SANTIAGO, Chile, April 17, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (OTC-BB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
Swingplane Ventures Inc.'s (the "Company") Algarrobo Property (the "Property") is an Iron Oxide-Copper-Gold (IOCG) property 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).
In mid-March, R. Walker (the Company's Qualified Person) visited the property (see News Release dated March 25, 2013). At the same time, a video documenting some of the important features of the Property was made and is available for viewing at the bottom of the Company's website: http://www.swingplaneventuresinc.com/ .
Work continues to develop potential production drifts on the Property, with two additional drifts, Veta Gruesa Centre II and III, developed since December, 2012. Total development on the Veta Gruesa Centre drifts currently totals approximately 336 m of underground development.
The Veta Gruesa II drift extends 85.5 m from surface to further develop the Veta Gruesa Vein at depth to the west. The drift is currently producing from a vein approximately 2.4 m thick. The vein consists of a 34 cm high grade core, with a lower grade alteration halo above (20 cm) and below (1.15 m) comprised of strong development of iron oxides with a leached alteration halo (32 cm) and 40 cm of copper wad (a fine mix of copper minerals). The grade of the ore currently being produced is visually estimated to grade approximately 5%.
The Veta Gruesa III Drift is currently inactive, is partially covered and was, therefore, inaccessible at the time of the visit. The drift reportedly extends 40 m east along the vein to a spiral decline over approximately 40 m to re-access the vein at a deeper level. The vein is developed a further 50-60 m west along the vein to the current face developed within a vein reported to be up to 6 m thick of transitional (mixed sulphide:oxide) ore. The grade of both the sulphide and the oxide component to the ore is relatively low and, therefore, current production on this drift was halted. However, the drift has been proposed for deepening in order to access the sulphide ore interpreted to lie below the transitional zone.
The previously mentioned (see News Release dated January 30, 2013) Veta Gruesa Centre (I) Drift has been extended to 74 m. At the time of the visit, the face was not available for sampling, requiring mucking and scaling for safe access. A 1.2 m zone of low grade copper mineralization, comprising azurite and subordinate malachite, with copper wad (cuprian manganese oxide), is developed in the footwall of the vein.
The Vent Raise, initially developed to provide ventilation for the Veta Gruesa Centre I and, subsequently, Veta Gruesa Centre III, has been extended to 47 m. The current face exposes leached, iron-stained material comprising the footwall portion of the vein (over 1.65 m). The hanging wall portion of the vein, 1.0 m thick, comprises strongly iron-stained, limonitic material.
Chip samples for geochemical analysis were taken across the faces exposing the veins in the Vent Raise and Veta Gruesa Centre II Drifts. In addition, a chip sample of the low grade copper mineralization exposed in the footwall of the Veta Gruesa Centre I was also taken. Results of geochemical analysis will be announced once received and reviewed by the Company.
Total development on the Veta Gruesa Centre workings comprises a total of approximately 336 m of workings, along an estimated strike length of 135 m within the Veta Gruesa 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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SOURCE Swingplane Ventures, Inc.