Silver Elephant Mining Corp 6-K, filed Jul 13, 2020
Silver Elephant Mining Corp. (SILEF)
6-K
2020-07-13
For: 2020-07-10
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Added on
April 06, 2026
About this 6-K
Silver Elephant Mining Corp filed this 6-K on July 13, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For the
month of July,
2020
Commission
File Number 000-55985
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SILVER ELEPHANT MINING CORP.
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(Translation
of registrant’s name into English)
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Suite 1610 – 409 Granville Street
Vancouver, British Columbia, Canada V6C 1T2
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(Address
of principal executive offices)
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Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
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Form
20-F
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☒
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Form
40-F
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☐
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
☐
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Note: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to
provide an attached annual report to security holders.
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7): ☐
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Note: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish
a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant’s “home
country”), or under the rules of the home country exchange on
which the registrant’s securities are traded, as long as the
report or other document is not a press release, is not required to
be and has not been distributed to the registrant’s security
holders, and, if discussing a material event, has already been the
subject of a Form 6-K submission or other Commission filing on
EDGAR.
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1
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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SILVER ELEPHANT MINING CORP.
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Date:
July 13, 2020
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/s/ Brigitte McArthurBrigitte McArthurCorporate Secretary
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INDEX TO EXHIBITS
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News
Release dated July 13, 2020
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Exhibit 99.1
Silver Elephant To Acquire El Triunfo
Gold-Silver-Lead-Zinc
Mining Project, Gold Assays Expected in July
Vancouver, British Columbia, July 13, 2020 – Silver Elephant
Mining Corp. (“Silver
Elephant” or
“the
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 El Triunfo Gold-Silver-Lead-Zinc Project in La Paz
District, Bolivia (“Triunfo
Project”).
Proposed Transaction Summary
Subject to the provisions of the SPA, the Vendor irrevocably agrees
to sell, assign,
and transfer to Silver Elephant, and
Silver Elephant agrees to purchase from the Vendor, the mining
rights of the Triunfo Project upon Silver Elephant’s paying
the Vendor the sum of $1,100,000, consisting of $100,000 on SPA
signing (paid),
and $1,000,000 on or before June 15,
2025 (Final Closing Date).
Joaquin Merino,
VP South America Operations, states,
“We are positioning Silver Elephant as a premier mining
company for silver investors.
We want our shareholders to own as
much silver in the ground as possible by sizing up Pulacayo and
Triunfo and by acquiring more pre-production-stage silver deposits.
Looking at the geological data, we believe there is the potential
for significant gold and silver resource development at the Triunfo
Project. The Triunfo Project is a great addition to Silver
Elephant’s portfolio, which currently features Pulacayo and
Paca silver projects with 31 million oz indicated at 455g/t and 27
million oz inferred silver source estimated by Mercator Geological
Partners in November 2017.”
Several dozen chip samples were taken from the surface and tunnels
at Triunfo. Those samples have already been delivered to ALS
laboratory in Oruro Bolivia,
with gold assay results expected in
late July, 2020.
Triunfo Project Summary
The Triunfo Project area covers approximately 256 hectares located
in the La Paz Department, which is located about 75km to the east
of the city of La Paz, Bolivia. The Triunfo Project has access to
power and water and is accessible by road year-round. The Vendor
maintains a positive relationship with the local
community.
Exploration was conducted in 2005–07 by Solitario Resources,
which made 3 drill holes, all of which intercepted mineralization.
Historical hole TR-001 returned 94.2 meters grading 0.39 g/t Au,
21.8 g/t Ag, 0.65%Pb, 0.39%Zn, , (0.95 g/t AuEq*), according to
Solitario Resources SEC 10K filings. Only 20% of the property was
explored by Solitario.
The mineralization is characterized by pyrite, arsenopyrite,
galena, and sphalerite and carries gold, silver, and zinc and lead
in various proportions.
Mineralization outcrops at the surface and continues for at least
750 meters in three discrete blocks, known as A, B, and C. The
mineralized blocks have widths varying from 20m to 150m and are
locally displaced for several meters by north-east trending
faults.
In the past decade,
some artisanal mining has been
developed where gold mineralization has been
identified.
