SANTIAGO, Chile, Feb. 27, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (OTC-BB: SWVI) (the "Company" or "Swingplane") is pleased to provide the following overview pertaining to the Algarrobo property.
The Company's Algarrobo Iron oxide-Copper-Gold (IOCG) property (the "Property") has many similar characteristics to the Mantoverde which 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 ore bodies identified in the Mantoverde District is US $5.757 billion. We believe that the economic values of the Algarrobo are also comparable if not greater from sampling tested demonstrating higher copper content than the Mantoverde district. We are looking forward to the completion of the Due-Diligence report from AMEC to confirm the potential of the property. We encourage you to visit our homepage at http://www.swingplaneventuresinc.com/ where the property can be viewed via interactive satellite image.
The image is updated every month and is intended to allow investors to evaluate the geographical setting of the Algarrobo Property and the extent of the existing workings as evidenced at surface. The image has a resolution of approximately 1m and is well suited for displaying the road network, workings, available infrastructure (i.e. camp) and the progression of work through time. Controls located in the upper left hand corner of the image allow the user to pan the image, as well as zooming in (+) or out (-). By clicking and holding the left mouse button, the image can be actively panned in the direction desired.
A large green arrow is evident on the image for reference, located within the southwest margin of the Algarrobo Massif (generally characterized by the light to medium reddish brown color), near the edge of the sand cover (dirty tan color). By zooming out slightly, the Algarrobo Massif can be seen to be exposed within the continental sand dunes to the west (left) and south (bottom).
The point of the green arrow is located on the Manto Ossa vein system, just within competitors' tenures. A series of workings are evident, extending east and west from the arrow. The vein is interpreted to extend east, below sand cover, onto the Company's tenures. Two sets of previous exploratory workings are evident to the east, in the sand, and are proposed sites for additional work by the Company to expose the well mineralized Manto Ossa vein.
To the south of the green arrow, along the road, is the Veta Gruea East Drift, located where the road takes a sharp turn to the west within a prominent beige colored band. A series of surface workings extend west to a dark colored area to the west. The surface workings were developed along the Veta Gruesa vein, with the dark colored area representing a platform of "waste" rock from the Veta Gruesa Cengtre Drift. A series of dark pile are evident on the platform, representing well mineralized material stockpiled for shipment and sale to ENAMI. A short curved access to the drift is evident north of the platform.
Slightly farther to the west is the Company's old camp, which has since been re-located, with the "Exploration Drift slightly farther west of the camp. Another dark area is evident, representing a platform of low grade "waste" rock. The drift itself is plainly evident immediately northwest of the platform. A number of near surface workings are evident within the switchback to the west to further expose the Veta Gruesa.
By following the road farther north, another dark area is evident along the road, representing work to expose and develop the False Estaca Drift. A small, low grade "waste" pile is evident on the west side of the road, with the drift evident on the east side. A small platform has been built on the curve of the road for sorting well mineralized material produced from the drift. Several piles of hand sorted material are evident in the image, stockpiled for shipment and sale to ENAMI. Older, surface workings along the Estaca vein are evident to the east along the trend of the vein. The drift is located at the contact between bedrock exposures of the Algarrobo Massif and sandy overburden of the dunes.
Following the road slightly farther north, work undertaken to expose the Descubridora I vein is plainly evident, together with initial work to expose up to three additional, well mineralized veins. Slightly south of a sharp turn in the road, initial work by an excavator has exposed a vein on the east side of the road. A series of surface workings are evident to the east, with sand cover to the west. Work exposed a cross-cutting dyke where the vein was expected, however, the vein is evident at the top of the exposure, immediately east of the vein.
Another mineralized vein is exposed slightly farther north, at the sharp turn to the west, proposed for subsequent development in to a drift. Three possible drifts have been proposed immediately north of the sharp turn, one to the east and a second to the west along the same vein, an interpreted splay of the Descubridoravein.
A third drift is proposed to the south along a well mineralized vein oriented at a high angle to, and cross-cutting, the Major Veins. Slightly farther west, on the south side of the road, the Descubridora I vein is evident, exposed within the sand overburden. Samples from this initial exposure are characterized by Brochantite, and have returned high grade copper analyses to 46.58% (see News Release dated January 31, 2013). The Descubridora II vein was subsequently exposed at a relatively small dark spot evident approximately 40 m to the southwest of the Descubridora I Drift.
The workings comprising the Major Veins, together with numerous smaller, well mineralized subsidiary, secondary and/or en echelon veins, are evident to the east, within the Algarrobo Massif, on either side of the road system. Currently, material shipped from the Property for sale to ENAMI at Copiapo must use this road system to travel up and over the Algarrobo Massif to the hard surface road to the north (C-323 on the image).
Work to finish gravelling the road to the south-southwest of the Company's drifts has been proposed to facilitate transport to the hard surface road along the southern margin of the Property (Camina Japanese, C-351 in the image).
Work associated with Compania Minera del Pacífico S.A's pipeline and powerline to their Cerro Negro Norte mine is evident immediately north of the CaminaJapanese (C-351) on the Company's tenures.
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.