SANTIAGO, Chile, Feb. 11 , 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (OTC-BB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
The Algarrobo Property (the "Property") is 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 hectares.
Mineralization on the Algarrobo property clearly belongs to the Iron-Oxide-Copper-Gold (IOCG) deposit style, with copper, gold and iron as the principal metals, and accessory silver, cobalt, uranium and REE metals, typical for the Chilean Iron-belt.
Visible Gold has been detected in the stockpiles and smelter grade shipments, averaging about 2 g/t. Individual samples from vein material assayed up to 8 g/t gold. Visible gold in IOCG deposits is very rare.Freeport McMoran's Grasberg Gold mine produces with an average of grade of .56 g/t, which displays the ability of the above gold grades averaging 2 g/t on the Algarrobo property and the individual samples from the veins of up to 8 g/t gold content on the Algarrobo property to be an additional economic benefit, in addition to the production of copper. Channel sampling near "Veta Gruesa" documented an average background of 0.36% Cu. Stockpiles from production (leach plant shipping preparation) return between 1.0% to 5.0% copper At today's level of exploration, Algarrobo contains close to one hundred mineralized veins, with more veins likely to be discovered as large scale exploration continues in the sand covered areas to the southwest on the property. Observed strike continuation depends on the vein type, main-first-second-third, and ranges from a few hundred meters to several km. Newly discovered vein systems show higher grade mineralization to what existed in old Algarrobo and is interpreted to indicate highly promising exploration potential existing towards the southwest on the property. Dozens of previously ignored, siderite veins appear to have commercial copper grades under present day conditions, with grades expected to increase considerably with depth.