Those areas have been principally
mined for gold.
They demonstrate a continuity of
mineralization along the strike and to modest
depths.
The Triunfo Project contains polymetallic vein-style mineralization
hosted in metasediments of the Silurian and Devonian periods. The
metasediments were intruded by nearby plutonic batholiths which are
likely related to the mineralizing event. This style of
mineralization is well documented in Bolivia. Examples include
Cerro Rico and Porco, located in and around Potosi.
The mineralization is characterized by multiple veins (up to 1.0m
wide) and veinlets. They are emplaced along fractures and faults
that have developed on the flanks of an east-west trending
anticlinal-synclinal sequence. Mineralization is also noted to
occur in the sedimentary planes between slate layers. The slate
layers can manifest as stockwork-style mineralization which tends
to be elongated parallel to the anticlinal axis.
(*) Gold equivalent calculation uses a gold price of $1,795,
a zinc price of $0.93, a lead price of $0.80, and a silver price of
$18.30, and assumes a 100% metallurgical recovery. Gold equivalent
values can be calculated using the following formula: AuEq = Au g/t + (Ag g/t
x 0.2243) + (Zn % x 1.385) + (Pb % x 0.3055).
Further Details Regarding the Proposed Transaction
If the
Final Closing Date does not occur on or before the date set out in
column (A) below, the Purchaser will pay to the Vendor on or before
that date the amount corresponding to that date in column (B)
below
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Column (A)
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Column (B)
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June
15, 2021
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$50,000
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June
15, 2022
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$50,000
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June
15, 2023
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$50,000
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June
15, 2024
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$50,000
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The
Vendor will maintain a 5% interest in the profits, net of taxes and
royalties derived from the sale of concentrate produced from the
Triunfo project (the “Residual Interest”). The Residual
Interest can be purchased by Silver Elephant for $300,000 at any
time before or after the Final Closing Date.
The Triunfo Project presentation including maps are
available at www.silverelef.com.
All
currencies are in USD
Qualified Person
The
technical contents of this news release have been prepared under
the supervision of Danniel Oosterman, VP Exploration. Mr. Oosterman
is not independent of the Company in that he is employed by it. Mr.
Oosterman is a qualified person (“QP”) as defined by
the guidelines in NI 43-101. Details on the Pulacayo resource
mentioned in the contents of this news release can be found in the
Company’s press release dated November 22, 2017.
About Silver Elephant
Silver
Elephant is a premier silver mining company. The Company’s
goal is to enable shareholders to own as much silver in the ground
as possible by sizing up Pulacayo and Triunfo and by acquiring more
pre-production-stage silver deposits.
SILVER ELEPHANT MINING CORP.
ON
BEHALF OF THE BOARD
Michael
Doolin
Chief
Executive Officer
For
more information about Silver Elephant, please contact Investor
Relations:
+1.604.569.3661
ext. 101
ir@silverelef.com www.silverelef.com
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain
statements contained in this news release, including statements
which may contain words such as “expects”,
“anticipates”, “intends”,
“plans”, “believes”,
“estimates”, or similar expressions, and statements
related to matters which are not historical facts are
forward-looking information within the meaning of applicable
securities laws. Such forward-looking statements, which reflect
management’s expectations regarding Company’s future
growth, results of operations, performance, and business prospects
and opportunities, are based on certain factors and assumptions and
involve known and unknown risks and uncertainties which may cause
the actual results, performance, or achievements to be materially
different from future results, performance, or achievements
expressed or implied by such forward-looking
statements.
These
factors should be considered carefully, and readers should not
place undue reliance on the Company’s forward-looking
statements. The Company believes that the expectations reflected in
the forward-looking statements contained in this news release and
the documents incorporated by reference herein are reasonable, but
no assurance can be given that these expectations will prove to be
correct. In addition, although the Company has attempted to
identify important factors that could cause actual actions,
events, or
results to differ materially from those described in
forward-looking
statements, there may be other factors that cause actions,
events, or
results not to be as anticipated, estimated, or intended. The Company
undertakes no obligation to publicly release any future revisions
to forward-looking statements to reflect events or circumstances
after the date of this news or to reflect the occurrence of
unanticipated events, except as expressly required by
law.