Swingplane Ventures, Inc. (OTC-BB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
Swingplane Venture Inc.'s 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).
Rick Walker , Qualified Person for the Company, reports that sampling for several of the proposed studies have been completed on the Property. Sampling completed includes recovery of a suite of samples for mineralogical evaluation, a suite of samples for testing by TOMRA Sorting Solutions and two samples for metallurgical testing.
A suite of 15 copper mineralized samples have been collected for a mineralogical study by Process Mineralogical Consulting Ltd in Maple Ridge, BC. The suite of samples range from low grade to high grade and will be submitted for mineralogical determination of the mineral species present on the Property. Proposed work includes identification of a diverse suite of copper minerals (including copper carbonates, copper halides, copper sulfates and copper sulphides) using polished thin sections, followed by analysis using a " ... Tescan Integrated Mineral Analyser (TIMA) to determine the mineral abundance, grain size and Cu-bearing mineral distribution. A pseudo-image of the polished section will be generated using the TIMAsoftware. The polished thin section will be examined using an optical microscope and supported by interactive SEM investigations to delineate the Cu-bearing mineral species".
Approximately 40 kg of copper-bearing to copper-rich sample material was collected for submission to TOMRA Sorting Solutions in Surrey, B.C. for testing to evaluate sensor-based, mechanized sorting. Currently, high grade copper material is visually sorted by hand for subsequent shipment to ENAMI. Samples included low grade "waste" material from the Descubridora and Veta Gruesa Centre and low grade, medium grade and high grade copper mineralized material. The results of sample testing will be used to evaluate the effectiveness of a TOMRA sorting unit for possible use on the Property.
Finally, two samples were collected for submission to the Metallurgical Division of Inspectorate Exploration & Mining Services Ltd. in Richmond, B.C. for metallurgical testing. An estimated total of 250 kg of sample material was collected from a stockpile of low grade, Cu leachable ore ( less than 7% copper content) from the Descubridora Drift. A second sample, comprised of a composite of Direct Shipping Material (greater than 7% copper content) was collected from the Veta Gruesa Centre, False Estaca and Descubridora Drifts. The approximately 250 kg sample comprises moderate grade material from the Veta Gruesa Centre (5% copper content), False Estaca (8% copper content) and Descubridora (12% copper content) with subordinate high grade material from Veta Gruesa (>10% copper content), False Estaca (12% copper content) and Descubridora (12-14% copper content). (Note: grades based on visual estimates.)
The head grade will be determined by geochemical analysis by Acme Metallurgical from a composite of the sample material. High grade copper-rich material, having copper grades above 15% were not selected for inclusion in the metallurgical study as the material tends to be mono-mineralic (i.e. chalcocite, brochantite) and, as such, does not contain the diverse suite of metals characterizing the lower grade material. The Company is undertaking metallurgical studies to investigate potential for recovery of by-product and co-product metals as well as optimizing copper recovery.
The metallurgical studies are intended as a " ... a scoping level study to establish approximate copper grades and recoveries, along with contained gold and silver". Subsequent metallurgical work is proposed to include work to evaluate potential for recovery of additional metals, including cobalt, nickel, molybdenum, Platinum Group Elements (if present) and/or Rare Earth Elements.
Finally, a total of 135 samples were taken, predominantly from high grade copper mineralized veins, with a subordinate number of samples taken to document lower grade mineralized and/or alteration haloes and both mineralized and unmineralized iron carbonate (siderite-ankerite) veins. The samples will be submitted to Acme Analytical Laboratories S.A. in Copiapo, Chile. Initial analysis will include both multi-element, Inductively Coupled Plasma (ICP) analysis and fire assay for gold.
The results of the above work will significantly increase the quantitative data available for the Property and the high grade copper mineralized veins of interest. Furthermore, the results are expected to allow the Company to make informed decisions with regard to further development of the Property and associated 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
For 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 OFTHE 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 SHALL THERE 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.
SOURCE Swingplane Ventures, Inc.