BURLINGTON, ONTARIO -- (Marketwire) -- 02/04/13 -- Green Swan Capital Corp. ("Green Swan") (TSX VENTURE: GSW) announces diamond drilling results from its Phase 1 program on its 100% owned Geneva Lake Property ("Geneva Lake"). The program's goals were achieved, on budget and on schedule.
Geneva Lake, Ontario
Geneva Lake consists of four mineral claims located within the Benny Greenstone Belt in Hess Township in northern Ontario, north of Sudbury. Highway 144 provides access to the area, with logging roads providing access to, and through, these claims.
The former Geneva Lake Mine (Pb-Zn-Ag) is located on these claims, which mine produced 80,588 tons of ore with a grade of 3.34% lead and 9.21% zinc from 1941 to 1944 (see OGS report 206, Geology of the Benny Area). Historic data from that period (which data is not NI 43-101 compliant and cannot be relied upon) suggests that high grade base metal mineralization (approximately 44% combined Pb + Zn) may be found at Geneva Lake.
This Phase 1 drill program was Green Swan's first stage of exploration on Geneva Lake. There is not yet an accurate map of the underground workings with respect to surface. The two main goals of this program were therefore to make an initial assessment of the claims, and in particular, of volcanogenic massive sulphide-style, base metal mineralization remaining underground in proximity to the historic underground workings, and to help locate such workings relative to surface.
Hole 4 intersected the underground workings and could not proceed. The remaining four holes were drilled to their respective target depths. Hole 5 did not produce any significant sulphides. Holes 1, 2, and 3 intersected mineralization, as tabulated below:
--------------------------------------------------------------- From To Length Ag Cu Pb Zn Hole (m) (m) (m) (g/t) (%) (%) (%) --------------------------------------------------------------- 1 140.00 142.00 2.00 0.24 0.01 0.17 0.58 --------------------------------------------------------------- 2 253.00 257.00 4.00 0.06 0.01 0.05 0.48 --------------------------------------------------------------- Incl. 255.00 256.00 1.00 2.7 0.02 0.01 0.83 --------------------------------------------------------------- 3(i) 157.00 166.00 9.00 0.02 0.01 0.03 0.46 --------------------------------------------------------------- Incl.(i) 160.00 162.00 2.00 0.04 0.02 0.04 0.95 --------------------------------------------------------------- (i) Note: True widths have not been calculated and are therefore not known at this time.
In general, Holes, 1, 2 and 3 documented low grade, but anomalous, base metal mineralization over widths between 2.00 and 9.00 m. The holes were separated from one another by between 75 and 325 m. Holes 4 and 5 were located above and slightly north of the underground workings (based on available data). Holes 1 to 3 are believed to have been located between 75 and 125 m southwest of the underground workings.
