TRIUNFO PROJECT

On 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”).

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.

Bolivia Map

Triunfo Project Map

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 0.65%Pb, 0.39%Zn, 21.8 g/t Ag, and 0.39 g/t Au (0.95 gpt 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.

On August 19, 2020, it has received the complete assay results from the Company’s first diamond drill program at its 100%-controlled El Triunfo Au-Ag-Zn-Pb project in Bolivia.

Borehole TR007 intercepted 48.9 meters of mineralization grading 0.42 g/t gold, 35.5 g/t silver, 1.17% zinc, and 0.83% lead (1.45 g/t AuEq) within 98.9 meters of mineralization grading 1.04 g/t AgEq starting 13.0 meters downhole. Exploration targets have insufficient exploration data to define a mineral resource.

Notable highlights include

Hole ID	From-To	Length (m)	Au (g/t)	Ag (g/t)	Zn %	Pb %	AuEq (g/t)
TR006	40.0-76.0	36.0	0.49	15.46	0.54	0.44	0.97
including…	58.0-72.0	14.0	0.48	20.23	0.76	0.66	1.16
TR007	13.0-111.9	98.9	0.37	22.71	0.74	0.58	1.04
including…	63.0-111.9	48.9	0.42	35.49	1.17	0.83	1.45
TR008	6.8-84.0	77.3	0.31	17.65	0.57	0.53	0.85
including…	45.0-51.4	6.4	1.60	56.49	1.66	0.94	3.05

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 (all USD), and assumes a 100% metallurgical recovery. Gold equivalent values can be calculated using

the following formula: AuEq = Au g/t + (Ag g/t x 0.0102) + (Zn % x 0.3551) + (Pb % x 0.3055).

Danniel Oosterman, Company’s VP of Exploration, states: “Silver Elephant’s maiden drill program at El Triunfo successfully demonstrates broad continuity of east-west mineralization spanning a minimum 225 meters in strike. It is open beyond 100 meters depth in both east and west directions. We are also very pleased with the intercepted grades of around 1g/t gold equivalent in the context of today’s gold price of $1,850 an oz. In short, we are off to a great start delineating near-surface, potential bulk tonnage resources at El Triunfo.”

Mineralization is hosted in altered black shales exhibiting hydrothermal sheeted quartz-carbonate vein sets that are concentrated along the axes of regional anticlinal fold structures.

Assay results are detailed in the table below:

Hole ID	From-To	Length (m)	Au (g/t)	Ag (g/t)	Zn %	Pb %	AuEq (g/t)
TR004	14.0-15.0	1.0	0.24	18.85	0.21	0.65	0.70
17.0-18.0	1.0	0.74	2.21	0.03	0.04	0.78	0.78
71.0-74.0	3.0	1.11	5.01	0.00	0.00	1.16	1.16
TR005	61.0-62.0	1.0	0.59	8.00	0.00	0.01	0.67
122.0-124.0	2.0	0.50	2.29	0.01	0.02	0.53	0.53
5.0	6.0-1.0	0.73	3.19	0.10	0.13	0.84	0.84
20.0-21.0	1.0	0.15	11.10	0.35	0.29	0.48	0.48
40.0-76.0	36.0	0.49	15.46	0.54	0.44	0.97	0.97
inc…	58.0-72.0	14.0	0.48	20.23	0.76	0.66	1.16
TR006	94.5-101.5	7.0	0.56	23.21	0.82	0.56	1.26
106.5-107.4	0.8	0.32	12.70	0.25	0.01	0.54	0.54
120.0-121.0	1.0	0.07	15.90	0.50	0.67	0.62	0.62
142.8-143.3	0.5	0.60	0.43	0.00	0.00	0.61	0.61
190.0-191.3	1.3	0.72	89.58	2.07	0.16	2.42	2.42
TR007	13.0-111.9	98.9	0.37	22.71	0.74	0.58	1.04
inc…	63.0-111.9	48.9	0.42	35.49	1.17	0.83	1.45

See Notes on gold equivalent (AuEq) calculations and metals prices above. 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 (all USD), 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).

Reported widths in all tables are intercepted core lengths and not true widths,

as relationships with intercepted structures and contacts vary. Based on core-angle

measurements, true widths range from 54% to 65% of reported core length.

Hole ID	From-To	Length (m)	Au (g/t)	Ag (g/t)	Zn %	Pb %	AuEq (g/t)
TR007	118.5-119.5	1.0	0.03	4.55	0.17	0.53	0.30
121.5-122.5	1.0	0.30	3.69	0.07	0.46	0.50	0.50
125.5-126.3	0.8	0.56	3.18	0.09	0.03	0.63	0.63
179.0-181.0	2.0	1.05	1.38	0.01	0.01	1.07	1.07
185.6-186.2	0.6	0.44	5.69	0.02	0.01	0.51	0.51
196.0-197.0	1.0	0.74	1.46	0.00	0.00	0.76	0.76
TR008	6.8-84.0	77.3	0.31	17.65	0.57	0.53	0.85
inc…	45.0-51.4	6.4	1.60	56.49	1.66	0.94	3.05
TR008	138.1-139.1	1.0	0.71	0.90	0.01	0.00	0.72
149.0-151.0	2.0	0.10	22.73	0.78	0.03	0.61	0.61
156.0-157.0	1.0	0.74	1.33	0.02	0.01	0.76	0.76
183.0-183.6	0.6	1.65	2.62	0.02	0.01	1.69	1.69
231.6-232.6	1.0	0.41	4.50	0.00	0.00	0.46	0.46
247.5-250.0	2.5	1.64	35.99	0.00	0.00	2.01	2.01
257.0-258.0	1.0	0.78	2.15	0.00	0.00	0.80	0.80