SANTIAGO, Chile, Feb. 27, 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).
Iron oxide-Copper-Gold (IOCG) deposits are characterized by high iron content, as magnetite and/or hematite, with variable amounts of copper and other by-product metals and/or minerals. Deposits having high iron content with little or no copper ("Kiruna-type") , as well as typical IOCG deposits occur along the length of the Chilean Iron Belt. The closest example of an iron-rich deposit (having subordinate copper) to the Property is Cerro Negro North (approximately 20 km to the east). The deposits of the Punte del Cobre – Candelaria (approximately 65 km south) and both Mantoverde (AngloAmerican) and Santo Domingo (Capstone Mining), both of which are approximately 30 km north, are the closest examples of IOCG deposits to the Property.
The Mantoverde District contains a reported Measured and Indicated 122.40 MT at 0.41% Cu, Proven and Probable of 88.20 Mt at 0.41% Cu and Inferred of 2.40 Mt at 0.32% Cu with an estimated value of US $4.799 billion (http://miningalmanac.com/stock/Anglo-American-plc-AAL-AGL/properties/Mantoverde). Sulphide ore in the Mantoverde District is reported to be 144 MT at 0.66% Cu (Measured and Indicated) and 44.30 MT at 0.65% Cu (Inferred) having an estimated value of US $957.71 million (http://miningalmanac.com/stock/Anglo-American-plc-AAL-AGL/properties/Mantoverde_Sulphide_Project). The total value represented by the orebodies identified in the Mantoverde District is US $5.757 billion.
Mantoverde is a major iron oxide–copper–gold (IOCG) district, reported to host mineable reserves and resources of 410 Mt averaging 0.58% Cu in oxides and estimated resources of 440 Mt at 0.56% Cu and 0.12 g/t Au in sulfides. The deposits of the Mantoverde District extend for 10 km north-south and are controlled by the northwest-trending Mantoverde Fault and north-northwest to northwest trending subsidiary faults on the west side of the Atacama Fault Zone.
Four main ore types are distinguished in the district, namely (1) specularite hematite-cemented, hydrothermal breccias; (2) specular hematite stockwork zones; (3) magnetite-rich zones, in which magnetite occurs as cement in hydrothermal breccias, stockworks, or disseminations; and (4) tectonic breccias.
From north to south, the most important deposits and prospects are Manto Ruso, a sulfide-bearing, hematite-cemented breccia pipe and associated stockwork; Laura, a sulfide-bearing, specular hematite-cemented breccia; Ferrifera, a magnetite-apatite ± pyrite body; Mantoverde proper, the largest known deposit in the district, comprising mineralized tectonic breccias, tabular chalcopyrite-rich, hematite-cemented, hydrothermal breccias, and stockworks; and Montecristo and Franco-Trillizos, chalcopyrite-bearing subvertical veins and lenses of magnetite.
The Mantoverde Deposit is further sub-divided into the Mantoverde Norte, Mantoverde Sur (which includes the Montecristo mine).
The Mantoverde Norte orebody is a roughly tabular shaped, hydrothermal breccia with a thickness that averages 80 m but reaches up to 200 m. The breccia consists of host rock fragments cemented by coarse-grained specular hematite. Mantoverde Sur mineralization consists of magnetite stockworks and disseminations and elongate magnetite-cemented breccia or massive magnetite. In the Altavista area of Mantoverde Sur, the magnetite-rich orebody is 400 m long by 300 m thick and controlled by northwest-trending structures. The Montecristo orebody is 500 m long by 200 m wide and controlled by a northeast trending structure.
The Manto Ruso comprised 15.1 MT of supergene, leachable copper ores in an orebody 400 m long by 100 m wide as a subvertical to vertical, specular hematite cemented hydrothermal breccia. Ferrifera is controlled by northwest trending structures comprised of 5.2 Mt of leachable copper ores in a 20 to 60 m thick specular hematite-cemented hydrothermal breccia.
In general, a zone of supergene enrichment extends from surface to depths between 200–250 m. High grade copper-bearing replacement of primary chalcopyrite by the secondary minerals bornite and digenite is present only at the base of the oxidation zone. Below the oxidation zone, sulfide mineralization consists of chalcopyrite and pyrite.
The Algarrobo Property is interpreted to bear strong similarities to both IOCG and Iron deposits of the Chilean Iron Belt and, more specifically, copper-bearing orebodies characterizing Mantoverde. Similar to Mantoverde, the Main Mineralized Area comprises an elongate area of high grade copper mineralized veins approximately 8 km by 2.5 km wide. At least three Major Veins have been mapped continuously over distances up to 1.3 km and are interpreted to comprise a well-developed vein system extending at least 8 km, from Panga in the northeast to the Estaca and Descubridora to the southwest. Mineralization on both properties is dominated by high iron content, either as hematite and/or magnetite. At Algarrobo, similar to Mantoverde, there is a zonation from Specular Hematite (in the northeast) to magnetite (to the southwest). A zone of supergene enrichment has been documented on both properties (extending to 120 m depth on Algarrobo), resulting in high grade oxide copper mineralization at surface, through a transitional zone of mixed oxides and sulphides to primary (hypogene) chalcopyrite-dominated sulphide mineralization at depth.
Both the veins at Algarrobo and the various types of orebodies at Mantoverde exhibit a strong structural control due to multiple sets of faults on the west side of the Atacama Fault System. Veins on the Algarrobo are interpreted to extend for up to 5 km (possibly as much as 8 km or more) and range between 0.15 and 5 m at, or near surface. Larger "blows" documented at depth, having maximum dimensions of 40 m horizontally and 60 m vertically. Breccia orebodies at Mantoverde are up to 400 m in length and up to 200 m in width.
Reserves and resources reported for Mantoverde are 410 Mt averaging 0.58% Cu in oxides and estimated resources of 440 Mt at 0.56% Cu and 0.12 g/t Au in sulfides. No reserves and/or resources have been determined from Algarrobo, however, test shipments of low grade material (see News Release dated February 13, 2013) ranged between 1.88 and 8.8% Cu as reported by ENAMI. Analyses of high grade material stockpiled for shipment and sale to ENAMI have returned grades as high as 46.58% Cu (see News Releases dated News Releases dated January 31 and February 14, 2013).
In summary, Management believes the Algarrobo Property has significant potential for identification and subsequent production of copper from high grade, well mineralized copper veins identified on, and immediately adjacent to the Property. The Mantoverde District which is approximately 15 miles from the Algarrobo is interpreted to represent a comparable deposit in terms of structural setting, mineralization style and potential value. There is no reason to believe that the economic values are also comparable if not greater from sampling tested demonstrating higher copper content than the Mantoverde district. We look forward to the completion of the qualitative statement in the form of a Due-Diligence report from AMEC to confirm the potential of the property.
Carlos De La Torre
President and Director
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SOURCE Swingplane Ventures, Inc.