SANTIAGO, CHILE -- (Marketwire) -- 02/21/13 -- Swingplane Ventures, Inc. (OTCBB: 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).
The Company is reviewing a proposal by AMEC (AMEC International Ingenieria y Construccion Limitada) in Santiago one of the world's leading engineering, project management and consultancy companies for an initial evaluation and report on the Property. The report is expected to provide additional independent evaluation of the Property with further direction regarding development and increased production from the Property. AMEC is an international consulting firm well recognized in the Mining Industry. Establishing a relationship with AMEC, and subsequently other consulting companies, is expected to provide access to the expertise and personnel required for future work on the Property. Work by AMEC is expected to commence in late March.
AMEC will produce a qualitative statement regarding the mineral potential of the Algarrobo Property in the shape of a Due-Diligence report. The report will be based on the information that Swingplane makes available to AMEC and a visit to the Property.
In particular AMEC will review and comment on the following aspects:
• Exploration history • Exploration and exploitation permits • Topographic model • Geological Mapping • Drill hole campaigns • Sampling and logging procedures • Density determination procedures • Procedures of sample preparation and analysis • QA/QC procedures • Geology data base integrity and maintenance • Reported resources
Swingplane is currently undertaking mapping of the veins exposed on, and immediately adjacent to, the Property to establish continuity and grade of the veins at surface. Mapping will be accompanied by additional sampling to further assess the nature of mineralization characterizing each vein exposure. In addition, sampling will include analysis for Rare Earth Elements (REE) and Platinum Group Elements (PGE), together with cobalt, gold, molybdenum and silver to evaluate the potential for these metals as co-products and/or by-products to primary copper production.
As previously reported above, and previously (see News Releases dated January 31 and February 14, 2013), the Management believes potential exists for production of other metals and/or minerals in addition to copper, including, but not limited to: cobalt, gold, molybdenum, Platinum Group Elements (PGE), Rare Earth Elements (REE) and/or silver.
Therefore, the Company proposes to recover large samples (to 200 kg) of low grade material (1 to 3% Cu), Direct Shipping Ore (approximately 12% Cu) and high grade (approximately 25% Cu) for the purposes of metallurgical analysis. The results of metallurgical analyses are expected to provide the information necessary to optimize recovery of copper, as well as evaluate potential for other metals and/or minerals.
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