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Swingplane Negotiates Option Agreement
By: Marketwired .
Jan. 24, 2013 07:00 AM
SANTIAGO, CHILE -- (Marketwire) -- 01/24/13 -- Swingplane Ventures Inc. (the "Company") (OTCBB: SWVI) has recently negotiated a share exchange agreement with a company holding an Option Agreement to acquire a 75% percent interest in the Algarrobo Property. The 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).
Mining operations completed to date, on both the Property and immediately adjacent tenures, have resulted in a large number of workings, of which approximately 35 comprise near surface workings greater than 2 m in depth to more extensive, historical mining operations extending several hundred meters below surface. Historical mining activity has defined, and is centered around, three main mineralized trends, as follows:
These workings, particularly the old mines developed along these well defined mineralized trends, have produced variable quantities of high grade copper ore, predominantly as copper oxides, in a supergene enriched oxide zone extending to an approximate depth of 120 metres below surface. The oxide zone is typically underlain by a transitional zone of mixed copper oxides and copper sulphides, with underlying copper sulfide ores mined to greater depth (i.e. 450 meters in the Viuda Mine).
The three major mineralized trends (above), and a fourth less well developed mineralized trend (Mantos Ossa), are well defined by previous workings and clearly evident on satellite (i.e. Google Earth) imagery. These workings clearly define a well mineralized zone having a surface extent of at least 3 km, with an interpreted potential surface extent of at least 4 km, and potentially up to 6.5 km or more. At surface, the veins vary between as little as 15 cm to as much as 1.5 m, however, they rapidly increase in thickness in the near sub-surface to at least 1.5 and 2.5 m. A limited underground sampling program completed by the property vendor in 2000 reported "blows," regions along the vein as exposed by the underground workings in which the mineralized veins, "...were up to 60 m horizontally and 40 m vertically, with widths between 1.5 meters and more than 5 meters - Estaca mine" (Stromberger 2000).
In addition to the four "Major Veins" described above, a number of sub-parallel, subordinate veins are interpreted to be present between the major veins presently identified. These subsidiary, often mineralized veins are interpreted to represent secondary veins developed as splays off the primary veins and/or a nested set of primary and/or en echelon secondary veins representing "horse-tails."
Management believes the Property represents significant potential to further develop current, near surface high grade copper +/- gold mineralization identified in multiple veins into a larger commercial operation. The Company's mandate is to aggressively pursue: 1) expansion of the existing mineral potential of the Algarrobo Property, and 2) further exploration of the Property to evaluate opportunities for developing short term production capacity having potential for further expansion.
Currently, a total of five have been developed into drifts driven on high grade copper-bearing mineralized veins identified at surface.
The president, Mr. Voyer, says, "This is a very exciting undertaking for the company and we are very fortunate to be part of the Algarrobo project."
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.
This Press release has been revised and approved by the President of the Company.
Mr. Michel Voyer
Safe Harbor Statement
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
Swingplane Ventures, Inc.
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