Swingplane Ventures, Inc. Provides Information on Chile's Rich Mineralization
SANTIAGO, CHILE -- (Marketwire) -- 01/28/13 -- Swingplane Ventures,
Inc. (OTCBB: SWVI) (the "Company") is pleased to update information
on Chile's Rich Mineralization.
Chile's well established copper porphyry belt, which hosts world
class deposits including CODELCO's giant Chuquicamata deposit which,
by excavated volume, is the largest open pit copper mine in the
world. For many years it was the mine with the largest annual
production in the world, but nevertheless it remains the mine with by
far the largest total production of approximately 29 million tonnes
of copper to the end of 2007. The La Escondida (BHP Billiton 57.5%,
30% by Rio Tinto) deposit is currently the highest producing copper
mine in the world. Its 2007 production of 1.483 million tonnes of
copper was worth US $10.12 billion and represented 26% of Chilean
copper production, according to the US Geological Survey's
preliminary estimates of 2007 world mine output.
The Chilean Iron Belt (CIB) is a similarly narrow, north-south
oriented belt containing hundreds of magnetite-apatite
("Kiruna-type") and Iron Oxide-Copper-Gold (IOCG) occurrences located
outboard (i.e. on the coastal side) of the porphyry belt and extends
approximately 600 km from 31 degrees S north to 25 degrees S. The CIB
hosts several large IOCG mines, including Candelaria (Freeport
McMoran) mine which as of December 31, 2011 reported a resource of
399 million tonnes of copper grading at 0.58% copper and 0.13% gold,
recoverable proven and probable reserves. The Mantoverde mine (Anglo
American), as well as numerous smaller mines and/or projects,
including Santo Domingo (Capstone Mining) mine which highlighted in
its pre-feasibility study completed in the third quarter of 2011
average annual production of 144 million pounds of copper, 4.1
million tonnes of iron concentrate and 15 thousand ounces of gold.
Additional mines include Relincho (Teck Corp) and Andacollo (Teck
Corp (90%) / ENAMI (10%)).
Note: The preceding contains grades and tonnages reported by the
companies cited. The grades and tonnages cited may not be compliant
with NI 43-101. Mantoverde, Santo Domingo and the Punta Del Cobre -
Candelaria Belt are considered representative of IOCG-t
in similar structural settings both north and south of the Property
and, as such, are considered analogues for the style of
mineralization on the Property.
"Manto-type" copper deposits overlap the CIB over a distance of
approximately 1100 km, between 33 degrees S to 21 degrees S. In
addition, IOCG occurrences have been reported within the "manto-type"
belt from just south of Vallenar (29 degrees S) to just south of
Chanaral (26 degrees S). These well defined belts are spatially
associated with the Atacama Fault, a well developed fault system that
extends from Iquique (20 degrees S) north to La Serena (30 degrees
The Algarrobo Property (the "Property") is interpreted to be an IOCG
occurrence located in the southern portion of CIB in the area of
overlap with "Manto-type" copper occurrences, consistent with other
IOCG occurrences reported in the area. The Property is located on the
west margin of the Atacama Fault System and hosted within the Pluton
Sierra El Robe, a dioritic to quartz dioritic pluton of Jurassic age.
Faulting associated with the Atacama Fault System is believed to be
the primary control on mineralization, both in terms of the
controlling structures hosting mineralization and the fluid conduits
that allowed movement of metal-rich fluids. Copper-rich hematite is
the predominant form of mineralization in the oxidized zone near
surface, with copper sulphides underlying a variably developed
transitional zone below approximately 120 m.
Mining operations in the Algarrobo area are comprised of near surface
workings to more extensive operations extending several hundred
metres below surface. Approximately 35 mines, ranging from near
surface excavations to underground mines, have defined, and are
centered around, three main mineralized trends, as follows:
-- Panga, Ecuador, Urguay, etc. in the north
-- Descubridora, Estaca, Viuda, etc. in the center
-- Buena Vista, Alicia, etc. in the south
The mines developed along these well defined mineralized trends have
produced variable quantities of high grade copper, shipped as direct
smelting ore to the ENAMI facility at Copiapo, approximately 45 km
south of the Property.
Further exploration and immediate small scale production is well
President and Director
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