Green Swan Capital Corp.

Green Swan Capital Corp.

February 06, 2013 13:24 ET

Green Swan Announces Results on Mikayla Survey

BURLINGTON, ONTARIO--(Marketwire - Feb. 6, 2013) - Green Swan Capital Corp. ("Green Swan") (TSX VENTURE:GSW) announces it has received the results of an Aeroquest airborne geophysical survey completed on its 100% owned Mikayla Property (the "Property").

The Property consists of 4 tenures of roughly 1,144 ha (2,827 acres), in the Okanagan Valley in southeast British Columbia, roughly 15 km west-southwest of Peachland and 15 km south of Xstrata Canada's Brenda Mine.

"We are extremely pleased with these results," said Peter M. Clausi, Green Swan's CEO. "Our goals were achieved. The numerous anomalies provide real optimism that Mikayla is highly prospective. Phase 2 should begin as soon as possible."

A 1997 Induced Polarization (IP) survey conducted by a prior owner of these tenures documented a large east-west anomaly, and as a result Green Swan oriented its flight lines north-south. Green Swan's survey was an AeroTEM IV time domain electromagnetic and magnetic, helicopter flown survey, completed over 222.7 line km, with 100 m line spacing. Nominal clearance between terrain and the geophysical bird was 30 m.

Total Magnetic Intensity (TMI) results appear to document a subtle irregular contact, extending from east-southeast to west-northwest, obliquely through the centre of the Property. In general, low magnetic responses are located south of this line, with a slightly higher magnetic response located north of this possible contact.

In addition, the TMI results document a number of broadly linear anomalies having relatively sharp margins, which are tentatively interpreted to indicate faults. One of these sharp, linear gradients lies on trend with the relatively straight southeast shore of Tsuh Lake and relatively straight orientation of the creek flowing out to the southwest. A number of such possible northwest - southeast oriented faults appear to be truncated by a west-northwest-east-northeast trending fault, which may define the subtle geological contact.

This round of exploration also included a ZOFF (electromagnetic) conductivity survey, the results of which document a prominent anomaly. This anomaly is interpreted to be a real bedrock source (as supported by the "K" (thicK) designation assigned by Aeroquest). The anomaly is broadly coincident and spatially overlaps the southwest flowing portion of Tsuh Creek, immediately southwest of Tsuh Lake, and extends southwest well beyond a dramatic change in direction for the watercourse at the approximate centre of the anomaly. The broad, prominent EM anomaly is well-defined by multiple, broad peaks (also assigned "K" designations) extending over multiple flight lines.

This well-developed ZOFF anomaly is oriented at a high angle to both the TMI results above and the IP anomaly reported in 1997. The anomaly is associated with generally lower magnetic values within the weakly defined "magnetic high", tentatively interpreted to suggest destruction (i.e. alteration) of magnetic minerals (pyrrhotite and/or magnetite).

Several, additional smaller clusters of anomalies are also evident and are worthy of follow-up subsequent to compilation of existing surface data (soil geochemistry, mapping) and limited sub-surface data (i.e. overburden and diamond drilling).

The transaction with Interactive Capital Partners Corporation, announced on January 8, 2013, whereby Mikayla will be the basis for the Interactive Capital Partners Corporation Qualifying Transaction, continues as planned.

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.

Forward-Looking Statements

This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Green Swan cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Green Swan currently foresees. Discussion of the various factors that may affect future results is contained in Green Swan's recent filings, available on SEDAR. Green Swan assumes no liability for repeating or referring to any facts, statements, releases, data or reports disseminated by any other issuer. Any reference to any other issuer should be cross-checked for accuracy and context by the reader.

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 release.

Contact Information

  • Green Swan Capital Corp.
    Peter M. Clausi

    Green Swan Capital Corp.
    855 Brant St
    Burlington, ON
    L7R 2J6