Silver Elephant Mining Corp VP Exploration Danniel Oosterman (ELEF) (SILEF)
144Silver Elephant Mining Corp VP Exploration Danniel Oosterman (ELEF) (SILEF) - SEPTEMBER 10, 2020 - RICH TV LIVE - Silver Elephant Mining Corp. ("Silver Elephant" or "Company") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) announces that it has entered into a binding sales and purchase agreement ("SPA") with a private party ("Vendor") to acquire the Sunawayo silver-lead mining project ("Sunawayo") located immediately adjacent to the Malku Khota silver project in Bolivia. Malku Khota has a historic (2011) resource of 350 million oz of silver contained in its greenfield Wara, Sucre, and Limnosa deposits, which are only 200 meters southeast of the Sunawayo border (Southeast border). (Cited historic resource estimates are not current mineral resources or mineral reserves.) #silver #stocks #richtvlive
Sunawayo is patented land which Silver Elephant has acquired through the SPA, whereas Malku Khota is unpatented land administered by the government's Corporación Minera de Bolivia (COMIBOL). In January 2020, Silver Elephant applied for a mining production contract (MPC) with COMIBOL that would give it the rights to mine and explore Malku Khota. The application was received by COMIBOL and is under review.
The purchase of Sunawayo includes a fully permitted 100 ton-per-day open-pit mining operation that produces a lead concentrate. Sunawayo has a strike of 17 km which covers 59.5 square km of prospective area. Sunawayo has ready access to water and power. And by road it is 165 km from Bolivia's 5th largest city, Oruro.
Joaquin Merino, VP for South America Operations, states:
"A combined Sunawayo-Malku Khota district would feature a 34 km property extent encompassing an area of over 110 square kilometers. We believe the district is situated within a very large hydrothermal system that produced the Malku Khota sedimentary exhalative (Sedex) deposit comprising a historic resource of 350 million oz silver based on 42,704 meters of drilling that took place between 2007 and 2010. The district is remarkably under-explored. Roughly 3.5 km of strike have been drilled from the Southeast border into Malku Khota project, yet the Malku Khota lithological trend and host-sandstone units extend for another 8 km northwest into Sunawayo without receiving a single exploration drill hole. The current mine pit (approximately 180m by 75m) is located 10 km northwest of the Southeast border and the pit has also never been drill-tested."
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