Exhibit
99.1
Silver Elephant Completes 940m Drilling Program
at the Pero Target within Pulacayo Project, Assays
Pending
Vancouver, British Columbia, January 21, 2021 – Silver
Elephant Mining Corp. (“Silver Elephant” or “the
Company”) (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N) has
completed a 940 meter diamond drilling program at the Pero target
within its Pulacayo Project in Bolivia.
Pero is
located at the southeastern extension of the Pulacayo deposit which
hosts an estimated NI43-101 Mineral Resource Estimate showing an
Indicated resource of 70Moz Ag, 904Mlbs Zn, 386Mlbs Pb (see
Company’s press release dated October 13th,
2020).
Previous
diamond drilling at the east extension of the Pulacayo deposit was
directly along the main east-west trend of the main Tajo Vein
system. The drill results showed increasingly erratic and narrowing
mineralization along the eastward trend. However, geological
mapping and surface sampling completed in late-2020 identified an
area of silver bearing surface mineralization of up to 200 g/t
silver several hundreds of meters south of the projected east-west
Tajo Vein system trend, suggesting that the Tajo Vein system was
offset southward in this portion of the system where strong
alteration can be observed at surface covering 250 meters by 100
meters wide. This reinterpreted surface projection of the Tajo Vein
system coincides with some historic Spanish workings in that area
of property that date back to the 16th Century. Highlights
of assay results from recent surface samples at Pero are tabulated
below:
|
Sample ID
|
Type
|
Azimuth
|
Width (m)
|
Ag (g/t)
|
Zn%
|
Pb%
|
|
1313
|
Chip
|
210
|
3
|
200
|
0.1
|
0.1
|
|
1314
|
Chip
|
195
|
1.2
|
200
|
0.1
|
0.01
|
|
1295
|
Chip
|
340
|
3
|
164
|
0.0164
|
0.0164
|
|
1297
|
Chip
|
320
|
1.4
|
132
|
0.0132
|
0.0132
|
|
1315
|
Chip
|
200
|
2.9
|
100
|
0.01
|
0.01
|
|
1301
|
Chip
|
240
|
4
|
72
|
0.0072
|
0.0072
|
|
1303
|
Chip
|
200
|
6.4
|
67
|
0.0067
|
0.0067
|
|
1323
|
Chip
|
20
|
4
|
50
|
0.005
|
0.005
|
|
1304
|
Chip
|
150
|
3.7
|
46
|
0.0046
|
0.0046
|
The
program of 4 holes totaling 940m at Pero commenced prior to the
Christmas holidays, has just been completed. Drill assay results
are expected shortly.
Visit
www.silverelef.com
for Pero maps.
Qualified Person
The
technical contents of this news release have been prepared under
the supervision of Danniel Oosterman, VP Exploration. Mr. Oosterman
is not independent of the Company in that he is employed by it. Mr.
Oosterman is a qualified person (“QP”) as defined by the guidelines
in NI 43-101.
Quality Assurance and Quality Control
Silver
Elephant adopts industry-recognized best practices in its
implementation of QA/QC methods. Rock chip samples average between
4 and 6 kg. Samples are shipped to ALS Global Laboratories in
Ururo, Bolivia for preparation and then shipped to ALS Global
laboratories in Lima, Peru for analysis. Samples are analyzed using
Intermediate Level Four Acid Digestion. Silver overlimits
(“ore grade”) are analyzed using fire assay with a
gravimetric finish. The ALS Laboratories sample management system
meets all the requirements of International Standards ISO/IEC
17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories
are accredited to ISO/IEC 17025:2017 for specific analytical
procedures. A geochemical standard control samples are inserted
into the sample stream. The laboratory also includes duplicates of
samples, standards and blanks for additional QA/QC. Check assays
are reviewed prior to the release of data. Assays are also reviewed
for their geological context and checked against field
descriptions.
About Silver Elephant
Silver
Elephant Mining Corp. is a premier mining and exploration company
of energy metals.
Further information on Silver Elephant can be found at
www.silverelef.com.
SILVER ELEPHANT MINING CORP.
“John Lee”
Executive Chairman
For more information about Silver Elephant, please contact Investor
Relations:
+1.604.569.3661 ext. 101
ir@silverelef.com www.silverelef.com
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain
statements contained in this news release, including statements
which may contain words such as “expects”,
“anticipates”, “intends”,
“plans”, “believes”,
“estimates”, or similar expressions, and statements
related to matters which are not historical facts are
forward-looking information within the meaning of applicable
securities laws. Such forward-looking statements, which reflect
management’s expectations regarding Company’s future
growth, results of operations, performance, and business prospects
and opportunities, are based on certain factors and assumptions and
involve known and unknown risks and uncertainties which 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
statements.
These
factors should be considered carefully, and readers should not
place undue reliance on the Company’s forward-looking
statements. The Company believes that the expectations reflected in
the forward-looking statements contained in this news release and
the documents incorporated by reference herein are reasonable, but
no assurance can be given that these expectations will prove to be
correct. In addition, although the Company has attempted to
identify important factors that could cause actual actions, events,
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events, or results not to be as anticipated, estimated, or
intended. The Company undertakes no obligation to publicly release
any future revisions to forward-looking statements to reflect
events or circumstances after the date of this news or to reflect
the occurrence of unanticipated events, except as expressly
required by law.