SANTIAGO, CHILE--(Marketwire - Feb 12, 2013) - 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
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
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