Santa Fe Metals Corp.
TSX VENTURE : SFM

Santa Fe Metals Corp.

May 12, 2014 08:30 ET

Santa Fe Metals-Sully SU14-08 Passes 225m on Planned Trajectory

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2014) - Santa Fe Metals Corporation (TSX VENTURE:SFM) ("SFM" or the "Company") announces that drill hole SU14-08 has recently passed a hole depth of 225-m at the Sully Project, and is currently coring Lower Aldridge formation host rocks on a planned trajectory to test the large-scale East gravity mass at approximately 900-m below surface, see figure attached.

2014 Drilling Summary

The previous drill hole completed on May 6, 2014 (DDH SU14-07) revealed that Aldridge Formation unit A1c is the likely host to the East Target - this correlates with the stratigraphy that hosts the Sullivan orebody, 30-kms to the west of Sully. 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. Updates and comparisons on drilling observations in the current hole (SU14-08) will be provided as drilling progresses.

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. Recent drilling has successfully confirmed Lower Aldridge formation host rocks, and importantly, a projection for Sullivan time that is coincident with the East gravity mass. 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 is planned to 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

To view the figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/945099.pdf.

Contact Information

  • Santa Fe Metals Corporation
    Scott E. Broughton, P.Eng.
    President and CEO
    604.684.2900
    www.santafemetals.com