Silver Elephant Mining Corp 6-K, filed Oct 27, 2020

Silver Elephant Mining Corp. (SILEF)

6-K 2020-10-27 For: 2020-10-27

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Silver Elephant Mining Corp filed this 6-K on October 27, 2020.

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	SILVER ELEPHANT MINING CORP.

Date: October 27, 2020	By:	/s/ Brigitte McArthur
		Brigitte McArthur
		Corporate Secretary

99.1	43-101 Pulacayo 2020 Technical Report, effective Oct 13 2020 dated October 23, 2020
99.2	Consent of Qualified Person: Michael Cullen dated October 26, 2020
99.3	Consent of Qualified Person: Osvaldo Arce dated October 23, 2020
99.4	Consent of Qualified Person: Matthew Harrington dated October 26, 2020

Date and Signature Page		i
1.0	Summary	xv
1.1	Introduction and Terms of Reference	xv
1.2	Property Description	xv
1.3	Geological Setting	xvi
1.3.1	Geology	xvi
1.3.2	Mineralization	xvi
1.4	Deposit Type	xvii
1.5	History	xvii
1.6	Exploration	xvii
1.7	Drilling	xvii
1.8	Sample Preparation, Analysis and Security	xix
1.9	Data Verification	xix
1.10	Mineral Processing and Metallurgical Testing	xix
1.11	Mineral Resource Estimates	xx
1.12	Interpretations and Conclusions	xxi
1.13	Recommendations	xxii
1.14	Proposed Budget for Pulacayo Project	xxiii
2.0	Introduction and Terms of Reference	1
2.1	Terms of Reference	1
2.2	Site Visits by Authors	2
2.2.1	Mercator Site Visits	2
2.2.2	Site Visit by Co-Author Dr. Osvaldo Arcé, P. Geo.	2
2.3	Independence of Authors and Technical Report Responsibilities	3
2.4	Information Consulted for Technical Report Preparation	3
2.5	Abbreviations Used in this Report	3
3.0	Reliance on Other Experts	5
4.0	Property Description and Location	5
4.1	General	5
4.2	Summary of Mineral Title	6
4.2.1	Overview of Bolivian Mining Law	6
4.2.2	Silver Elephant Mineral Title Ownership	12
4.3	Environmental Considerations	15
5.0	Accessibility, Climate, Local Resources, Infrastructure and Physiography	18
5.1	Introduction	18
5.2	Accessibility	18
5.3	Climate and Physiography	20
5.4	Local Resources and Infrastructure	20
5.5	Access for Recommended Work Programs and Future Operations	23

6.0	History	24
6.1	Introduction	24
6.2	Pre-2001 Exploration and Mining	24
6.3	ASC Exploration 2002 to 2005	25
6.3.1	Introduction	25
6.3.2	Metallurgical Testing	26
6.3.3	Mineral Resource Estimate	28
6.4	Apogee Exploration - 2006 to 2015	29
6.4.1	Introduction	29
6.4.2	Topographic Survey	29
6.4.3	Geological Mapping and Sampling	29
6.4.4	Induced Polarization Surveying	30
6.4.5	Diamond Drilling	32
6.4.6	Sampling of Esmeralda Adit Underground Workings	33
6.4.7	Historical Paca Mineral Resource Estimate by Micon	33
6.4.8	Historical 2008 and 2009 Pulacayo Mineral Resource Estimates by Micon	34
6.4.9	2009 Metallurgical Testing	37
6.4.10	Historical Pulacayo Preliminary Economic Assessment by Micon	37
6.4.11	2011 Metallurgical Testing	38
6.4.12	Historical 2011 and 2012 Mineral Resource Estimates by Mercator	38
6.4.13	Mercator Mineral Resource Estimate for 2013 Apogee Feasibility Study	40
6.4.14	Trial Mining, Apogee Bulk Sampling and Toll Milling	40
6.4.15	Feasibility Study by TWP for Apogee	41
7.0	Geological Setting	42
7.1	Regional Geology	42
7.2	Local Geology	44
7.3	Structure	48
7.4	Alteration	49
7.5	Mineralization	49
7.5.1	Introduction	49
7.5.2	Pulacayo Deposit	50
7.5.3	Paca Deposit	53
8.0	Deposit Type	57
9.0	Exploration	59
9.1	Introduction	59
9.2	Sampling of Tailings and Waste Rock Deposits	60
9.2.1	Introduction	60
9.2.2	Description of 2014 Sampling Program	64
9.2.3	Results of 2014 Sampling Program	64

9.3	High Grade Pulacayo Deposit Mineral Resource Estimate by Mercator	66
9.4	2015 Mapping and Sampling Programs	66
9.5	High Grade Paca Deposit Mineral Resource Estimate by Mercator	68
9.6	2015 Esmeralda Adit Underground Sampling Program	68
9.7	November 2016 AVS Sampling Program	68
9.8	Silver Elephant Drilling (September 2019 – February 2020)	69
9.9	February 2020 Paca Geological Mapping	69
9.10	February-March 2020 San Leon Tunnel Geological Mapping	71
9.11	2020 Pit Constrained Mineral Resource Estimate	73
10.0	Drilling	74
10.1	Introduction	74
10.2	ASC Drilling Programs (2002-2005)	74
10.2.1	Paca Drilling	74
10.2.2	Pulacayo Drilling	75
10.3	Apogee Drilling Programs (2006-2008)	75
10.3.1	Paca Deposit Drilling	75
10.3.2	Pulacayo Deposit Drilling	76
10.4	Apogee Drilling (January 2010 – December 2011)	77
10.4.1	Pulacayo Deposit Drilling	77
10.5	Silver Elephant Drilling (September 2019 – February 2020)	77
10.5.1	Paca Deposit Drilling	77
10.5.2	Pulacayo Deposit Drilling	79
10.6	ASC, Apogee and Silver Elephant Drilling Program Planning and Logistics	82
10.7	Comment on ASC, Apogee and Silver Elephant Drilling Programs	83
11.0	Sample Preparation, Analysis and Security	83
11.1	Introduction	83
11.2	Sample Preparation for 2002-2003 ASC Programs	84
11.3	Sample Preparation for Apogee Programs (2006-2012)	84
11.4	Sample Preparation for Silver Elephant Program (2019-2020)	86
11.5	Drill Core Analysis for ASC Programs	86
11.6	Drill Core Analysis for Apogee Programs	86
11.7	Drill Core Analysis for Silver Elephant Program	87
11.8	Quality Assurance and Quality Control	88
11.8.1	Introduction	88
11.8.2	Apogee Programs – 2006 to 2012	88
11.8.3	Apogee Drill Hole Twinning Program	111
11.9	Silver Elephant Programs – 2019 to 2020	113
11.9.1	Certified Reference Material Program	113
11.9.2	Blank Sample Program	115
11.9.3	Core Duplicate Split Program 2019-2020	117
11.10	Mercator Comment on Sample Preparation, Analysis and Security	119

