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On May 27, 2024, Silver Elephant Mining announced the closure of the second and final tranche of its non-brokered private placement, raising $75,000 through the sale of 250,000 units at $0.30 per unit. Each unit includes one common share and half of a share purchase warrant, with each whole warrant allowing the purchase of an additional share at $0.45 for three years. Proceeds will be used for working capital and corporate purposes. These securities are subject to a hold period until September 24, 2024, and are not registered for sale in the U.S. under the U.S. Securities Act.
Silver Elephant Mining announced significant findings from its Pulacayo silver-lead-zinc project in Bolivia, reporting a 99-meter intersection with notable grades of gallium (27.8 g/t), indium (9.7 g/t), silver (21.2 g/t), zinc (1.1%), and lead (0.5%).
The company identified these intervals during a drillhole review, with assays from four diamond-drill-holes showing promising results. CEO John Lee highlighted the potential strategic importance of these minerals, especially given rising prices and China's export restrictions on gallium and indium.
The Pulacayo project has an indicated resource of 106.7 million ounces of silver, 1.4 billion pounds of zinc, and 690 million pounds of lead. The company plans further analysis to explore the potential of gallium and indium production, aiming to meet growing demand in high-tech applications.
Silver Elephant Mining Corp. announced that all resolutions proposed at their Annual General Meeting on May 10, 2024, were approved. The number of directors is set to four, with John Lee, Greg Hall, Douglas Flett, and Nigel Lees elected as directors.
The vote results were as follows: John Lee (91.27% For, 8.73% Withheld), Greg Hall (92.55% For, 7.45% Withheld), Douglas Flett (92.59% For, 7.41% Withheld), Nigel Lees (92.51% For, 7.49% Withheld). Mao & Ying LLP, Chartered Professional Accountants, were appointed as auditors with authorization for directors to fix their remuneration.
The detailed voting results are available on www.sedar.com.
Silver Elephant Mining announced a record monthly delivery of 20,894 tonnes of Paca oxide materials averaging 194.2 g/t silver in April 2023 to Andean Precious Metals. The company has been increasing its Bolivian activities since October 2023, benefiting from cash-flow from Paca oxide sales. CEO John Lee highlighted that the operation averaged 700 tonnes per day, with a focus on transitioning to phase 2 sulphide production. Silver Elephant plans to deliver up to 800,000 tonnes of Paca oxide materials for US$5-7 million, depending on silver prices. The Paca project hosts significant silver resources as detailed in a 2020 technical report by Mercator Geological Services. The report indicates high-grade silver and additional potential from sulphide resources, promising further revenue streams for the company.
Silver Elephant Mining Corp. has resumed broker-dealer quotation on the OTC Pink market under the symbol 'SILEF' after voluntary deregistration with the U.S. SEC. The common shares do not trade on a national stock exchange and are not required to be registered.
Silver Elephant Mining Corp. closed the first tranche of its non-brokered private placement, raising $285,000 through the sale of 950,000 units at $0.30 per unit. The proceeds will be used for working capital and general corporate purposes. Certain directors subscribed for 250,000 units. The securities issued are subject to a regulatory hold period until August 30, 2024.
