Swingplane Ventures, Inc. (OTCBB: 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 Algarrobo's data to date gives us many indications that the property has the same potential as the Olympic Dam property in south Australia, which is the sixth largest know copper ore body, fifth largest gold ore body and the largest uranium ore body in the world. Olympic Dam's copper assets based on today's copper price would be valued at approximately $863 billion, including $470 billion in copper, $270 billion in uranium, $116 billion in gold and $8 billion in silver.
Worldwide Iron Oxide-Copper-Gold (IOCG) deposits represent a potential source for a diverse suite of metals and/or minerals, including base (Cu, Fe, Pb, Ni, Zn), precious (Au, Ag, PGE), Rare Earth Elements and strategic (Co, Bi, V). The Property has already confirmed potential for high grade copper mineralized vein style mineralization (see News Release dated January 31 and February 14, 2013). Previous work on the Property (see News Release dated January 24, 2013) returned anomalous results for Au and, to a lesser extent, silver from surface and underground workings on, and immediately adjacent to, the Property. Sampling associated with preliminary Due Diligence assessment of the Property has confirmed anomalous results for gold (Au), silver (Ag), cobalt (Co), molybdenum (Mo) and the Light Rare Earth Elements (La and Ce).
Background levels of copper, between well mineralized veins, vary between 0.10% and 1.05%, with copper mineralization produced from veins on the Property ranging from low grade, copper leachable material (1.88% to 4.28% Cu), low grade "Direct Shipping Ore" (5% to 15% Cu) to very high grade, Brochantite-rich material grading up to 46.58% copper. Future work is proposed to further assess and evaluate potential for gold (Au), silver (Ag), cobalt (Co), molybdenum (Mo) and the Light Rare Earth Elements (La and Ce), as well as for Platinum Group Elements (PGE).
Further work will need to be completed on the Property, both in terms of exploration and development, to further evaluate and quantify the mineral potential believed to exist on the Property. However, a brief review of IOCG deposits from around the world underscores the potential available.
The following table represents resources and/or reserves from a number of localities around the world. It is not known to what extent the reported data is (or is not) NI 43-101 compliant.
(See attached document for tables)
Source: "Exploring for Iron Oxide Copper-Gold (Ag-Bi-Co-U) Deposits: Case Examples, Classification and Exploration Vectors, inExploring for Iron Oxide Copper-Gold Deposits: Canada and Global Analogues, Geological Association of Canada Short Course Notes 20, 2010.
From the above table, it is evident that IOCG deposits are commonly associated with copper, gold and silver as primary and by-product commodities. Furthermore, it is also evident that a diverse suite of metals can be associated with IOCG deposits, representing potential primary and by-product metals and minerals. Finally, the table documents that IOCG deposits can vary up to two orders of magnitude in size, from the Sue Dianne (8.4 Mt) to Olympic Dam (9,090 Mt). In summary, given the diverse suite of metals as possible primary, secondary and by-products metals, as well as the potential size of such deposits, IOCG represent desirable, and potentially valuable, exploration targets.
The Property currently has at least three "Major Veins" identified, within the "Main Mineralized Trend", located within, and immediately adjacent to, the Property. Within the Main Mineralized Trend are well mineralized, secondary and tertiary veins, as well as additional potential Major Veins (i.e. Manto Ossa and VetaGruesa). Furthermore, the Company currently has a total of five drifts developed on the Property for production purposes. Three of the drifts, the "VetaGruesa Centre", "Exploration" and "VetaGruesa East" drifts, have been developed along a single vein, the VetaGruesa, separated by a minimum of 150 m. The remaining two, False Estaca and Descubridora, are developed along interpreted extensions of Major Veins. More recent work has resulted in development of a second drift (Descubridora II) on the Descubridora Vein, approximately 40 m farther west, and at slightly lower elevation, than Descubridora I. This second drift was developed to further exploit very high grade copper ore (up to 50% Cu) exposed in the initial Descubridora Drift.
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.
Michel VoyerPresident and DirectorFor more information please visit our web site at:W: www.swingplaneventuresinc.com Or contact;Investor relations: 1-800-253-1692
Safe Harbor Statement
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.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALLTHERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Michel VoyerPresident and DirectorFor more information please visit our web site at:W: www.swingplaneventuresinc.comOr contact;Investor relations: 1-800-253-1692
SOURCE Swingplane Ventures, Inc.