|By Marketwired .||
|October 10, 2013 07:18 PM EDT||
CRANBROOK, BRITISH COLUMBIA -- (Marketwired) -- 10/10/13 -- Santa Fe Metals Corp. (the "Company") (TSX VENTURE:SFM) announces that drilling at the Sully group of claims (the "Sully Property") located near Fort Steele in southeastern British Columbia has today reached a depth of approximately 940m. Enhanced drill stabilization techniques are being employed to minimize drillhole deviation and surveys show that the hole is on course towards its target. The estimated depth to the gravity anomaly target is approximately 1,000m and is based on geophysical modeling and interpretation.
About the Sully Property
The Sully Property comprises 1,375 hectares located 27 kilometres east of the world-class Sullivan deposit located at Kimberley, B.C. The property comprises rocks of similar age and origin as those that host the Sullivan Mine. The Sully target is a "blind" geophysical target which is principally characterized as a large-scale gravity anomaly. Thousands of gravity stations measured over the property area have been analyzed resulting in the interpretation of a large-scale anomaly at the Sully target depth. The actual depth and composition of the anomaly can only be tested by drilling and is unknown until drilling to the target is achieved. The Company cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Sully Property.
Sullivan Mine Legacy
Sullivan was discovered in 1892 and is known to be one of the largest sedimentary-exhalative (SEDEX) deposits. Over its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore, including almost 300 million ounces of silver, 17.5 billion pounds of zinc and 18.5 billion pounds of lead, and other metals collectively worth over $45-billion at current metal prices. The Company cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Sully Property.
Correction to Previous News Releases
It has come to the Company's attention that there was an error with respect to the description of historical production at Sullivan as reported in the Company's October 8, 2013 and September 25, 2013 news releases. It was reported that over its 100-year lifetime, Sullivan produced almost 300 billion ounces of silver. The correct figure is 300 million ounces of silver.
This news release contains forward-looking statements, including statements relating to the Company's future plans and objectives with respect to the exploration of the Sully Property. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. There can be no assurance that planned exploration will be completed as proposed or at all, or that economic resources will be discovered or developed at the Sully Property.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Santa Fe Metals Corp.
1 (604) 678-8823
1 (778) 327-4770 (FAX)