|By Marketwired .||
|May 7, 2014 08:00 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/07/14 --
Editors Note: There is a photo associated with this press release.
Santa Fe Metals Corporation (TSX VENTURE:SFM) ("SFM" or the "Company") announces that drill hole SU14-07 has reached a completion depth of 1,289-m at the Sully Project, having successfully confirmed Lower Aldridge formation host rocks, and importantly, a projection for Sullivan time that is coincident with the large-scale East gravity mass. A new drill hole (SU14-08) will begin immediately on a trajectory to intersect the East Target at approximately 900-m below surface, see figure attached.
Aldridge Formation Host
SU14-07 revealed that Aldridge Formation unit A1c is the likely host to the East Target - this directly correlates with the stratigraphy that hosts the Sullivan orebody, 30-kms to the west of Sully. Aldridge units A1a (lowest), A1b and A1c were deposited on the Fort Steele Formation and all four units correlate with the lower Aldridge Formation at Sullivan and elsewhere in the basin. A marked thickening of A1c in SU14-07 implies proximity to an accumulation centre of an inferred sub-basin assemblage. Within this thickening is a 50-m interval containing traces of lead, zinc and copper sulphides and unusual thin silica beds thought to be derived from hydrothermal solutions associated with formation of a mineral deposit.
A series of parallel low-angle, west-dipping faults was also intersected in SU14-07. These have repeatedly offset the observed Aldridge stratigraphy (and the projected target horizon) in discrete fault blocks stepping to the east with depth. As shown on the attached figure, SU14-07 was unlikely to intersect the target until much greater depths and as a result management has commenced a new test hole aimed at a higher pierce point.
The Sully Project
Sully is located near Fort Steele, 30-kms 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-m of surface, and extending to depth. Coincident magnetic anomalies reinforce the positioning of the large-scale gravity masses also estimated to be approximately 800-m 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.
To view the photo associated with this release, please visit the following link:
Santa Fe Metals Corporation
Scott E. Broughton, P.Eng.
President and CEO