12.0	Data Verification	120
12.1	Introduction	120
12.2	Review and Validation of Project Data Sets	120
12.3	Site Visits by Mercator	121
12.3.1	August 3rd to August 10th 2011 Site Visit	121
12.3.2	April 26th to April 28th, 2012 Site Visit	125
12.3.3	June 3rd to June 6th, 2015 Site Visit	128
12.4	2020 Site Visit By Dr. Osvaldo Arcé	134
13.0	Mineral Processing and Metallurgical Testing	138
14.0	Mineral Resource Estimates	140
14.1	Introduction	140
14.1.1	Overview of Estimation Procedure for the Pulacayo Project	141
14.1.2	Overview of Estimation Procedure for Paca Deposit	143
14.2	Pulacayo Deposit Mineral Resource Estimate	146
14.2.1	Geological Interpretation Used in Resource Estimation	146
14.2.2	Data Validation	147
14.2.3	Silver Equivalency Calculation	147
14.2.4	Topographic, Oxide-Sulphide, Grade Domain, Lithological, and Underground Workings Modelling	148
14.2.5	Assay Sample Assessment and Down Hole Composites	156
14.2.6	Variography and Interpolation Ellipsoids	158
14.2.7	Setup of Three-Dimensional Block Model	165
14.2.8	Mineral Resource Estimate	165
14.2.9	Density	166
14.2.10	Pit Optimization	168
14.2.11	Mineral Resource Category Parameters	169
14.2.12	Mineral Resource Estimate Tabulation	169
14.2.13	Validation of Mineral Resource Models	174
14.2.14	Tonnage and Grade Sensitivity	178
14.2.15	Project Risks that Pertain to the Mineral Resource Estimate	180
14.2.16	Comment on Previous Mineral Resource Estimates	181
14.3	Paca Deposit Mineral Resource Estimate	182
14.3.1	Geological Interpretation Used in Resource Estimation	182
14.3.2	Data Validation	182
14.3.3	Silver Equivalency Calculation	183
14.3.4	Surface, Sulphide-Oxide, Grade Domain, Lithological, and Underground Workings Modelling	184
14.3.5	Assay Sample Assessment and Down Hole Composites	192
14.3.6	Variography and Interpolation Ellipsoids	194

14.3.7	Setup of Three-Dimensional Block Model	200
14.3.8	Mineral Resource Estimate	201
14.3.9	Density	202
14.3.10	Pit Optimization	203
14.3.11	Mineral Resource Category Parameters	204
14.3.12	Mineral Resource Estimate Tabulation	205
14.3.13	Validation of Mineral Resource Models	210
14.3.14	Tonnage and Grade Sensitivity	213
14.3.15	Project Risks that Pertain to the Mineral Resource Estimate	215
14.3.16	Comment of Previous Mineral Resource Estimates	215
15.0	Mineral Reserve Estimates	216
16.0	Mining Methods	217
17.0	Recovery Methods	218
18.0	Project Infrastructure	219
19.0	Market Studies and Contracts	220
20.0	Environmental Studies, Permitting and Social or Community Impact	221
21.0	Capital and Operating Costs	222
22.0	Economic Analysis	223
23.0	Adjacent Properties	224
24.0	Other Relevant Data and Information	225
25.0	Interpretation and Conclusions	226
25.1	Introduction	226
25.2	Pulacayo and Paca Deposit Geological Interpretation	226
25.3	October 13th, 2020 Pulacayo Project Mineral Resource Estimate	227
25.3.1	Project Risks that Pertain to the Mineral Resource Estimate	228
26.0	Recommendations	230
26.1	Introduction	230
26.2	2020 Recommendations for Pulacayo Project	230
26.3	Proposed Budget for Pulacayo Project	232
27.0	Statements of Qualifications	234
28.0	References Cited	241


Figure 4.1: Location Map, Pulacayo Project		7
Figure 4.2: Pulacayo Project Mineral Titles		15
Figure 5.1: Major Routes and Physiographic Regions in Bolivia		19
Figure 5.2: Pulacayo COMIBOL Operations Facility Used by Silver Elephant		21
Figure 5.3: Pulacayo COMIBOL Office Facility Used by Silver Elephant		22
Figure 6.1: Property Geology Map		31
Figure 6.2: Micon Optimized Paca Pit Shell and Block Model – View To Southwest		36
Figure 7.1: Structural Units of Bolivia		43
Figure 7.2: Regional Geology Map (From Iriondo Et Al., 2009)		45
Figure 7.3: Local Geology of the Pulacayo Property		46
Figure 7.4: Local Geology of the Paca Deposit Area		47
Figure 7.5: Structural Interpretation For TVS at Pulacayo (Iriondo Et Al., 2009)		48
Figure 7.6: Representative Pulacayo Drilling Section		51
Figure 7.7: Crustiform Texture in HQ Core (~63.5 mm Width) - Pulacayo		52
Figure 7.8: Vuggy Quartz and Barite in HQ Core (~63.5 mm width) – Pulacayo		52
Figure 7.9: View of Paca Deposit Argillic Alteration in Volcaniclastic Sequence		53
Figure 7.10: Disseminated Mantos Style Mineralization - Paca Hole PND-061 at ~180m		54
Figure 7.11: Breccia Hosted Style Mineralization – Paca Hole 092 at ~ 47m		54
Figure 7.12: Representative Paca Deposit Drilling Section		55
Figure 8.1: Genesis of Epithermal Mineral Deposits (from White and Hedenquist, 1994)		57
Figure 9.1: Location Map for Tailings/Waste Rock Program Sampling Sites		61
Figure 9.2: View of Pulacayo 1 Tailings/Waste Rock Deposit		62
Figure 9.3: Typical Sampling Site on Pulacayo 1 Tailings/Waste Rock Deposit		62
Figure 9.4: View of Pacamayo Tailings/Waste Rock Deposit		63
Figure 9.5: View of Paca 2 Tailings/Waste Rock Deposit		63
Figure 9.6: Location Map for 2015 Mapping and Sampling Mineralized Areas		67
Figure 9.7: Geological Map of the Paca Area (Provided by Silver Elephant)		70
Figure 9.8: San Leon Tunnel Geological Map (Provided by Silver Elephant)		72
Figure 10.1: Silver Elephant 2019-2020 Paca Deposit Drill Program Collar Locations (Drill Traces: Grey – ASC, Blue – Apogee, Red – Silver Elephant)		78
Figure 10.2: Silver Elephant 2019-2020 Pulacayo Deposit Drill Program Collar Locations* (Drill Traces: Grey – ASC, Blue – Apogee, Red – Silver Elephant)		81
Figure 11.1: Apogee Core Logging Facility at Pulacayo Site		85
Figure 11.2: Field Standard FSPU01 Analytical Results For Silver (N= 449)		90
Figure 11.3: Field Standard FSPU01 Analytical Results For Zinc (N= 449)		90
Figure 11.4: Field Standard FSPU01 Analytical Results For Lead (N= 449)		91
Figure 11.5: Certified Standard CDN-SE-1 Results – Ag g/t (N=82)		93

