Santa Fe Metals Corp. (TSX-V:SFM) announces it has commenced its 2014 diamond drilling program at the Sully Project, focused initially on the East sedimentary exhalative target. Sully is located near Fort Steele, 30-km east of the world-famous Sullivan Mine at Kimberley, BC. Drill hole SU14-07 is the first of several planned holes and drilling has recently exceeded a hole depth of 240-m on a planned trajectory toward the East Target. The target is a gravity mass anomaly estimated to come to within 800-m of surface and extending to depth.
Exploration work completed in late 2013 expanded the gravity station density around the area of previous drilling and significantly refined the target model, now clearly demonstrating the potential for twin parallel north-south trending stratabound masses approximately 800-m apart. The East and West gravity targets are made more compelling because they also have coincident magnetic anomalies. Further, the 2013 drilling established that steeply dipping bedding continues to, and likely extends well beyond, the drilled depth of 1,500-m. Management believes the best explanation for the twin gravity anomalies is the presence of two very large vertically oriented SEDEX massive sulphide bodies.
Sullivan was discovered in 1892 and is known to be 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.
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