Silver Elephant Mining Corp. announced 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 21,098 meters 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.

Geophysics survey results collected in 2021 identified a large anomaly which continues across 5 lines (500 meters), immediately southeast of hole 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. The Paca deposit, 7 kilometers north of Pulacayo mine (the Tajo vein), is part of Pulacayo project with total resources of indicated 106.7 million oz of silver and inferred 13.1 million oz of silver.

These resources are well supported by 94,394 meters of drilling (5,009 meters by Apex Silver from 1994 to 1998, 85,024 meters by Apogee Silver from 2002 to 2014, and 4,361 meters by Silver Elephant from 2019 to 2020). These drilling programs have almost exclusively concentrated on the Pulacayo and Paca deposits, leaving significant exploration upside in the 35.6 km square land package, 100% of which is controlled by Silver Elephant.