Vancouver, British Columbia, February 24, 2021 – Silver Elephant Mining Corp. (“Silver Elephant” or “the Company”) (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N) announces that the first ever drill hole at its Sunawayo project has intercepted 137 meters of mineralization grading 36 g/t silver, starting from 0 meters-depth. The Company acquired the Sunawayo project in central Bolivia in September 2020.

The second drill hole intercepted 31 meters of mineralization grading 44 g/t silver, 0.39% lead, and 0.48% zinc from 1 meter-depth. Both SWD001 and SWD002 (240 meters to the southeast of the former) feature near-uniform silver assays throughout the reported intervals, indicating that silver mineralization is highly likely to continue deeper.

The composited results for SWD001 and SWD002 are tabulated below:

Hole ID From To Length (m) Ag (g/t) Pb % Zn % AgEq* (g/t)
SWD001 0.0 137.0 137.0 36 0.12 0.02 39
SWD002 1.0 32.0 31.0 44 0.39 0.48 67
incl… 21.0 30.0 9.0 48 0.73 1.57 112
Reported widths are intercepted core lengths and not true widths, as relationships with intercepted structures and contacts vary. Based on core-angle measurements, true widths range from 80% to 85% of reported core length. (*)Silver equivalent calculation uses a silver price of $25.00/oz, a zinc price of $1.10/lb., and a lead price of $0.80/lb. (all USD) and assumes a 100% metallurgical recovery. Silver equivalent values can be calculated using the following formula: AgEq = Ag g/t + (Zn % x 30.1644 ) + (Pb % x 21.9377).

Silver Elephant’s maiden 2,300 meter, 15-hole program at the southeastern half of Sunawayo started in December 2020 and is due for completion in March 2021. Three holes (SWD001, SWD002, SWD003) tested the Pujiuni target (500 meters x 250 meters), with the remaining 12 holes testing the Caballo Uma target which is over 8 times larger in size than Pujiuni.

Of the 950 surface samples taken in late 2020 along an 8 km stretch concentrating on aforementioned targets, 87% returned silver assays of 1 g/t to 458 g/t silver. All 11 of the high-grade silver samples (over 100g/t silver) were taken from Caballo Uma. So far, 50% of Sunawayo (17 km span totaling 59.5 km2) has been mapped and sampled while geophysical surveys are scheduled to commence in Q2 2021.

Joaquin Merino, Company’s VP South American Operation states:

“Sunawayo is receiving the lion’s share of attention from Silver Elephant’s 9 full-time geologists aiming to maximize the Company’s silver resources. Positive assay results from the remaining drill holes (SWD003 to SWD015) would confirm a major silver discovery in the making at Sunawayo.”

The Company is financed by leading Canadian investment banks and offers elephant-sized silver exposure via its Sunawayo, Pulacayo, and Triunfo projects.

Visit www.silverelef.com for detailed Sunawayo maps.

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