|By Marketwired .||
|January 31, 2013 06:33 PM EST||
SANTIAGO, CHILE -- (Marketwire) -- 01/31/13 -- Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company") is pleased to update information on the History of 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 Chanaral, 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).
Between December 6 and 9th, 2012, a second property evaluation was undertaken on the Property, during which 6 additional representative grab samples were recovered, primarily to evaluate high grade mineralized material recovered from the recently exposed Descubridora Drift. Grab samples were recovered from high grade mineralized material visually sorted into four piles, grading approximately 10% (ALGARW12-011 - mix of high grade mineralized material from Descubridora and False Estaca workings), 20% (ALGARW12-010), 30% (ALGARW12-009) and 40% (ALGARW12-012) Cu. These samples have a high proportion of Brochantite (Cu4SO4(OH)6 which, as a mineral, contains approximately 70% copper content. The fifth sample, ALGARW12-008, was of high grade mineralized material recovered from recent development from the Veta Gruesa Centre Drift having visible gold developed along fracture surfaces.
------------------------------------------------------------------- Sample Easting Northing Wgt Cu Mo Ag Co Fe Au -------------------------------------- kg % ppm ppm ppm % ppm ------------------------------------------------------------------- ALGA12RW-007 343799 7008248 2.02 24.92 192 25.3 851 0.54 1.765 ------------------------------------------------------------------- ALGA12RW-008 344433 7007462 1.06 6.274 662 5.6 471 24.96 3.156 ------------------------------------------------------------------- ALGA12RW-009 343799 7007462 3.40 46.58 154 4.7 15 34.33 1.221 ------------------------------------------------------------------- ALGA12RW-010 343799 7007462 4.02 17.19 190 24.8 1458 2.83 3.269 ------------------------------------------------------------------- ALGA12RW-011 343799 7007462 3.08 18.35 260 20.0 1611 34.08 2.237 ------------------------------------------------------------------- ALGA12RW-012 343799 7007462 2.84 41.26 182 112.9 540 28.82 0.657 ------------------------------------------------------------------- Note: Grab samples are selective by nature and are unlikely to represent average grades of the deposit. Initial analysis by Group 1E 4 acid digestion followed by multi-element, Inductively Coupled Plasma (ICP) with ICP-ES finish. Over-limit analysis for copper by Group 8TD.OL 4 acid digestion with AAS finish. Finally High Grade copper analysis by Classical Titration. Gold by Fire Assay with AAS finish.
The suite of samples recovered document very high grade copper grades. Samples were recovered from stockpiles of visually sorted, high grade mineralized material for shipment and sale to ENAMI. In addition to high grade copper, the samples all returned very anomalous levels of gold, ranging between 0.657 and 3.269 ppm. Molybdenum values are all moderately to highly anomalous, ranging between 154 and 662 ppm. Similarly, silver grades are strongly elevated in all samples, with four returning silver between 20.0 and 112.9 g/t Ag. Cobalt values are moderately to strongly elevated, consistent with sample results from the previous property visit, ranging between 15 and 1611, with an average of 824 ppm.
Iron values from ALGARW12-007 are surprisingly low, however, an analysis of 24.92% Cu is interpreted to suggest the sample represents copper oxides rather than "almagrado" (an intimate mix of high grade copper minerals and hematite).
Samples were sent to Acme Analytical Laboratories S.A. in Copiapo. High grade copper samples were sent, internally, from the Acme lab in Copiapo to their lab in Vancouver, BC for quantitative volumetric analysis of high grade copper content (classical titration).
The ENAMI facility at Copiapo (45 km south of the Property) is a government owned smelter and processing facility, primarily for copper ore. The minimum grade accepted, without penalty, is 9% copper. Sale of high grade mineralized material to ENAMI requires a license from ENAMI after a thorough review of the application for license and a review of the property and workings for which the license is being sought. The Company expects to receive the necessary license required for sale of high grade mineralized material on behalf of the Company within the month.
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.
Safe Harbor Statement
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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.
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