Silver Elephant Drills Paca Silver Project in Bolivia, Assays Expected in Early February

VANCOUVER, BC / ACCESSWIRE / January 19, 2022 / Silver Elephant Mining Corp. ("Silver Elephant" or the "Company") (TSX:ELEF)(OTCQX:SILED)(Frankfurt:1P2N) announces it has commenced an exploration drilling program at the Paca deposit, which is part of the Company's 100% controlled Pulacayo project in Bolivia.

This drilling program is a follow-up from a successful 2020 drill program (refer to news release dated November 30, 2020) where drill hole PND118 intercepted 112 meters 50 g/t silver equivalent including 10 meters of 93g/t silver equivalent ("AgEq")*.

PND118 was drilled in September 2020 from northeast to southwest at the eastern edge of the Paca resource based on 2020 mapping and where observations of oblique structures to the main east-west trending mineralized resource body, defined by 21,098meters of Paca drilling, were almost all drilled in a north-south direction.

Drilling on PND119 (from east to west) and PND120 (from northeast to southwest), was completed in December 2021, with assay results pending in early February. The drilling program tested the encouraging Paca east corridor further away from Paca resource, where target locations were pinpointed by induced polarization ("IP"). Geophysics survey results collected in 2021 identified a large anomaly which continues across 5 lines (500 meters), immediately southeast ofhole PND118. The IP anomaly starts from near surface and extends down to at least 500 meters depth, which is the IP detection limit.

The Company interprets these broad oblique structures as key conduits for the mineralizing fluids during the formation of Paca deposit. The size of IP anomaly, which wraps around Paca dome, is comparable in its extent to current Paca resource (situated north of Paca dome) at 500 x 270 meters in dimension. The Paca resource** contains an indicated 37 million oz of silver, and an inferred 6 million oz of silver, much of it regarded as a manteau-style deposit.

Most of the near-surface mineralization at Paca is classified as oxide-silver resource containing an indicated 5.9 million oz of silver at 231g/t (800,000 tonnes), and an inferred 1.2 million oz of silver at 159g/t (235,000 tonnes). This mineralization represents an opportunity to recover the silver metal via a simple leach process. Environmental permitting commenced in mid-2021 and the Company plans to provide Paca permitting and technical updates in the near future.