SANTIAGO, CHILE -- (Marketwire) -- 02/19/13 -- 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).
The Algarrobo's data to date gives us many indications that the property has the same potential as the Olympic Dam property in south Australia, which is the sixth largest know copper ore body, fifth largest gold ore body and the largest uranium ore body in the world. Olympic Dam's copper assets based on today's copper price would be valued at approximately $863 billion, including $470 billion in copper, $270 billion in uranium, $116 billion in gold and $8 billion in silver.
Worldwide Iron Oxide-Copper-Gold (IOCG) deposits represent a potential source for a diverse suite of metals and/or minerals, including base (Cu, Fe, Pb, Ni, Zn), precious (Au, Ag, PGE), Rare Earth Elements and strategic (Co, Bi, V). The Property has already confirmed potential for high grade copper mineralized vein style mineralization (see News Release dated January 31 and February 14, 2013). Previous work on the Property (see News Release dated January 24, 2013) returned anomalous results for Au and, to a lesser extent, silver from surface and underground workings on, and immediately adjacent to, the Property. Sampling associated with preliminary Due Diligence assessment of the Property has confirmed anomalous results for gold (Au), silver (Ag), cobalt (Co), molybdenum (Mo) and the Light Rare Earth Elements (La and Ce).
Background levels of copper, between well mineralized veins, vary between 0.10% and 1.05%, with copper mineralization produced from veins on the Property ranging from low grade, copper leachable material (1.88% to 4.28% Cu), low grade "Direct Shipping Ore" (5% to 15% Cu) to very high grade, Brochantite-rich material grading up to 46.58% copper. Future work is proposed to further assess and evaluate potential for gold (Au), silver (Ag), cobalt (Co), molybdenum (Mo) and the Light Rare Earth Elements (La and Ce), as well as for Platinum Group Elements (PGE).
Further work will need to be completed on the Property, both in terms of exploration and development, to further evaluate and quantify the mineral potential believed to exist on the Property. However, a brief review of IOCG deposits from around the world underscores the potential available.
The following table represents resources and/or reserves from a number of localities around the world. It is not known to what extent the reported data is (or is not) NI 43-101 compliant.
---------------------------------------------------------------------------- Deposit Total Ore Reserves (remaining) Resources----------------------------------------------------------------------------Olympic Dam 589 Mt @ 1.81% Cu, 0.59 kg/t 9,090 Mt @ 0.87% Cu, 0.27 kg/t U3O8, 0.66 g/t Au, 3.36 g/t Ag U3O8, 0.32 g/t Au, 1.50 g/t Ag Products: Cu, U3O8, Au, Ag + 151 Mt @ 0.99 g/t Au----------------------------------------------------------------------------Phalaborwa 118 Mt @ 0.64% Cu 850 Mt @ 0.5% Cu, (+Au, Ag, Products: Cu, magnetite and PGE, U, Zr, REE, Ni, Se, Te, vermiculite Bi, vermiculite)----------------------------------------------------------------------------Salobo 789 Mt @ 0.96% Cu, 0.52 g/t Au----------------------------------------------------------------------------Manto Verde 67.2 Mt @ 0.63% Cu (heap 600 Mt @ 0.5% Cu, 0.1 g/t Ag leach), 43.9 Mt @ 0.39% Cu (dump leach)----------------------------------------------------------------------------Candelaria 470 Mt @ 0.95% Cu, 0.22 g/t Au, 3.1 g/t Ag----------------------------------------------------------------------------Ernest Henry 167 Mt @ 1.1% Cu, 0.5 g/t Au----------------------------------------------------------------------------Prominent Hill 63.5 Mt @ 0.94% Cu, 0.50 g/t Au, 2.40 g/t Ag (+21 t @ 0.97 g/t Au, 1.09 g/t Ag)----------------------------------------------------------------------------Bayan Obo 48-100 Mt @ 6% REE2O3 (+1 Mt @ 0.13% Nb)----------------------------------------------------------------------------NICO 21.8 Mt @ 1.08 g/t Au, 0.16% Bi, 0.13% Co----------------------------------------------------------------------------Sue Dianne Not Estimated 8.4 Mt @ 0.80% Cu, 0.07 g/t Au, 3.2 g/t Ag----------------------------------------------------------------------------
