|By Marketwired .||
|May 20, 2014 05:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/20/14 -- Santa Fe Metals Corporation (TSX VENTURE: SFM) ("SFM" or the "Company") announces that drill hole SU14-08 has recently passed a hole depth of 735-m at the Sully Project and continues on a planned trajectory to test the large-scale East Target gravity mass at an approximate hole depth between 900 and 1,000 metres in the coming days.
Earlier in May 2014, drill hole SU14-07 confirmed Lower Aldridge formation host rocks, and importantly, a projection of Sullivan Time that is coincident with the East gravity mass. The concurrence of this new geological information with the detailed geophysical surveys was previously only suspected and its recent confirmation provides abundant support for the Project Team's sedimentary exhalative (SEDEX) massive sulphide target thesis at Sully.
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 large-scale gravity mass anomalies estimated to come within 800-m of surface and extending to depth. In addition to the confirmation of Sullivan Time, coincident magnetic anomalies reinforce the positioning of the East and West 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 and vertically oriented SEDEX massive sulphide bodies. While the initial phase of exploration in 2014 is focused on the East target, work will expand to the West Target in the near future.
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
Scott E. Broughton, P.Eng.
President and CEO