Figure 11.6: Certified Standard CDN-SE-1 Results-Pb% (N=82)	93
Figure 11.7: Certified Standard CDN-SE-1 Results – Zn % (N=82)	94
Figure 11.8: Certified Standard PB128 Results – Ag g/t (N=89)	94
Figure 11.9: Certified Standard PB128 Results – Pb % (N=91)	95
Figure 11.10: Certified Standard PB128 Results – Zn% (N=91)	95
Figure 11.11: Certified Standard PB138 Results - Ag g/t (N=5)	96
Figure 11.12: Certified Standard PB138 Results - Pb % (N=5)	97
Figure 11.13: Certified Standard PB138 Results - Zn % (N=5)	97
Figure 11.14: Certified Standard CDN-SE-1 Results - Ag g/t (N=25)	98
Figure 11.15: Certified Standard CDN-SE-1 Results - Pb % (N=25)	99
Figure 11.16: Certified Standard CDN-SE-1 Results - Zn % (N=25)	99
Figure 11.17: Certified Standard PB138 Results - Ag g/t (N=54)	100
Figure 11.18: Certified Standard PB138 Results - Pb % (N=5)	100
Figure 11.19: Certified Standard PB138 Results - Zn % (N=54)	101
Figure 11.20: Blank Sample Results – Ag g/t (N= 535)	102
Figure 11.21: Blank Sample Results – Zn % (N= 535)	103
Figure 11.22: Blank Sample Results – Pb % (N= 535)	103
Figure 11.23: Duplicate ¼ Core Sample Results for Silver (N= 919)	104
Figure 11.24: Duplicate ¼ Core Sample Results for Zinc (N= 919)	105
Figure 11.25: Duplicate ¼ Core Sample Results for Lead (N= 919)	105
Figure 11.26: Pulp Splits and Reject Duplicate Samples – Ag g/t (N=442)	108
Figure 11.27: Pulp Splits and Reject Duplicate Samples - Pb % (N=442)	108
Figure 11.28: Pulp Splits and Reject Duplicate Samples – Zn % (N=442)	109
Figure 11.29: Pulp Splits and Reject Duplicate Samples – Ag g/t (N=523))	109
Figure 11.30: Pulp Splits and Reject Duplicate Samples – Pb % (N=523)	110
Figure 11.31: Pulp Splits and Reject Duplicate Samples – Zn% (N=523)	110
Figure 11.32: Silver Comparison for Twin Drill Holes PND003 and PND032	112
Figure 11.33: Silver Comparison for Twin Drill Holes PND008 and PND031	112
Figure 11.34: PB132 Sample Results for Silver (N= 35)	114
Figure 11.35: PB132 Sample Results for Lead (N= 35)	114
Figure 11.36: PB132 Sample Results for Zinc (N= 35)	115
Figure 11.37: Blank Sample Results for Silver (N= 34)	116
Figure 11.38: Blank Sample Results for Lead (N= 34)	116
Figure 11.39: Blank Sample Results for Zinc (N= 34)	117
Figure 11.40: Duplicate ¼ Core Sample Results for Silver (N= 32)	118
Figure 11.41: Duplicate ¼ Core Sample Results for Lead (N= 32)	118
Figure 11.42: Duplicate ¼ Core Sample Results for Zinc (N= 32)	119
Figure 12.1: Mercator ¼ Core Check Samples - Ag g/t (N=9)	123

Figure 12.2: Mercator 1/4 Core Check Samples - Pb % (N=9)	123
Figure 12.3: Mercator 1/4 Core Check Samples – Zn % (N=9)	124
Figure 12.4: Photo of Mercator April 2012 core sample interval	126
Figure 12.5: Mercator 1/4 Core Check Samples 2012 - Ag g/t (N=24)	127
Figure 12.6: Mercator 1/4 Core Check Samples 2012 - Pb % (N=24)	127
Figure 12.7: Mercator 1/4 Core Check Samples 2012 - Zn % (N=24)	128
Figure 12.8: Paca Drill Core in Secure Pulacayo Core Storage Facility – June 2015	130
Figure 12.9: Prophecy Staff at Pulacayo Site Core Storage Facility – June 2015	130
Figure 12.10: Mercator Check Sample Interval in Paca Drill Hole PND-072	131
Figure 12.11: Mercator 2015 Core Check Sample Results - Silver	132
Figure 12.12: Mercator 2015 Core Check Sample Results - Zinc	133
Figure 12.13: Mercator 2015 Core Check Sample Results - Lead	133
Figure 12.14: Check Sample Results for the 2020 Site Visit	136
Figure 14.1: Isometric view to the Northwest of the Pulacayo Deposit topographic surface DTM (250 m grid spacing)	149
Figure 14.2: Isometric view to the Northwest of the Pulacayo Deposit oxide-sulphide zonation (Blocks: Green – Oxide, Red Sulphide. 100 m grid spacing)	150
Figure 14.3: Isometric view to the Northeast of the Pulacayo Deposit 100 g/t Ag domain solid models (100 m grid spacing)	151
Figure 14.4: Isometric view to the Southwest of the Pulacayo Deposit 100 g/t Ag domain solid models (100 m grid spacing)	151
Figure 14.5: Isometric view to the Northeast of the Pulacayo Deposit 45 g/t Ag Eq. domain solid models (100 m grid spacing)	152
Figure 14.6: Isometric view to the Southwest of the Pulacayo Deposit 45 g/t Ag Eq. domain solid models (100 m grid spacing)	153
Figure 14.7: Isometric view to the Northeast of the Pulacayo Deposit underground workings model (100 m grid spacing)	155
Figure 14.8: Representative cross section (looking East) of the Pulacayo Deposit block model showing block volume assignment (Blocks: Red = 100 g/t Ag domain, Green = 45 g/t Ag Eq. domain, Grey = mined, Light Brown = surface sediments, Blue = volcanics, Yellow = sedimentary - 100 m grid spacing)	156
Figure 14.9: Downhole silver variogram for the Pulacayo Deposit	159
Figure 14.10: Silver variogram model for the major axis of continuity for the Pulacayo Deposit	159
Figure 14.11: Silver variogram model for the semi-major axis of continuity for the Pulacayo Deposit	160
Figure 14.12: Downhole lead variogram for the Pulacayo deposit	160

