VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 2, 2014) - Santa Fe Metals Corporation (TSX VENTURE:SFM) ("SFM" or the "Company") announces that drill hole SU14-09 has reached a completion depth of 735-m. The project team has determined that the large-scale East Target gravity mass is unlikely to be found on the drill hole's current trajectory and observed geology.
The recent drill program has dramatically advanced understanding of the geological setting at the Sully Project but it did not discover massive sulphides. The Company remains attracted to the targets because of compelling gravity and magnetic geophysical targets coincident with Sullivan Time horizon. Further, no rocks intersected in the drilling can account for the large-scale gravity mass anomaly demonstrated by several geophysical surveys. As a result, management believes the targets remain valid and highlights there are many places within the geological volume that remain to be tested by future drilling.
Drill holes SU14-06 to 09 have produced an abundance of core that has been the subject of quick-logging and real-time assessment enabling the project team to make rapid decisions while drilling. The team has now elected to suspend drilling, complete documentation and refine interpretation of all new geological information. The work will be done over the next several weeks and when completed the Company will announce its future plans for new drilling and/or other exploration for the project, including the East and West Targets.
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