SANTIAGO, Chile, March 18, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
Swingplane Venture Inc.'s (the "Company") Algarrobo Property (the "Property") is an Iron Oxide-Copper-Gold (IOCG) property located approximately 850 km north of Santiago, in the III Region, Province of Copiapo, Chile. The city of Copiapo is located approximately 43 km to the southeast of the Property, with the small port city of Caldera 25 km to the east. The Property consists of 32 tenures, comprising a total of 6,161 ha (15,224 acres).
Rick Walker, Qulified Person for the Company, is currently on-site on the Property for the purposes of undertaking further sampling. Proposed sampling includes additional geochemical sampling of the veins, developed drifts, mineralized and leached vein haloes and background host rock. Sampling will also include recovery of a suite of samples for mineralogical evaluation and two samples for metallurgical testing.
The intent of geochemical sampling is to further document the character of high grade mineralized veins on the Property, with an emphasis on the western portion of the Roble tenures where drifts have been developed for the purposes of production once the Company receives the ENAMI license required (expected by the end of March). Previous samples have emphasized analysis of Direct Shipping Material (which can be shipped and sole directly to ENAMI for processing) and high grade material. The proposed sampling, currently underway, will include samples along the exposed surface extent of veins, samples of lower grade material in the halo of mineralized veins, as well as background samples of the host rock between high grade copper mineralized veins.
In addition, given the recent increase in the price of iron, sampling will include samples of the magnetite-bearing eolian sand which covers the majority of the Angela tenures. Analysis will include determination of the iron content of a magnetite-rich sample recovered by magnet. Geochemical analysis will also include determination of the Titanium and Vanadium content of the magnetite sample. A sample will also be submitted to Neomet in Saint-Laurent for evaluation using their new technology for recovery of iron (as hematite), titanium and/or vanadium from magnetite-bearing material.
A mineralogical study will be undertaken Process Mineralogical Consulting Ltd in Maple Ridge, BC. Up to 15 separate samples of copper-bearing material, ranging from low grade to high grade, will be submitted for mineralogical determination of the mineral species present on the Property. Proposed work includes identification of copper minerals using polished thin sections, followed by analysis using a "… Tescan Integrated Mineral Analyser (TIMA) to determine the mineral abundance, grain size and Cu-bearing mineral distribution. A pseudo-image of the polished section will be generated using the TIMA software. The polished thin section will be examined using an optical microscope and supported by interactive SEM investigations to delineate the Cu-bearing mineral species."
A suite of copper-bearing samples will also be submitted to TOMRA Sorting Solutions in Surrey, B.C. for evaluation of the samples with regard to sensor-based mechanized sorting. Currently, high grade copper material is visually sorted by hand for subsequent shipment to ENAMI. As such, hand sorting represents the biggest impediment to increasing production on the Property. The Company will submit the samples to evaluate the effectiveness of a TOMRA sorting unit for possible use on the Property.
Finally, two samples will be submitted to the Metallurgical Division of Inspectorate Exploration & Mining Services Ltd. in Richmond, B.C. for metallurgical testing. Low grade (Cu leachable – less than 7% copper content) and a high grade (Direct Shipping Material – greater than 7% copper content) samples will be submitted for a "… a scoping level study to establish approximate copper grades and recoveries, along with contained gold and silver". Subsequent metallurgical work is proposed to include work to evaluate potential for recovery of additional metals, including cobalt, nickel, and molybdenum, Platinum Group Elements (if present) and/or Rare Earth Elements.
The results of the above work will significantly increase the quantitative data available for the Property and the high grade copper mineralized veins of interest. Furthermore, the results are expected to allow the Company to make informed decisions with regard to further development of the Property and associated infrastructure.
The content of this news release has been reviewed by Rick Walker, B.Sc., M.Sc., P. Geo., a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data herein.
Carlos De la Torre
President and Director
For more information please visit our web site at:
Investor relations: 1-800-253-1692
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS ""FORWARD-LOOKING STATEMENTS"", AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE"", """ANTICIPATE"", ""BELIEVE"", ""PLAN"" OR ""EXPECT"" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE INCLUDE STATEMENTS RELATING TO THE COMPANY''S PLANS TO ENTER INTO A MINING OPTION AGREEMENT WITHIN THE NEXT FORTY-FIVE DAYS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS ON FORM 10-K AND FORM 10-Q, RESPECTIVELY, AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY''S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY''S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALLTHERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
- Investment & Company Information