SANTIAGO, Chile, Feb. 13, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (OTC-BB: 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 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 (15,224 acres).
Multiple shipments of low grade, copper mineralized vein material ("Mineral Cobre Lixiviacion", or Cu mineral for leaching) have been delivered to the ENAMI facility over the two months. The ENAMI facility at Copiapo (45 km south of the Property) is a government owned smelter and processing facility, primarily for copper ore. The material shipped to date is low grade, copper mineral for leaching, having documented grades, as determined and reported by ENAMI, ranging between 1.88% and 8.8%.
These initial, test shipments comprise a reported total of approximately 500 tonnes of low grade, copper mineralized vein material produced, and stockpiled, from three of the drifts developed over the past year. The low grade material represents hand sorted material produced from mineralized haloes around high grade, copper mineralized veins exposed along the "Veta Gruesa Centre", "Exploration" and "Descubridora I" drifts. These shipments have been made to evaluate the expenditures and financial return associated with processing and shipping low grade mineralized material produced during development along high grade, copper mineralized veins.
Certificates received by the Company to date document delivery of approximately 94 tonnes from the Veta Gruesa Centre (7 shipments grading between 1.88 and 2.64% Cu), 58 tonnes from the Exploration Drift (3 shipments grading between 3.24 and 4.28% Cu) and 36 tonnes from the Descubridora Drift (three shipments grading between 7.75 and 8.8% Cu). (Note: the Veta Gruesa and Production drifts have both been developed on the Veta Gruesa, which extends farther east to the Veta Gruesa East Drift – see News Release dated January 30, 2013). The material shipped from the Descubridora Drift returned much higher copper grades than anticipated and, therefore, subsequent shipments of similar material will be delivered as "Direct Shipping" ore.
Total value received to date for the shipments totals approximately $30,845, however, this total does not include payment for 5 of the shipments, comprising approximately 58 tonnes of mineralized material. Two of the shipments comprise higher grade material from the Exploration Drift (grading between 4.06 and 4.24% Cu) and all three "high grade" shipments from the Descubridora Drift (grading between 7.75 and 8.8% Cu). All five shipments, particularly those from the Descubridora Drift, are expected to provide a higher rate of return due to the higher grade material delivered. As a result of these high grades, all of the ore stockpiled from the Descubridora Drift will be shipped in the future as "Direct Shipping" ore.
In addition, a single delivery of "Direct Shipping" ore was made on January 21, 2013, for which the corresponding ENAMI certificate documents a grade of 11.42% copper. Payment for this shipment has not yet been made, and is expected within the next two weeks. The remainder of the hand sorted, "Direct Shipping" ore, comprising approximately 400 to 500 tonnes, from the Veta Gruesa Centre, False Estaca and Descubridora remains stockpiled on-site. It has been hand-sorted and is estimated to have an average grade between 10 and 12% Cu. Furthermore, initial material from the Descubridora Drifts has retuned very high grade material, to 46.58%. Shipment of "Direct Shipping" ore will commence once the required ENAMI license has been received, expected within the month. Sale of high grade mineralized material to ENAMI requires a license, following a thorough review of the application for license and a review of the property and workings for which the license is being sought.
Work on behalf of the Company, since February, 2012, has emphasized identification of high grade, copper mineralized veins for subsequent development into drifts. To date, a total of five drifts have been developed on the Property. Three of the drifts, the "Veta Gruesa Centre", "Exploration" and "Veta Gruesa East" drifts, have been developed along the Veta Gruesa, separated by a minimum of 150 m. The remaining two, False Estaca and Descubridora, are developed along interpreted extensions of Major Veins. More recent work exposed a second drift on the Descubridora Vein, approximately 40 m farther west and at slightly lower elevation. This second drift was developed to further exploit very high grade copper ore (up to 50% Cu) exposed in the initial Descubridora Drift.
An additional 11 high grade copper mineralized veins have been exposed, with a minimum of 8 additional sites proposed, for subsequent development into drifts. With receipt of the ENAMI license pending, the Company intends to change its emphasis to further underground development of the existing drifts for the purposes of production.
The Company has not undertaken any preliminary feasibility study or preliminary economic assessment with respect to the Property and does not intend to undertake such a study or assessment prior to making a production decision. There are significant risks associated with making a production decision without a valid, current, economic analysis and the Company may subsequently determine that production from the Property is not economically feasible.
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
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SOURCE Swingplane Ventures, Inc.