SANTIAGO, CHILE -- (Marketwire) -- 02/14/13 -- Swingplane Ventures, Inc. (OTCBB: 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).
Iron Oxide-Copper-Gold (IOCG) deposits are characterized by high iron content, as magnetite and/or hematite, with variable amounts of copper and other by-product metals and/or minerals. Deposits having high iron content with little or no copper ("Kiruna-type"), as well as typical IOCG deposits occur along the length of the Chilean Iron Belt. The closest example of an iron-rich deposit (having subordinate copper) to the Property is Cerro Negro North (approximately 20 km to the east). The deposits of the Punte del Cobre -- Candelaria (approximately 65 km south) and both Mantoverde (AngloAmerican) and Santo Domingo (Capstone Mining), both of which are approximately 30 km north, are the closest examples of IOCG deposits to the Property.
The Property shows similar vein-style IOCG mineralization to that reported from the above examples. Veins having a high hematite content (as "almagrado", an intimate mix of copper minerals and hematite) up to 5 m thick are relatively abundant throughout the Main Mineralized trend and, more specifically, the Major Veins (see News Release dated January 30, 2013). Analytical results from samples taken during two Due Diligence Property visits (in February and December, 2013) confirm high iron content (to 55.24%), together with copper grades ranging between 1.06 and 46.58% (representative grab samples from high grade veins and/or high grade mineralized material hand sorted for sale to ENAMI. Note: Grab samples are selective by nature and are unlikely to represent average grades of the deposit).
R. Walker, Q.P. for the Company, undertook an initial Due Diligence property evaluation between January 30 and February 2, 2012. Two and a half days were spent undertaking a preliminary evaluation of the Property. Property orientation emphasized a review of existing workings and historical underground mines exposed at surface on, and immediately adjacent to, the Property. The majority of the workings defining the three "Major Veins" and the "Main Mineralized Trend" are located within, and immediately adjacent to, the northeast and eastern portion of the Property (i.e. the portion of the Property defined by the Roble tenures).
A total of 22 representative samples were recovered during the visit, from copper-bearing veins from four separate areas on the Property. Select sample results are tabulated below.
----------------------------------------------------------------------------Sam pl Easting Northing Wgt Cu Mo Ag Co Fe Au La Ce e---------------------------------------------------------------------------- kg % ppm ppm ppm % ppm ppm ppm----------------------------------------------------------------------------ALG AD G- 01 339790 7002861 0.6 10.23 2.9 0.2 1231.3 3.01 0.7 8.9 19----------------------------------------------------------------------------ALG AD G- 02 339785 7002859 1.08 1.598 3.5 0.2 73.8 3.26 < 0.1 13.5 33----------------------------------------------------------------------------ALG AD G- 03 339785 7002859 0.63 10.37 2.6 0.3 2383.2 2.13 1.2 6.1 20----------------------------------------------------------------------------ALG AD G- 04 344119 7007298 1.56 1.65 2.8 0.4 196.9 3.58 < 0.1 9.1 28----------------------------------------------------------------------------ALG AD G- 05 344119 7007298 1.48 1.966 3.4 2.5 386.4 4 < 0.1 25.2 62----------------------------------------------------------------------------ALG AD G- 06 340906 7002192 2.65 0.06 8.3 0.1 47 1.63 0.1 2.3 6----------------------------------------------------------------------------ALG AD G- 07 340902 7002197 2.17 1.359 3.4 1.6 42.7 5.28 < 0.1 4.2 11----------------------------------------------------------------------------ALG AD G- 08 344018 7007278 1.19 1.443 16.7 0.3 534.9 8.2 < 0.1 20.1 43----------------------------------------------------------------------------ALG AD G- 09 344018 7007279 2.71 1.562 338.3 0.7 370.2 15.54 < 0.1 53 83----------------------------------------------------------------------------ALG AD G- 10 344020 7007279 0.75 2.245 51.2 0.2 > 4000.0 2.38 0.1 33.8 69----------------------------------------------------------------------------ALG AD G- 11 344001 7007261 1.55 3.338 8.1 0.3 212.3 4.23 < 0.1 34.3 61----------------------------------------------------------------------------ALG AD G- 12 344001 7007261 2.63 2.349 2.5 0.2 226.9 4.39 < 0.1 136.4 187----------------------------------------------------------------------------ALG AD G- 13 344011 7007261 2.11 6.072 179.7 0.9 133.1 11.01 2.4 842.3 1012----------------------------------------------------------------------------ALG AD G- 14 344001 7007261 2.83 2.404 561.7 8.3 2682.9 29.48 0.3 1006.4 1146----------------------------------------------------------------------------ALG AD G- > > 15 344001 7007261 2.86 5.833 3158 15.1 348.3 55.24 0.5 2000.0 2000----------------------------------------------------------------------------ALG AD G- 16 344001 7007261 2.64 7.457 10.7 0.3 541.4 3.89 0.4 26.9 46----------------------------------------------------------------------------ALG A1 2R W- 00 1 339785 7002859 1.23 2.296 12 1.1 1828 4.86 0.4 9.4 20----------------------------------------------------------------------------ALG A1 2R W- 00 2 339880 7002870 1.32 1.06 7.1 0.3 532.4 8.61 0.2 6.9 18----------------------------------------------------------------------------ALG A1 2R W- 00 3 339880 7002870 0.86 1.693 4.1 0.3 224.9 4.82 0.5 4 9----------------------------------------------------------------------------ALG A1 2R W- 00 4 339880 7002870 1.15 2.76 15.5 0.9 262.1 12.36 < 0.1 11.2 35----------------------------------------------------------------------------ALG A1 2R W- 00 5 340856 7002399 1.43 1.536 7.2 1.3 50.2 8.77 0.2 4 9----------------------------------------------------------------------------ALG A1 2R W- 00 6 340856 7002399 0.97 2.488 1.2 0.8 810.2 6.63 0.5 9.3 26----------------------------------------------------------------------------
