SANTIAGO, CHILE–(Marketwire – Jan 25, 2013) – 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).
The following anecdotal history for the Property and immediately adjacent area has been modified slightly from Stromberger (2012). The following anecdotal history of the Property and immediate area was compiled by the Property Vendor. The historical information has not been verified.
A copy of his non NI 43-101 compliant report is available at:
http://www.swingplaneventuresinc.com/images/docs/Stromberger_Report_April_2012.pdf
“Copper from limited surface exposures on, and immediately adjacent to, the Algarrobo Property was first mined in the late 1700s. Since that time, approximately 35 mines have been excavated on 4 primary and approximately 10 secondary veins. It has been estimated that the historical British operator produced copper ore having a cut-off grade of +/- 6% Cu.
Major copper mines around the world generally average less than 1% copper, a prime example is Freeport McMoRan’s Grasberg mine which has approximately 2.5 billion tonnes of copper grading at 1.1%.
The Algarrobo copper deposit was discovered in 1808, with large scale industrial mining operations initiated in 1868 and active for approximately 25 years. In 1890, a report on the Algarrobo mines by Francisco San Roman led to an evaluation of the feasibility of constructing a railroad line from Caldera to facilitate transport of copper ore at lower transportation costs. The railroad was also expected to permit more efficient exploitation of the mineral reserves, given that the cut-off grade for the Algarrobo copper ore was 12% Cu at that time. Ore quality and reserves at that time were deemed to be of sufficient grade and tonnage for the British operator of the mines to undertake construction of a 20 km railroad from the port of Caldera to Algarrobo. “High grade ore”, thought to comprise ore greater than 15% Cu was shipped directly to England, while “low grade ore”, ore grading less than 15% Cu, was processed at a local smelter in Caldera prior to shipment to England. (Note: “Ore” is used in the context of the reference cited and may not be NI 43-101 compliant).
The railroad operated into the 1940s, with a cable car system used to transport ore from mining operations at an elevation of approximately 1100 m to the railhead at approximately 650 m. In the mid-1900s, a road was also built from Caldera, allowing re-processing of ore waste on several occasions. The mine dumps left by the British operator provide some clues regarding the grade of ore extracted from the historical operations. Over approximately 20 years, between 1960 and 1980, the waste dumps have been reprocessed three times by local miners. ENAMI, the state controlled Chilean mining company, constructed the 35 km road to the area for this purpose. Available records document that the grade of material initially processed graded between 6 – 8% Cu, dropping to a grade between 4 – 6% Cu during the second phase of processing and 3-4% from the third phase. The material remaining is estimated to grade between 1.5 – 2% Cu. The railway is still on the property today.
No quantitative data are available with regard to cumulative production for the Property. In his report, San Roman estimated approximately 800,000 tonnes of 12% plus mineral had been extracted by the 1890s, with close to the same amount of material in the waste dumps, grading between 3% and 4. At this time, it is estimated that approximately 200,000 tonnes of “low grade” dump material remains.
From the 1920′s until 1997, sporadic manual production on a limited basis was undertaken by local miners (pirquineros) on extensions of the veins previously mined. Most of the workings evident on the Algarrobo Property, and immediately adjacent ground, have been excavated and operated using hand tools, with limited mechanization and are, therefore, generally restricted to surface and/or shallow sub-surface workings, at depths ranging between 5 meters to 40 meters. Local pirquineros claim that until 1973 they sold ore grading 6% Cu and above to ENAMI as direct smelting ore. In 1973 ENAMI raised the cut-off grade for direct smelting ore to 12% Cu. All of the ore mined by the pirquineros has been hand sorted to meet the ENAMI requirements.
In 1997, American Canyon Mining initiated processing of mine waste dumps for recovery of low grade copper, with assayed grades between 1.5% and 2.5% copper, on a preliminary test basis in leach pads on site. Approximately 9,000 tonnes of mineralized, low grade ore was crushed, screened and piled after laboratory leach tests showed satisfactory results. The project was shut down in 1998 due to the decline in copper prices” Stromberger (2012).
In 2000, the property vendor, Gunter Stromberger, undertook a sampling program of some of the workings and waste dumps on the Property and immediately adjacent ground. A total of 160 samples were taken from surface, near surface and underground workings. The results of this program will be reported in a separate Press Release.
In 2009, the property vendor undertook a rotary drill program in an attempt to assess vein continuity and grade in the near sub-surface. A total of 10 holes were drilled, with four (#11 – 14) abandoned due depth of overburden ( > 25 m – the amount of casing available). Generally, the holes that encountered bedrock documented anomalous background levels of copper, ranging from 0.10% to a maximum of 1.05%. Six of the holes intersected copper mineralized veins. The results of the drill program will be reported in a separate Press Release.
Between 2010 and early 2012, the property vendor exposed several high grade copper mineralized veins at surface and developed an approximately 3 m wide x 4 m high drift, the “Veta Gruesa Centre” Drift on the Veta Gruesa. A second drift, the “Exploration” Drift, is located approximately 350 west of the Veta Gruesa Centre drift and had just encountered the footwall of the Veta Gruesa at the time of the Company’s Due Diligence property evaluation in February, 2012.
Since the Due Diligence property evaluation in February, 2012, the property vendor has opened up two additional drifts on behalf of the Company, comprised of a third drift on the Veta Gruesa (Veta Gruesa East), the False Estaca Drift and initial development on the Descubridora Vein. Heavy equipment has exposed high grade copper mineralization immediately below a thin veneer of eolian sand, believed to correlate to the workings defining the Descubridora Vein. This exposure is actively being developed into a drift at this time. In addition, heavy equipment is currently working to remove sand in order to expose the Descubridora Vein approximately 40 m farther west and at slightly lower elevation so as to provide a second drift on this high grade copper vein. Finally, ore is currently being stockpiled at surface in anticipation of receipt of the license required to sell the ore from the Property to the government-owned ENAMI facility at Copiapo, located approximately 43 km to the south.
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 Voyer
President and Director
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 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.
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