Santa Fe Gold Corporation OTC (SFEG), a U.S. based mining company and owner of several mining claims, is happy to report continuing progress towards production from the Jim Crow Mine situated in the famous Steeple Rock district of southwest New Mexico. Six cars consisting of approximately 20 tons of ore, mined earlier from the 200 level, is presently hoarded at the surface and points toward values of .26 oz per ton of gold and 1 oz per ton of silver remaining in the mine.
Santa Fe Gold anticipates the start of mining and shipping ore during the coming quarter, expanding output towards expected complete production levels. Furthermore, preparation for the startup of production at its higher-grade Bilalli mine is also projected to commence once stable production is realized from the Jim Crow mine, with an aim to also boost production up to comparable levels.
We are very pleased to have made considerable progress towards commencement of production, so far under budget and on schedule and expect to be revenuing in the coming quarter, as we build up production output into the summer and complete Santa Fe Gold's 2018-2019 Fiscal year.
Brian Adair, Chairman, Santa Fe Gold.
Geological and Operational Overview
Santa Fe Gold is at a good location to become a lucrative operating Mining company. Preliminary production from the Jim Crow Mine promises to produce enough revenue to finance progress of its other mines in the Steeple Rock district, the neighboring Imperial, and the Bilalli. Another significant asset and advantage is that Santa Fe’s operating team has a number of years of experience in this district. Low startup costs, ease of operations, and skilled on-site management bode well for this undertaking. All three properties have potential to produce extra ore laterally on the strike of the veins in the current mines, at a depth below the current workings and within parallel and new veins.
Besides its three mines in the Steeple Rock district, Santa Fe is in the process of finishing acquisition of five patented claims and 82 unpatented claims in the Black Hawk district situated in Grant County, approximately 15 miles southwest of Silver City, New Mexico. This district, with a past of operations dating back over a century is of a significant geologic type known for very high grades of silver with related and significant nickel and cobalt values. This large property has four mines with historic production and published US Geologic Survey reports describe up to 30 extra veins within this property that comprise of visible silver at the surface.
Prospect of this property is extremely high, other districts of this geologic type in other places in the world, include the well-known Cobalt, Ontario district, operated in the early twentieth century, which yielded more than five hundred million ounces of silver.
The potential of revenue from its Steeple Rock district gold mines and the extremely high exploration potential of its Black Hawk district properties bode well for the prospect of this company.
Financial Filings Expected to Accelerate
In the previous week, Santa Fe Gold filed an amended quarterly report for September 2016 which comprises of all material events associated with the company's growth to date and expects to continue to file further quarterly and annual reports at a stable pace in the upcoming weeks until the company is up to date and compliant.