SANTIAGO, CHILE -- (Marketwire) -- 02/05/13 -- Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company") is pleased to update information on previous work program.
Günter Stromberger's Report
The Algarrobo Property (the "Property") is 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.
In 2000, the Property vendor (G. Stromberger) undertook a sampling program in order to evaluate the potential for copper, in both existing surface excavations and in accessible underground workings. Sampling included oxide, sulphide and transitional mixed oxide / sulphide facies mineralization. Primary minerals noted included pyrite, arsenopyrite, hematite, magnetite, molybdenite and cobaltite, with copper-bearing minerals including chalcopyrite, bornite and gold. Secondary minerals noted included limonite, cuprite, malachite, chrysocolla, erythrite, chalcocite, covellite and bornite.
The La Escondida (BHP Billiton 57.5%, 30% by Rio Tinto) deposit is currently the highest producing copper mine in the world. Its 2007 production of 1.483 million tonnes of copper was worth US $10.12 billion and represented 26% of Chilean copper production, according to the US Geological Survey's preliminary estimates of 2007 world mine output.
On March 14, 1981, 'Pozo 6,' the last scheduled borehole in the program, hit 52 metres of 1.51% copper at a depth of 240 metres and discovered the main Escondida orebody. More holes were drilled to delineate the orebody and a shaft was sunk to provide bulk samples for metallurgical testing. Construction of the mine started in 1988, which included the stripping of over 180 million tonnes of waste to get to the orebody. Major copper mines around the world generally average less than 1% copper.
Analyses for a total of 160 samples have been documented, predominantly of copper, with subordinate gold (Au) and highly subordinate silver (Ag). As the samples were recovered from existing workings, the ore had been mined and the samples, therefore, represent "waste rock."
----------------------------------------------------------------------------- Assay Results----------------------------------------------------------------------------- Number Sample of Width Sample Depth Cu AuSamples Sample Description (m) (m) (%) (gm/t)----------------------------------------------------------------------------- Road Cut - Descubridora to Main 16 Road 2.36 Surface 0.38----------------------------------------------------------------------------- 14 Estaca-Viuda Mines-Wallrock 0.4----------------------------------------------------------------------------- 17 Estaca-Viuda Mines-Face 1.02 85 to 260 1.34 0.45----------------------------------------------------------------------------- 3 Rincon-Caupolican Mines-Wallrock 30 to 116 1.55 0.28----------------------------------------------------------------------------- 24 Test Pit - Oxide Vein 1.9 Surface 1.64 1.56----------------------------------------------------------------------------- 17 Panga-Equador-Uruguay Mines 2.25 15 to 100 1.76 0.6----------------------------------------------------------------------------- 35 Pirquinero Workings - Oxide Vein 1.15 4 to 30 3.14 0.98----------------------------------------------------------------------------- 24 Mine Dumps 3.27 1.25----------------------------------------------------------------------------- 4 Viuda Chica Mine 0.63 Surface to 57 3.93 0.73----------------------------------------------------------------------------- 15 Rincon/Caupolican - Oxide Vein 0.85 1 to 116 4.91 1.38----------------------------------------------------------------------------- 5 Descubridora - oxide vein 0.82 8 to 16 5.75 0.37----------------------------------------------------------------------------- 8 Estaca-Viuda Mines-Pillar 1.2 Surface to 245 8.21 0.59-----------------------------------------------------------------------------
