SANTIAGO, CHILE -- (Marketwire) -- 02/12/13 -- Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
The Algarrobo Iron oxide-Copper-Gold (IOCG) property (the "Property") is located approximately 850 km north of Santiago, in the III Region, Province of Copiopo, 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 key to identification of additional well mineralized, high grade copper veins will be ascertaining where potential for such veins exists in the near sub-surface. Identification of these veins is, however, difficult due to the size of the Property (6,161 ha; 15,224 acres) and the extensive sand cover. Therefore, Management is evaluating a proposal for an airborne geophysical survey, more specifically, a Gryphon Multi-Parameter Airborne survey to directly assess the mineral potential of the entire Property. The survey includes:
•Time Domain Electromagnetics (EM) •High Resolution Magnetics •FALCON Gravity Gradiometry •Gamma Ray Spectrometry, and •LIDAR
Due to the high grade copper content of the veins, together with their generally steep dip and thickness, well mineralized, high grade copper veins are anticipated to provide strong conductivity anomalies on the electromagnetic (EM) component of the survey. Magnetic data are expected to provide confirmation of continuity between the current workings on the Property on each of the Major Veins, as well as clarify the relationship between the Major Veins and the subsidiary and/or en echelon veins, due to associated magnetite content. Magnetic results from the Angela tenures may be less conclusive due to the high magnetite content of the eolian sand (estimated to comprise between 10 and 20% of the sand by volume) which is anticipated to possibly obscure a magnetic response from individual veins.
High grade copper mineralization (to 46.58% Cu) in the near sub-surface is interpreted to comprise supergene enrichment in an oxidized zone extending between 30 and 120 metres below surface, dependent upon topography. The oxidized zone is underlain by a sulphide zone across a mixed transitional zone of variable thickness. The potential depth extent of the sulphide zone is currently unknown, however, there is no information suggesting it is limited to the reported depth of the historical underground workings (i.e. 450 meters in the Viuda Mine).
Mining operations completed to date, on both the Property and immediately adjacent tenures, have resulted in a large number of workings, of which approximately 35 comprise near surface workings greater than 2 m in depth to more extensive, historical mining operations extending several hundred metres below surface. To date, mining activity has defined, and is centered around, three "Major Veins," as follows:
•Panga, Ecuador, Uruguay, etc. in the north •Descubridora, Estaca, Viuda, etc. in the center •Buena Vista, Alicia, etc. in the south
These workings, developed along these well defined mineralized vein systems, have produced variable quantities of high grade copper, predominantly as copper oxides, to an approximate depth of 120 metres below surface. The oxide zone is typically underlain by a transitional zone of mixed copper oxides and copper sulphides, with copper sulfide ores mined to greater depth (i.e. Viuda - 450 m depth).
Well mineralized veins up to 3.5 m thick, having strike lengths of at least 3 km define the "Main Mineralized Trend," an area at least 5 km northeast -- southwest by 2.5 km wide. This well mineralized area hosts the Major Veins, comprising the majority of the existing surface excavations and the historical underground mines and located in a broad topographic high, with the highest point being Cerro Algarrobo. To date, exploration for additional mineralized veins beyond the area of well exposed bedrock has been limited by a variable thickness of eolian sand which covers low lying areas.
The Property can be generally divided into two areas, the Roble tenures which, in general, cover the exposed bedrock and the Angela tenures, which are generally underlain by eolian dunes of variable thickness. The Property is believed to have excellent potential to host mineralization along the strike of the known vein systems as well as for discovery of new vein systems, particularly within the Angela tenures due to the extensive eolian sand cover. Recent development of the Veta Gruesa, False Estaca and Descubridora drifts (see Press release dated February 7, 2013) on behalf of the Company is interpreted to support the potential for further discovery and development beneath the overburden.
High grade, well mineralized copper veins between 1.5 and 5 meters thick, including the Major Veins within the Main Mineralized Area, are expected to return strong EM and gravity anomalies, as well as strong magnetic anomalies on the Roble tenures. These data, when interpreted together with the FALCON Gravity Gradiometry data, are expected to provide confidence with respect to correlating the responses from well mineralized veins identified at surface on the Roble tenures with anomalies identified below the extensive eolian sand cover comprising the Angela tenures. The anticipated outcome of this survey is to confidently establish well defined geophysical targets having high potential for identification of additional well mineralized veins, both in the near sub-surface and at depth.
The Company president says, "The Algarrobo property has world class potential and we intend on capitalizing on its maximum value by hiring all necessary personnel and expertise."
The content of this news release has been reviewed by Rick Walker, B.Sc., M.Sc., P. Geo., a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data herein.
President and Director
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE", "ANTICIPATE", "BELIEVE", "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE INCLUDE STATEMENTS RELATING TO THE COMPANY'S PLANS TO ENTER INTO A MINING OPTION AGREEMENT WITHIN THE NEXT FORTY-FIVE DAYS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS ON FORM 10-K AND FORM 10-Q, RESPECTIVELY, AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALLTHERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
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