Swingplane Ventures, Inc.: Development On The Descubridora Vein Continues
SANTIAGO, Chile, April 4, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (OTC-BB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
Swingplane Venture Inc.'s (the "Company") Algarrobo Property (the "Property") is pleased to announce the update on the continuing work on the Descubridora Vein, one of the Major Veins, has resulted in an open cut on two exposures of the Descubridora Vein, Descubridora I and II.
In the News Release dated January 30, 2013, the Company reported work to develop a second exposure on the Descubridora Vein. The second exposure was located under eolian sand cover approximately 25 m below the level of the initial Descubridora I exposure and 30 m along trend to the southwest. Both exposures were characterized by high grade copper mineralization, with analyses of brochantite-bearing material documenting up to 46.58% copper (see News Release dated January 31, 2013). High grade material was extracted along trend, and subsequently stockpiled.
Development on Descubridora I resulted in exposure of a strongly oxidized iron cap, developed above high grade material, extending to surface over approximately 7 metres. Development work on Descubridora I has been temporarily halted in preference to the deeper Descubridora II Drift.
High grade copper material was recovered from initial surface exposures to the southwestern contact of a felsic dyke, approximately 6 m thick. The Descubridora II Drift was extended north-northwest through the dyke into host rock beyond the northeastern contact of the dyke, at which point the drift was then extended west, approximately sub-parallel to the dyke, toward the interpreted location of the Descubridora Vein in the footwall (i.e. below) the dyke.
A high grade vein (having initial visually estimated grades of 4-5% copper) was recently intersected, characterized by well mineralized, annealed texture. The mineralization exposed within the vein is in the footwall of the dyke, along which dextral dip-slip movement is interpreted to have occurred. The host rock in the footwall is, therefore, interpreted to represent shattered rock, with resulting void spaces subsequently infilled by copper mineralization (including azurite, subordinate malachite, possible chrysocolla) with a rind of very fine-grained quartz crystals along the margins of vugs.
Recent work on the resulting exposures is interpreted to suggest the vein being actively developed in the Descubridora Drift is actually a separate and distinct vein, a splay of the Descubridora Vein. The extension of the vein exposed in the Descubridora I workings is interpreted to be located approximately 3 m east of the Descubridora II Drift. This possibility will be tested in the next week by extending the Descubridora II drift east of the current drift, north of the dyke contact.
A series of chip samples were taken across the vein exposed by the Descubridora I workings, including a sample within the strongly oxidized iron cap, to document grades within the vein and immediate alteration halo. Further, these and additional samples have been forwarded to Acme Analytical Laboratories S.A. in Copiapo, Chile .The results of geochemical analysis will be announced once received and reviewed by the Company.
Total development on the Descubridora II Drift is approximately 41 m, and is being actively extended in order to further development of the well mineralized vein.
Note: Under the terms of the Option Agreement, all proceeds from the sale of any ore shipped and processed will be paid to the Optionors, until such time as the Company commences operations on the Property (see Material Change dated February 25, 2013
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.
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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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.
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SOURCE Swingplane Ventures, Inc.
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