Santa Fe Gold Encounters Bonanza Grades of 7.73 Ounces Per Ton Gold and 269.75 Ounces Per Ton Silver at Summit Mine
Press Release: Santa Fe Gold Corporation – Thu, Nov 29, 2012 8:30 AM ESTEmail0Share0PrintRelated ContentView PhotoSummit Mine Longitudinal Section (Graphic: Business Wire)Multimedia Gallery URL
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ALBUQUERQUE, N.M.--(BUSINESS WIRE)--
Santa Fe Gold Corporation (SFEG) today announced that gold and silver values up to 7.73 ounces per ton gold (265.0 grams/tonne Au) and 269.75 ounces per ton silver (9,248.6 grams/tonne Ag) have been encountered over minable widths at the company’s Summit mine. These assays represent the highest grade mineralized values found in the mine to date. Although these unusually high values probably are localized, they occur near the northern edge of the currently identified resource and ongoing work shows potential for extending the minable resource along strike to the northwest.
The high gold and silver grades were encountered in the process of ongoing development on the 5600 level of the N-1 ore block (see accompanying longitudinal section). They were encountered in the vicinity of a surface drill hole intersection that showed 11.4 ft true width of 0.214 opt gold (7.34 gm/tonne Au) and 16.42 opt silver (562.9 gm/tonne Ag). Face channel samples from three consecutive rounds yielded an average of 12.7 ft width of 2.14 opt gold (73.4 gm/tonne Au) and 82.68 opt silver (2,834.7 gm/tonne Ag). Included within this zone was a 6.0 ft interval of 7.73 opt gold (265.0 gm/tonne Au) and 269.75 opt silver (9,248.6 gm/tonne Ag). Localized high values like these are known to occur in the type of epithermal vein system represented by Summit.
“We are pleased by this strong confirmation of the N-1 mineralization,” stated John White, VP Operations. “These results give us positive encouragement as we continue exploration northwest of the N-1 resource. Initial work in the area to the northwest shows potential for additional mineralization outside of currently identified resources.”
Drift development also continues below the 5300 level to intersect the main higher grade mineralized resource located on the 5080 level. This development work is anticipated to reach the 5080 level in mid-2013.