SANTIAGO, Chile, March 28, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo Property.
Swingplane Ventures, 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).
Since December, 2012, the Optionor has undertaken a considerable amount of work to further develop existing drifts reported previously (see News Release dated January 30, 2013). In addition, work has been undertaken to develop a new drift, the Maribel Drift, together with initial work to expose a mineralized vein for subsequent development, the proposed Angela Drift. Finally, a large open cut has been developed on the Descubridora I and II exposures to extract high grade, near surface material exposed in bedrock immediately underlying eolian sand cover.
At the current time, a total of approximately 734 m of underground development has been completed, as follows: Veta Gruesa Centre workings – 336.5 m; V CAMP workings ("Exploration" Drift) – 191 m; Descubridora; Open cut over approximate vertical exposure of 21 m, 41 m drift; False Estaca – 77 m and Veta Gruesa East – 89 m. Development on these workings will be reported in separate, subsequent News Releases.
In addition to the above, initial work has been completed to expose a front below and on strike with a well-developed, strongly oxidized, copper mineralized vein exposed 16 m above and 38 m to the east. The vein exposed along the road cut comprises an oxidized, leached zones approximately 2.8 m thick, having a 60 cm thick, strongly to completely oxidized, iron-oxide core. Strong azurite staining, with associated development of copper wad (cuprian manganese oxide), is evident over approximately 1.2 m above the base of the exposure.
Three chip samples were taken from the exposure. A sample of the hanging wall material comprises approximately 60 cm, extending from a sheared contact with the host rock to a zone of azurite staining. The second sample, 70 cm thick, comprises intact host rock at the core of the vein (possible inclusion in the fault zone – fault tear-out) with development of strong azurite staining. The third, and final sample (65 cm thick), comprises a leached zone with up to 20 cm of copper wad developed along the footwall contact.
The Maribel Drift has been developed on an interpreted splay of the Descubridora Vein and is located approximately 1.45 km from the workings developed on behalf of the Company on the Descubridora Vein. The Drift extends approximately 40 m from the portal along an interpreted splay of the Descubridora Vein. The face exposes approximately 60 cm of a strongly leached, iron oxide zone comprising the vein. A second chip sample, over 1.5 m, was taken of the host rock in the hanging wall (i.e. above) the vein. Textures evident in the face of the drift are tentatively interpreted to suggest vein development may be, in part, through replacement of the host rock within, and adjacent to faults.
Approximately twenty trenches, ranging from near surface excavations to depths to approximately 7 m, having an areal extent between 6 and 200 m2, have been excavated over the past 10 days by the Optionor on behalf of the Company. Approximately fifteen of the new trenches were excavated in the Sierra de la Gloria area, located approximately 5.5 km south-southeast of the nearest active workings active and/or development on behalf of the Company (see News Release dated February 7, 2013). This work was undertaken to further evaluate the mineral potential suggested by previous work (see results for samples ALGA12RW-001 to 004 and ALGADG-01 to 05 reported in News Release dated February 14, 2013).
The new trenches exposed several small, yet high grade copper mineralized veins, between 2 and 5 cm thick, within leached, oxidized zones up to 1.5 m thick. In addition, several of the veins, as well as the leached, mineralized zones, were documented to thicken dramatically from surface to the base of trenching. In the most extreme example, a 2 cm thick, chocolate-brown vein comprised of completely oxidized iron (goethite) thickened to approximately 30 cm over a down-dip distance of 1 m.
One of the trenches exposed a 1.3 m thick, well developed, strongly to completely oxidized, dark to brick red iron oxide zone immediately below a thin cover of eolian sand. The new exposure is interpreted to represent a potential iron cap to a high grade copper mineralized vein, similar to that documented on the Descubridora I and Veta Gruesa Centre occurrences. As such, it will require further work to develop and evaluate it as a candidate for a possible drift. Such work will be undertaken at a later date, when sufficient heavy equipment is available to support potential underground development in this area.
Finally, observations made in exposures from recent excavations are interpreted to tentatively confirm the interpretation that near surface carbonate veins (in particular, siderite and/or ankerite – iron carbonate veins) may represent the high level equivalent of deeper, high grade copper mineralized veins. Excavations at both Sierra de la Gloria and at the west end of the surface expression of the Veta Gruesa, as well as several instances noted in outcrop, identified high grade copper inclusions and/or nodules within and/or along the margins of several separate and distinct siderite / ankerite veins.
Results of geochemical analysis will be announced once received and reviewed by the Company.
Note: Under the terms of the Option Agreement, all proceeds from the sale of any ore shipped and processed will be paid to the Optionors, until such time as the Company commences operations on the Property (see Material Change dated February 25, 2013).
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 SHALL THERE 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