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Silver Elephant To Acquire El Triunfo Gold-Silver-Lead-Zinc Mining Project, Gold Assays Expected in July
VANCOUVER, BC / ACCESSWIRE / July 13, 2020 / Silver Elephant Mining Corp. ("Silver Elephant...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant To Acquire El Triunfo Gold-Silver-Lead-Zinc Mining Project, Gold Assays Expected in JulyVANCOUVER, BC / ACCESSWIRE / July 13, 2020 / Silver Elephant Mining Corp. (\"Silver Elephant\" or \"the Company\") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) announces that it has entered into a binding sales and purchase agreement (\"SPA\") with a private party (\"Vendor\") to acquire the El Triunfo Gold-Silver-Lead-Zinc Project in La Paz District, Bolivia (\"Triunfo Project\").Proposed Transaction SummarySubject to the provisions of the SPA, the Vendor irrevocably agrees to sell, assign, and transfer to Silver Elephant, and Silver Elephant agrees to purchase from the Vendor, the mining rights of the Triunfo Project upon Silver Elephant's paying the Vendor the sum of $1,100,000, consisting of $100,000 on SPA signing (paid), and $1,000,000 on or before June 15, 2025 (Final Closing Date).Joaquin Merino, VP South America Operations, states, \"We are positioning Silver Elephant as a premier mining company for silver investors. We want our shareholders to own as much silver in the ground as possible by sizing up Pulacayo and Triunfo and by acquiring more pre-production-stage silver deposits. Looking at the geological data, we believe there is the potential for significant gold and silver resource development at the Triunfo Project. The Triunfo Project is a great addition to Silver Elephant's portfolio, which currently features Pulacayo and Paca silver projects with 31 million oz indicated at 455g/t and 27 million oz inferred silver source estimated by Mercator Geological Partners in November 2017.\"Several dozen chip samples were taken from the surface and tunnels at Triunfo. Those samples have already been delivered to ALS laboratory in Oruro Bolivia, with gold assay results expected in late July, 2020.Triunfo Project SummaryThe Triunfo Project area covers approximately 256 hectares located in the La Paz Department, which is located about 75km to the east of the city of La Paz, Bolivia. The Triunfo Project has access to power and water and is accessible by road year-round. The Vendor maintains a positive relationship with the local community.Exploration was conducted in 2005-07 by Solitario Resources, which made 3 drill holes, all of which intercepted mineralization. Historical hole TR-001 returned 94.2 meters grading 0.39 g/t Au, 2...