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Santa Fe Metals Corp. has signed a letter of intent to option up to 100% of the Cuyoaco Gold and Base Metal Property in the State of Puebla, Mexico. The Cuyoaco property currently hosts 3 separate prospective zones of high-grade mineralization. Previous sampling has returned up to 6% Cu and 31 grams/ton Au with previous drill intercepts grading as high as 28 metres of 1.3g/t Au.
Ian Smith, President & CEO, commented: “We are excited to report this acquisition for Santa Fe. The Cuyoaco property is a great strategic fit in our project portfolio and has significant potential as both a high grade gold system and as a large copper-gold skarn deposit. With 3 separate target zones on the property, the company is currently planning further drilling on the property to commence later this year. This will be a very active time for Santa Fe with the commencement of work on our new projects and the advancement of our high grade copper oxide, ‘Cuatro Cienegas’ project, located in Mexico.”
The Property
The Cuyoaco property has the potential to host both a high grade gold system and a large copper-gold skarn deposit. It is located in the Talpizaco-Tateno Mining District and is a historic copper and gold project located in the north-west of Puebla State, approximately 155 kilometres north east of Puebla city. The Cuyoaco property covers 643 hectares over three separate mineralized targets; the Magistral Cu skarn, the California Cu-Au skarn and the Santa Elena dyke-hosted Au system. In total 12 adits, numerous trenches and a few shallow shafts were developed historically to explore and exploit these targets.
The mineralization is hosted within altered Jurassic-Cretaceous limestones that surround a large granodioritic pluton. Two outstanding properties within the same setting are the San Martin in Zacatecas and the Santa Maria de la Paz in San Luis Potosi.
The location and surface extent of mineralization was determined by geophysics, soil geochemistry, drilling and resampling of the historical workings. These have revealed three separate drill targets:
Santa Fe Metals is currently planning a detailed exploration program to better assess the extent of the mineralization at all three targets. Further drilling of the Santa Elena gold zone, planned for later this year, aims to test the depth and north–south extent of the mineralization.
An independent NI 43-101 Technical Report was prepared by independent consultant Norm Tribe, P. Eng in 2008.
Acquisition Terms
The company can earn up to 100% of the property by making cash payments and issuing shares as follows:
| Cash – US$ | Shares | Interest earned | |
| On receipt of regulatory approval | 100,000 | 360,000 | – |
| 1st year anniversary | 100,000 | 360,000 | 20% |
| 2nd year anniversary | 100,000 | 360,000 | 20% |
| 3rd year anniversary | 100,000 | 360,000 | 20% |
| 4th year anniversary | 100,000 | 360,000 | 20% |
| 5th year anniversary | – | 6,000,000 | 20% |
| TOTAL | 500,000 | 7,800,000 | 100% |
SFM may, at its option, accelerate the schedule of payments and share issuances.
Read the full news release here
