Vancouver, British Columbia - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ('Silver Elephant' or the 'Company') announces the discovery of a new high-grade silver-bearing mineralized zone in the underground workings of the Company's Apuradita silver project in Bolivia.
Underground Channel Sampling
Channel sampling returned a length-weighted average grade of 539 g/t Ag over a continuous 10.0-meter interval in the main development drift of the Apuradita underground workings at an elevation of 4,216 meters above sea level and approximately 21 meters below the surface. The interval comprises five consecutive channel samples, each 2.0 meters in length. The drift is oriented at an azimuth of 210-degree, and sampling commenced at UTM coordinates 739,979 mE / 7,750,293 mN (WGS84, Zone 19S). Mineralization occurs as discontinuous, lens-shaped bodies whose geometry and orientation have not yet been fully defined. The relationship between the reported sample interval and the true thickness of mineralization has therefore not been established, and the true thickness of the reported interval is unknown.
Channel samples were collected from underground workings at the Apuradita project and analyzed at the Company's internal APOGEE Pulacayo Laboratory. The APOGEE Pulacayo Laboratory is owned and operated by the Company and is used exclusively for operational and exploration support; it is not an ISO/IEC 17025 accredited analytical laboratory.
The mineralization is interpreted to have formed by supergene oxidation developed downward from the surface along the host structure. On this basis, the Company's current geological model indicates the mineralized zone remains open up-dip and has the potential to continue toward the surface. The continuity of oxide mineralization between the current workings and the surface has not been tested by drilling or sampling, and there is no assurance that mineralization is continuous over that interval.
Third Concentrate Batch
The Company has produced its third batch of silver concentrate via toll milling with Apuradita material feed. The third concentrate batch totaled approximately 32 tonnes with an average grade of 12,168 g/t silver and 32.75% lead. The assay results were provided by SpectrAA Laboratory in Potosi, Bolivia, an independent commercial analytical laboratory.
Mining and Development
The Company currently plans to produce between 400 and 600 tonnes of mineralized material per month during 2026 and 2027. As outlined in the news release dated July 8, 2024, silver-mineralized material at Apuradita is being extracted using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 meters in length, 20 meters in height, and 4 meters in width.
Historical drilling, together with the Company's current geological interpretation, indicates sulphide mineralization averaging approximately 412 g/t Ag, 1.09% Pb, and 0.38% Zn. The historical drilling results are presented solely for geological context and should not be interpreted as current mineral resources or mineral reserves. Readers are referred to the Company's news release dated July 8, 2024, for the underlying drill hole parameters, supporting technical data, and related NI 43-101 disclosure.
The Company's decision to place Apuradita into production, and the production estimates disclosed above, are not based on a feasibility study of mineral reserves demonstrating economic and technical viability, and no mineral reserves have been established for the project. As a result, there is increased uncertainty and a higher risk of technical and economic failure associated with this production decision than would be the case had the decision been based on a feasibility study.
About Silver Elephant Mining Corp.
Silver Elephant is a mineral exploration company that optioned the Robinson-Lasher zinc-germanium-gallium project in Kentucky located near a proposed US$7.4 billion smelter. The Company also operates the Apuradita silver project in Bolivia.
Contact:
Tel: +1.604.569.3661
Email: info@silverelef.com
Web: www.silverelef.com
FORWARD-LOOKING INFORMATION
This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words 'believes,' 'may,' 'plans,' 'will,' 'anticipates,' 'intends,' 'could,' 'estimates,' 'expects,' 'forecasts,' 'projects,' and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the expected June sale of silver concentrate; production forecasts, rates, throughput and extraction of silver-bearing material; processing and toll-milling of material; concentrate sales; permitting matters; grades, recoveries and mineralization; transport and logistics; commodity prices and related operational, regulatory, market and technical risks. Such forward-looking information, which reflects management's expectations regarding Silver Elephant's future growth, results of operations, performance, business prospects and opportunities, is based on certain factors and assumptions and involves known and unknown risks and uncertainties that may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking information.
Forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including, but not limited to: market conditions; changes in business plans; the ability to secure sufficient financing to advance the Company's mining projects; delays or failures in processing, toll milling, transportation or concentrate sales; delays in obtaining or maintaining permits and other regulatory authorizations; variability in grades, recoveries and metallurgical performance; changes in commodity prices; operational, technical, logistical and community-related risks and general economic conditions.
Forward-looking information is based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking information included herein. Readers are cautioned that all forward-looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking information in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.
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