Figure 14.13: Lead variogram model for the major axis of continuity for the Pulacayo Deposit	161
Figure 14.14: Lead variogram model for the semi-major axis of continuity for the Pulacayo Deposit	162
Figure 14.15: Downhole zinc variogram for the Pulacayo Deposit	162
Figure 14.16: Zinc variogram model for the major axis of continuity for the Pulacayo Deposit	163
Figure 14.17: Zinc variogram model for the semi-major axis of continuity for the Pulacayo Deposit	164
Figure 14.18: Pulacayo Deposit Mineral Resource Optimized Pit Shell (gold) and extent of interpolated Pulacayo Deposit blocks (silver) - 100 m grid spacing.	168
Figure 14.19: Isometric view to the Northeast of the Pulacayo Deposit oxide Mineral Resource Estimate Ag grade distribution at a 50 g/t Pit-Constrained cut-off (Optimized Pit Shell is silver - 100 m grid spacing).	171
Figure 14.20: Isometric view to the Northeast of the Pulacayo Deposit sulphide Mineral Resource Estimate Ag Eq. grade distribution at a 30 g/t Pit-Constrained cut-off and 100 g/t Out of Pit cut-off (Optimized Pit Shell is silver - 100 m grid spacing).	172
Figure 14.21: Isometric view to the Northeast of a representative section of the Pulacayo Deposit sulphide Mineral Resource Estimate Ag Eq. grade distribution at a 30 g/t Pit-Constrained cut-off and 100 g/t Out of Pit cut-off (Optimized Pit Shell is silver - 100 m grid spacing).	172
Figure 14.22: Isometric view to the Northwest of a representative section of the Pulacayo Deposit sulphide Mineral Resource Estimate Ag Eq. grade distribution at a 30 g/t Pit-Constrained cut-off and 100 g/t Out of Pit cut-off (Optimized Pit Shell is silver - 100 m grid).	173
Figure 14.23: Isometric view to the Northwest of the Pulacayo Deposit Mineral Resource Estimate category distribution at a 30 g/t Pit-Constrained cut-off and 100 g/t Out of Pit cut-off for the sulphide zone and a 50 g/t Pit-Constrained cut-off for the oxide zone (Optimized Pit Shell is silver - 100 m grid spacing).	173
Figure 14.24: Isometric view to the Southeast of the Pulacayo Deposit Mineral Resource Estimate category distribution at a 30 g/t Pit-Constrained cut-off and 100 g/t Out of Pit cut-off for the sulphide zone and a 50 g/t Pit-Constrained cut-off for the oxide zone (Optimized Pit Shell is silver - 100 m grid spacing).	174
Figure 14.25: Pulacayo Deposit east-west swath plot of assay composite and block silver grades	176
Figure 14.26: Pulacayo Deposit east-west swath plot of assay composite and block lead grades	177
Figure 14.27: Pulacayo Deposit east-west swath plot of assay composite and block zinc grades	178
Figure 14.28: Isometric view to the Southeast of the Paca Deposit topographic surface DTM and drill holes (250 m grid spacing)	184

Figure 14.29: Isometric view to the Southwest of the Paca Deposit quaternary DTM and drill holes (100 m grid spacing)	185
Figure 14.30: Isometric view to the Southeast of the Paca Deposit oxide-sulphide zonation (Blocks: Green – Oxide, Red Sulphide - 100 m grid spacing)	186
Figure 14.31: Isometric view to the Northwest of the Paca Deposit 100 g/t Ag domain solid models (50 m grid spacing)	187
Figure 14.32: Isometric view to the Southeast of the Paca Deposit 100 g/t Ag domain solid models (50 m grid spacing)	188
Figure 14.33: Isometric view to the Northwest of the Paca Deposit 45 g/t Ag Eq. domain solid models (100 m grid spacing)	189
Figure 14.34: Isometric view to the Southwest of the Paca Deposit 45 g/t Ag Eq. domain solid models (100 m grid spacing)	189
Figure 14.35: Isometric view to the Southwest of the Paca Deposit Esmeralda Adit model (20 m grid spacing)	191
Figure 14.36: Isometric view to the Southeast of the Paca Deposit Esmeralda Adit model location (20 m grid spacing)	191
Figure 14.37: Representative cross section (looking East) of the Paca Deposit block model showing block volume assignment (Blocks: Red = 100 g/t Ag domain, Green = 45 g/t Ag Eq. domain, Grey = mined, Light Brown = quaternary sediments, Blue: volcanics, Yellow: sedimentary. 100 m grid spacing)	192
Figure 14.38: Downhole silver variogram for the Paca Deposit	195
Figure 14.39: Silver variogram model for the major axis of continuity for the Paca Deposit	195
Figure 14.40: Silver variogram model for the semi-major axis of continuity for the Paca Deposit	196
Figure 14.41: Downhole lead variogram for the Paca Deposit	197
Figure 14.42: Lead variogram model for the major axis of continuity for the Paca Deposit	197
Figure 14.43: Lead variogram model for the semi-major axis of continuity for the Paca deposit	198
Figure 14.44: Downhole zinc variogram for the Paca Deposit	199
Figure 14.45: Zinc variogram model for the major axis of continuity for the Paca Deposit	199
Figure 14.46: Zinc variogram model for the semi-major axis of continuity for the Paca Deposit	200
Figure 14.47: Isometric view to the Southwest of the Paca Deposit Mineral Resource Optimized Pit Shell (gold) and extent of interpolated Paca Deposit blocks (silver) - (100 m grid spacing)	204
Figure 14.48: Isometric view to the Southeast of the Paca Deposit Mineral Resource Estimate oxide zone Ag grade distribution at a 50 g/t Pit-Constrained cut-off (optimized pit shell is silver - 100 m grid spacing)	207
Figure 14.49: Isometric view to the Southeast of the Paca Deposit Mineral Resource Estimate sulphide zone Ag Eq. grade distribution at a 30 g/t Pit-Constrained cut-off (optimized pit shell is silver - 100 m grid spacing)	207

