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Production is Ongoing as Mined Resources are Increasingly Being Lifted Daily to the Surface and Stockpiled Pending Crushing and Shipment to potential buyers
Santa Fe Gold Preparing to Release Completed Annual and Quarterly Reports Pending Final Review by Auditors Bringing the Company Fully Up to Date
ALBUQUERQUE, N.M., Sept. 06, 2019 (GLOBE NEWSWIRE) -- Santa Fe Gold Corporation OTC (SFEG), a U.S. based mining company that currently ranks #9 of the top ten US based mid-tier and junior precious metals companies (as cited by prestigious mining industry trade journal, The Northern Miner), with 148 mining claims covering 42 mine sites and potential mines, is continuing to develop production of economic grade, high silica vein gold and silver siliceous vein material from its Jim Crow mine and is now stockpiling siliceous vein material at its new surface staging facilities pending crushing and shipment.
Santa Fe recently acquired and is installing a high capacity crushing facility capable of processing 150 tons per hour, with sufficient volume capabilities to process acceptable siliceous vein material quality to meet expected shipping and smelting requirements for the foreseeable future.
Management’s initial goal is to produce between 50 to 100 tons of gold and silver siliceous vein material per day from the Jim Crow Mine and increase to an aggregate 500 tons per day from several mines in the foreseeable future.
The company continues to develop further gold and silver siliceous vein material from the 200' and 300' veins both laterally and at depth within the Jim Crow mine.
Once maximum output gold and silver siliceous vein material production is achieved from the Jim Crow Mine, the plan is to further exploit and develop the adjacent Imperial Mine and also now the Three Brothers mine, expected to intersect from the Jim Crow mine, as further underground development is achieved. Thereafter, a potential “down dip” extension of the Imperial vein should also soon be accessible from the Jim Crow Mine, a further 300' to the west, where historic diamond drilling indicates additional mineralized gold and silver quartz veins are present within.
Chairman Brian Adair Comments
Our strategy to acquire 148 mining claims and 42 potential Gold and Silver mines covering several potentially large-scale mining territories, believed to be economically viable, has benefited from the recent increase in metals prices and production from the ongoing development and future output of our gold and silver mines.
Our goal continues to be to maximize output at a steadily increasing and sustainable pace and thereafter add capacity from development of additional mines in the future.
New Technologies to further improve upon and maximize metals and minerals recovery
In addition to vein detection technology, the company is investigating adoption of new processing technologies, previously unavailable, that promise to separate additional gold, silver and other potentially valuable minerals within the siliceous vein material bodies Santa Fe Gold plans to access. This could substantially increase production and shipment, not only from the Jim Crow, but from anticipated output of all of its mines.
Technical Advisor Dan Gorski Adds
The potential ability to attain profitable production from the Jim Crow mine and other mines in the Steeple Rock district, coupled with the longer-term development of the Alhambra Mine and other mines in the Black Hawk district, with higher asset prices, makes Santa Fe Gold a particularly unique opportunity.
Black Hawk Alhambra Complex of Five Silver Mines
The increased silver price should augur well for our Black Hawk-Alhambra Silver Mine Complex comprising 5 silver mines, namely the Alhambra, Black Hawk, Silver King, Good Hope and Bullard's Peak mines, and numerous other carbonate veins showing metal values at surface. These mines are covered by 13 patented claims and 83 un-patented claims in the Black Hawk district located in Grant County, approximately 15 miles southwest of Silver City, NM.
The district has a history of operations dating back more than a century, is of an important geologic type known as 'Five Element Veins' with high grades of silver, associated nickel and cobalt values.
Santa Fe management plans to develop a phased project approach to locate and develop the potential high-grade silver lenses within these veins.
About Santa Fe Gold
We are a mining company engaged in the business of acquisitions and intended development of and production from mining and mineral properties.
This release may contain certain “forward-looking” statements, which represent the Company’s expectations or beliefs, including but not limited to, statements concerning the company’s planned operations, financial condition, ability to obtain capital, and growth and acquisition strategies.
Additionally, in order to implement and expand the business strategy of the Company as reflected in this press release, the Company may be required to obtain additional capital to continue operations. There can be no assurance that the Company will be successful in obtaining required capital to execute and further our business plan and strategy outside of our available funding sources.
For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the siliceous vein material going, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intent,” “intends,” “could,” “should,” “estimate,” “might,” “plan,” “predict,” “strategy” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements.
This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by any forward-looking statements.
For siliceous vein material information, investors should review the SEC filings on our website.
Please visit www.santafegoldcorp.com.
Frank Mueller, CFO