SANTIAGO, Chile, March 6, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (OTC-BB: SWVI) (the "Company" or "Swingplane") The newly appointed President of Swingplane Ventures Inc. provides detail on the Lindorfer (2012) geological interpretations on the Company's Iron Oxide –Copper–Gold (IOCG) property located approximately 850 km north of Santiago, in the III Region, Province of Copiapo, Chile (the "Property").
A recent report by Lindorfer (2012), "Geological interpretations on the Algarrobo mining project, Caldera, Chile", presents a clear picture of the structural setting of the Property based on analysis of satellite imagery.
Lindorfer (2012) concludes that the multiple generations of veins, faults and dykes represents a complex system, interacting over time in a dynamic manner so as to result in multiple generations of mineralized veins, cross-cutting veins, faults and dykes characterizing the Algarrobo area. With regard to the nature of the mineralization, he states:
"The mainly leached upper zone, depending on exposure and elevation, is characterized by an extremely variable metal content. A near surface zone of "oxide ore" is followed by a supergene copper-sulphide/oxide "mixed ore" zone, with pronounced enhancement of the copper grade. This is, in turn, underlain by lower grade, essentially primary copper sulphide mineralization. Copper minerals comprising the "oxide zone" include chrysocolla, atacamite, conicalcite, malachite and azurite, with lesser brochantite, calcantite (green and blue copper), cuprite, copper-bearing hematite (red copper) and tenorite, neotocite and copperwad (black copper) with the occurrence of more rare copper minerals. The "mixed zone" includes the above oxide minerals together with chalcocite and lesser bornite and covellite. Mineralization occurs mainly as coatings of breccia fragments and as fracture fillings. "Primary" copper mineralization is characterized by the predominance of chalcopyrite and pyrite, with accessory rare cobaltite and uraninite in the mine dumps.
Newly discovered vein systems show higher grade mineralization to what existed in old Algarrobo and is interpreted to indicate highly promising exploration potential existing towards the SW. Dozens of previously ignored siderite veins appear to have commercial copper grades under present day's conditions, with grades expected to increase considerably with depth. At today's level of exploration, Algarrobo contains close to one hundred mineralized veins, with more likely to be discovered as large scale exploration continues in the sand covered areas to the SW. Observed strike continuation depends on the vein type, main-first-second-third, and ranges from a few hundred meters to several km" (Lindorfer 2012).
Structurally, the Property is located on the western fringe of the Atacama Fault System (AFS), a well developed, regionally extensive fault system which extends approximately 800 km north from Copiapo to Iquique. Large, regional scale faults have been interpreted on the basis of satellite imagery, which correlate to the AFS, and may have acted as fluid conduits, localizing and controlling precipitation of both IOCG and Iron (Fe) deposits along the Chilean Iron Belt and, more specifically, copper-rich, IOCG style mineralization characterizing the Property.
The Main Mineralized Trend, as defined and dominated by the Major Veins, has been defined on the Property, and immediately adjacent ground, by an abundance of workings, ranging from surface and near surface excavations to more extensive underground mines reportedly extending to depths of 450 m or more.
The Property is interpreted to host abundant Iron Oxide-Copper-Gold (ICOG) style, high grade, copper-bearing veins characterized by the Major Veins, oriented northeast-southwest, as follows:
- Panga, Ecuador, Uruguay, etc. in the north
- Descubridora, Estaca, Viuda, etc. in the center
- Buena Vista, Alicia, etc. in the south.
The report describes abundant secondary and tertiary veins having a variety of orientations, predominantly oriented north-south, east-west and northwest-southeast. These veins are interpreted to be splays, secondary veins and/or ladder veins, possibly defining a large scale "horse-tail" structure within the Main Mineralized Trend.
Lindorfer (2012) identifies a number of copper mineralized veins and vein segments, together with iron carbonate (siderite and/or ankerite) veins comprising the Main Mineralized Trend. Furthermore, faults, together with a large number of dykes associated with a dyke swarm are evident in the eastern portion of the Property on Cerro Algarrobo (see satellite image available at: http://www.swingplaneventuresinc.com/ where you will also find the Lindorfer report. In addition, it is proposed that iron carbonate veins may, in fact, represent the high level expression of high grade copper mineralized veins, transitioning from calcite-siderite-ankerite (i.e. iron-rich carbonate) to high grade copper veins over tens of meters (see News Release dated February 26, 2013).
Finally, Lindorfer (2012) presents an initial hypothesis that IOCG mineralization identified on the Property may be associated with magmatic activity, associated with the Jurassic age Pluton El Roble (165-162 Ma) and/or the Jurassic-Cretaceous age Pluton Cerro Moradito (155-140 Ma). Further work will be required to evaluate this hypothesis and the mineral potential implied.
Carlos De la Torre states: The Lindorfer 2012 report is just another indication leading to management's conclusion that the Property has every indication of becoming a major producer in Chile, which we hope to prove out with an exploration program coupled with increased production as Swingplane commences its development plans this month.
Carlos De La Torre
President and Director
For more information please visit our web site at:
Investor relations: 1-800-253-1692
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SOURCE Swingplane Ventures, Inc.