Mr. John Lee reports

SILVER ELEPHANT ASSAY RESULTS SHOW UP TO 2,790 G/T SILVER, 20% LEAD FROM 120 SAMPLES AT THE PULACAYO-PACA PROJECT IN BOLIVIA

Silver Elephant Mining Corp. has released chip and channel sampling assay results from the continuing 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.

A 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 ounces 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 Ltd., with an effective date of Oct. 13, 2020, with details provided in the company's Oct. 13, 2020, news release. These resources are well supported by 96,021 metres of drilling (5,009 metres by Apex Silver from 1994 to 1998, 85,024 metres by Apogee Silver from 2002 to 2014 and 6,258 metres by Silver Elephant from 2019 to 2022).

Paca

Sixty-six select and channel samples were taken at 10-metre intervals that cover a 200-metre-by-40-metre conglomerate area bordering Paca's resource to the north. Each channel sample is between two and four metres in length.

The reported values are up to 468 grams per tonne silver, with nine 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; seven samples between 50 and 30 g/t silver and the rest 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 centimetres 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.

Pulacayo, San Leon tunnel

A grab sampling program was also carried out in the San Leon 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 per cent lead and 2 per cent zinc. These results demonstrate the mineralization extension of the main Tajo vein in a mineralized halo more than 30 metres to the north and 30 metres to the south.

In addition to the Tajo vein mineralized halo, several other mineralized veins with high-grade exploration potential were observed.

Rothschild area sampling

The mapping of the Rothschild zone immediately to the northwest of Pulacayo Tajo vein was completed. A total of 43 samples were taken and assayed along visual mineralized surface outcrops. No significant silver assay content was reported from those sample grabs.

Based on mapping and further geological modelling, additional sampling programs are planned in areas farther north of the outcropped areas.

Please visit the company's website to see maps pertaining to this release:

1. Map of Pulacayo-Paca district;
2. Detailed mapping and sampling at Paca;
3. Proposed drill targets at Paca;
4. Sampling map of Pulacayo San Leon tunnel.

Qualified person

The technical contents of this news release have been prepared under the supervision of Bill Pincus, who is an independent consultant of the company. Mr. Pincus is a qualified person as defined by the guidelines of National Instrument 43-101.

Quality assurance and quality control

Silver Elephant adopts industry-recognized best practices in its implementation of QA/QC methods. Rock chip samples average between five and seven kilograms. Samples are shipped to ALS Global Laboratories in Ururo, Bolivia, for preparation and then shipped to ALS Global laboratories in Lima, Peru, for analysis. Samples are analyzed using intermediate-level four acid digestion. Silver overlimits (ore grade) are analyzed using fire assay with a gravimetric finish. The ALS Laboratories sample management system meets all the requirements of international standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures. A geochemical standard control sample is inserted into the sample stream. The laboratory also includes duplicates of samples, standards and blanks for additional QA/QC. Check assays are reviewed prior to the release of data. Assays are also reviewed for their geological context and checked against field descriptions.

About Silver Elephant Mining Corp.

Silver Elephant is a premier silver mining and exploration company, with a flagship Pulacayo silver project in Bolivia.

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