minago nickel project review · 2021. 1. 22. · tsx: elef | frankfurt: 1p2n | otcqx: silef per...

TSX: ELEF | Frankfurt: 1P2N | OTCQX: SILEF

Thompson Nickel Belt,

Manitoba, Canada

Minago Nickel Project ReviewThompson Nickel Belt,

Manitoba, Canada

Minago Nickel Project ReviewThompson Nickel Belt,

Manitoba, Canada TSX: ELEF OTCQX: SILEF


Per News Release January 22, 2021

Silver Elephant entered in binding definitive agreement to acquire Minago Nickel Project from Victory Nickel for US$11,675,000, which consists of US$6,675,000 at closing and US$5,000,000 worth of Silver Elephant shares over a one-year period.

Additionally, Silver Elephant will make a one-time payment to Victory Nickel of C$2,000,000 worth of Silver Elephant’s shares, upon the nickel price exceeding US$10 a pound for 30 consecutive business days, occurring before December 31, 2023.

At closing (by February 7), Silver Elephant will subscribe C$1 million worth of Victory Nickel common shares at $0.025 per share.

www.silverelef.com 2

Company Structure, 180M sh o/s, 217M sh f/d ELEF SILEF

TSX: ELEF | Frankfurt: 1P2N | OTCQX: SILEF www.silverelef.com 4

Minago History: CAD$35M, 68,000m drilling, FS, EIS


Project Location: Manitoba, Canada

• 19,661 hectares (~197 square km’s)

• 94 mineral claims, 2 mineral leases

• 225km Southwest of Thompson

• Located immediately adjacent to Provincial Highway 6 (paved road)

• 230kV line runs along highway 6 right next to property

• Thompson Nickel Belt has produced over 5Blbs of nickel since 1959


Nose Deposit: a Thompson-style body


2009 Minago Historic Resource by Wardrop EngineeringResource Classification Cutoff Tonnes (x 1,000) Ni (%) klbs Ni

Measured >0.25% 11,051 0.56 136,396Indicated >0.25% 43,063 0.51 484,045Inferred >0.25% 14,585 0.53 170,370


MinagoProjectNickel Potential1B lbs Ni



DDH No Int (m) Ni (%)

V‐10‐02 60.4 0.45

V‐10‐03 28.4 0.42

V‐10‐03 10.9 0.7

V‐10‐04 52.0 0.63

V‐10‐04 29.0 0.56

V‐10‐05 17.7 0.73

V‐10‐13 133.9 0.5

V-10-21 52.2 0.57

V-10-21 18.3 0.54

V-11-07 14.4 0.44

V-11-08 26.3 0.51

V-11-08 20.3 0.91

V-11-09 95.5 0.72

V-11-10 120.5 0.52

V‐11‐11 17.1 0.58

V‐11‐11 49.0 0.56

V‐11‐13 61.0 0.46

V‐11‐14 36.3 0.68

DDH No. Int (m) Grade (%Ni)

V-11-21 4.12 0.77

6.46 0.39

V-11-23 10.5 0.65

9.15 1.17

32.5 0.73

incl... 11.4 1.11

V-11-24 3.51 0.45

3.86 0.64

DDH No Width (m) Ni%

VX-08-03 66.0 0.52

MN96-141

20.1 0.61

MN96-142

5.2 1.44

MXB-71-86

12.3 0.86

DDH No Width (m) Ni%

A60 12.2 0.49

23.2 0.4736.6 0.6

A37 36.6 0.51

A23 9.1 0.45

A34 16.2 0.71

A36 12.2 0.46

24.4 0.38

ExplorationUpside


Minago: TNB-style mineralization

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• Nickel-sulphidesremobilized into low-stress regimes during folding (e.g. fold noses, pressure shadows along fold limbs)

