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Santa Fe Metals: East Sully Target Pinpointed

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/14 -- Santa Fe Metals Corporation (TSX VENTURE: SFM) ("SFM" or the "Company") announces that its Sully project team has completed a detailed review of new gravity survey data and core drilled in 2014 at the East Target. The month-long program highlights that drill hole SU14-09 likely passed within 100-m of the large-scale East mass and has brought the target's geometry into sharper definition. Based on the recent comprehensive data review, SFM will remobilize a drill to the project site to pinpoint the East target with DDHSU14-10 as soon as possible.

East Sully Target Highlights

--  Detailed logging of 2,697-m of core has confirmed Sullivan-time
    equivalent stratigraphy
--  Geological interpretation shows potential for a large-scale SEDEX
    deposit was subjected to post depositional folding, tectonic thickening
    and faulting
--  An additional 150 gravity measurements has further defined the East
    target's complex geometry and re-confirms an estimated mass in excess of
    100 Million tonnes
--  Down hole temperature and magnetic measurements observed in DDH SU14-09,
    in addition to the new gravity data indicates the hole passed within
    100-m proximity of the East Target
--  Both East and West gravity masses have near-coincident deep mag
    anomalies
--  An historic zinc and lead soil geochemistry anomaly above and east of
    the East gravity target remains 'open' to the west
--  In nine drill holes completed since 2004 none of the intersections can
    account for the Sullivan-size gravity anomaly

Geophysical Update

The Sully project has been the focus of several gravity survey campaigns, all providing increased resolution and clarity of the target(s) over time. Current interpretation shows East and West Targets, trending north-south and occupying a greater than 2-km diameter footprint, as shown on Figure 1. A cross-section through the anomalies also shows a separation of roughly 800-m within which some of the project's earliest deep drilling was undertaken. No intersections in any drilling to date can account for the gravity mass measurements or large-scale anomalies observed.

In June 2014, Excel Geophysics Inc. completed an additional 150 gravity stations over the East Target to further refine its gravity profile. That work revealed the mass has greater complexity than previously expected. Detailed interpretation of the East mass dataset shows two aligned cntres that are either separated or joined by a thin zone. Drilling to date came very close to the edge of this irregular mass. Down hole temperature and magnetic field readings in DDH SU14-09 also suggest proximity to massive sulphides, as shown in Figure 2.

The gravity targets are reinforced by the presence of near-coincident magnetic anomalies, shown on Figure 2. The filtered deep anomalies also trend north-south and broadly overlap the gravity footprint. These otherwise completely unrelated datasets highlight possible associated pyrrhotite-rich zones and suggest potential for massive base metal sulphide SEDEX horizons within the assemblage.

Brian Jones, P.Geophys., President of Excel Geophysics stated, "The Sully gravity anomaly is an impressive exploration target. The gravity anomaly is just under 1.0 mGal in amplitude, which is large compared to the possible sources of error. The mass of the high density sulphide that can account for the measured gravity over the East anomaly is in excess of 100 million tonnes".

Geological Update and Interpretation

SFM has completed 2,697-m of new drilling utilizing oriented core techniques and down hole surveys that provide temperature measurements and magnetic field readings. Paul Ransom, P.Geo. has carried out detailed logging and a review of all core collected and has also re-visited selected intervals from drill holes finished in 2004, 2012 and 2013 to complement the developing geological model.

The structural model of the East target has evolved to become increasingly complex as a result of the new information. In addition to deep offsetting low angle normal faults and steeply dipping normal faults, several zones of locally intense folding are observed. The current geologic interpretation is presented in cross section on Figure 3 and indicates post depositional folding, thickening and faulting of the mass. Tectonic thickening like this has been observed at many other massive sulphide deposits around the world, including Sullivan. The cross section is a projection of drill holes and surface information over a one-km width. Therefore, the actual distance between individual drill holes, the target and other geological features is variable, however it appropriately shows that the East Target and its mass can be readily accommodated in the 3-dimensional volume under the observed gravity anomaly.

The volume of rock tested by drilling to date is enormous and the potential to host the target mass can easily be contained within it. As drilling has progressed over time the model has developed to a point where other historic observations may become important. Among those is the presence of anomalous zinc and lead in surface soil geochemistry surveys above and to the east of the mass, as shown on Figure 2. The geochemical anomaly is 'open' to the west highlighting a zone where the target horizon may extend to surface.

Exploration Plan

The Company's focus in 2014 has been the East Target, selected initially for its large-scale and ease of drilling from established collar locations using techniques perfected to minimize hole deviation. Based on the results of the new geophysical work and updated geological model, the Company will re-mobilize a drill to the site to commence DDH SU14-10 shortly (see Figure 3). The planned hole is expected to test the target at less than 500-m in depth and will be aimed toward the gravity centre north of the section. The West Target also remains extremely compelling - additional gravity survey work will be undertaken to provide a more detailed profile of that mass in order to design the most effective drilling plan.

Paul Ransom, P.Geo, Sully Project Manager stated, "The Sully Project presents one of the best exploration targets of Sullivan size that I have seen in my career. Located at equivalent Sullivan-time stratigraphy where successive gravity surveys continue to confirm and refine Sullivan-scale masses and combine to make this a compelling exploration program. The East target has recently shown us more complexity than originally imagined, but not unusually so for this target type. Having completed a pragmatic exploration drilling program to date, we have now pinpointed the best location to pierce the East mass target".

The Sully project

Sully is located near Fort Steele, 30 kilometres east of the Sullivan mine at Kimberley, B.C. and within the same large geologic basin that is prospective for one of the world's mega-, but also several smaller, SEDEX deposits. The East mass is located at the same stratigraphic position equivalent to Sullivan Time with observed lead and zinc mineralization in drill core, outcrop and soils. Further, the large-scale gravity mass anomalies are near coincident with deep magnetic anomalies. Management believes the best explanation for the twin mass anomalies is the presence of two very large and structurally complex SEDEX massive sulphide bodies yet to be discovered by drilling. The last hole completed DDHSU14-09 is estimated to have come within 100-m of the massive sulphide target and new, more detailed gravity surveying has helped to pinpoint the location and likely shape of the East Target.

The Sullivan mine

Sullivan was discovered in 1892 and is one of the world's mega silver-lead-zinc SEDEX deposits. 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., and Brian Jones, P.Geophys., both qualified persons as defined by National Instrument 43-101.

To view the accompanying figures, visit the following link:

http://media3.marketwire.com/docs/Sully_News_03JUL14_Figures.pdf

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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

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