SANTIAGO, CHILE--(Marketwire - Feb 7, 2013) - Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
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. La Candelaria mine which is located approximately 12 km south of Copiapo along the same trend has mineable reserves of 470 Mt of .95% Cu and 3.1 g/t Ag within a geological resource of 600 Mt at a similar grade. Phelps Dodge and Sumitomo Metal Mining Company signed a $1.5 billion contract in 1992 with the Chilean government to develop La Candelaria.
The Main Mineralized Trend is very well defined through abundant workings, both historical and arising from more recent work, ranging from shallow pits and workings to mine development extending to depths up to 450 m below surface. Taken together, these workings delineate at least three "Major Veins", having clearly evident surface extent up to 1.3 km, with an interpreted potential surface extent of at least 4 km along strike.
The Property is believed to have excellent potential for identification, and subsequent development, of additional high grade copper-bearing veins over a large area. This interpretation is based on the following observations made to date:
- A number of well mineralized veins up to 3.5 m thick and exhibiting continuity along strike for at least 1.3 km have been defined within a well mineralized area at least 8 km long, oriented northeast-southwest, by 2.5 km wide. Historical workings within this trend define at least three major veins (the "Major Veins") and an unknown number of subsidiary and/or en echelon veins characterized by similar high grade copper mineralization.
- Documented copper grades reported for the vein systems vary from background values between 0.3 and 2%, through "low grade" values between 2 and 5%, to "direct shipping ore" averaging 9%, with high grade copper values in excess of 24% (returning analytical values to 46.58%).
- Thin copper veins identified in recently excavated exploratory trenches up to 5.5 km from existing workings have returned initial copper results grading up to 10.37%, interpreted to indicate strong potential for identification of additional, high grade copper-bearing veins well beyond the currently defined Main Mineralized Area.
- Near surface, supergene enrichment extends between 30 and 120 metres below surface, dependent upon surface elevation. This 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 current depth of the historical underground workings.
- High grade lenses documented in the underground workings appear to have maximum dimensions of 40 m horizontally by 60 metres vertically, tentatively interpreted to represent "blows" along veins, possible damage zones at the intersection of mineralized veins.
- Current development activity, resulting in development of 6 separate drifts, on three separate and distinct veins, is taking place on an area of approximately 145 ha (358 acres); the overall size of the Property is 6,161 ha (15,224 acres).
- Two of the drifts, Descibridora I and Descubridora II, have exposed very high grade copper mineralization (returning analytical values to 46.58%) under eolian sand characteristic of the overburden throughout the Angela tenures. Exposure, and subsequent development, of both the Estaca and, more significantly, the Descubridora I and II, are based on projections of the trend of the respective veins farther west, beyond any previously developed workings on these veins.
The well mineralized area comprising the Main Mineralized Area, within which the Major Veins have been defined, is located in a broad topographic high. To date, exploration for further mineral potential on the identified Major Veins (and subsidiary veins), has been restricted to bedrock exposures, limited by a blanket of eolian sand which covers low lying areas. Recent identfiication of mineralized veins on the Property (Descubridora I and II, False Estaca and Sierra de la Gloria) have been the result of trenching in areas of thin sand cover to expose bedrock along the projected trend of mineralized veins. On the basis of these early successes, the Company believes it has high potential for discovery of additional, well mineralized, high grade copper mineralized veins throughout the Property.
Mapping of the vein systems defined strike lengths of at least three kilometers for the "Major Veins" and proposed to extend up to 8 km along strike based on the linear arrangement of discontinuous mines and surface workings. At least 8 mineralized veins, having thicknesses greater than 2.5 m and continuous along surface for more than 300 m, are known, of which five have been commercially mined. An additional 12 mineralized veins, having thicknesses in excess of 1 metre with varying orientations, have been mined using predominantly hand tools and, therefore, to limited depth.
To date, a total of five drifts have been developed on the Property on behalf of the Company. Three of the drifts, the "Veta Gruesa Centre," "Exploration" and Veta Gruesa East, have been developed along a single vein, the Veta Gruesa, separated by a minimum of 150 m. The remaining two, False Estaca and Descubridora, are developed along interpreted western extensions of two of the Major Veins. Work has been completed to expose a second drift on the Descubridora Vein, approximately 40 m farther west and at slightly lower elevation, to expose additional, very high grade copper ore (up to 46.58% Cu) exposed in the initial Descubridora Drift. Furthermore, an additional 11 high grade copper mineralized veins have been exposed, with a minimum of 8 additional sites proposed, for subsequent development.
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.