SANTIAGO, Chile, Feb. 26, 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 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).
The Company is undertaking mapping of the vein systems on the Property (see News Release dated February 20, 2013) and is reviewing a proposal by AMEC for an independent evaluation of the Mineral Potential of the Property (see News Release dated February 21, 2013). In addition, the Company will be undertaking further sampling and mineral evaluation of the Property, comprised of one to two weeks in early March.
Using geological mapping data acquired to date, the Company proposes to undertake sampling of the faces of the active drifts (the "Exploration", Veta Gruesa Centre, Veta Gruesa East, False Estaca, Descubridora I and Descubridora II drifts) to quantify the copper content, together with associated metals (i.e. cobalt, gold, Platinum Group Elements (PGE's), molybdenum and silver) and/or minerals (i.e. Rare earth Elements). In addition, a further 11 high grade copper mineralized veins have been exposed, with a minimum of 8 additional sites proposed for excavation. The mineralized veins at these localities are proposed for sampling, again to document copper grades and metal /content. Finally, Lindorfer (2011) proposed that siderite (Iron carbonate) veins "… appear to have commercial copper grades under present day conditions, with grades expected to increase considerably with depth". (Note: the Company has not undertaken any sub-surface drilling and has no information with regard to continuity and/or grade of mineralized veins with depth. The preceding statement is speculative, interpreted from previous reports of sampling (see News Release dated January 24, 2013)). Iron carbonate (siderite) veins are also proposed for evaluation and sampling.
Previous sampling (see News Releases dated January 31 and February 14, 2013) has resulted in a total of 28 representative rock samples, predominantly recovered from visually sorted piles of high grade mineralized material stockpiled on the Property. Therefore, the sampling program proposed above is intended to substantially increase the amount of quantitative analytical data available to the Company on high grade copper mineralized veins, as well as associated low grade, copper mineralized alteration haloes.
Finally, acquisition of several bulk samples are proposed to evaluate the metallurgy of both high and low grade, copper mineralized veins. The results of metallurgical testing are expected to be invaluable with regard to initial evaluation of methods for further processing the mineralized material so as to optimize recovery, both in terms of grade and the diverse metals and/or minerals present. Bulk samples of magnetite-bearing sand will also be recovered to similarly evaluate the feasibility of, and methods for, separation and recovery of magnetite.
Data from the above proposed sampling programs will be made available to AMEC to assist in their independent assessment of the Property's mineral potential. One of the expected deliverables of the AMEC report is for a processing plant for recovery of a copper concentrate from low grade copper mineralized material (see News Release dated February 8, 2013). The expected proposal, together with recommendations for design, construction and cost of the proposed facility, would be based on AMEC's considerable expertise with the Chilean Mining Industry, local mining methods and regulatory environment and available infrastructure.
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
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SOURCE Swingplane Ventures, Inc.