SANTIAGO, Chile, Feb. 28, 2013 - 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).
Many of the copper deposits in Chile benefit from Supergene Enrichment, which is, essentially, remobilization of copper mineralization at, or near surface, to deeper levels. The Algarrobo Property benefits from a supergene enrichment, which extends from the surface to a depth of approximately 120 m which is the primary zone. Mineralization has been reported to depth up to 450 m and are expected to extend to greater depth. Discovering mineralization at greater and greater depths, along with previous underground sampling suggest considerable high grade copper mineralization. The above information would suggest the possibility of an open pit mine. In addition, copper veins identified in recently excavated trenches up to 5.5 km from existing workings have returned initial copper results grading up to 10.37%, which suggest continuation of additional high grade copper veins well beyond the currently defined Main Mineralized Area.
Primary first zone.Primary (Hypogene) mineralization identified on the Property in the deeper, historical mine workings consists predominantly of chalcopyrite (CuFeS2). Oxidation of chalcopyrite results in destruction of chalcopyrite, liberating copper ions, which are then mobilized downward by meteoric waters within the "oxide zone". At deeper levels, under progressively reduced conditions, secondary copper minerals, such as chalcocite (Cu2S), covellite (CuS), digenite (Cu1.8S) and djurleite (Cu31S16) are deposited. Therefore, supergene enrichment is characterized by a near surface leached zone with an underlying oxide zone, a deeper reduced zone and a primary zone.
On the Property, mineralized veins are characterized by a well developed leach zone on either side of the vein margins. Lindorfer reports a diverse suite of secondary copper minerals from the Property, including copper carbonates (azurite, malachite), copper halides (atacamite), copper sulphates (brochantite) and copper oxides (cuprite, tenorite). This suite of minerals comprise high grade, well mineralized material produced from drifts and workings on, and immediately adjacent to, the Property. Covellite and chalcocite have been reported from the Property, generally interpreted to be associated with the base of the oxidation zone.
On a qualitative basis, veins are interpreted to, potentially, have a depth extent of one quarter of the strike length. Therefore, any vein and/or vein segment having a continuous strike extent of approximately 500 m may consist of high grade, secondary copper mineralization to a depth of approximately 120 m. On the basis of this speculative line of reasoning, well mineralized, high grade copper-bearing veins and vein segments having a strike length of at least 500 m are of considerable interest to the Company.
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
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SOURCE Swingplane Ventures, Inc.