|By Marketwired .||
|April 29, 2014 09:03 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/29/14 -- Santa Fe Metals Corporation (TSX VENTURE:SFM) ("SFM" or the "Company") announces that drill hole SU14-07 is now over 1000-m deep (equivalent to a vertical depth of approximately 900 m from surface), with an excellent trajectory toward the East sedimentary exhalative (SEDEX) target at the Sully Project.
The top of the East Target is interpreted at a depth of 800 to 1,000-m from surface. SU14-07 started at -70 degrees east has flattened to -60 degrees. It is interpreted that at least two sub-horizontal faults and two sub-vertical faults, all with significant offset, were intersected by this drill hole. Challenging ground conditions associated with the most recent sub-vertical fault have slowed advance rates. A cross section showing the current geological interpretation, geophysical targets and traces of nearby historic drill holes can be seen at the Company's website (www.santafemetals.com). The drill hole is anticipated to reach the western edge of the East target range shortly, and to completely test the full width of the target range within the next 500-m of drilling.
The Sully Project
Sully is located near Fort Steele, 30-kilometres east of the world-famous Sullivan mine at Kimberley, B.C. The East target is one of two gravity mass anomalies estimated to come within 800 metres of surface, and extending to depth. Coincident magnetic anomalies reinforce the positioning of the large-scale gravity masses also estimated to be approximately 800m apart. Management believes the best explanation for the twin gravity anomalies is the presence of two very large vertically oriented SEDEX massive sulphide bodies.
The Sullivan Mine
Sullivan was discovered in 1892 and is one of the largest SEDEX deposits in the world. Over its roughly 100-year lifetime, Sullivan produced almost 300 million ounces of silver, 36 billion pounds of lead and zinc plus smaller amounts of other metals, collectively worth over $40- 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.
Technical contents of the Sully Project disclosure in this news release have been reviewed and approved by Paul Ransom, P.Geo., a qualified person as defined by National Instrument 43-101.
Neither the 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.
Scott E. Broughton, P.Eng., President and CEO
To view the figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/942274_fig.pdf.
Santa Fe Metals Corporation
Scott E. Broughton, P.Eng.
President and CEO