|By Marketwired .||
|July 23, 2014 06:47 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/23/14 -- Santa Fe Metals Corp. (TSX VENTURE: SFM) ("SFM" or the "Company") announces that a detailed Ranking Study of numerous target areas is well underway for the 680-km2 Iron Range Project, located 70-km south west of the Sullivan Mine at Kimberley, British Columbia. Because of its size and recognized potential for iron and other metals, Iron Range has had significant, but often-sporadic exploration campaigns since discovery in the 1890's.
Modern exploration including geological mapping, airborne geophysics, extensive geochemical surveys and diamond drilling has confirmed the property's great potential for base and precious metals. The Ranking Study is the first comprehensive and project-wide effort to compile and assess all past work and will ultimately lead to the definition of new drill targets in this prolific metal mining region.
Iron Range hosts the same stratigraphic rock assemblage as the historic Sullivan Mine, one of the largest sedimentary exhalative (SEDEX) silver-lead-zinc deposits in the world and it also encompasses 57-km of the regional-scale Iron Range fault complex. As a result, the property is very prospective for other base and precious metal deposit types. TerraLogic Exploration Inc. of Cranbrook, BC is completing the Ranking Study that has initially defined three prime areas for more detailed study. These high-priority areas have large-scale potential for metals because of their observed geological setting and now compiled exploration results, and include:
The CAR Area is a Sullivan-style SEDEX target with excellent access, located 7.5-km south of HWY 3. Importantly, a well-defined zone of Sullivan-style mineralized fragmentals within middle Aldridge Formation rocks are coincident with classic SEDEX alteration and anomalous lead and zinc mineralization. Exploration drilling in the CAR area provides stratigraphic information but newly identified mineralized trends have no drilling. Importantly, the Lower Middle Aldridge Formation Contact (LMC), which is also a target horizon and estimated to be at depths of 500-m in the southern part of the CAR Area, has never been tested south of HWY 3.
The Canyon Area, located 2.5-km north of HWY 3, is a high-priority target for Sullivan-style SEDEX in addition to structurally-controlled base and precious metal mineralization. This area has had drill testing of large geochemical anomalies and has intersected Sullivan-style alteration coincident with LMC, both near and at distance to the Iron Range Fault. Important drill results have been recorded at the Talon Zone in 2010, including IR10-010, which intersected 14.0m grading 5.1 g/t gold, 1.86% lead, 2.1% zinc and 75.3 g/t silver. Hurried follow up drilling was conducted by others without geological interpretation, highlighting the need and opportunity for more thoughtful assessment of this area.
Golden Cap Area
The Golden Cap Area is an IOCG (Iron Oxide Copper Gold) exploration target located 13-km north of HWY 3, with good access. The area is characterized by the abundance of iron oxide mineralization and is coincident with a major offset of the Iron Range Fault. Intersecting large-scale structures create opportunities for structurally-controlled mineralization and the area has an extensive zone of hydrothermal brecciation and associated alteration. While exploring for iron-rich mineralization at the O-Ray zone in 2008, diamond drill hole IR08-006 intersected bonanza gold grades near surface, returning 51.52 g/t gold over 7.0-m. The Golden Cap area will be advanced by more systematic exploration to assess target deposit styles, controls on mineralization and to define drill targets.
Iron Range Summary
While notable exploration results at Iron Range indicate the potential to host large-scale SEDEX-style, IOCG and structurally-controlled base and precious metal mineralization, each of the priority areas defined by the Ranking Study requires greater geological interpretation to be properly advanced. Much of the exploration data is now in digital form and contained within a GIS database. The property has been expertly assembled into a contiguous package with many potential targets. More detailed geological mapping and ground proofing to be completed in 2014 will advance the three priority areas to the drill ready stage. Management believes this work will produce compelling new geological models and exciting drill targets.
A complete description of previous exploration results for Iron Range can be viewed at: http://www.eagleplains.com/projects/bc/ironrange/
Update on Sully Project
SFM plans to re-commence drilling shortly at its Sully Project located near Fort Steele and 30 km east of the Sullivan Mine at Kimberley, BC. Sully hosts twin, large-scale, parallel geophysical targets that do not outcrop on surface. The 'blind' targets are well defined by detailed gravity surveys completed over much of the property and recent drilling is estimated to have come within 100-m of the East Target. Both targets are made compelling by coincident parallel magnetic anomalies, and the East Target is now known to coincide with equivalent Sullivan Time stratigraphy.
Management is excited about the Iron Range project's potential to host Sullivan-type massive sulphides, IOCG mineralization and bonanza-grade gold, and is committed to advancing exploration at both the Iron Range and Sully. Scott Broughton, President and CEO commented; "The Iron Range project demonstrably expands on the discovery potential for SFM in this prolific base and precious metal region of British Columbia."
Technical contents of the Iron Range Project disclosure in this news release have been reviewed and approved by Charles Downie, 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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Scott E. Broughton, P.Eng., President and CEO
Santa Fe Metals Corp.
Scott E. Broughton, P.Eng.
President and CEO