• Nose deposit akin to T1 deposit in Thompson

• T3 deposit occurs along fold limb

• Minago North Limb = exploration target


Minago Metallurgy

Minago Concentrate Analysis from Flotation

TestsComponent Analysis

Ni (%) 22.3

Cu (%) 1.4

Co (%) 0.46

Zn (%) 0.18

Pb (%) 0.10

Al (%) 0.11

S (%) 24.4

Fe (%) 17.0

MgO (%) 10.4

SiO2 (%) 12.7

Pt (g/t) 2.47

Pd (g/t) 6.31

Au (g/t) 0.63

Ag (g/t) 4.3

Rh (g/t) 0.59

Cr (g/t) 410

As (g/t) 61

Se (g/t) <40

Sn (g/t) <20


• 77% Recovery• 22.3% Nickel Concentrate• 0.43% feed on met test


Mineralization Style and Occurrence

Thompson ore in P2 Schist. Nickel in pentlandite-bearing sulphides


Interstitial Ni-bearing sulphidesin ultramafic rock; typical of proximal facies Thompson ore

Photoplate of Minagomineralization showing presence of violarite (vio) = enhanced Ni recovery

Photoplate of Minagomineralization as millerite (mil) and violarite (vio) = enhanced Ni recovery


Nickel Sulphide Peer Comp


Company Name Mcap C$ Ticker Project Location Resource M&I Ni Contain Recovery Ni Conc% Power-Road

Talon Metals $327M TLO.T Tamarack Minnesota 3.6Mt @ 1.83% UG 145M lbs 83% 13% Yes-Yes

Silver Elephant $70M ELEF.T Minago Manitoba 54Mt @ 0.52% In Pit 620M lbs 77% 22% Yes-Yes

Canada Nickel $180M CNC.V Crawford Ontario 281Mt @ 0.31%* 1.9B lbs 46% 13-28% Yes-Yes

Nickel Creek $53M NCP.T Wellgreen Yukon 323Mt @ 0.26% 1.7B lbs 55% 6.7% ?-Yes

Giga Metals $40M GIGA.V Turnagain BC 1Bt @ 0.22% 5.2B lbs 57% 19% ?-Yes

FPX Nickel $136M FPX.V Decar BC 2Bt @ 0.11% 5.3B lbs 85% 63% ?-Yes $1.7B

Nickel Iron Mention*High grade zone only


Plans for Minago Project

• Update Mineral Resource Estimate to a current NI43-101 compliant status

• Commence district exploration on area targets• Assess resource potential of the North Limb• Updated FS and EIS• Open discussions with strategic investors• Potential future spin-off


Long Range, High Intensity, Faster Recharge = More Nickel


Nickel Break out of multi-year consolidation



Each EV Requires 30kg of Nickel (66 lbs)

20 million EV requires = 1.2 Billion Pounds nickel by 2030 year

Global nickel Supply = 5 billion pounds, Class 1 = 2.5 billion pounds

Where will 1 billion pounds of Class 1 nickel Supply Come from?

TSX: ELEF OTCQX: SILEF www.silverelef.com

http://www.silverelef.com/


Smelter Options

• Vale currently ships Thompson ore through port of Churchill, MB to Voisey’s Bay

• Rail to Sudbury’s Vale smelter

• Rail to Sudbury’s Glencore Smelter

• Container shipping (Churchill, MB) to Finland (Outukompu)

• Container shipping to China

• Container shipping to Russia

• Container shipping to Australia



MgO at Minago

Project/Camp Ni Feed % Ni Con % MgO% Source

Thompson (Vale) 1.78 12.3 4Pandher & Utigard 2010, Vale

20F, 2020

Thompson (low grade tests) 0.67 5.24 9.75 Uddin et al., 2011

Sudbury (Vale) 1.68 12.6 3.3Pandher & Utigard 2010, Vale

20F, 2020

Tamarack (Talon) 1.6 10.7 4.7 Press release, August 31, 2020

Minago 0.53 22.3 10.4 SGS Lakefield, 2008

Turnagain (Giga) 0.26 19.2 8.4 PEA, October 28, 2020

Nickel Shaw (Nickel Creek) 0.33 6.7 6.1 Press release, July 10, 2018

Crawford (Canada Nickel) 0.44 1.8 ?6.8kg core composite; Nov 1

NI43-101


A common problem with Ni-sulphide ores is the fibrous nature of some MgO minerals (which can be surpressed) thicken the slurry during flotation and float with Ni. MgO-bearing concentrates cause furnace operation problems (higher and thicker slag melting temps) leading to shortened furnace life and higher operating cost

minago nickel project review · 2021. 1. 22. · tsx: elef | frankfurt: 1p2n | otcqx: silef per...

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