VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/21/13 -- Santa Fe Metals Corp. (the "Company") (TSX VENTURE: SFM) announces that drilling at the Sully group of claims (the "Sully Property") located near Fort Steele in southeastern British Columbia has recently reached a hole depth of 1,336 m, equivalent to a vertical depth of approximately 1,290 m below the drill collar elevation.
Downhole surveying confirms the hole is maintaining an excellent trajectory toward the target area and the drill is now within range of the predicted depth of the Sully gravity anomaly. Paul Ransom, P.Geo., a recognized sedimentary-exhalative (SEDEX) expert and the Company's qualified person notes that there have been several recent intersections of disseminated sulphides in Fort Steele quartz arenite, including pyrrhotite occurring in grain clusters from 1 to 7mm and trace chalcopyrite. These intersections do not necessarily relate to the SEDEX target and no observations in the drill core to date account for the Sully gravity or magnetic anomalies. Recent structural changes have been observed at depth that are indicative of large-strain occurring in the rocks and these may be a precursor to a major structural break below which the Sully target is postulated to occur. Drilling operations are ongoing to test the target.
About the Sully property
The Sully property comprises 1,375 hectares located 27 kilometres east of the world-class Sullivan deposit located at Kimberley, B.C. The property comprises rocks of similar age and origin as those that host the Sullivan mine. The Sully target is a large-scale anomaly based on thousands of gravity stations recorded over the property area. The target is considered 'blind' because its actual depth, thickness and composition can only be tested by drilling. Geological models of the target suggest it lies below a large structural thrust fault and/or fold and drill core observed to date shows evidence of proximity to such a structure.
Sullivan Mine Legacy
Sullivan was discovered in 1892 and is known to be one of the largest SEDEX deposits in the world. Over its 100-year lifetime, Sullivan produced almost 300 million ounces of silver, 17.5 billion pounds of zinc and 18.5 billion pounds of lead, and other metals collectively worth over $45-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.
This news release has been reviewed and approved by Paul Ransom P.Geo. who is defined as a qualified person in accordance with National Instrument 43-101.
This news release contains forward-looking statements, including statements relating to the Company's future plans and objectives with respect to the exploration of the Sully Property. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. There can be no assurance that planned exploration will be completed as proposed or at all, or that economic resources will be discovered or developed at the Sully Property.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this news release.
Neither 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
Contacts:
Santa Fe Metals Corp.
Scott E. Broughton, P.Eng.
President and CEO
604.684.2900
sbroughton@santafemetals.com