Figure 14.50: Isometric view to the Southwest of a representative section of the Paca Deposit Mineral Resource Estimate sulphide zone Ag Eq. grade distribution at a 30 g/t Pit-Constrained cut-off (optimized pit shell is silver - 100 m grid spacing)	208
Figure 14.51: Isometric view to the Northeast of a representative section of the Paca Deposit Mineral Resource Estimate sulphide zone Ag Eq. grade distribution at a 30 g/t Pit-Constrained cut-off (optimized pit shell is silver - 100 m grid spacing)	208
Figure 14.52: Isometric view to the Southeast of the Paca Deposit Mineral Resource Estimate category distribution at a Pit Constrained 30 g/t Ag Eq. sulphide zone cut-off and a Pit Constrained 50 g/t Ag oxide zone cut-off (optimized pit shell is silver - 100 m grid spacing)	209
Figure 14.53: Isometric view to the Southwest of the Paca Deposit Mineral Resource Estimate category distribution at a Pit Constrained 30 g/t Ag Eq. sulphide zone cut-off and 50 g/t Ag oxide zone cut-off (optimized pit shell is silver - 100 m grid spacing)	209
Figure 14.54: East-west swath plot of Paca Deposit assay composite and block silver grades	211
Figure 14.55: East-west swath plot of Paca Deposit assay composite and block lead grades	212
Figure 14.56: East-west swath plot of Paca Deposit assay composite and block zinc grades	213


Table 1.1: Silver Elephant’s Pulacayo Project Exploration Holdings at Report Effective Date.	xv
Table 1.2: Pulacayo Project Mineral Resource Estimate – Effective Date: October 13, 2020*	xxi
Table 1.3: Proposed Pulacayo Project Budget – Phases 1 and 2	xxiv
Table 2.1: Responsibilities of Authors	3
Table 2.2: Listing of Abbreviations and Conversions	4
Table 4.1: Silver Elephant’s Pulacayo Project Exploration Holdings at Report Effective Date.	14
Table 6.1: Summary of Head Grades, RDI Metallurgical Testing, 2002	27
Table 6.2: Summary of Leach Test Results, RDI Metallurgical Testing, 2002	27
Table 6.3: Summary of Flotation Test Results, RDI Metallurgical Testing, 2002	28
Table 6.4: Summary of Paca Deposit Core Drilling Programs – 2002 to 2007	32
Table 6.5: Historical 2007 Paca Deposit Mineral Resource Estimate by Micon	33
Table 6.6: Micon Pit Optimization Parameters for 2007 Historical Resource Estimate	34
Table 6.7: Historical Pulacayo Mineral Resource Estimate - Effective October 28th, 2008	36
Table 6.8: Historical Pulacayo Mineral Resource Estimate – Effective October 14th, 2009	37
Table 6.9: Historical Pulacayo Deposit Mineral Resource – Effective October 19th, 2011	38
Table 6.10: Historical Pulacayo Deposit Mineral Resource – Effective September 28th, 2012	39
Table 7.1: Major Stratigraphic Units of the Pulacayo-Paca Area	47
Table 7.2: Volcanic Sub-Units of The Quehua Formation in the Pulacayo-Paca Area	47
Table 9.1: Metal Levels for 2014 Tailings and Waste Rock Sampling Program	65
Table 9.2: Summarized Surface Sampling Results from Silver Elephant 2015 Surface Program	66
Table 9.3: Summarized Chip Sampling Results from Silver Elephant 2020 Paca Program*	71
Table 9.4: Summarized Chip Sampling Results from Silver Elephant 2020 San Leon Tunnel*	73
Table 10-1: Summary of ASC Paca Deposit Drilling Programs – 2002 To 2005	74
Table 10-2: Summary of Apogee Paca Deposit Drilling Programs	76
Table 10-3: Silver Elephant 2019-2020 Paca Deposit Drill Program Collar Locations*	78
Table 10-4: Silver Elephant 2019-2020 Paca Deposit Drill Program Significant Intercepts	80
Table 10-5: Silver Elephant 2019-2020 Pulacayo Deposit Drill Program Collar Locations*	81
Table 10-6: Silver Elephant 2019-2020 Pulacayo Deposit Drill Program Significant Intercepts	82
Table 11.1: Apogee Field Reference Material Data for 2006 Paca Drilling	89
Table 11.2: Certified Reference Materials Data for January 2010 to October 2011 Period	92
Table 11-3: Certified Reference Materials Data for January 2010 to October 2011 Period	113
Table 12.1: ASC and Apogee Drill Holes Included in Mercator Core Review	129
Table 12.2: Mercator Drill Collar Coordinate Checking Program Results	134
Table 12.3: Comparison of Arcé Re-sampling Assays Vs Silver Elephant Original Assays	136
Table 12.4: Arcé Drill Collar Coordinate Checking Program Results*	137

Table 14.1: Pulacayo Deposit descriptive statistics for the 100 g/t Ag domain composite silver, lead and zinc values	157
Table 14.2: Pulacayo Deposit descriptive statistics for the 45 g/t Ag Eq. domain composite silver, lead and zinc values	158
Table 14.3: Summary of Pulacayo Deposit Block Model Parameters	165
Table 14.4: Pulacayo Deposit ellipsoid axis ranges for each interpolation pass for each metal	166
Table 14.5: Descriptive statistics for Pulacayo Deposit 1m downhole density composites	167
Table 14.6: Interpolation ellipsoid ranges and included composites parameters for the Pulacayo Deposit ID2 density model	167
Table 14.7: Pulacayo Deposit Mineral Resource Estimate – Effective Date: October 13, 2020**	170
Table 14.8: Comparison of Pulacayo Deposit block and composite values	175
Table 14.9: Pulacayo Deposit Pit-Constrained sulphide zone sensitivity analysis	179
Table 14.10: Pulacayo Deposit Out of Pit sulphide zone sensitivity analysis	179
Table 14.11: Pulacayo Deposit Pit-Constrained oxide zone sensitivity analysis	180
Table 14.12: Paca Deposit descriptive statistics for the 100 g/t Ag domain composite silver, lead and zinc values	193
Table 14.13: Paca Deposit descriptive statistics for the 45 g/t Ag Eq. domain composite silver, lead and zinc values	194
Table 14.14: Summary of Paca Deposit Block Model Parameters	201
Table 14.15: Paca Deposit ellipsoid axis ranges for each interpolation pass for each metal	202
Table 14.16: Descriptive statistics for Paca Deposit density determinations	203
Table 14.17: Paca Deposit Mineral Resource Estimate – Effective Date: October 13, 2020**	206
Table 14.18: Paca Deposit comparison of block and composite values	210
Table 14.19: Paca Deposit Pit-Constrained sulphide zone sensitivity analysis	214
Table 14.20: Paca Deposit Pit-Constrained oxide zone sensitivity analysis	214
Table 25.1: Pulacayo Project Mineral Resource Estimate – Effective Date: October 13, 2020*	228
Table 26.1: Proposed Pulacayo Project Budget - Phases 1 and 2	233

