Silver Elephant Mining Corp. reported chip and channel sampling assay results from the ongoing exploration at the Company's flagship Pulacayo-Paca silver project in Bolivia. A total of 120 samples were collected from three exploration priority target areas: Paca conglomerate zone, the Pulacayo San Leon tunnel, and the Rothschild zone (an area immediately northwest of Pulacayo's Tajo Vein system).

Assays with significant silver were returned from many of the chip and channel samples taken at regular intervals in those areas. An up-coming drill program is planned to expand the Pulacayo-Paca resource based on these assay results and on geophysical surveys. The Pulacayo-Paca project is currently estimated to contain an indicated resource of 106.7 million oz of silver, 1.38 billion pounds of zinc, and 690 million pounds of lead and an inferred resource of 13.1 million oz of silver, 123 million pounds of zinc, and 62 million pounds of lead based on the technical report prepared by Mercator Geological Services Limited with an effective date of October 13, 2020, with details provided in the Company's October 13, 2020 news release.

These resources are well supported by 96,021 meters of drilling (5,009 meters by Apex Silver from 1994 to 1998, 85,024 meters by Apogee Silver from 2002 to 2014, and 6,258 meters by Silver Elephant from 2019 to 2022). 66 select and channel samples were taken at 10-meter intervals that cover a 200 meter by 40 meter conglomerate area bordering Paca's resource to the north. Each channel sample is between 2 to 4 meters in length.

The reported values are up to 468 g/t silver; with 9 samples reporting between 250 and 468 g/t silver; 19 samples between 250 and 100 g/t silver; 19 samples between 100 and 50 g/t silver; 7 samples between 50 and 30 g/t silver and the remainder below 30 g/t silver The results demonstrate significant silver oxide mineralization throughout the sampled area. None of the near surface conglomerate silver mineralization is included in the current Paca resource. The conglomerate layers occurred in several areas that feature strongly oxidized mineralization.

The conglomerates are of Tertiary age and formed by subrounded quartzite clasts and some sandstone clasts up to 25 cm in diameter. It is a clast-supported conglomerate of sandy matrix which is partially to strongly silicified. Barite, calcite, locally tetrahedrite and iron oxides are found, and the rock is moderately sericitized.

A grab sampling program was also carried out in the San León underground tunnel along the main Pulacayo Tajo Vein. The assay results from the 11 samples returned grades of up to 2,790 g/t silver, 20% lead and 2% zinc. These results demonstrate the mineralization extension of the main Tajo Vein in a "mineralized halo" more than 30 meters to the north and 30 meters to the south. In addition to the Tajo Vein mineralized halo, several other mineralized veins with high-grade exploration potential were observed.