VANCOUVER, BRITISH COLUMBIA, Jan 26, 2012 (MARKETWIRE via COMTEX) — Santa Fe Metals Corp. (“the Company”) is pleased to announce assay results on channel and grab samples taken from and the Santa Anita Gold Dyke system on its Cuyoaco property in Puebla state, Mexico.
These results, together with data collected by the Company in September 2011, outline a large low grade gold anomaly that extends beyond the historical boundary of the Santa Anita gold deposit and indicate that the zone of gold rich mineralization is considerably larger than previously thought. The Company is currently mapping a parallel dyke system that has a (surface) width of 200 metres over a strike length of 600 metres in the north east of the Santa Anita claims and hopes to complete a trenching and soil sampling program during the first part of this year.
Drilling of similar low grade gold surface targets on the property in 2008 by the Mexican Geological Survey (SGM) and the previous owner returned up to 28m of 1.3 g/t gold; incl. 12 metres of 2.2 g/t gold and hole 1 ending in 4m of 2.15 g/t gold (unpublished report – SGM, 2008). Channel sampling of the “new Santa Anita anomaly” in September 2011 resulted in up to 1.5 metres grading 9.2 g/t gold at surface.
Ian Smith, President & CEO, commented: “These new results build on a discovery made last year that showed that the gold rich mineralization extends farther than previously thought. Further channel sampling, soil sampling and trenching will help to determine the extent of gold rich mineralization at Santa Anita. A subsequent drill program will continue the 2008 drilling on Santa Anita and initiate drilling on the Pau skarn zone.”
SAMPLING HIGHLIGHTS FROM THE NEW PROSPECTIVE DYKE SYSTEM
Date ID Location Lithology (g/t)
Collected in August 2011 CU-SA-29 NEW PROSPECTIVE ZONE Dyke 0.232
See previous press release ———- 600 metres north of ——-
(Sept 2011) CU-SA-38 the Santa Anita zone 0.156
CY-ST-02 Santo Nino 100 9.14
————————————– metres east of Santa ——-
Collected in November 2011 CU-S. Anita zone 0.101
CU-SE-CY1- Santa Anita zone 0.242
CY-1111-06 100 metres south of 1.9
CY-SAN-04 NEW PROSPECTIVE ZONE 0.425
————————————– 300 metres north of ——-
CY-SAN-05 Santa Anita 0.102
The NI 43-101 compliant Technical Report on the Cuyoaco property is available on the Company’s website at http://www.santafemetals.com .
The Cuyoaco property is located 90 kilometres north-west of the city of Puebla in southern Mexico. It is divided into two claim blocks that cover two separate mineralized targets: the Pau Copper/Gold/Silver/Zinc Skarn, and the Santa Anita Gold Dyke hosted system.
The Pau Skarn mineralization is found in altered metasediments on the eastern and western contacts of a large granitic pluton. Samples were collected from both the eastern and western parts of the skarn system and from the many historical workings that were developed into the mineralisation. Due to the new high grade gold results, Santa Fe Metals is reassessing the gold potential of this historical copper rich zone.
Santa Anita Gold Dyke System
Santa Anita is characterized by a series of gold-rich, north-west trending dykes hosted within altered metasediments. An extensive surface geochemical mapping program, together with a limited drilling program in 2008, delineated a large gold rich envelope called the Santa Anita zone. Drill results from this period include 28 metres of 1.3g/t gold (hole 1 from 38 to 66 metres), 12 metres of 0.946g/t gold (hole 3 from 60 to 72 metres), 51 metres of 0.258g/t gold (hole 4 from 8 to 59 metres) and 29 metres of 0.511g/t gold (hole 5 from 84 to 113 metres). Holes 1, 4 and 5 ended in gold rich mineralization (NI 43-101 compliant Technical Report – Tribe, 2008; Mexican Geological Survey – Santa Anita Project Drill Logs, 2008).
Mapping by the Company in August 2011 discovered a parallel mineralized dyke system outside the bounds of the Santa Anita zone.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Ian Smith (FAusIMM-CP), a qualified person under National Instrument 43-101. A description of procedures used in the sampling program is available on our website at:
SANTA FE METALS CORP.
IAN SMITH, President & CEO
This release contains forward-looking statements, including statements relating to Santa Fe Metals’ future plans and objectives with respect to the exploration and development of its properties. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in Santa Fe Metals’ business, including risks inherent in resource exploration and development. There can be no assurance that economic resources will be developed at any of its properties. Actual results may vary materially from those described in forward-looking statements.
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this news release.
Santa Fe Metals Corp.
President & CEO
604.678.8823 ext. 1