*STA	Titleholder	Size (ha)	Patentes Payment	Registration Number	Location
Pulacayo	COMIBOL	1031	Payment is not required*	512-01015	Pulacayo
Porvenir	COMIBOL	1199	Payment is not required*	512-01165	Pulacayo
Huanchaca	COMIBOL	470	Payment is not required*	512-03903	Pulacayo
Galería General	COMIBOL	76	Payment is not required*	512-01160	Pulacayo
Subtotal		2776
Temeridad	COMIBOL	10	Payment is not required*	512-00992	Paca
Real del Monte	COMIBOL	24	Payment is not required*	512-00994	Paca
Apuradita	ASC Bolivia LDC	750	2017	512-03652	Paca
Subtotal		784
Grand Total		3560

Pit Constrained Mineral Resources
Deposit(s)	Cut -off	Zone	Category	Rounded Tonnes	Ag g/t	Pb %	Zn %	Ag Eq. g/t
Pulacayo	50 Ag g/t	Oxide	Indicated	1,090,000	125
	50 Ag g/t	Oxide	Inferred	25,000	60
	30 Ag Eq. g/t	Sulfide	Indicated	24,600,000	76	0.70	1.63	156
	30 Ag Eq. g/t	Sulfide	Inferred	745,000	82	0.61	1.79	164
Paca	50 Ag g/t	Oxide	Indicated	1,095,000	185
	50 Ag g/t	Oxide	Inferred	345,000	131
	30 Ag Eq. g/t	Sulfide	Indicated	20,595,000	46	0.67	1.07	106
	30 Ag Eq. g/t	Sulfide	Inferred	3,050,000	46	0.65	0.76	94
Out of Pit Mineral Resources
Pulacayo	100 Ag Eq. g/t	Sulfide	Indicated	660,000	268	0.44	1.35	307
Pulacayo	100 Ag Eq. g/t	Sulfide	Inferred	900,000	179	0.42	2.14	257
Combined Pit Constrained and Out of Pit Mineral Resources**
Pulacayo and Paca	50 Ag g/t	Oxide	Indicated	2,185,000	155
	50 Ag g/t	Oxide	Inferred	370,000	126
	30/100 Ag Eq. g/t	Sulfide	Indicated	45,855,000	65	0.69	1.37	136
	30/100 Ag Eq. g/t	Sulfide	Inferred	4,695,000	77	0.60	1.19	136

Program Phase	Program Component	Estimated Cost (US$)
1	Open pit planning, geological and geotechnical engineering studies	200,000
1	Metallurgical studies	200,000
1	Expansion of digital mine model and addition of historic assay data	50,000
1	Resource extension, infill and exploratory surface and underground diamond drilling programs analyses, support and reporting – 10,000 m	1,800,000
1	Waste rock study	75,000
1	Continuation of community relations, support and environmental monitoring programs	75,000
1	Completion of an updated Pulacayo deposit NI 43-101 Mineral Resource Estimate and technical report after completion of drilling	75,000
	Subtotal Phase 1	2,475,000
2	Drilling assessment of tailings/waste rock areas and, if results warrant, completion of a NI 43-101 Mineral Resource Estimate and technical report for tailings/waste rock deposits (2000 m of shallow drilling plus analyses and support)	435,000
2	Completion of a Preliminary Economic Assessment that includes all Pulacayo and Paca deposit Mineral Resources based on the updated Mineral Resource Estimate noted in Phase 1 above and the Phase 2 Waste Rock Mineral Resource Estimate, if applicable, to determine future Pre-feasibility or Feasibility study requirements	250,000
2	Continuation of community relations, support and environmental monitoring programs	150,000
	Subtotal Phase II	835,000
	Total Phase I and II	3,310,000
	Contingency	300,000
	Grand Total	3,610,000

Author	Status	Date of Last Site Visit	Technical Report Section Responsibilities
M. Harrington, P. Geo.	Independent	June, 2015	14, parts of 1,12,25 and 26
M. Cullen, P. Geo.	Independent	June, 2015	2-11, 13, 15 to 24, 27, 28, parts of 1,12, 25 and 26
O. Arcé, P. Geo	Independent	August, 2020	Parts of 1,12

Abbreviation	Term	Abbreviation	Term
Apogee	Apogee Silver Ltd.	Ag	Silver
ASC	ASC Bolivia LDC	Sb	Antimony
CIM	Canadian Institute of Mining, Metallurgy and Petroleum	O	Oxygen
CSA	Canadian Securities Administrators	Zn	Zinc
DTM	Digital terrain model	S	Sulphur
ID2	Inverse distance squared	Pb	Lead
IF	Inferred (resource)	Fe	Iron
IN	Indicated (resource)	Ba	Barium
Mercator	Mercator Geological Services Limited	Mn	Manganese
NI 43-101	National Instrument 43-101	As	Arsenic
NSR	Net Smelter Return	K	Potassium
OK	Ordinary Kriging	Al	Aluminum
P&E	P&E Mining Consultants Inc.	Na	Sodium
Prophecy	Prophecy Development Corp.	Si	Silica
Silver Elephant	Silver Elephant Mining Corp.
TWP	TWP Sudamerica S.A.
$US	United States of America Dollars
mm	millimeter
cm	centimetre
m	metre
km	kilometre
ha	hectare
C	Celsius
oz.	troy ounce (31.04 g)
g	gram (0.03215 troy oz.)
kg	kilogram
lb	pound
t	tonne (1000 kg or 2,204.6 lb)
T	ton (2000 lb or 907.2 kg)
Oz/T to g/t	1oz/T = 34.28 g/t
Au	Gold
Cu	Copper

Drill Hole No	Interval Include (m)	Weight (kg)	Apex Aggregated Head Grades for Core			Assayed Head

PND 001	17.7-42	31	45.0	0.85	0.3	44.5	0.84	0.27	<0.01	49
PND 003	6.1-36	17	179.7	0.9	0.05	149.8	0.73	0.05	0.02	696
PND 004	78-106	37	195.0	0.47	0.34	228.6	0.56	0.41	0.02	162

Test No.	Nominal Particle Size	Silver Head (g/t)		Au Extraction* (%)		Pregnant Solution (ppm)			Reagent Consumption kg/tonne
		Assay	Calc	120 hr	240 hr Projected	Ag	Au	Cu	NaCN	Lime
Composite PND 001
APBR-1	0.25 inch	44.5	96.8	28.3	37	17.4			1.44	2.28
APBR-2	10 mesh	44.5	44.2	57.7	69	16.1			1.57	2.44
APBR-3	200 mesh	44.5	42.9	82.5	98	22.8	0.01	12.9	1.39	2.47
Composite PND 003
APBR-4	0.25 mesh	149.8	167.6	41.2	46	44.3			0.66	1.17
APBR-5	10 mesh	149.8	209.7	38.4	40	48			0.31	1.12
APBR-6	200 mesh	149.8	148.4	67.2	71	63.8	0.01	11.9	1.32	1.54
Composite PND 004
APBR-7	0.25 mesh	228.6	307.4	35.7	47	75.3
APBR-8	10 mesh	228.6	230.4	55	71	83.5
APBR-9	200 mesh	228.6	217.3	71.4	93	103.2	0.02	159.6	2.51	0.94

