Apr 22 2014
Santa Fe Metals Corp. ("SFM" or the "Company") announces that drill hole SU14-07 is now over 610-m deep and is continuing on a planned trajectory toward the East sedimentary exhalative (SEDEX) target.
Trace amounts of sphalerite, galena and chalcopyrite (sulphide minerals of zinc, lead and copper, respectively) have been logged in SU14-07 over a large interval, and occur in greater amounts than observed in all previous drill holes at Sully. These are typically scattered, and accompanied by pyrrhotite and pyrite. The project team does not expect massive sulphides above a depth of 800-m based on gravity data interpretation and the occurrence of trace sulphides at these depths in the current hole is very encouraging.
The drill hole also has four types of alteration not seen in previous drilling that might indicate the potential for mineralization at depth or in the vicinity of SU14-07, including; wavy seams of biotite (up to 4-mm); dolomite-quartz veins (up to 300-mm); intense bleaching (up to 5-m); and, siliceous pods and lenses (10 to 30mm) are possible exhalite beds.
The alteration most commonly associated with the large interval of trace sulphides is dolomite-quartz veinlets and pods. This new observation is intriguing as it is a feature similarly associated with large stratabound copper- lead- zinc deposits.
The Sully Project
Sully is located near Fort Steele, 30-kilometres 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 metres of surface, and extending to depth. Coincident magnetic anomalies reinforce the positioning of the large-scale gravity masses also estimated to be approximately 800m 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.