Swift Resources Inc.

Swift Resources Inc.

October 27, 2009 12:50 ET

Swift Resources Samples 2.5 oz/t Gold From Amazing Grace Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 27, 2009) - Swift Resources Inc. (TSX VENTURE:SWR) ("Swift") (the "Company"), has optioned the Amazing Grace gold property (17 claims totalling 4,900 hectares) located 12 km southeast of Castlegar in southern British Columbia.

Sampling of known gold showings by Linda Caron, M.Sc., P.Eng, from quartz structures within a 3 by 1 km area in the central part of the property returned the following assays from 4 showings:

1. Maude S showing 85.6 g/t Au (2.50 oz/t Au)
2. Meister showing 37.3 g/t Au (1.09 oz/t Au)
3. High Grade showing 53.9 g/t Au (1.57 oz/t Au)
4. New discovery 3.55 g/t Au (0.10 oz/t Au)

The Meister showing is located approx. 300 metres east of the Maude S,
the High Grade showing is located 3 km east of the Maude S, and the new
discovery is located approx. 700 metres north of the Maude S.

Known gold showings are quartz veins or zones of sheeted and/or stockwork quartz veining within an intrusive. Other styles of mineralization on the property include massive sulphide veins with low precious metal values and skarn mineralization. Skarn mineralization on the Amazing Grace property occurs in a similar geological setting to that on the Second Relief mine located 8 km to the northeast. The Second Relief mine is the third largest known gold skarn deposit in British Columbia, mined between 1900 and 1948 with past production totalling 205,000 tonnes at a grade of 15 g/t Au (0.44 oz/t Au).

Near the Maude S showing, several historic adits dating to the late 1890s explored narrow goldbearing quartz veins in the vicinity, but did not test the showing sampled above. The remains of a 10 stamp mill (a primitive crushing device) exist near the adits but there is no record of past production.

Terms of the option agreement oblige Swift to pay the vendor (Bruce Doyle of Nelson, BC) a total of $200,000 and issue a total of 450,000 shares over a 5 year period. The vendor will retain a 2.5% net smelter return royalty (NSR) of which Swift may purchase 1.5% for $1,500,000 at any time, reducing the vendor's NSR to 1%.

Linda Caron, M.Sc., P.Eng., is the qualified person who has reviewed and approved the technical information contained in this news release. Samples described in the release were grab samples which were analysed at EcoTech Laboratory in Kamloops by 1 assay ton, Fire Assay method. EcoTech is an ISO 9001 certified laboratory.


Mike Elson, President & Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Swift Resources Inc.
    Stan Szary
    (604) 685-6989
    (604) 685-6961 (FAX)