Test No.	Products	Grade			Recovery %
		Ag (g/t)	Pb (%)	Zn (%)	Wt.	Ag	Pb	Zn
AF-1 (PND001)	Pb Conc	2428	59.3	1.24	0.8	46.9	53.3	2.9
	Tailing	22.8	0.43	0.34	99.2	53.1	46.7	97.1
	Cal. Feed	42.5	0.91	0.35	100	100	100	100
AF-2 (PND 004)	Pb Conc	13802	22.8	10.9	1.2	72.9	47.7	28.8
	Zn Conc	3852	2.5	23.7	1.1	18.3	4.7	56.2
	Combined Conc	908	13.2	17	2.3	91.3	52.5	85
	Tailing	20.4	0.28	0.07	97.7	8.7	47.5	15
	Cal. Feed	228.1	0.58	0.46	100	100	100	100

Company	Period	Hole Numbers	Type	No. of Holes	Total Metres
Apogee	Early 2006	PND031 to PND053	HQ Core	23	2,301.5
Apogee	Mid to Late 2006	PND054 to PND99	HQ Core	46	10,443.7
Apogee	Late 2006	PND100 to PND106	HQ Core	7	886.0
Total				76	13,631.2

Category	Tonnes	Silver (g/t)	Zinc (%)	Lead (%)
Inferred Resource	18,416,100	43.04	1.16	0.68
Waste Rock	56,699,600
Strip Ratio (Resource tonnes: Waste tonnes): 3.1 to 1

Parameter	Value	Source
Exchange Rate CND/USD	NA
Zinc Price	US$ 1.30/lb (US$ 2.86/kg)	12 mo avg. Kitco spot
Lead Price	US$ 0.55/lb US$ 1.21/kg)	12 mo avg. Kitco spot
Silver Price	US$ 10.43/lb (US$ 0.33/kg)	12 mo avg. Kitco spot

Mill Recovery - Zinc Conc	92%	San Cristobal LOM recovery
Mill Recovery - Lead Conc	86%	San Cristobal LOM recovery
Mill Recovery - Silver	76%	Total San Cristobal Ag recovery

Payable Metal - Zinc	85%	Mining Journal, January 19,2007
Payable Metal - Lead	95%	Mining Journal, January 19,2007
Payable Metal - Silver	95%	Micon Estimate

Concentrate Grade - Zinc	53%	Micon Estimate
Concentrate Grade - Lead	45%	Micon Estimate
Concentrate Grade - Silver	2841 g/t	Micon Estimate

Mass Pull - Zinc Conc	1.74 wt%	Micon Estimate
Mass Pull - Lead Conc	1.34 wt%	Micon Estimate

Smelting Charges - Zinc	US$ 200 / conc tonne	Mining Journal, January 19,2007
Smelting Charges - Lead	US$ 60 / conc tonne	Mining Journal, January 19,2007

Refining Charges - Zinc	NA
Refining Charges - Lead	NA
Refining Charges - Silver	US$ 0.35 /oz. ($US 0.011/g)	Micon Estimate

Mining Cost (delivered to mill)	US$ 4.00/ore tonne (US$ 1.56/material tonne at 1.56 SR)	San Cristobal cost Ore and Waste
Milling Cost	US$ 8.00/ tonne	Micon Estimate
Site G&A (incl. Enviro)	US$ 1.00	Micon Estimate
Trucking Cost to Uyuni Railhead	US$ 3.50 / conc tonne (35km at US$0.10km)	Micon Estimate
Transhipping cost - UyuniTrucking Cost to Uyuni Railhead	US$ 5.00 / conc tonneUS$ 3.50 / conc tonne (35km at US$0.10km)	Micon EstimateMicon Estimate
Rail Shipping Cost to Puerto MejillonosTranshipping cost - Uyuni	US$10 (500 km at $ 0.02/tonne-km)US$ 5.00 / conc tonne	Micon EstimateMicon Estimate
Transhipping cost - Puerto MejillonosRail Shipping Cost to Puerto Mejillonos	US$ 5.00 / conc tonneUS$10 (500 km at $ 0.02/tonne-km)	Micon EstimateMicon Estimate
Transhipping cost - Puerto Mejillonos	US$ 5.00 / conc tonne	Micon Estimate
Average Rock Density	2.302.3	Apogee Density Measurements
Mineralization Density - 402 Zona PrincipaleAverage Rock Density	2.27 (188 samples) 2.27 (188 samples)	Apogee Density Measurements 1,150 tonnes at 2.30
Mineralization Density - 404 Paca NorteMineralization Density - 402 Zona Principale	2.33 (17 samples)
Mineralization Density - 406 Zona TransversalMineralization Density - 404 Paca Norte	2.37 (3 samples)2.33 (17 samples)
Block DimensionsMineralization Density - 406 Zona Transversal	10x10x5 = 500 m32.37 (3 samples)
Ovb DensityBlock Dimensions	No ovb modeled10x10x5 = 500 m3
Pit Wall SlopesOvb Density	45 degreesNo ovb modeled	Micon Estimate
Cut Off Grade for ReportingPit Wall Slopes	Net Value > 045 degrees	Micon Estimate
Cut Off Grade for Reporting	Net Value > 0

Class	Rounded Tonnes	Ag g/t	Pb %	Zn %
Inferred	9,556,000	75	0.61	1.46
Indicated	7,003,000	53	0.63	1.42

Resource Class		Type	Tonnes	Ag	Pb	Zn	Ag	Pb	Zn
				g/t	%	%	Oz	M lbs.	M. lbs.
	Open Pit Resources (Base case 42° Average Pit Wall Slope Angle)
Open Pit Indicated		Oxide	1,500,000	95.9	0.96	0.13	4,626,000	NA	NA
Open Pit Inferred		Oxide	248,000	71.20	0.55	0.31	569,000	NA	NA
Open Pit Indicated		Sulphide	9,283,000	44.10	0.66	1.32	13,168,000	135.90	269.54
Open Pit Inferred		Sulphide	2,572,000	33.40	0.92	1.36	2,765,000	51.99	76.88
Waste Rock (Waste/Ore 5.3: 1)			71,679,000
	Underground Resources (All blocks below 4159 m ASL with NSR > US$ 58)
Underground Indicated		Sulphide	6,197,000	213.60	0.86	1.74	42,547,000	117.50	237.72
Underground Inferred		Sulphide	943,000	193.10	0.43	1.61	5,853,000	8.94	43.47
Total Indicated		Oxide + Sulphide	16,980,000	110.50	0.74	1.49	60,341,000	253.40	507.26
Total Inferred		Oxide + Sulphide	3,763,000	75.90	0.79	1.43	9,187,000	60.93	120.35

