Silver Elephant’s open-pit approach to its flagship project has produced eye-opening resource numbers…and drills continue to turn.

Plus, it just acquired a second silver project and completed a drill program on a third project, with assay results due in three weeks.

Backed by Eric Sprott, Silver Elephant Mining (ELEF.TO; SILEF.OTC) is making good on silver’s promise with its three active projects…and investors are taking notice.

Dear Fellow Investor,

With only about 100 silver names traded in the public markets, quality silver junior bargains are hard to find.

So, the market was pleasantly surprised to find Silver Elephant Mining (ELEF.TO; SILEF:OTC) had delivered a 120-million-ounce silver resource in October…while trading for under a C$100 million market cap.

But more’s to come, as Silver Elephant is poised to deliver additional silver resources — and a potentially higher valuation — as drills continue to turn on its multiple projects.

Elephant Reports Massive, 120-Million-Ounce Silver Resource At Pulacayo

In October, Silver Elephant achieved a rare feat in the silver junior space by reporting 120 million ounces of silver resources (in addition to 2.26 billion pounds lead and zinc) at its Pulacayo project in Bolivia.

In total there were 101 million ounces of silver in the indicated category, and 8.0 million ounces of silver in the inferred category. Those resources were pit-constrained, while there are another 10.8 million ounces of high-grade silver resource that is at the edge of the pit.

About 30 percent of the project resource is from the Paca deposit, which is situated seven kilometers north of Pulacayo. The Paca mineralization is near or at surface and features a low strip ratio. The deposit is open at depth, to the north and to the east. Elephant is drilling Paca at the moment, and the results will be available by year’s end.

In the Pulacayo district, Silver Elephant has identified additional targets, with hundreds of surface samples reporting anomalous silver values. Exploration efforts are underway now to define new drill targets.

PLUS:
Elephant’s New Sunawayo Project Borders The 350 Million-Ounce Malku Khota Silver Deposit

In September, Silver Elephant landed the strategic acquisition of the Sunawayo silver project, which borders on the massive Malku Khota project in Bolivia.

Sunawayo is a mere 200 meters from the edge of the Malku Khota sedex-style silver deposit, which contains 350 million ounces of silver resources. (That estimate is considered historic, as it was published in 2012.)

Sunawayo is on patented land that Silver Elephant acquired from a private party, while Malku Khota is on unpatented land administered by the Bolivian government.

In January 2020, Silver Elephant applied for a mining production contract with the Bolivian government that would give it the rights to mine and explore Malku Khota. The application is under review.

The Sunawayo-Malku Khota district is remarkably underexplored.

Consider this: Roughly 3.5 kilometers of the strike from the border into Malku Khota has been drilled…and the Malku Khota lithological trend extends for another eight kilometers northwest into Sunawayo…

…Yet Sunawayo has not received a single exploration drill hole to date.

In September, Silver Elephant reported that all of its initial 48 grab samples at Sunawayo returned anomalous silver-lead grades of up to 477 g/t silver and 20% lead. This is an early indication that Sunawayo may host multiple mineral discoveries, and the company is starting an exploration program to define drill targets by year end.

Sedex-style silver-lead-zinc deposits like Malku Khota type account for 50% of the world’s lead and zinc reserves and 30% of the world’s silver resources (2019 USGS data).

Large, regional-scale sedex systems can span hundreds of kilometers and form large tonnage deposits. Examples are Glencore’s Mount Isa mine and Teck’s Red Dog mine.

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And More:
Results Are Pending From A Just-Completed Drill Program On Elephant’s El Triunfo Project

In October, Silver Elephant completed its first drill program at its newly acquired El Triunfo gold-silver-lead-zinc project in Bolivia.

The drills were collared to the east and west of drill hole TR001, which returned assay results of 94.2 meters grading 0.39 g/t gold, 21.8 g/t silver 0.65% lead and 0.39% zinc (0.95 g/t gold equivalent).

In August, samples from El Triunfo returned highly encouraging results, where 37 out of 103 samples assayed over 1.0 g/t gold equivalent, the highest being 8.3 g/t gold equivalent.

A quick check of El Triunfo’s rock value with the KitcoCasey rock calculator will give you a good idea of how much one-gram-per-tonne of gold is worth today at $1,900 per oz gold prices.

Silver Elephant Is Bulking Up

Taking advantage of the $25/oz silver price, Silver Elephant’s astute management team took a fresh, open-pit approach to the historic Pulacayo underground mine and produced an impressive silver resource. The significant lead and zinc by-product credits will no doubt enhance the project economics.

Considering Pulacayo is open at depth for at least another 600 meters from the bottom of the modeled pit, excellent exploration potential remains.

Add in the Sunawayo project as another lottery ticket with great chances for another big discovery…and the fact that the company has applied for the rights to the 350-million-ounce Malku Khota project…and Silver Elephant offers even more chances at a world-class silver resource.

Even if Malku Khota accidentally lands on a major mining company’s lap instead, that outcome will likely put Silver Elephant in play, as Sunawayo and Malku Khota are joined at the hip.

And then, with bulk mineralization starting at or near the surface, El Triunfo’s resource tonnages could build up in a hurry to become yet another enviable asset for a junior like Silver Elephant.

The Bottom Line…

Commodity investing is all about timing.

With the departure of president Evo Morales last November, Bolivian mining is opening up to investors after a decade of underinvestment.

The public perception of Bolivia is improving. This can be seen in the $1 billion market valuation of New Pacific Metals Corp, a silver explorer in Bolivia whose silver discovery is only a two-hour drive from Pulacayo.

Silver Elephant has grown by leaps and bounds over just the few short months since it was first featured in Golden Opportunities.

There seems little doubt that the company’s resource base and project portfolio will continue to expand, with more marquee shareholder backing from Eric Sprott and others.

The question beckons: Can Silver Elephant (ELEF.TO; SILEF:OTC) be swallowed up by a larger player before it bulks up further?

Either way, shareholders win — a fact that argues for owning the company at or near current levels.

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To Learn More About Silver Elephant Mining Corp And Its Growing Silver Resources