Vancouver, British Columbia, June 10, 2025 - Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt: 1P2) is pleased to announce tunnel development has reached the first front stope access in the high grade silver zone at its Paca Apuradita Silver Project (“Apuradita”) in the Potosi Department of Bolivia, following its news release dated July 8, 2024. The Apuradita mining claim is registered under Silver Elephant’s Bolivia subsidiary with the Bolivian Jurisdictional Administrative Mining Authority. Apuradita is not within the area covered under the Mining Production Contract between the Company and the Corporacion Minera de Bolivia.
The Company has dug the Apuradita tunnel to its targeted high-grade silver zone and begun development of its first production stope. Mineralized material is currently being hauled to surface by rail, where the initial stockpile of high grade material has reached approximately 150 tonnes and is increasing daily.
As of May 31, 2025, the Company completed approximately 157 meters of horizontal tunneling and has intersected high grade sulphide mineralized zone. The exposed mineralized face shows strong visual indicators of disseminated silver minerals, galena and sphalerite as well as the presence of veining, consistent with internal block model based on exploration drill holes at Apuradita.
The Company would like to thank the support from local communities, including the Population of Pulacayo, the Community of Huanchaca and the Authorities of Ayllu. All of the Company employees and consultants on site are Bolivian nationals, the majority of whom are locals.
Toll Milling and Offtake Agreements
The Company has received multiple toll milling proposals from processing plants in the Potos region. The mined materials from Apuradita will be hauled by trucks to Potosi plants to be processed into concentrates containing silver, lead and zinc. These concentrates will then be exported to international markets and sold at prevailing metal prices. The Company aims to sign a toll milling agreement in June.
Concurrently, the Company is engaged in negotiations with a number of potential buyers for Apuradita silver bearing concentrates. The Company expects to sign an offtake agreement in June.
As outlined in the news release dated July 8, 2024, the Apuradita tunnel provides access to sulphide mineralized materials, which will be mined using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 meters in length x 20 meters in height x 4 meters in width, with a targeted average extraction rate of 50 to 100 tonnes per day. The calculated average grade of extracted and sorted sulphide materials is 412 g/t Ag, 1.09% Pb, and 0.38% Zn, based on diamond drill holes at Apuradita and an internally developed mine model.
Several examples of high-grade intercepts within the Apuradita mineralized zone include: