Santa Fe Minerals (ASX:SFM) Begins RC Drilling At Watson’s Well

Santa Fe Minerals (SFM) has begun reverse circulation drilling at its Watson’s Well project in Western Australia.

The vanadium, titanium, iron target is part of the company’s Challa South project area which covers the Windamurra and Narndee intrusions.

Between 10 to 15 drill holes are planned for up to 2000 metres of drilling to test the central thicker zone of a seven-kilometre long magnetic high zone.

This zone was first identified in the 1960s and was interpreted as a possible feeder dyke to the Windimurra igneous complex.

It was explored for nickel, copper and platinum group element mineralisation, with sampling returning values consistent with the interpreted underlying rocks.

However, there were no standout targets and no additional work was carried out.

Then, in 2018, Santa Fe completed close-spaced lag sampling and rock chip sampling over the central part of the project which returned grades of up to 1.6 per cent vanadium pentoxide.

Further sampling work by the company identified massive magnetite cumulate layers over five kilometres of the seven-kilometre strike with up to 1.3 per cent vanadium pentoxide, 15.2 per cent titanium oxide and 52.7 per cent iron.

SFM has noted the magnetite layers range up to one metre thick and appear in outcrop to be semi continuous along strike similar in appearance to the mineralised zones at Windimurra.

This round of drilling will be divided in two sections, 400 metres apart with all holes drilled to 150 metres deep.

Santa Fe anticipates drilling will be completed in one to two weeks and analytical results are expected to be received and reported by the end of this year.

SFM shares last traded at 8.5 cents on September 5.

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