 exploration, 5 infill) have been received and are reported below. The remainder of the assays are expected in August 2024. Notable results include PC24-11 which intercepted 41.06 meters of 237 g/t silver from surface, and PC24-01 which intercepted 38.15 meters of 83 g/t silver from surface. This drill program was paid for by Andean Precious Metals Corp. (\"Andean\"). Pursuant to the sales and purchase agreement (\"SPA\") 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 SPA.John Lee, CEO of Silver Elephant comments: \"These drill hole results improve the confidence level of the Paca resource model. The exploration drill hole results continue to prove additional silver mineralization outside of existing Paca resource area. Any oxide sales exceeding 800,000 tonnes will be subject to a new off take agreement between Silver Elephant and Andean.\"INFILL DRILLINGHOLE IDFrom (m)To (m)Length (m)True Width (m)Ag (g/t)Pb (%)Zn (%)PC24-011.539.6538.1533.04830.580.14Incl.14.1521.657.56.50910.461.12Incl.18.6520.151.51.301900.750.08Incl.26.1539.6513.511.691400.550.15Incl.29.1532.1532.601830.410.09Incl.33.6538.154.53.901980.840.14PC24-03035.335.322.69830.420.08Incl.1.515.5149.00880.470.1Incl.67...