Swingplane Ventures, Inc. (SWVI): Algarrobo Property Video And Update On The
Veta Gruesa Centre Vein
SANTIAGO, Chile, April 17, 2013
SANTIAGO, Chile, April 17, 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 (15,224 acres).
In mid-March, R. Walker (the Company's Qualified Person) visited the property
(see News Release dated March 25, 2013). At the same time, a video
documenting some of the important features of the Property was made and is
available for viewing at the bottom of the Company's website:
Work continues to develop potential production drifts on the Property, with
two additional drifts, Veta Gruesa Centre II and III, developed since
December, 2012. Total development on the Veta Gruesa Centre drifts currently
totals approximately 336 m of underground development.
The Veta Gruesa II drift extends 85.5 m from surface to further develop the
Veta Gruesa Vein at depth to the west. The drift is currently producing from
a vein approximately 2.4 m thick. The vein consists of a 34 cm high grade
core, with a lower grade alteration halo above (20 cm) and below (1.15 m)
comprised of strong development of iron oxides with a leached alteration halo
(32 cm) and 40 cm of copper wad (a fine mix of copper minerals). The grade of
the ore currently being produced is visually estimated to grade approximately
The Veta Gruesa III Drift is currently inactive, is partially covered and was,
therefore, inaccessible at the time of the visit. The drift reportedly
extends 40 m east along the vein to a spiral decline over approximately 40 m
to re-access the vein at a deeper level. The vein is developed a further
50-60 m west along the vein to the current face developed within a vein
reported to be up to 6 m thick of transitional (mixed sulphide:oxide) ore.
The grade of both the sulphide and the oxide component to the ore is
relatively low and, therefore, current production on this drift was halted.
However, the drift has been proposed for deepening in order to access the
sulphide ore interpreted to lie below the transitional zone.
The previously mentioned (see News Release dated January 30, 2013) Veta Gruesa
Centre (I) Drift has been extended to 74 m. At the time of the visit, the
face was not available for sampling, requiring mucking and scaling for safe
access. A 1.2 m zone of low grade copper mineralization, comprising azurite
and subordinate malachite, with copper wad (cuprian manganese oxide), is
developed in the footwall of the vein.
The Vent Raise, initially developed to provide ventilation for the Veta Gruesa
Centre I and, subsequently, Veta Gruesa Centre III, has been extended to 47
m. The current face exposes leached, iron-stained material comprising the
footwall portion of the vein (over 1.65 m). The hanging wall portion of the
vein, 1.0 m thick, comprises strongly iron-stained, limonitic material.
Chip samples for geochemical analysis were taken across the faces exposing the
veins in the Vent Raise and Veta Gruesa Centre II Drifts. In addition, a chip
sample of the low grade copper mineralization exposed in the footwall of the
Veta Gruesa Centre I was also taken. Results of geochemical analysis will be
announced once received and reviewed by the Company.
Total development on the Veta Gruesa Centre workings comprises a total of
approximately 336 m of workings, along an estimated strike length of 135 m
within the Veta Gruesa Vein
Note: Under the terms of the Option Agreement, all proceeds from the sale of
any ore shipped and processed will be paid to the Optionors, until such time
as the Company commences operations on the Property (see Material Change dated
February 25, 2013).
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
Carlos De la Torre
President and Director
For more information please visit our web site at:
Investor relations: 1-800-253-1692
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
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.
SOURCE Swingplane Ventures, Inc.
Press spacebar to pause and continue. Press esc to stop.