Unit	Age	Description
Quehua Formation	Lower Miocene (15-20 Ma)	Red to grey tuffaceous sandstone, lapilli tuff, claystone and lesser conglomerate plus interbedded and intrusive igneous volcanic units
San Vicente Formation	Oligocene (25-30 Ma)	Red conglomerate with Cretaceous and older clasts plus red sandstone and claystone
Potoco Formation	Eocene (30-50Ma)	Interbedded red conglomerate, sandstone and claystone; thickness unknown

Volcanic Sub-Unit	Description
Rothchild Andesite	Non-equigranular, plagioclase porphyritic domal andesite in Pulacayo area
Megacrystal Andesite	Non-equigranular, plagioclase porphyritic andesite flow having broad distribution in Pulacayo area and north of Paca
Volcaniclastic	Debris flows of Megacrystal and Rotchild andesite sub-units associated with Megacrystal andesite distribution
Flores Andesite	Non-equigranular, quartz-bearing, plagioclase porphyritic andesite and dacite associated with north-south structural trend
Paisano	Grey, locally banded, non-equigranular, plagioclase porphyritic andesite; probable dike
Cantera Andesite	Dark grey, equigranular andesite that post-dates mineralization
Andesite Dike	Dark grey, fine grained, biotite hornblende andesite intrusion north of Paca area
Huaca Cancha Andesite	Dark grey, medium to fine grained andesite in intrusions and flows east of Pulacayo that post-date mineralization
Pupusani Andesite	Dark grey flows, breccias and related intrusions along north-south trend west of Pulacayo
Paca Dome	Greenish grey, biotite andesite intrusion; locally porphyritic or altered, plus volcaniclastic and hydrothermal breccias

Sampled Site	Number of Samples	Ag (g/t)		Pb (%)		Zn (%)		Au (g/t)		In (g/t)
		Min	Max	Min	Max	Min	Max	Min	Max	Min	Max
Pulacayo 1	91	5.7	679	0.02	1.44	0.01	1.12	0	7	0.388	22
Pulacayo 2	105	6.54	406	0.03	2.2	0.02	1.65	0	5.8	1.19	45.5
Pulacayo 3	5	53.6	773	0.29	3.8	0.18	3.36	0.2	2.3	11.25	154.5
Pero 1	35	49.4	716	0.27	2.63	0.05	2.33	0	<0.2	0.898	7.95
Pero 2	4	2.71	540	0.02	2.48	0.01	1.05	0	0.2	0.305	35
Flores 1	4	0.63	94.7	0.14	3.2	0.06	7.32	0	<0.2	0.057	13.35
Flores 4	7	0.52	239	0.1	5.12	0.04	12.3	0	<0.2	0.027	13.75
Pacamayo	34	17.55	1200	0.09	3.59	0.04	0.97	0	0.5	1.335	22.9
Paca 1	3	93.8	414	1.04	2.09	0.55	1.36	0	<0.2	0.43	0.55
Paca 2	5	33.5	381	0.23	1.01	0.03	0.16	0	<0.2	0.019	3.01
Rotchild	2	50.3	194	1.12	3.88	0.29	0.34	0	<0.2	11.05	14.85
Candelaria	4	1.83	72.1	0.02	0.6	0.04	1	0	<0.2	0.538	3.53

Target Area	No. of Samples Reported in Disclosure	Silver Range (g/t)	Zinc Range (%)	Lead Range (%)	Disclosure Date
El Abra	7	0.72 to 38.9	0.00 to 0.00	0.00 to 1.56	August 27, 2015
Pacamayo	9	18.2 to >1500	0.02 to 6.96	0.01 to 17.6	August 27, Sept 18, 2015
Paca	14	45.8 to 833	0.02 to 0.10	0.03 to 2.16	August 27, 2015
Pero	27	0.5 to 118	0.00 to 0.08	0.00 to 4.32	September 9th, 2015

Sample	Easting (m)	Northing (m)	Elevation (m)	Type	Width (m)	Ag (ppm)	Zn (ppm)	Pb (ppm)
3857	739666	7749242	4452	CHIP	4.8	1	30	20
3858	739496	7750059	4342	CHIP	5.5	3	40	520
3859	739700	7750092	4357	CHIP	5	30	380	4370
3860	739445	7750136	4312	CHIP	4	21	50	2800
3861	739819	7750188	4297	CHIP	4	16	470	1410
3862	739881	7750236	4271	CHIP	4.5	239	390	3240
3863	739867	7750653	4218	CHIP	4	61	850	4280
3864	739864	7750648	4216	DUMP		63	920	5080
3865	739866	7750534	4222	CHIP	4	283	360	9700
3866	739904	7750559	4222	DUMP		43	650	2800
3867	739923	7750735	4198	CHIP	4	7	1050	2740

Hole Id	Easting (m)	Northing (m)	Elevation (m)	Depth (m)	Azimuth (Deg)	Dip (Deg)
PND107	739,823	7,750,199	4,283	156.50	160	-75
PND108	739,741	7,750,189	4,282	134.50	180	-75
PND109	739,811	7,750,250	4,257	177.75	180	-52
PND110	739,884	7,750,247	4,254	201.00	215	-45
PND111	739,745	7,750,562	4,197	84.00	180	-75
PND112	739,821	7,750,570	4,203	60.70	180	-75
PND113	739,847	7,750,568	4,204	46.00	180	-75

Hole Id	From (m)	To (m)	*Core Length (m)	Ag (g/t)	Zn %	Pb %
PND107
	55	109	54	151	1.01	1.17
incl …	87	109	22	240	1.23	1.65
PND108
	15	65	50	135	0.4	1.42
inclu …	33	43	10	257	0.41	1.49
	94	96	2	160	0.94	0.52
PND109
	15	43	28	242	0.27	0.69
incl …	24	26	2	1223	0.42	3.2
	75	173	98	15	2.47	1.28
incl …	93	94	1	167	3.64	1.24
PND110
	9	182	173	95	1.63	1.4
incl…	16	28	12	1085	0.04	0.71
and…	61	65	4	1248	1.93	2.88
PND111
	0	2.4	2.4	110	0.16	0.58
PND112
	12	28	16	154	0.08	0.39
incl…	21	22	1	890	0.05	0.31
	33	36	3	120	0.07	2.4
	43	44.6	1.6	100	0.23	1.58
PND113
	3	28	25	196	0.04	0.29
incl…	21	28	7	310	0.04	0.19