Swingplane Ventures, Inc. IOCG Comparable to Mantoverde
SANTIAGO, Chile, Feb. 27, 2013
SANTIAGO, Chile, Feb. 27, 2013 /PRNewswire/ --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
Iron oxide-Copper-Gold (IOCG) deposits are characterized by high iron content,
as magnetite and/or hematite, with variable amounts of copper and other
by-product metals and/or minerals. Deposits having high iron content with
little or no copper ("Kiruna-type") , as well as typical IOCG deposits occur
along the length of the Chilean Iron Belt. The closest example of an
iron-rich deposit (having subordinate copper) to the Property is Cerro Negro
North (approximately 20 km to the east). The deposits of the Punte del Cobre
– Candelaria (approximately 65 km south) and both Mantoverde (AngloAmerican)
and Santo Domingo (Capstone Mining), both of which are approximately 30 km
north, are the closest examples of IOCG deposits to the Property.
The Mantoverde District contains a reported Measured and Indicated 122.40 MT
at 0.41% Cu, Proven and Probable of 88.20 Mt at 0.41% Cu and Inferred of 2.40
Mt at 0.32% Cu with an estimated value of US $4.799 billion
Sulphide ore in the Mantoverde District is reported to be 144 MT at 0.66% Cu
(Measured and Indicated) and 44.30 MT at 0.65% Cu (Inferred) having an
estimated value of US $957.71 million
The total value represented by the orebodies identified in the Mantoverde
District is US $5.757 billion.
Mantoverde is a major iron oxide–copper–gold (IOCG) district, reported to host
mineable reserves and resources of 410 Mt averaging 0.58% Cu in oxides and
estimated resources of 440 Mt at 0.56% Cu and 0.12 g/t Au in sulfides. The
deposits of the Mantoverde District extend for 10 km north-south and are
controlled by the northwest-trending Mantoverde Fault and north-northwest to
northwest trending subsidiary faults on the west side of the Atacama Fault
Four main ore types are distinguished in the district, namely (1) specularite
hematite-cemented, hydrothermal breccias; (2) specular hematite stockwork
zones; (3) magnetite-rich zones, in which magnetite occurs as cement in
hydrothermal breccias, stockworks, or disseminations; and (4) tectonic
From north to south, the most important deposits and prospects are Manto Ruso,
a sulfide-bearing, hematite-cemented breccia pipe and associated stockwork;
Laura, a sulfide-bearing, specular hematite-cemented breccia; Ferrifera, a
magnetite-apatite ± pyrite body; Mantoverde proper, the largest known deposit
in the district, comprising mineralized tectonic breccias, tabular
chalcopyrite-rich, hematite-cemented, hydrothermal breccias, and stockworks;
and Montecristo and Franco-Trillizos, chalcopyrite-bearing subvertical veins
and lenses of magnetite.
The Mantoverde Deposit is further sub-divided into the Mantoverde Norte,
Mantoverde Sur (which includes the Montecristo mine).
The Mantoverde Norte orebody is a roughly tabular shaped, hydrothermal breccia
with a thickness that averages 80 m but reaches up to 200 m. The breccia
consists of host rock fragments cemented by coarse-grained specular hematite.
Mantoverde Sur mineralization consists of magnetite stockworks and
disseminations and elongate magnetite-cemented breccia or massive magnetite.
In the Altavista area of Mantoverde Sur, the magnetite-rich orebody is 400 m
long by 300 m thick and controlled by northwest-trending structures. The
Montecristo orebody is 500 m long by 200 m wide and controlled by a northeast
The Manto Ruso comprised 15.1 MT of supergene, leachable copper ores in an
orebody 400 m long by 100 m wide as a subvertical to vertical, specular
hematite cemented hydrothermal breccia. Ferrifera is controlled by northwest
trending structures comprised of 5.2 Mt of leachable copper ores in a 20 to 60
m thick specular hematite-cemented hydrothermal breccia.
In general, a zone of supergene enrichment extends from surface to depths
between 200–250 m. High grade copper-bearing replacement of primary
chalcopyrite by the secondary minerals bornite and digenite is present only at
the base of the oxidation zone. Below the oxidation zone, sulfide
mineralization consists of chalcopyrite and pyrite.
The Algarrobo Property is interpreted to bear strong similarities to both IOCG
and Iron deposits of the Chilean Iron Belt and, more specifically,
copper-bearing orebodies characterizing Mantoverde. Similar to Mantoverde,
the Main Mineralized Area comprises an elongate area of high grade copper
mineralized veins approximately 8 km by 2.5 km wide. At least three Major
Veins have been mapped continuously over distances up to 1.3 km and are
interpreted to comprise a well-developed vein system extending at least 8 km,
from Panga in the northeast to the Estaca and Descubridora to the southwest.
Mineralization on both properties is dominated by high iron content, either as
hematite and/or magnetite. At Algarrobo, similar to Mantoverde, there is a
zonation from Specular Hematite (in the northeast) to magnetite (to the
southwest). A zone of supergene enrichment has been documented on both
properties (extending to 120 m depth on Algarrobo), resulting in high grade
oxide copper mineralization at surface, through a transitional zone of mixed
oxides and sulphides to primary (hypogene) chalcopyrite-dominated sulphide
mineralization at depth.
Both the veins at Algarrobo and the various types of orebodies at Mantoverde
exhibit a strong structural control due to multiple sets of faults on the west
side of the Atacama Fault System. Veins on the Algarrobo are interpreted to
extend for up to 5 km (possibly as much as 8 km or more) and range between
0.15 and 5 m at, or near surface. Larger "blows" documented at depth, having
maximum dimensions of 40 m horizontally and 60 m vertically. Breccia
orebodies at Mantoverde are up to 400 m in length and up to 200 m in width.
Reserves and resources reported for Mantoverde are 410 Mt averaging 0.58% Cu
in oxides and estimated resources of 440 Mt at 0.56% Cu and 0.12 g/t Au in
sulfides. No reserves and/or resources have been determined from Algarrobo,
however, test shipments of low grade material (see News Release dated February
13, 2013) ranged between 1.88 and 8.8% Cu as reported by ENAMI. Analyses of
high grade material stockpiled for shipment and sale to ENAMI have returned
grades as high as 46.58% Cu (see News Releases dated News Releases dated
January 31 and February 14, 2013).
In summary, Management believes the Algarrobo Property has significant
potential for identification and subsequent production of copper from high
grade, well mineralized copper veins identified on, and immediately adjacent
to the Property. The Mantoverde District which is approximately 15 miles from
the Algarrobo is interpreted to represent a comparable deposit in terms of
structural setting, mineralization style and potential value. There is no
reason to believe that the economic values are also comparable if not greater
from sampling tested demonstrating higher copper content than the Mantoverde
district. We look forward to the completion of the qualitative statement in
the form of a Due-Diligence report from AMEC to confirm the potential of the
Carlos De La Torre
President and Director
For more information please visit our web site at:
Investor relations: 1-800-253-1692
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OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
SOURCE Swingplane Ventures, Inc.
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